Security Compliance
NDAX keeps roughly 95% of digital assets in cold storage using Ledger Vault, a big name in crypto security, alongside multi-signature wallets and regular audits. Two-factor authentication is mandatory at sign-up, a policy we like since most exchanges leave it optional. Changing account details like your email or phone number requires submitting a selfie with a handwritten note, an old-school but effective defence against account takeover. As a CIRO member, NDAX also keeps client CAD balances in segregated accounts, though crypto assets themselves aren't covered by deposit insurance.
BitMEX's technical security record is genuinely strong: it has never been hacked, keeps all bitcoin in cold storage with multi-signature wallets, and has employees manually audit withdrawals. Its regulatory record is another matter. BitMEX and its founders pleaded guilty to violating the US Bank Secrecy Act for failing to run an anti-money-laundering program, the company was fined $100 million in January 2025, and its three co-founders were pardoned by President Trump in March 2025. Funds on the platform have historically been safe from hackers; the risk was always regulatory.
NDAX stands out for its robust security measures. It uses cold storage through Ledger Vault for digital assets, and all user funds in fiat currency are kept in segregated Canadian bank accounts. BitMEX also places a strong emphasis on security with multi-signature deposits and withdrawals. However, exact details on how they store their digital assets are less transparent compared to NDAX.
Regulatory Compliance
NDAX is one of the most compliant platforms in Canada: a registered investment dealer and CIRO member since December 2024, licensed across all provinces and territories, and registered with FINTRAC and the AMF. It has also received CIRO approval to offer staking, which very few Canadian platforms can claim.
BitMEX initially restricted only Ontario and Québec, but as of late 2023 its Restricted Jurisdiction Policy lists all of Canada as restricted. Its US legal troubles have concluded with guilty pleas, a $100 million fine and subsequent presidential pardons for the founders. There is no indication BitMEX intends to register with Canadian regulators or return to the Canadian market.
NDAX is fully compliant with Canadian regulations, registered as a Money Service Business with FINTRAC and AMF. This adherence to regulations ensures the legitimacy and safety of the exchange. On the other hand, BitMEX, while compliant with laws in its jurisdiction, may not align with Canadian regulations in Ontario and Quebec, thus creating potential legal uncertainties for Canadian users.
Customer support
NDAX provides a knowledge centre answering the most common questions, plus live chat, email and phone support available Monday to Friday from 10 AM to midnight ET. When we contacted them, we got a reply in an impressive 20 minutes. Their team also responds to negative reviews publicly, which speaks well of how seriously they take support.
BitMEX offers support via a contact form on its website and has a detailed FAQ section. For Canadians this is academic, since the platform is off-limits entirely.
NDAX provides an extensive knowledge center and has a live chat option for quick responses. It also offers email support, with an impressive response time. BitMEX also has a comprehensive help center and offers email support, but it lacks the live chat feature available in NDAX.
Conclusion
Both NDAX and BitMEX offer robust platforms for cryptocurrency trading. However, considering the emphasis on security, compliance with Canadian regulations, higher application ratings, and better client support, NDAX emerges as the winner for Canadian users in this comparison.
We recommend choosing NDAX over BitMEX for your cryptocurrency trading needs. By opting for NDAX through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither NDAX nor BitMEX meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
