Bitbuy and NDAX are two popular crypto exchanges allowed to operate in Canada and are FINTRAC-registered Money Service Businesses, but only Bitbuy is approved by the OSC and the CSA. Bitbuy keeps more than 95% of its digital assets in cold storage, while NDAX claims to keep $5 million USD in offline wallets but offers no proof.
Unlike Bitbuy, NDAX has no advanced trading tools, a high withdrawal fee, and doesn't allow you to withdraw crypto to a private wallet. Bitbuy offers Express Trade and Pro Trade to avoid confusion for beginners and advanced traders. Bitbuy is covered by a Knox insurance policy and performs regular financial and security audits to prevent users from cybercrimes.
Consequently, I recommend Bitbuy over NDAX for all Canadian traders.
NDAX Vs. Bitbuy: Which Crypto Exchange Is Better?
Bitbuy is a better crypto exchange than NDAX for all Canadian crypto traders for several different reasons. NDAX offers 30+ cryptocurrencies but doesn't support credit/debit card purchases. It also charges a $25 fixed fee for withdrawals, which is exceptionally high compared to Bitbuy or any other Canadian crypto exchange. Unlike Bitbuy, NDAX has hidden fees and claims to store its digital assets in cold storage using the Ledger Vault (amount unknown). It also has no advanced trading tools and only allows you to buy/sell cryptocurrencies directly with your payment method.
Bitbuy, founded in 2016, is well-known for its free deposits, low trading fees, and support for various international payment methods, including credit/debit cards. Bitbuy is transparent and has a high account limit, which is perfect for experienced traders. It offers Express Trade that allows you to buy/sell cryptocurrencies quickly. The Pro Trade mode is geared more toward serious traders who need advanced trading tools like live charting to develop and deploy trading strategies. The availability of an OTC Desk, 95% cold storage policy, and high security are a few reasons why I recommend Bitbuy to both beginners and experienced traders.
That said, there are other exchanges in Canada that are even better than Bitbuy. I'm talking about VirgoCX and CoinSmart, two of the best Canadian crypto exchanges which offer even lower fees and spreads than Bitbuy, and better security.
NDAX Vs. Bitbuy: Pros And Cons
Both NDAX and Bitbuy have their pros and cons. Let's dive into each of them.
Pros Of Bitbuy
- Beginner-friendly interface
- Advanced trading tools like live charting
- Covered with Knox insurance policy
- Supports credit/debit cards
- Free deposits
- Holds 95% of its digital assets in cold storage
- Approved by OSC and CSA and Regulated under FINTRAC
- Offers a referral program
Pros Of NDAX
- 30+ cryptocurrencies
- No deposit/withdrawal minimum or maximum limit
- Send and receive crypto from other NDAX users for free
- Digital assets stored using the Ledger Vault (amount unknown)
- Live chat and email support
- Helpful educational resources
- Regulated under FINTRAC
Cons Of Bitbuy
- Slow deposits
- Advanced trading tools can confuse beginners
- 1.5% withdrawal fees
- $50 minimum deposit
- 0%-1.50% trading fees (depends on your tier level)
- Fewer cryptocurrencies available
Cons Of NDAX
- High spread
- $25 withdrawal fees
- No credit/debit cards accepted
- Hidden fees
- Poor interface
- An unknown amount of digital assets held in cold storage
- No crypto withdrawals
Bitbuy Vs. NDAX: Pricing
When it comes to pricing, Bitbuy is entirely transparent, while NDAX charges some hidden fees. On Bitbuy, you'll be paying a trading commission of 0%–1.50%, depending on your tier level. The higher your investment is, the lower the trading fee you have to pay. NDAX charges a fixed 0.2% trading fee, no matter how significant your investment is. Bitbuy publicly states that it has a bid-ask spread of 0.46%. On the other hand, NDAX doesn't disclose its spreads, but from my experience, they're higher than Bitbuy's.
