Ndax Review

NDAX Ratings at a Glance

What Is Ndax?

Based in Calgary, Ndax or Ndax Canada Inc., is a Canadian crypto trading platform meant to facilitate the exchange, buying, selling, staking and trading of different digital assets. Fully integrated with the Canadian banking system, Ndax enables quick transfers from credit unions and banks throughout Canada. Emphasizing security, compliance and user experience, the platform serves institutional and retail customers. Focusing on low trading fees and a wide range of cryptocurrencies, Ndax aims to create a strong trading environment. For Canadian crypto enthusiasts, the platform also provides staking, advanced trading tools and top tier customer service, providing a complete solution.

Ndax Key Features

Ndax offers a range of features designed to enhance users’ trading experience. The platform focuses on security, user-friendliness and innovative tools for novice and experienced traders.

• Recurring Purchase (Auto Invest): Users can automate their investments through scheduled purchases, allowing for dollar-cost averaging and simplified holdings growth.
• Public Feedback: Ndax includes a feedback feature where users can propose enhancements and share suggestions to help shape future platform developments.
• Staking Program: Ndax provides a flexible staking program, enabling users to earn passive income on eligible cryptocurrencies with APYs ranging from 2.8% to 13%.
• Free BTC Withdrawal Option: The platform offers a free Bitcoin withdrawal option, making it cost-effective for users to manage their assets.
• Dust Conversion Feature: Ndax allows users to convert small amounts of leftover cryptocurrency (dust) into usable assets, optimizing portfolio management.
• Ndax OTC: The OTC service provides personalized, secured, and high-volume trading solutions, and is accessible to high-net worth individuals as well as any user or entity that meets the minimum trade size.
• Ndax Lighthouse (Learning Hub): This educational resource helps users improve their crypto knowledge and trading skills, enhancing their overall trading experience.
• Ndax Markets Page: Users can access real-time market data of over 17,000 trackable assets and trading pairs, facilitating informed trading decisions. 

Ndax Supported Coins and Countries

Ndax supports various cryptocurrencies, making it a versatile platform for Canadian traders. The trading platform offers access to exchange of over 55 digital assets, including major cryptocurrencies and popular altcoins.

Major Supported Cryptocurrencies

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• XRP (XRP)
• Cardano (ADA)
• Dogecoin (DOGE)
• Solana (SOL)
• PEPE (PEPE)

In addition to these major coins, Ndax continuously evaluates and adds new crypto assets to enhance its offerings.

Supported Countries

Ndax exclusively serves Canadian residents, providing a platform fully integrated with the Canadian banking system for seamless transactions. 

How to Buy Crypto on Ndax

Buying cryptocurrency on Ndax is a straightforward process designed to be user-friendly for both beginners and experienced traders. Here’s a step-by-step guide:

1. Create an Account: Sign up for an Ndax account by providing your email address and creating a password. Complete the verification process as required.
2. Fund Your Account: Navigate to the "Wallet" section and choose your funding method. You can deposit Canadian dollars (CAD) via eTransfer, wire transfer or cryptocurrency. Ensure you follow the instructions carefully to avoid delays.
3. Access the Trading Dashboard: Once your account is funded, go to the "Trade" section. Here, you’ll find the trading dashboard displaying various cryptocurrencies.
4. Select Your Cryptocurrency: Use the drop-down menu to choose the cryptocurrency you wish to buy, such as Bitcoin (BTC), Ethereum (ETH) and many others.
5. Quick Buy/Sell: In the "Quick Buy/Sell" block, enter the amount you want to purchase. Ndax will display a transaction preview, including any applicable fees.
6. Review Transaction Details: Check the transaction details carefully. Ensure that the trading fee, which is a flat 0.2%, is accurately reflected.
7. Confirm Purchase: If everything looks good, click on "Confirm Buying" to submit the order. Your purchased cryptocurrency will be credited to your Ndax wallet once your order is executed, depending on the order type.
8. Manage Your Assets: After the purchase, you can view your holdings in the wallet section and manage your assets as needed.

How to Sell Crypto on Ndax

Selling cryptocurrency on Ndax is a simple and efficient process. Follow these step-by-step instructions to execute your sale:

1. Log into Your Account: Start by logging into your Ndax account using your registered email and password. 
2. Navigate to the Dashboard: Once logged in, go to your trading dashboard to see your portfolio and available cryptocurrencies.
3. Access the Quick Buy/Sell Section: Locate the "Quick Buy/Sell" block on the right side of the dashboard. This feature allows for quick transactions. 
4. Select the Cryptocurrency to Sell: Click on the "Sell" option and choose the cryptocurrency you wish to sell from the drop-down menu.
5. Enter the Amount: Input the amount of cryptocurrency you want to sell. Ndax will automatically calculate the equivalent value in Canadian dollars (CAD). 
6. Preview the Transaction: Review the transaction details, including the selling price and applicable fees. Ndax charges a trading fee of 0.2%.
7. Confirm the Sale: If everything looks correct, click "Confirm Selling" to submit the order. Your funds will be credited to your Ndax account in CAD. 
8. Withdraw Your Funds (Optional): If you wish to transfer the proceeds to your bank account, navigate to the withdrawal section and follow the prompts to complete the transaction.

