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.
Bitvo's exit was orderly and its record clean. It was a CSA-registered restricted dealer that operated on a full reserve basis, meaning it never lent customer funds, and held client assets with third-party custodians BitGo, with over 80% in cold storage. No customer funds were lost in the wind-down, and its refusal to close the FTX deal after the collapse protected its clients from being dragged into the largest fraud in crypto history.
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 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.
Bitvo was registered with FINTRAC and as a restricted dealer with Canadian securities regulators, and that registration shaped its ending: rather than collapsing, its client accounts were transferred to another registered platform under regulatory oversight. Its successor chain: Bitvo clients to Bitbuy (November 2023), Bitbuy's parent WonderFi to Robinhood (2025). Former Bitvo customers with account questions should contact Bitbuy support.
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 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.
There is no Bitvo support team anymore. Former customers should reach out to Bitbuy, which assumed servicing of migrated accounts. If anyone contacts you offering to recover Bitvo funds for a fee, treat it as a recovery scam.
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.
