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

December 13, 2021
Reviews
NDAX Crypto Exchange

The National Digital Asset Exchange (NDAX) is a Canadian crypto exchange that was established in 2018 and allows you to buy, sell, and trade a wide variety of crypto tokens. However, despite its many features and positive aspects, it also has a few cons that don’t allow me to recommend it, like withdrawals costing CAD $25 across the board and its current lack of support for crypto staking.

Instead, you could consider using CoinSmart, mainly because of its security and ease of use. It also has the lowest fees across all crypto exchanges and brokers in Canada, so I can’t recommend it enough if you’re looking for an effective way to buy, sell and trade crypto tokens.

CLAIM MY $50 BONUS
Offer ends May 19.

What Is NDAX?

The National Digital Asset Exchange (NDAX) is a crypto-trading platform that was established in 2018 and has its headquarters in Calgary, Canada. It allows Canadian users to buy, sell, and trade a wide array of different cryptocurrencies.

NDAX has competitive trading fees and a simple sign-up process, which makes it a good choice for newcomers to the cryptocurrency market. However, NDAX also has an advanced charting functionality that will benefit more seasoned crypto traders.

NDAX Features

1. Instant Account Verification

Whenever you’re creating an account at a crypto exchange, you’ll need to provide a few important bits of information in order to verify your identity. Crypto exchanges are compelled to do this process by law, and it can take a fair amount of time to get your account verified as well.

However, NDAX allows you to verify your account instantly, allowing you to start buying and selling crypto tokens in as little as a few minutes after you’ve created your account.

2. User Interface For Everyone

Another neat feature that NDAX has is that its user interface has been designed to be able to be used by everyone. Investors new to the cryptocurrency world will find NDAX to be very intuitive and easy to use, allowing trades between cryptocurrencies in just a few clicks.

On the other hand, more experienced crypto investors will find that NDAX has advanced charting tools that will allow them to use this crypto exchange to its fullest potential.

3. 24/7 Customer Support

NDAX also has a very strong customer support service that will be ready to assist you at any time if you’re having any issues.

You can reach NDAX’s customer support through the following methods:

  • Live Chat
  • Email (support@ndax.io)
  • Phone (1-833-727-NDAX (6329))
  • Address (250 2 Street Southwest Suite 1820, Calgary. AB T2P 0C1).

Cryptocurrencies on NDAX

Here are the cryptocurrencies that NDAX currently supports:

Bitcoin (BTC)Aave (AAVE)
Ethereum (ETH)The Graph (GRT)
Dogecoin (DOGE)Polygon (MATIC)
Cardano (ADA)USD Coin (USDC)
Ripple (XRP)Terra (LUNA)
Tether (USDT)Decentraland (MANA)
Polkadot (DOT)Axie Infinity (AXS)
Litecoin (LTC)Hedera Hashgraph (HBAR)
Chainlink (LINK)Fantom (FTM)
Stellar (XLM) EOS (EOS)
Uniswap (UNI) Compound (COMP)

NDAX Fees

You don’t have to pay any fees when depositing fiat funds to your NDAX account. When it comes to withdrawals though, you can withdraw crypto tokens to your personal crypto wallet or transfer fiat funds to your bank account for a CAD $25 withdrawal fee.

As for trading fees, you have a 0.2% buying fee and a 0.2% selling fee on all trades.

Our Recommendation: CoinSmart

Although NDAX has very competitive trading fees and very advanced charting tools, it also has a few cons that don’t allow me to recommend it. For example, withdrawals cost CAD $25 no matter what, and these withdrawal fees can add up over time. Also, NDAX currently lacks support for staking, which is a common feature in other Canadian crypto exchanges.

Because of this, I suggest that you take a look at CoinSmart instead. Here are a few of the reasons why I’d recommend CoinSmart over NDAX:

Introducing CoinSmart: Canada’s #1 Crypto Platform

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 offer ends May 19.

★★★★★

Rated 4.9/5

I recently broke down 10+ of Canada’s most popular crypto platforms, and CoinSmart came out on top. It scored so well because it excels on what I believe are the three most important factors when choosing a crypto platform: fees, security, and customer support.

Here’s how CoinSmart performs in each of those areas, and why I believe it’s the best crypto trading platform in Canada. And to get your $50 signup bonus with CoinSmart, use this signup link and the special promo code YOREOYSTER.

#1 Lowest Fees In The Industry

CoinSmart’s trading fees are just 0.20%, the lowest of any crypto platform in Canada. And those savings add up quickly: if you trade $100,000 worth of Bitcoin in a given year (buying and selling $25,000 worth twice), you’ll save $800 in trading fees compared to a platform that charges 1% ($200 vs. $1,000).

Perhaps more important than trading fees, though, are spreads: the difference between the Buy price and the Sell price. CoinSmart has razor-thin spreads, which makes day trading possible and keeps more money in your pocket.

