NDAX Wealth Review (Dec 2022): Why We Don’t Like It

October 24, 2022
Reviews

NDAX Wealth is a cryptocurrency over-the-counter (OTC) trading desk offered by National Digital Asset Exchange (NDAX), a crypto-trading platform that was established in 2018 and has its headquarters in Calgary, Canada. NDAX Wealth will allow you to conduct large crypto trades in a wide array of different coins without having to worry about slippage. However, because of its very high minimum trade amount of $200,000 CAD or more, I'm hesitant to recommend this platform wholeheartedly.

For these reasons, if you're looking for an OTC broker that allows you to place cost-effective trades between $25,000 and $10+ million, you should be using Satstreet, the premium crypto OTC provider on the market today. Considering Satstreet's years-long reputation as the #1 crypto OTC desk in Canada—plus its excellent, round-the-clock customer service—we can't recommend Satstreet highly enough.

What Is NDAX Wealth?

NDAX Wealth is a cryptocurrency over-the-counter (OTC) trading desk offered by National Digital Asset Exchange (NDAX). This crypto-trading platform was established in 2018 and has its headquarters in Calgary, Canada. NDAX allows Canadian retail and institutional investors to buy, sell, and trade a wide array of different cryptocurrencies. NDAX also has competitive trading fees and a simple sign-up process, making it a perfect choice for those new to the cryptocurrency market.

NDAX Wealth will allow you to make large crypto trades without worrying about slippage, thanks to its deep liquidity pools that wouldn't work if this were a regular retail exchange. You'll also have around-the-clock customer support ready to help you whenever you need it, and a wide selection of supported coins to choose from as well.

To start off this NDAX Wealth review, let's take a deeper look at the platform's pros, cons, and features.

NDAX Wealth Pros

  • Deep liquidity pools that prevent slippage when conducting large crypto trades.
  • Zero deposit fees.
  • Zero withdrawal fees.
  • Same-day account settlement for faster trading.
  • No confirmations are necessary when making crypto deposits.
  • A wide array of supported cryptocurrencies (35 total, including Litecoin, Cardano, and Dogecoin).
  • Segregated bank accounts.

NDAX Wealth Cons

  • Very high minimum trade amount (CAD 200,000+).

NDAX Wealth Features

#1 Deep Liquidity Pools

Retail exchanges often have one problem that makes using them for large crypto trades impossible: slippage. The crypto market moves at incredible speeds and thousands of crypto traders put in new orders every second, which means that the value of the token you're buying could fluctuate faster than you can finish your trade. Here's where the difference between a trade's expected price and its actual price comes in, and it can make you lose a lot of money per trade (especially if you're buying bigger amounts of crypto in these trades).

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NDAX Wealth has a way of preventing this, however. The platform has deeper liquidity pools to help prevent slippage when making large crypto trades, and because it has a smaller user base compared to what you'd find in a retail exchange, its crypto market moves slower and is therefore much less likely to have differences in expected and actual price.

#2 Wide Array Of Supported Coins

NDAX Wealth also has a far bigger array of supported crypto to choose from compared to other OTC desks, standing at a strong total of 35 coins supported. It's not a common sight to see an OTC desk supporting this many coins (most only support Bitcoin (BTC)), and having this level of variety available at your disposal is an excellent opportunity to start diversifying your crypto investments.

#3 Around-The-Clock Customer Support

NDAX Wealth has a smaller user base that allows it to provide a far more robust customer support experience compared to what you see in the main platform. In fact, every NDAX Wealth user gets their own Account Executive that will be there to help with every second of the trading experience.

You'll be able to reach this Dedicated Account Manager at any time (24 hours a day, 7 days a week), and they'll be able to answer any inquiry you have regarding the platform's usage. They'll even set up an introductory consultation to thoroughly identify your trading needs before you start using the platform, showing that NDAX Wealth leaves no stone unturned when it comes to customer service.

#4 Top-Notch Security & Same-Day Settlement

NDAX Wealth goes a step further in terms of security, as it has partnered with Ledger Vault, an institutional-grade digital asset security solution, in order to ensure that the digital assets of its user base are stored in multi-signature cold storage.

As if that weren't enough, clients' fiat funds are safely stored with a Canadian Crown-owned bank in a segregated bank account. This Canadian banking option also grants you a variety of funding methods that ensure same-day settlement of your CAD or USD deposits and withdrawals.

#5 Fully Regulated & Compliant

NDAX Wealth also has a strong track record when it comes to compliance with Canadian laws: for starters, the platform is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) – Canada's financial intelligence unit. NDAX Wealth has also established and implemented a robust compliance regime that adheres to the Proceeds of Crime, Money Laundering and Terrorist Financing Act (PCMLTFA) and associated Regulations.

This is a breath of fresh air, especially considering just how many exchanges have issues with regulations in Canada (sometimes even leaving part of the country's territory due to these problems to adhere to FINTRAC and Ontario Securities Commission (OSC) mandates).

NDAX Wealth Pricing

NDAX Wealth seeks to beat any rate offered by competing OTC desks, so talking about specific rates in the platform's pricing is an extremely difficult task as this will depend on the trades you make and just how large they are.

See if NDAX Wealth will beat your current OTC provider today.

NDAX Wealth Review Summary

NDAX Wealth is a cryptocurrency over-the-counter (OTC) trading desk offered by National Digital Asset Exchange (NDAX), a crypto-trading platform that was established in 2018 and has its headquarters in Calgary, Canada. NDAX Wealth will allow you to conduct large crypto trades in a wide array of different coins without having to worry about slippage. However, because of its very high minimum trade amount of $200,000 CAD or more, as well as its lack of a Dedicated Account Manager, I'm hesitant to recommend this platform wholeheartedly.

For these reasons, if you're looking for an OTC broker that allows you to place cost-effective trades between $25,000 and $10+ million, you should be using Satstreet, the premium crypto OTC provider on the market today. Considering Satstreet's years-long reputation as the #1 crypto OTC desk in Canada—plus its excellent, round-the-clock customer service—we can't recommend Satstreet highly enough.

NDAX Wealth Review FAQs

How Much Does NDAX Wealth Cost?

NDAX Wealth's pricing is as close as possible to the spot rate at any given time. They have aggressive pricing and are committed to beating quotes from other OTC providers. To see for yourself, create an account.

Is NDAX Wealth Worth It?

Yes, NDAX Wealth is worth it because its deeper liquidity pools will allow you to completely forget about slippage when making large crypto trades. Additionally, it supports 35 cryptocurrencies, and it provides you with instant customer support.

Is NDAX Wealth Safe?

Yes, NDAX Wealth is safe because it has partnered with Ledger Vault, an institutional-grade digital asset security solution, to provide multi-signature cold storage to its users' crypto funds. Additionally, clients' fiat funds are safely stored with a Canadian Crown-owned bank in a segregated bank account.

Is NDAX Wealth Legit? 

Yes, NDAX Wealth is a legitimate cryptocurrency exchange that is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). NDAX Wealth also has established and implemented a robust compliance regime that adheres to the Proceeds of Crime, Money Laundering and Terrorist Financing Act (PCMLTFA) and associated Regulations.

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