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NDAX vs. Bitvo: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

WonderFi and Bitbuy, its parent company, took over all Bitvo client accounts in 2023. This means Bitvo is now part of Bitbuy and isn't taking new sign-ups. If you're interested, sign up at Bitbuy instead. By using our referral link to sign up and depositing $250 in your account, you can receive a bonus of $50. Please note that the comparison provided below is now outdated and is preserved solely for educational and historical reference.

In this comparison, we’ll be examining two prominent Canadian-based cryptocurrency exchanges: NDAX and Bitvo. Both offer robust platforms for crypto trading, but they differ in aspects like security measures, compliance, and user support.

Description

National Digital Asset Exchange Inc (NDAX) claims to have both the lowest fees and the most coins available in Canada (not 100% true). It has a beginner-friendly platform and a high-rated app.

Bitvo is a cryptocurrency exchange that offers simple trading for Canadians. It's fully compliant in Canada and also has a crypto cash card that can be used for everyday purchases.

Coins

Bitcoin, Litecoin, Ethereum, XRP, EOS, Stellar Lumens, Dogecoin, Cardano, USDT, Chainlink, Polkadot, Uniswap, The Graph, Compound, Aave, and Polygon.

You can purchase Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin and more.

Fees

  • Fixed 0.2% buy/sell fee
  • Free deposits
  • $25 fixed fee for wire/bank withdrawals

The only fee you will pay is a 1% withdrawal fee

Pros

  • Free deposits
  • No deposit/withdrawal minimum or maximum
  • Fixed 0.2% buy/sell fee
  • Wide range of coins available
  • Fast Interac deposits 
  • Send, request, and gift crypto to another NDAX user for free, instantly
  • Address whitelisting
  • No deposit fees
  • No trading fees
  • Low withdrawal fee
  • Beginner and advanced trading available
  • Bitvo Cash Card available
  • 24/7 customer support (including phone support)

Cons

  • Only CAD deposits accepted
  • No credit/debit cards accepted
  • $25 fixed fee for wire/bank withdrawals
  • Hidden fees
  • 1% CAD withdrawal fee
  • Limited number of coins available
  • Only for Canadians
  • High spreads

Account Limits

  • Deposit $100 - $10,000 via Interac daily
  • $50 minimum e-Transfer withdrawal
  • $20,000 minimum for wire transfers

A few withdrawal limits & deposit limit that could be found here

Methods to buy

  • Interac e-Transfer
  • Wire transfer
  • Bank draft
  • Interac® e-Transfer
  • Wire
  • Canada Post Load

Security

Assets stored in cold storage using the Ledger Vault (amount unknown)

  •  It holds 95% of assets in cold storage
  • 5% in hot storage
  • A multi-layered firewall infrastructure to protect the exchange

Mobile and Desktop Trading

NDAX and Bitvo both provide comprehensive mobile and desktop trading interfaces. NDAX has a 4.7-star rating on the iOS App Store from 5.9K reviews. The interface is user-friendly, ensuring easy navigation for trading, deposits, withdrawals, and viewing market information. Bitvo's mobile apps don't have as many ratings, with a three-star rating on the iOS App Store. Both exchanges have sophisticated desktop platforms with advanced features that offer a seamless trading experience.

NDAX

NDAX has a packed website full of helpful resources. There is a page about each cryptocurrency they offer. These articles include the coin’s history, use cases, charting, how to buy, and more. 

NDAX has an iOS app with a 4.6-star rating with 550 reviews. Its Android app has a 4.0-star rating with 80 reviews. It has obviously done a good job with its app and people seem to like it.

NDAX Desktop interface

NDAX desktop interface

How to buy Polkadot on NDAX crypto exchange

NDAX trading screen

Ndax app screenshot

NDAX app interface

Ndax buying crypto app

NDAX app interface while trading

Bitvo

Bitvo’s mobile app does not have many ratings. Its iOS app has a three-star rating with 21 reviews and its Android app has a 3.1-star rating with 19 reviews. Some of the reviewers claim the apps are buggy and that the experience on their desktop exchange is better.

Bitvo desktop app main screen

Bitvo desktop app main screen

Bitvo desktop (trading view)

Bitvo desktop (trading view)

Bitvo mobile app

Bitvo mobile app

Bitvo app main screen

Bitvo app (main screen)

Security Compliance

NDAX keeps its digital assets in cold storage using Ledger Vault, although they do not state the percentage. Ledger is a big name in the cryptocurrency space, known for making secure hardware wallets. 

When signing up to NDAX, you are forced to enable two-factor authentication. Most crypto exchanges will leave this optional, but we think everybody should do it, so we like this mandatory policy.

Additionally, when you wish to change your details such as your email, address, phone number etc, NDAX requires you to submit a selfie with a handwritten note outlining the request. 

It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.

Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.

Both NDAX and Bitvo prioritize security. NDAX keeps its assets in cold storage using Ledger Vault and has mandatory two-factor authentication for its users. Bitvo, on the other hand, keeps 95-100% of its assets in third-party cold storage. While both exchanges implement substantial security measures, NDAX's stringent two-factor authentication requirement and Ledger Vault usage arguably provide a more secure environment.

Regulatory Compliance

NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations. 

Bitvo is registered with FINTRAC and is compliant with Canadian regulations.

NDAX and Bitvo are both registered as Money Service Businesses with FINTRAC and are fully compliant with Canadian regulations. Compliance with these regulations assures users that the exchanges are not scams and operate within the legal framework set by Canadian federal organizations. Both exchanges demonstrate a commitment to adhere to these regulations, ensuring a safe and legal trading environment.

Customer support

NDAX provides a knowledge centre on its website. Articles here answer some of the most common questions. They also have a live chat function, which is handy when you need a quick answer. You can also email them for support. Confusingly, NDAX lists its phone number on its contact page, which is rare for a crypto exchange to do. We weren’t sure if this meant they had phone support, so we reached out via email to ask. They got back to us a very impressive 20 minutes later to let us know that they only have email support. So that’s that. Still, that’s the fastest response we’ve seen.

Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.

NDAX offers a live chat function and email support, with impressively swift response times. However, phone support is not available.

Bitvo provides 24/7 support, which includes live chat, email, and phone support – a rarity in cryptocurrency exchanges. Bitvo's offer of phone support gives it an edge in this category, providing a more immediate and personalized assistance route for users.

Conclusion

Both NDAX and Bitvo are top-tier exchanges that offer strong security measures, comprehensive trading platforms, and robust customer support. However, NDAX stands out due to its broader range of cryptocurrencies, stringent security measures (mandatory two-factor authentication and Ledger Vault usage), and an all-around sophisticated and user-friendly platform. These factors make NDAX a slightly better choice for crypto trading in Canada.

We recommend choosing NDAX over Bitvo 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 Bitvo 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.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.