#2 Bank-Level Security

CoinSmart maintains a 95% cold storage policy, which means at least 95% of its users’ crypto is always held offline. This is a security measure that only the most advanced trading platforms employ, and CoinSmart is leading the charge.

CoinSmart is also the only publicly traded crypto platform in Canada, which means it’s subject to far more financial scrutiny than any other platform. It’s regulated by FINTRAC (the Financial Transactions and Report Analysis Centre of Canada) and the OSC (Ontario Securities Commission), and its financials are audited by external professionals at least once per year.

#3 Excellent Customer Support

CoinSmart offers 24/7 customer support via phone, live chat, and email, and their customer service reps are actually helpful rather than just following a script. I’ve never had to wait more than about 60 seconds on hold, and they’re very responsive via live chat and email, too. 

The only time I ran into an issue with CoinSmart, I called them and had it sorted out within 5 minutes. Keep in mind that telephone and live chat support is only available for registered users, so if you have a question for CoinSmart, the best way to get it answered is to open an account

CLAIM MY $50 BONUS
Offer ends May 19.

In Summary

The National Digital Asset Exchange (NDAX) is a crypto-trading platform that was established in 2018 and it allows Canadian users to buy, sell, and trade many different crypto tokens. Even though NDAX has very competitive trading fees and advanced charting tools, however, it also has a few cons that don’t allow me to recommend it, like withdrawals costing CAD $25 across the board and its current lack of support for crypto staking.

Instead, you could consider using CoinSmart, mainly because of its security and ease of use. It also has the lowest fees across all crypto exchanges and brokers in Canada, so I can’t recommend it enough if you’re looking for an effective way to buy, sell and trade crypto tokens.

NDAX FAQs

How To Withdraw From NDAX

To withdraw funds from your NDAX account, you have two options. Depending on whether you want to withdraw fiat or you want to withdraw cryptocurrencies, you’ll have to follow different sets of steps:

1. Fiat Withdrawal

Web Browser

  1. Log in to your NDAX account.
  2. Click the “Withdraw” option at the top of the screen.
  3. Make sure you select the “CAD” option and click the “Withdraw” button.
  4. Choose the method of withdrawal.
  5. Select your preferred bank account or add a new one if this is your first time.
  6. Type in the amount you want to withdraw or click the “MAX” button if you want to withdraw all of your funds.
  7. Click the “Withdraw” option.

Mobile Web Browser

  1. Log in to your NDAX account.
  2. Click the NDAX logo that’s in the top left corner of the screen.
  3. Click the “Wallets” option from the pulldown menu.
  4. Click the “Dollars” option.
  5. Click the “Canadian Dollars” option.
  6. Choose your preferred withdrawal method.
  7. Select your preferred bank account or add a new one if this is your first time.
  8. Type in the amount you want to withdraw or click the “MAX” button if you want to withdraw all of your funds.
  9. Click the “Withdraw” option.

2. Crypto Withdrawal

Desktop Web Browser

  1. Log in to your NDAX account.
  2. Click the “Wallet” option on the left side of the screen.
  3. Select the Cryptocurrency you want to withdraw to a personal crypto wallet.
  4. Click the “Send” button at the bottom of the screen.
  5. Copy and paste the destination address.
  6. Enter the amount of crypto tokens you’d like to send.
  7. Click the “Send” option.
  8. You’ll receive a confirmation e-mail shortly afterwards. 

Mobile Web Browser

  1. Log in to your NDAX account.
  2. Click the NDAX logo that’s in the top left corner of the screen.
  3. Click the “Wallets” option from the pulldown menu.
  4. Select the Cryptocurrency you want to withdraw to a personal crypto wallet.
  5. Click the “Send” button at the bottom of the screen.
  6. Copy and paste the destination address.
  7. Enter the amount of crypto tokens you’d like to send.
  8. Click the “Send” option.
  9. You’ll receive a confirmation e-mail shortly afterwards. 

Is NDAX Safe?

Yes, NDAX is a secure cryptocurrency trading platform. The bulk of its digital assets are kept offline in cold storage and the majority of its fiat funds are kept at a financial institution in Calgary, Canada.

To secure your account, the platform also follows standard industry security protocols, such as 2-factor authentication.

Is NDAX Legal In Canada?

Yes, NDAX is a legitimate crypto platform that has been registered as a Money Service Business (MSB) with the Financial Transactions and Reports and Analysis Centre of Canada (FINTRAC).

NDAX Referral Code

Unfortunately, there are no NDAX referral codes available. However, you can sign up and earn $10 when you deposit at least $100 using this link.

Does NDAX Report To The CRA?

Yes. Considering NDAX is a registered Money Service Business (MSB) in the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), it has to report large transactions whenever a fiscal year ends to the CRA.

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5