NDAX Review: Pros and Cons [Reviewed in 2022]

Overview

NDAX is a Canada-based digital currency trading platform. So, at the National Digital Asset Exchange, investors can trade Bitcoin, Ethereum, and 30+ other coins.

The company was founded in 2017 and is one of Canada’s most advanced and secure trading platforms. Moreover, the brokerage serves all Canadians, regardless of their crypto trading experience.

The platform’s low-fee and instant transactions provide a base for satisfied customers and rave reviews.

The NDAX Wealth  Over-The-Counter (OTC) services are one of the most reliable liquidity pools in North America. They significantly help high-volume investors.

Features

The NDAX crypto trading platform is brimming with UNIQUE features. The aim is to ease user integration and improve their experience. Below, you’ll discover how to make the most of the site and reap its benefits.

Trade

The “Trade” tab offers a comprehensive overview of the digital currency market. There is a complete list of:

You can find a customizable chart at the bottom of the page with prices and the previous 6 months’ volumes.

Here’s what the NDAX coin list includes:

Staking

NDAX has streamlined the staking process for its most popular coins, which offer relatively high yields and can be staked directly from the account dashboard.
Currently, the NDAX coins available for staking are:

The staking CALCULATOR notes your generated passive income and the percent of your average annual return.

Furthermore, the platform includes all the necessary information about your stake, including:

The staked coins do NOT leave your cold wallet, and the utmost security protects them. The payouts occur daily or weekly, depending on the coin. Of course, you can opt-out of your staking position anytime.

Referral Program

You don’t have to trade alone on the NDAX app. On the contrary, the platform encourages users to invite friends and join the affiliate program to earn rewards. To become an affiliate, use your NDAX login to get a unique affiliate link.

Then, you can share it with your network or on social media sites and earn FREE crypto for the referrals that have deposited at least CAD$100.

NDAX pays its affiliates 10% commissions and up to $25 per referral, which you will receive in CAD within 30 days.

Moreover, users get commissions on each trade their referrals make on NDAX, which places them in a tiered affiliate program that continuously offers payout. The tiers are:

However, note that there is a cap of $1000 MAXIMUM commission earnings per referral for 1 year.

NDAX Wealth

NDAX offers an OTC trading desk, called NDAX Wealth, aimed at experienced investors looking to trade $200,000 or more. Through this service, the platform provides investors with:

Moreover, the feature provides investors access to expert traders to help them handle the execution and advise them during the process. These experts set up introductory consultations, communicate with you throughout the Slack channel, and present you with a quote for the trade.

After trading, your digital assets are sent to multi-signature cold storage powered by Ledger Vault.

Fees and Deposit & Withdrawal Methods

Currently, there are several funding options at NDAX. Some are no-fee, while others are low-fee. Apart from the 0.2% commission fee, here are some other NDAX fees, payment options, and processing times you should keep in mind:

Deposit	Processing Time	Limits
Interac e-Transfer	0-30 minutes	None
Wire Transfer	0-1 business day	None
Bank Draft	0-1 business day Instant if deposited at banking partner	None
Crypto	BTC: 3 confirmations Others: Instant	N/A
Send Funds to Another User	Instant	N/A
Send Gift	Instant	N/A

Although all deposit options are free, NDAX withdrawals come with a flat fee of $4.99 for both CAD and crypto.

Withdrawal	Processing Time	Limits
Bank Direct	0-1 business day	None
Wire Transfer	0-1 business day	None
Crypto	5 minutes	N/A
Request Funds from Another User	Instant	N/A

Eligibility and Application Process

Fortunately, NDAX doesn’t have prohibitive eligibility requirements. But, the only conditions you need to meet are:

If you’re the age of majority in your province or territory, you can create an NDAX account. Here’s the straightforward step-by-step process:

Is NDAX Safe?

Yes, the NDAX app is safe. One of NDAX’s best features is its security standard. It is among the highest in the Canadian FinTech industry and the first crypto platform to receive SOC2 Type II certification in Canada.

NDAX holds most digital assets offline, in cold wallets secured with multi-signature technology. The global leader provides this storage in crypto security and infrastructure, Ledger Vault. Moreover, all accounts are protected by mandatory two-factor authentication (2FA) and alert notifications.

NDAX is a registered Money Service Business (MSB) that adheres to strict privacy laws and holds FINTRAC and Revenu Quebec licenses. As an MSB, it complies with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

Support

After combing through numerous genuine NDAX user reviews, the takeaway is that the NDAX customer service could use some work. Specifically, some users have complained about the slow response rate of support representatives and their inability to solve specific issues.

However, since the platform incorporates 4 different means of contact, most customers will probably be able to reach a helping hand. Apart from sorting through the comprehensive FAQ page, you can get in touch with NDAX via:

Besides these, you can also send NDAX a message on one of their social channels, like Reddit, Facebook, Twitter, or LinkedIn.

Want to Consider Other Options?

If you discovered that an NDAX account doesn’t suit you, what else is there to try? Here are some alternatives that might offer just what you need:

Shakepay

Shakepay is a Montreal-based company founded in 2015. It offers easy cryptocurrency trading and allows users to buy and sell Bitcoin and Ethereum with Canadian dollars. Its major selling points are:

Wealthsimple

Wealthsimple is a famous Canadian investment robo-advisor launched in 2014. It provides users with options for wealth management, which also includes crypto. Wealthsimple is Canada’s first regulated crypto platform. It doesn’t charge any commission fees for its assets and offers over 50 coins for trading.

Questrade

Questrade was founded in 1999 and is an online brokerage aimed at self-directed investors. Along with the various investment products and services, the company offers:

You can also check out this detailed comparison of Wealthsimple and Questrade to further cement your decision. 

Qtrade

Another successful and long-standing Canadian company is none other than Qtrade. Founded in 2000, Qtrade offers a variety of products such as trading platforms, mutual funds, GICs, and ETFs, some of which are entirely commission-free, while others come with low fees. Moreover, the site provides numerous helpful educational tools and articles for smart investing.

Coinsmart

Finally, the last Canadian company you should look into is Coinsmart, a cryptocurrency trading and investment platform founded in 2018. The site offers various sought-after features like cryptocurrency wallets, referral programs, low or no-fee transactions, and over 15 crypto coins for trading.

Here’s a detailed comparison of the fees you may incur with any of these platforms:

Company	Trading Fees	Minimum Deposit	Maximum Withdrawal
Shakepay	1-3% spread	Interac e-Transfer: $5 Wire transfer: $10,000	Interac e-Transfer: $10,000 Shakepay a friend: $999
Wealthsimple	None	None	Crypto: $25,000
Questrade	1 ¢ per share Stocks: $4.95 Mutual funds: $9.95	$1,000	ETFs: $50,000 daily
Qtrade	Varies	None	N/A
Coinsmart	Single trade: 0.20% Double trade: 0.30%	Interac e-Transfer: $100 Bank wire: $10,000 Credit/Debit Card: $100	ETFs: $15,000 Bank wire: $5,000,000

Final Verdict

NDAX is an excellent option for those looking for a reliable and user-friendly cryptocurrency trading platform. Thanks to the numerous characteristics, it definitely STANDS OUT among its competitors.

So, since you’ve learned the site’s nooks and crannies from this NDAX review, you will hopefully try it!