Ndax is known for its competitive and transparent fee structure, making it an attractive option for Canadian cryptocurrency traders. Below is a breakdown of the various fees associated with using the platform:

Trading Fees

Ndax offers one of the most competitive trading fee structures in the Canadian cryptocurrency exchange market. Here are the key details:

• Trading Fee: A flat 0.2% fee is charged per trade, regardless of the trade size or frequency. This low fee benefits both novice and experienced traders.
• Spread: Ndax maintains a tight spread, typically around 0.6% above the live market price when buying and no markdown when selling. Some users have reported minor discrepancies in the displayed and actual spread.
• Staking Commission: Ndax charges a 20% commission for users earning staking rewards, which is an ultracompetitive rate compared to other platforms.

Deposit Methods and Fees

Ndax offers a range of convenient and free deposit methods for Canadian users to fund their accounts. The platform prioritizes affordability and efficiency, ensuring traders can start investing with no barriers.

Deposit Fees

• Interac eTransfer: Free
• Wire Transfer: Free
• Cryptocurrency: Free

Ndax does not charge any fees for Interac eTransfer, wire transfer or cryptocurrency deposits. This allows users to fund their accounts without incurring additional costs, maximizing their investment potential.

Deposit Limits

Ndax does not impose any deposit limits. However, users should be aware that their own financial institution may have limits in place for certain deposit methods, such as Interac eTransfer. It's recommended to check with your bank or credit union for any restrictions.

How to Deposit Funds

1. Log in to your Ndax account and navigate to the "Deposit" section.
2. Select your preferred deposit method, such as Interac eTransfer or wire transfer.
3. Follow the on-screen instructions specific to your chosen deposit option. For Interac eTransfer, you'll need to provide the email address associated with your Ndax account.
4. Complete the deposit process according to your financial institution's requirements. For Interac eTransfer, you'll need to log in to your online banking and initiate the transfer.
5. Once the deposit is processed, the funds will be credited to your Ndax account balance, typically within minutes for Interac eTransfer and 1-2 business days for wire transfers.

By leveraging Ndax's free and convenient deposit methods, users can easily fund their accounts and start trading cryptocurrencies with confidence.

Withdrawal Methods and Fees

Ndax offers a range of withdrawal options for Canadian users to access their funds, each with its own fees and processing times. The platform aims to provide flexibility while maintaining competitive rates.

Withdrawal Fees

• EFT (Direct Bank) Withdrawal: CAD 4.99 per transaction
• E-Transfer Withdrawal: CAD 1.50 per transaction
• Crypto Withdrawal Fees: Asset-based and vary depending on the cryptocurrency being withdrawn. For example, Bitcoin withdrawals include options like:
• Express Withdrawal: 0.000299 BTC (immediate processing)
• Standard Withdrawal: 0.000149 BTC (processed within four hours)
• Free Flex Withdrawal: Completely free, taking up to 12 hours

Ndax does not charge any hidden fees for withdrawals. All fees are flat and disclosed upfront.

How to Withdraw Funds

1. Log in to your Ndax account and navigate to the "Withdraw" section.
2. Select your preferred withdrawal method, such as EFT or E-Transfer.
3. Enter your banking information and the amount you wish to withdraw for EFT withdrawals. Click "Submit" to initiate the transfer.
4. Enter the email address associated with your Ndax account and the withdrawal amount for E-Transfer withdrawals.
5. Choose the asset you want to withdraw (cryptocurrency) and enter your external wallet address. Select the withdrawal network (e.g., BTC or BEP20) and the withdrawal method (Express, Standard or Flex). Confirm the transaction details and complete the withdrawal process.
6. Ndax will process the withdrawal request based on the selected method. EFT withdrawals typically take 1-2 business days, while E-Transfers are processed instantly. Crypto withdrawals are executed within the specified time frame for each option.

By offering a range of withdrawal options, Ndax ensures that users can access their funds conveniently and cost-effectively based on their preferences and needs.

