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

Oleg Galeev

Last updated September 20, 2024

In the fast-paced world of cryptocurrencies, NDAX and Kraken stand out as two prominent exchanges offering varied services and capabilities. From differences in fee structures and available cryptocurrencies to varying strengths in user interface and compliance with Canadian regulations, this comparison aims to offer insights to help you choose the platform that best suits your needs.

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.

Kraken is a Canada-friendly, but US-based crypto exchange that has been operating since 2013. Kraken has a strong reputation due its security and compliance with US regulations. Kraken aims to accelerate mass adoption of cryptocurrency and offers a wide range of coins.

Coins

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

90+

Fees

  • Fixed 0.2% buy/sell fee
  • Free deposits
  • $25 fixed fee for wire/bank withdrawals
  • nstant buy incurs a 1.5% fee (0.9% for stablecoins) plus: 
  • 3.75% and€0.25 card processing fee or,
  • 3.75% + €0.25 digital wallet processing fee or,
  • 0.5% online bank transfer 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
  • Wide range of coins
  • High fees when not using Pro
  • Good for beginners
  • Free CAD deposits
  • Advanced tools with the Pro platform
  • Staking

Cons

  • Only CAD deposits accepted
  • No credit/debit cards accepted
  • $25 fixed fee for wire/bank withdrawals
  • Hidden fees
  • No Interac e-Transfer
  • Deposits can take 1-5 business days
  • Extremely high trading fees
  • Tend to freeze accounts for no apparent reasons
  • Slow support

Account Limits

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

Low

Methods to buy

  • Interac e-Transfer
  • Wire transfer
  • Bank draft
  • Wire transfer
  • Debit card

Security

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

  • 95% of coins held in cold storage
  • Servers monitored 24/7 by armed guards
  • 2FA available
  • Confirm withdrawals via email
  • Fully Audited

Mobile and Desktop Trading

NDAX's mobile application is rated 4.7 stars on the App Store. The NDAX desktop platform is intuitive and accessible, providing an easy-to-navigate interface for both novice and experienced traders. On the other hand, Kraken boasts two mobile apps, Kraken and Kraken Pro, with high ratings (4.3 stars on Google Play and 4.7 stars on the App Store) indicating a positive user experience. While Kraken's desktop interface is rich with advanced trading tools, its complexity may be overwhelming for beginners compared to the simplicity of NDAX.

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

Kraken

Kraken's app is well-designed and offers tools for both beginners as well as advanced tools for more experienced traders.

Kraken has an “Instant Buy” option, where users can purchase crypto in seconds with their card or from funds in their fiat wallet. Instant Buy, while convenient, incurs high fees. There is a standard purchase fee plus an additional fee depending on the method of payment. Still, the Instant Buy option is suitable for beginners and is easy to navigate.

Kraken Pro has more reasonable fees based on the maker/taker method. However, the interface could be confusing for beginners. It shows advanced charting and offers more trading tools and order types.

Kraken’s mobile app has a 4.5-star rating from 3000+ reviews on the Apple App Store and a 2.2-star rating from over 13,000 reviews on Google Play. A lot of users say the app has trouble loading, certain funding or purchase options are unavailable and it is generally not user-friendly.

Kraken desktop interface

Kraken desktop interface

Kraken Pro screenshot

Kraken Pro Trading view

Kraken app interface #1

Kraken app interface

Kraken app interface #2

Kraken app interface while trading

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. 

Kraken keeps 95% of users’ funds in cold storage. All account information is encrypted, their servers are locked in cages under 24/7 surveillance by armed guards. 

To help secure your Kraken account you can use two-factor authentication. You will receive an email notifying you of any withdrawal, and there is an account timeout for added protection.

NDAX and Kraken both prioritize the security of their users' assets. NDAX safeguards 98% of digital assets offline in cold storage, coupled with 2FA and AML/KYC compliance. Kraken keeps over 95% of digital assets in cold storage and provides additional measures like account timeout and an optional account time lock. Both are secure platforms, but NDAX has a slight edge due to its insurance coverage for users' assets.

Regulatory Compliance

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

Kraken is fully compliant with US regulations. The exchange is independently audited to show that customers’ funds are properly held. Canadians can use the platform as well.

NDAX, being a Canada-focused exchange, is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Kraken, as a global platform, is also compliant with Canadian laws but faces certain service limitations in Ontario due to local regulations. Therefore, NDAX has an edge in terms of comprehensive compliance within Canada.

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.

Kraken offers a 24/7 live chat and email support. It also offers a good amount of learning documentation and helpful articles on its website. Unfortunately, many people say Kraken has poor customer support with tickets taking a long time to be resolved if ever.

NDAX offers robust client support with a 24/7 live chat, email support, and comprehensive Help Centre. They also host educational webinars for users. Kraken also provides a 24/7 live chat and email support, along with a Help Centre. However, its phone support is currently limited to the USA, UK, and European Union.

Conclusion

Both NDAX and Kraken are commendable exchanges with robust security measures and varied features. However, considering the lower fees, comprehensive client support, and full compliance with Canadian regulations, NDAX edges out as the winner, particularly for Canadian traders.

We recommend choosing NDAX over Kraken 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 Kraken 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.