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.
Kraken keeps about 95% of user funds in cold storage, encrypts all account information, and physically secures its servers under constant surveillance. It has never been hacked since launching in 2013, one of the cleanest security records of any major exchange. Users can enable two-factor authentication, receive email notifications for every withdrawal, and benefit from account timeout protection. Kraken also publishes regular Proof of Reserves audits demonstrating customer funds are fully held.
NDAX keeps roughly 95% of digital assets in cold storage via BitGo Trust and Tetra Trust, two institutional-grade custodians approved as part of NDAX's CIRO membership, alongside multi-signature wallets and regular audits. Two-factor authentication is mandatory at sign-up, a policy we appreciate since most exchanges leave it optional. Changing account details like your email or phone number requires submitting a selfie with a handwritten note — an effective defence against account takeover. As a CIRO member, NDAX keeps client CAD balances in segregated accounts protected under the Canadian Investor Protection Fund (CIPF) in the event of insolvency. Crypto assets themselves are not covered by CIPF, which is worth knowing.
Kraken keeps about 95% of user funds in cold storage, encrypts all account information, and physically secures its servers under constant surveillance. It has never been hacked since launching in 2013, one of the cleanest security records of any major exchange. Users can enable two-factor authentication, receive email notifications for every withdrawal, and benefit from account timeout protection. Kraken also publishes regular Proof of Reserves audits demonstrating customer funds are fully held. Note that Kraken's client assets are not covered by CIPF, which every user must acknowledge at sign-up.
Both NDAX and Kraken prioritize security through cold storage for the majority of digital assets, multi-signature wallets, two-factor authentication and regular audits. The key differentiator for Canadian retail investors is CIPF coverage: NDAX's CIRO membership means client fiat balances are covered up to $1 million in the event of insolvency — a protection Kraken does not yet offer as a restricted dealer.
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.
Kraken is one of the most compliant exchanges available to Canadians. It completed the CSA's rigorous pre-registration undertaking process and obtained restricted dealer registration in April 2025, recognized nationally, while it works toward full investment dealer registration and CIRO membership. In the US, the SEC's lawsuit against Kraken was dismissed in early 2025, clearing its regulatory slate as the company prepares for a public listing. Canadians can use the platform with confidence, with one caveat: as a restricted dealer, its client assets aren't covered by CIPF insurance.
NDAX is one of the most compliant platforms in Canada. It became a registered investment dealer and CIRO member on December 19, 2024, approved across all provinces and territories by the Canadian Securities Administrators. It is also registered with FINTRAC and the AMF, and has received CIRO approval to offer staking services, which very few Canadian platforms can claim.
Kraken is one of the most compliant exchanges available to Canadians. It completed the CSA's rigorous pre-registration undertaking process and obtained restricted dealer registration in April 2025, recognized nationally in every province and territory, while it works toward full investment dealer registration and CIRO membership. In the US, the SEC's lawsuit against Kraken was dismissed in early 2025, clearing its regulatory slate as the company prepares for a public listing. Canadians in every province can now use the platform with confidence — the old Ontario-only service restriction that existed before April 2025 no longer applies.
Both NDAX and Kraken are registered with FINTRAC and operate under Canadian securities regulation. NDAX holds the higher tier as a full CIRO investment dealer with CIPF coverage on fiat, while Kraken holds restricted dealer status and is actively working toward the same standard.
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.
Kraken offers 24/7 live chat and email support plus an extensive learning centre with helpful articles and guides. Support quality has historically been a sore point, with tickets sometimes taking a long time to resolve, though the live chat handles routine issues reasonably quickly.
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, response times were strong at around 20 minutes. Their team also responds publicly to negative reviews, which speaks well of how seriously they take customer feedback.
Kraken offers 24/7 live chat and email support plus an extensive learning centre with helpful articles and guides. Support quality has historically been a sore point, with tickets sometimes taking a long time to resolve, though the live chat handles routine issues reasonably quickly.
NDAX offers broader support hours with phone available weekdays, and strong response times in our testing. Kraken's 24/7 live chat is the main advantage over NDAX's weekday-only phone line, particularly for traders active outside business hours.
Conclusion
Both NDAX and Kraken are strong, well-regulated options for Canadians, and the right choice depends on what you need.
NDAX is the stronger pick if regulatory protection and low transparent fees matter most. As a full CIRO investment dealer, it offers CIPF coverage on fiat balances, the highest compliance tier of any Canadian crypto exchange, and a fixed 0.2% fee with no spread markup. Staking is available on 12+ coins with CIRO approval, everything trades directly in CAD, and the app is excellent. The trade-offs are a smaller coin selection and no credit or debit card funding.
Kraken is the stronger pick for Canadians who want more coins, pro-grade trading tools and 24/7 live chat support. Funding with free Interac e-Transfer and trading on Kraken Pro is one of the most cost-effective ways to access a wide range of assets in CAD. The main trade-off versus NDAX is the absence of CIPF coverage on client assets, so long-term holders especially should withdraw to their own wallet regularly.
We recommend choosing NDAX for most Canadians, particularly those who prioritize regulation, flat fees and staking in a fully Canadian-regulated environment. By using our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If neither NDAX nor Kraken meets your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