Staking Fees

Ndax offers a competitive staking program with transparent fees and attractive returns. Here’s an overview of the fees and charges associated with staking on the platform:

• Flat Commission Rate: Ndax maintains a consistent staking commission of 20% on all rewards generated from staked assets. This commission applies uniformly, regardless of the asset type, volume or staking option.
• No Additional Fees: There are no hidden commissions or additional validator fees charged by Ndax for staking. This straightforward fee structure ensures that users know exactly what to expect when participating in the staking program.
• High and Stable APYs: Ndax offers some of the highest Annual Percentage Yields (APYs) for staking in Canada. The stated APYs on the website remain stable for selected plans and users are notified of any updates. Unless otherwise communicated, users can expect to earn the same APY for their subscribed staking plan.
• Exclusive Staking Options: Ndax is unique in Canada for allowing users to stake The Graph (GRT) and Sonic (S), providing additional opportunities for Canadian investors.

Is Ndax Safe? 

Ndax has established itself as one of the most secure cryptocurrency trading platforms in Canada, implementing a comprehensive range of security measures to protect user information and funds. Here are the key aspects of Ndax's security framework:

• Regulatory Compliance: Ndax is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and adheres to strict anti-money laundering (AML) and know-your-customer (KYC) protocols. Ndax is also registered with Revenu Québec and complies with applicable requirements set by the Canadian Investment Regulatory Organization (CIRO) and is recognized as a Marketplace/ Alternative Trading System (ATS) by all provincial securities commissions. This comprehensive regulatory oversight enhances the integrity of the platform and helps prevent illicit activities.
• SOC 2 Type II Certification: Ndax holds SOC 2 Type II security certification, showcasing its superior security measures to protect digital assets.
• Advanced Security Technologies: The platform uses industry-leading encryption protocols to safeguard user data and transactions. Additionally, Ndax uses multifactor authentication (MFA) to add an extra layer of security against unauthorized access and phishing attempts.
• Cold Storage Solutions: The majority of user funds are held in cold storage with a third-party custodian, significantly reducing the risk of hacking. Ndax also employs multi-signature technology ensuring that user assets are protected by multiple layers of security.
• Insurance Coverage: Ndax holds insurance for all cryptocurrency wallets, providing an additional safety net for users in the event of unforeseen circumstances.
• Regular Security Audits: The platform conducts regular security audits and penetration testing to identify and address potential vulnerabilities proactively.

Ndax Regulatory Status in Canada

In Canada, Ndax operates as a regulated crypto asset trading platform. It is registered as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and with Revenu Québec, ensuring compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Ndax also adheres to strict anti-money laundering (AML) and know-your-customer (KYC) protocols. 

Additionally, Ndax is registered with all applicable provincial securities commissions as a Marketplace/Alternative Trading System (ATS) and is recognized by the Canadian Investment Regulatory Organization (CIRO) as a Broker Dealer, demonstrating a deep commitment to regulatory compliance.

Ndax provides a generally positive user experience, characterized by a user-friendly interface and efficient processes.

Here’s a breakdown of the key aspects contributing to the user experience:

• Ease of Use: The platform is designed with an intuitive layout, making it accessible for both beginners and experienced traders. Users have reported that navigating the site and executing trades is straightforward, which enhances the overall trading experience.
• Sign-Up Process: The registration and verification process is quick and efficient. Users can create an account by providing basic information, verifying their email and completing KYC requirements without significant delays.
• Customer Support: Ndax is praised for its responsive customer service. Users have reported quick response times, often receiving assistance within minutes. The availability of multiple support channels, including live chat, phone and ticketing systems, adds to the platform's reliability.
• User Reviews: Overall, user feedback highlights Ndax's low trading fees and efficient trading experience. However, some users have expressed concerns about price discrepancies and the limited selection of cryptocurrencies available for trading.
• Mobile App: Ndax offers mobile applications for iOS and Android, allowing users to trade on the go, which is a significant advantage for active traders.

While Ndax excels in many areas, the limited range of cryptocurrencies and occasional price discrepancies are points for improvement. Nevertheless, it remains a strong contender in the Canadian cryptocurrency market, making it a recommended choice for those looking to trade crypto assets efficiently.

Ndax Registration Process

Opening an account on Ndax is a straightforward process designed to be user-friendly. Here’s a step-by-step guide to registering on the platform:

1. Visit the Ndax website
2. Click on "Sign Up"
3. Provide Your Information
4. Verify Your Email
5. Complete KYC Verification
6. Set Up Two-Factor Authentication (2FA)
7. Fund Your Account
8. Start Trading

The Ndax mobile app offers a robust trading experience, allowing users to manage their cryptocurrency investments conveniently from their mobile devices. Here’s a detailed look at the app's features, user interface and how it compares to the desktop platform: 

Key Features

• Cross-Platform Accessibility: The Ndax mobile app is available for both iOS and Android devices, providing users with the flexibility to trade on the go. It ensures a seamless experience across different platforms.
• User-Friendly Interface: The app features an intuitive design that simplifies navigation, making it easy for both beginners and experienced traders to execute trades, check prices and manage their portfolios.
• Real-Time Trading: Users can access real-time market data, enabling them to make informed trading decisions quickly. The app supports various trading functionalities, including quick buy/sell options and advanced trading tools. 
• Security Measures: The Ndax mobile app adheres to high-security standards, implementing encryption protocols and two-factor authentication (2FA) to protect user accounts and sensitive information.
• Instant Notifications: Users can set up alerts for price changes and market updates, ensuring they stay informed about their investments.