Bitbuy allows you to make deposits using nearly all international payment methods, such as credit/debit cards, wire transfers, and Interac e-Transfer. NDAX doesn't support credit/debit cards and has a low account limit. When withdrawing your funds from the platform, you'll also have to pay a fixed $25 fee on NDAX, which is very expensive if you're only withdrawing small amounts. You'd have to withdraw over $1,600 for the fixed $25 fee to become competitive with Bitbuy's 1.5% withdrawal fee.
|0%-1.50% (depends on your tier level)
|Fixed 0.2% buy/sell fee
Bitbuy Vs. NDAX: Detailed Breakdown
Regarding security, Bitbuy is one of Canada's most secure crypto exchanges. Although both crypto exchanges state that they keep most of their digital assets in cold storage, The Blockchain Intelligence Group has proved that Bitbuy keeps over 95% of its digital assets in offline wallets. NDAX doesn't disclose the percentage of digital assets it keeps in cold wallets, which is a red flag. Keeping crypto in cold storage is the best way to protect users' investments, and Bitbuy has taken all the security measures to ensure their exchange is fully secured.
Both these crypto exchanges offer two-factor authentication (2FA), and no one can start trading without going through the KYC (Know Your Customer) process.
Bitbuy and NDAX are registered under FINTRAC as Money Service Businesses and are allowed to operate in every Canadian province.
Bitbuy is also a Virtual Asset Service Provider and is approved by OSC and CSA. In addition, Bitbuy's leadership team is a part of the IIROC Crypto-Asset Working Group that helps to set top-notch regulatory standards and strengthen the Canadian markets. Consequently, Bitbuy goes through regular financial and security audits to maintain its regulatory status and prevent fraudulent activities.
These two crypto exchanges provide FAQs and helpful educational resources where users can learn and solve minor issues. Both offer email support and live chat, but Bitbuy's support team responds quicker than NDAX. Bitbuy also has an online ticketing system where you can complain about your issues. Although NDAX has a phone number on its platform, they don't provide phone support, which can confuse new users. This contrasts with other exchanges like Shakepay, which does offer phone support and live chat but not email suport.
Desktop And Mobile Interface
From personal experience as well as that of various Canadian crypto investors, Bitbuy has an excellent user interface and is beginner-friendly. They have an Express Trade mode allowing users to buy/sell cryptocurrencies within a few easy clicks. It makes things easier for newbies just starting their cryptocurrency investment journey without being confused by live charting or other advanced trading tools.
Bitbuy also offers Pro Trade mode, which targets serious investors who want to place advanced order types. It's separate from Express Trade and gives you access to a wide range of features that allow you to develop and test successful trading strategies. Bitbuy also offers the Bitbuy API, perfect for individuals, institutions, and algorithmic traders looking to automate their trading activity.
Bitbuy's mobile app has all the trading features you get from the desktop platform. From making deposits to setting a limit order, transferring digital currencies to live charting, it has everything you need to trade on the go. Its interface might look a bit “old,” but it's bug-free and easy to use.
Unlike Bitbuy, NDAX only allows quick buying/selling of cryptocurrencies. It doesn't have advanced trading tools or features intended for experienced traders. However, the interface looks modern and flashy, filled with colours and can attract newbies who want to dip their toes in the crypto world for the first time. That said, after testing both crypto exchanges, I can say that NDAX's user interface is “below average.”
According to several NDAX users, the mobile app has bugs that prevent them from logging into the platform and trading. Compared to Bitbuy's mobile app, NDAX has a poor interface and has a 2-star rating on the Android app store. You can only buy/sell digital currencies directly with CAD. It doesn't allow you to trade crypto with other cryptos.
Similarities Between NDAX And Bitbuy
- Supported Cryptocurrencies: Bitbuy and NDAX offer their users a wide range of cryptocurrencies.
- Free Deposits: You can deposit your investments on both these crypto exchanges for free.
- Fully Regulated: Both crypto exchanges are regulated under FINTRAC as Money Service Businesses and allowed to operate in every province of Canada.
- Mobile App: Both these exchanges have a mobile app for traders on the go.
