Oleg Galeev

1 month ago

NDAX Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?

Ndax crypto exchange review featured image

NDAX is a cryptocurrency exchange for Canadians based in Calgary. We signed up for an account to see if it’s worth using. Here’s our NDAX review.

NDAX Quick Summary

National Digital Asset Exchange Inc (NDAX) claims to have both the lowest fees and the most coins available in Canada. Both claims are out of date, considering Newton has zero fees and more cryptocurrencies available. Personally, I tend to not trust websites that state false claims. Still, NDAX does indeed have low fees at just 0.2% for buying and selling. It is a fixed fee no matter how you buy or sell. They also have free deposits with no minimum or maximum. With NDAX you can purchase Bitcoin, Litecoin, Ethereum, XRP, EOS, Stellar Lumens, Dogecoin, Cardano, USDT, Chainlink, Polkadot, Uniswap, The Graph, Compound, Aave, and Polygon. 

NDAX 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

NDAX Cons

  • Only CAD deposits accepted
  • No credit/debit cards accepted
  • $25 fixed fee for wire/bank withdrawals

NDAX Features

NDAX has a packed website full of helpful resources. There is a page about each cryptocurrency they offer with the coin’s history, use cases, charting, how to buy crypto, and more. This educational content is a huge welcome because it shows a level of thought and care for their customers to make informed decisions, which is not seen by all exchanges. 

NDAX cryptocoins guide (history of Litecoin on the screenshot)

NDAX also allows you to whitelist wallet addresses and see them in a handy address book. By whitelisting an address, you can be sure that no withdrawals will be made to crypto wallets you don’t recognize. It also means you do not have to wait 10 minutes while NDAX verifies the transaction. Instead, you simply send funds to a whitelisted address, confirm the transaction via email, and then the transaction is added to the blockchain. You can learn how to whitelist an address on NDAX here

NDAX Registration/verification

When signing up for an NDAX account, you will first have to enter your name and email address and activate your email. Next, you’ll need to answer some questions about your employment and include your job title and business name. Then, you’ll need to provide images of your government-issued ID and a selfie. 

The process is relatively simple, however answering such detailed questions about your employment seemed a bit intrusive and was a hassle, especially when their drop-down menu does not give a wide range of professions or industries. It was confusing and I was surprised they asked for the employment information. Why? This Reddit thread tends to think for anti-money laundering.

Identity verification process on NDAX

NDAX Fees

NDAX crypto exchange fees

NDAX has some of the lowest fees of any cryptocurrency exchange. They charge just 0.2% for buying and selling, no matter how much. This fixed fee will ensure you know exactly what you will be paying in fees per trade. There are no deposit fees and there is a fixed $25 bank withdrawal fee. With NDAX, you’ll always know how much you’re paying. These fixed fees are an incentive to trade larger amounts, which is a clever tactic. 

  • Free deposits
  • $25 fixed bank transfer withdrawal
  • 0.2% fixed trading fee (buy and sell)

NDAX Currencies & Deposit Methods

When trading cryptocurrency with NDAX, you can deposit Canadian dollars via a free 30-minute Interac e-Transfer, or via a free, one-day wire transfer or bank draft.

NDAX Security and Safety

NDAX safety and security

Is NDAX safe for Canadians to use? Yes, in fact, NDAX provides some of the best security measures we’ve seen (only BitBuy is more secure). You can view the full list here, but here are some of the stand-out points. 

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 for keeping your crypto safe. 

One interesting point that NDAX addresses is how money held in customers’ fiat wallets is protected. NDAX says that its users’ Canadian dollars are held in a segregated Canadian bank account. It means that should anything happen to the exchange, for example, insolvency, then your funds could be located and distributed back to you. No other Canadian crypto exchange that we have reviewed mentions fiat money protection, so this is a big plus for NDAX. 

Registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations. Being compliant is important when choosing a cryptocurrency exchange because otherwise, it could be a scam.

NDAX does ongoing monitoring of its servers and frequent maintenance without interference to prevent malicious attacks. 

When signing up for NDAX, you must enable two-factor authentication. There’s no opting out, which is a good thing. It’s a mandatory step that provides the most protection for your account. Most exchanges will give you the option of enabling 2FA, but we think that having it forced on you is actually for your own benefit. The last thing you want is an unauthorized person accessing your account. 

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. We think this step, while it may seem annoying to some, is actually the most secure way to handle requests such as these. 

Mobile and Desktop App

NDAX mobile & desktop app interface

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. 

The mobile app is much like its desktop counterpart. The first page you see is the market information. 

Market information on NDAX app

At the top of the page, you can select to view “All” markets or markets only against the Canadian dollar. The only difference between the two pages is that on “All” markets it lists BTC against USDT. The rest of the cryptocurrencies are listed with their price in Canadian dollars. Having these two pages with such little difference seems rather redundant. 

Other than that, there aren’t many features that can confuse you. You can make deposits and withdrawals, view markets and charting, and see your address book. We like the app. It’s clean, simple, and functions well. 

NDAX app usability

Design and Usability

NDAX has a sophisticated and professional look. It doesn’t try too hard to be modern or to stand out from the crowd. The exchange is easy to navigate with clean white pages which makes it feels like a solid, reputable crypto exchange. Nothing more nothing less. 

The desktop platform is easy to use. Everything you need to make basic trades is right there. They also provide you with an affiliate link so you can refer friends and earn crypto in return. To deposit funds, just click the deposit button at the top and follow the simple steps to deposit via e-Transfer or bank transfer. Keep in mind that you can only deposit Canadian dollars. 

NDAX has a scrolling sidebar, which makes the desktop platform easy to navigate. Using the sidebar, you can link your bank account and set up recurring deposits. You can view your crypto addresses, your wallets and also access settings and support. 

In the main dashboard, you can make a quick trade, view your portfolio distribution, recent transactions, recent logins, and more. 

Customer support

As with most cryptocurrency exchanges, 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.

Conclusion

NDAX has really thought of everything. From making 2FA mandatory to allowing whitelisting of addresses, it’s really got everything you need from an exchange. It also has the most detailed and transparent information about its security features we’ve seen. 

NDAX desktop interfaceWe also like that it offers advanced order types in a beginner-friendly interface. We like its highly-rated app, the fixed fee, its educational content on every coin it lists. We could go on.

However, some of their false claims on the website are not a good thing. Considering, what they require for account verification e.g. questions about your employment, providing images of your government-issued ID and etc. I could not be sure that my information is safe. It was the reason why I picked BitBuy over NDAX. But it’s just me, their security measures seem to be legit.

Most of all, we like that it doesn’t try hard to stand out from every other exchange. It doesn’t need modern typefaces or quirky illustrations, or an “out there” colour palette. NDAX must know it’s a good exchange because it lets its quality features do the talking.  

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