Comparison to Desktop Platform

• Design and Usability: While the mobile app is user-friendly, some users have noted that the desktop version offers a more comprehensive view of trading charts and tools, which can be beneficial for advanced traders. The desktop platform provides a more extensive layout for managing multiple assets simultaneously.
• Feature Accessibility: The desktop version may have more advanced features and trading options available, such as detailed analytics and charting tools through TradingView, which some users find easier to navigate on a larger screen.
• Performance: Both platforms are designed for efficiency, but the mobile app allows for quick transactions and instant access to account information, making it ideal for users who prefer trading on the move.

Ndax offers a variety of customer support options, ensuring users have multiple ways to seek assistance. Here’s an overview of their customer service features, responsiveness and user feedback:

Support Channels

• Phone Support: Ndax provides a toll-free customer service number at 1-833-727-6329, allowing users to call for general inquiries, account operations and support with transactions.
• Email Support: Users can contact Ndax through several dedicated email addresses, including support@ndax.io 

• Live Chat: The Ndax website features a live chat option, available Monday through Friday from 10am to 4pm EST. This allows users to get immediate assistance for their queries.
• Help Center: Ndax maintains a comprehensive Help Center with FAQs and articles that address common issues, providing users with self-service options.

Responsiveness

User feedback indicates that Ndax’s customer service is generally responsive, with some users reporting average response times of under 20 minutes. Many have praised the professionalism and courtesy of the support staff. However, there have been occasional complaints regarding delays in response times, particularly during peak periods.

User Feedback

• Positive Reviews: Many users appreciate the efficiency and helpfulness of Ndax's customer support, often highlighting quick resolutions and proactive communication from support staff.
• Negative Reviews: Some users have reported challenges in reaching customer support during busy times, noting that inquiries can sometimes take longer to resolve than expected. Additionally, there are mentions of issues with account access and transaction delays that have caused frustration.

Overall, Ndax provides a solid customer support framework with multiple contact methods and generally positive user experiences. While there are areas for improvement, particularly in scalability during high demand, the platform is well-regarded among Canadian trading platforms for its customer service.

Ndax vs. Competitors

Ndax has a few competitors that are similar, including Bitbuy, Kraken and Newton. These platforms share several similarities and differences in terms of features, fees and user experience.

Similarities

• Regulatory Compliance: All these trading platforms are registered with Canadian regulations. They adhere to KYC and AML protocols, which are mandatory for operating legally in Canada.
• User-Friendly Interfaces: Each platform offers a user-friendly interface designed to cater to both novice and experienced traders, making it easy to navigate and execute trades.
• Competitive Fees: Ndax, Bitbuy and Kraken all provide competitive trading fees, although the exact fee structures vary. They aim to attract users by offering low-cost trading options.

Differences

• Cryptocurrency Selection: Ndax supports over 55 cryptocurrencies, while Kraken offers a much broader selection, with hundreds of trading pairs available. Bitbuy and Newton also have limited selections compared to Kraken but may offer different popular altcoins.
• Staking Options: Ndax provides unique staking opportunities, including staking for The Graph (GRT) and Sonic (S), which are not available on all competing platforms. This feature may attract users interested in earning passive income through staking.
• Withdrawal Fees: Ndax charges specific withdrawal fees (e.g., $4.99 for EFT), while other platforms may have different fee structures or offer free withdrawals for certain methods. This can influence user choice based on their withdrawal preferences.
• Customer Support: The level of customer support varies among these platforms. Ndax is noted for its responsive support team, while user experiences may differ on Bitbuy and Kraken, with some users reporting longer wait times.

Overall, while Ndax competes effectively with Bitbuy, Kraken and Newton, the choice of platform may depend on individual user needs, such as the variety of cryptocurrencies, staking options and specific fee structures.

Ndax provides a solid trading experience with competitive fees, robust security and excellent customer support. While it has some limitations, particularly regarding cryptocurrency selection and withdrawal fees, its strengths make it a recommended choice for Canadian cryptocurrency traders.

Frequently Asked Questions