- Customer Support: Bitbuy and NDAX offer live chat and email support and have a variety of helpful educational resources. However, Bitbuy also provides an online ticketing system for resolving minor issues.
- Crypto Wallet: Both these crypto exchanges offer a private digital wallet as soon as you sign up.
- 2FA and KYC: Bitbuy and NDAX have 2FA and require new users to go through the KYC (Know Your Customer) process before starting trading.
Differences Between Bitbuy And NDAX
- Credit/Debit Card: Bitbuy supports credit/debit card purchases, while NDAX doesn't.
- Transparency: Bitbuy is transparent about its security and fee structure. On NDAX, the fee structure is very complicated, and they have hidden fees.
- Fee Structure: Bitbuy charges a trading commission ranging from 0%-1.50% (the higher the tier level, the lower the fee). NDAX has a flat 0.2% buy/sell fee.
- Cold Storage: Both these crypto exchanges claim to store more than 95% of their digital assets in cold storage. Bitbuy's offline storage is confirmed by The Blockchain Intelligence Group report, while NDAX offers no proof.
- Insurance: Bitbuy is backed with a Knox insurance policy, while we can't find any insurance policies on the NDAX platform.
- Payment: Bitbuy supports several international payment methods, including wire transfers, but payment methods on NDAX are limited.
- Advanced Trading Tools: You'll find several advanced trading tools (like live charting) on Bitbuy. On NDAX, there are no advanced trading tools; you can only buy/sell crypto with your chosen payment method.
- Withdrawal Fees: Bitbuy charges a 1.5% withdrawal fee. NDAX has a $25 fixed withdrawal fee.
Who Wins: NDAX Or Bitbuy?
|Advanced Trading Tools and Bitbuy API
|Transfer crypto for free to other NDAX users
|High security and fully insured
|Covered with Knox insurance policy
|Regulated under FINTRAC and approved by OSC and CSA
|Regulated under FINTRAC
|Live chat, email support, and online ticketing support
|Live chat and email support
|95% of digital assets are kept in offline wallets (confirmed by Blockchain Intelligence Group)
|99% of digital assets are held in offline wallets (No proof)
Why Bitbuy Is Better Than NDAX
Due to high security, credit/debit card support, cold storage policy, and excellent user interface, I consider Bitbuy to be one of the best crypto exchanges in Canada, which is why I recommend Bitbuy to all Canadian crypto traders (both beginners and experienced).
Unlike NDAX, Bitbuy is transparent about its fee structure so the traders can know the pricing and make trading strategies accordingly. They are also insured 1:1 with a Knox insurance policy and store 95% of their digital assets in cold storage, keeping most of your money safe. According to a recent report by OSC and CSA, Bitbuy is one of the few crypto exchanges in Canada you can trust as they are regulated under FINTRAC, and its leadership team is a member of the IIROC Crypto-Asset Working Group.
Bitbuy provides two trading modes; Express Trade and Pro Trade. With a few clicks, beginners can buy/sell digital currencies using Express Trade. Experienced traders can use Pro Trade and access several advanced trading tools like live charting. Unlike NDAX, Bitbuy's customer support is excellent, and you can connect with their support team within a few minutes.
Why You May Still Want To Choose NDAX Over Bitbuy
NDAX supports 30+ cryptocurrencies and allows you to send/receive cryptocurrencies from other NDAX users for free. Additionally, the higher the withdrawal amount, the relatively lower the fixed $25 fee will be. So, if these are features you're interested in, then NDAX might be a good option for you. However, I only recommend NDAX to beginners as there are no advanced trading tools, and the platform doesn't support credit/debit cards.
I recommend Bitbuy to both newbies and experienced Canadian traders due to its competitive trading fees, transparency, and fantastic cold storage policy.
Is NDAX good in Canada?
NDAX supports 30+ cryptocurrencies but doesn't support credit/debit cards and has a complicated fee structure. It's not a bad crypto exchange, but it isn't great, either.
Is Bitbuy a good trading platform?
Yes, Bitbuy is a good crypto trading platform due to its low trading fees, transparency, Knox insurance policy, and advanced trading tools.