Last Updated on June 30, 2021 by Canadian Reviews
NDAX is one of the best full featured cryptocurrency exchanges in Canada. They offer a user friendly platform for both beginner and advanced traders. The also have one of the largest selections of coin offerings available.
Read our review and find out how you can also get a $10 sign up bonus when you fund your account with $100 or more and use a NDAX referral link.
About NDAX
NDAX (National Digital Asset Exchange) is a Calgary, AB Canada based cryptocurrency exchange that offers an advanced crypto trading to professionals and new users alike. They were founded in 2017 and officially launched a year later.
They offer both a simple interface and advanced interface for users that want more control over their trades. Also available is over the counter (OTC) trading through NDAX’s Trading Desk for any amounts over $25,000 CAD.
What coins does NDAX offer
NDAX has one of the largest selections of coins of all the current Canadian exchanges. They currently support the following:
- Bitcoin (BTC)
- Dogecoin (DOGE)
- Ether (ETH)
- Cardano (ADA)
- XRP (XRP)
- Tether ( (USDT)
- Polkadot (DOT)
- Litecoin (LTC)
- Chainlink (LINK)
- Stellar (XLM)
- EOS (EOS)
NDAX Fees
Out of all the exchanges we have reviewed. NDAX has one of the lowest fees for trading. They change a flat 0.20% fee plus around 0.40% on the spread.
They do however charge CAD withdrawal fees. This is a flat $25 fee. So they are not recommended if you will be making smaller withdrawals. They are best for trading large amounts or if you will be doing frequent trading and keeping your assets on the exchange.
Another option is converting your assets to a lower fee crypto coin and transferring to another exchange that does not have withdrawal fees. For example convert to XRP and transfer to Newton or Shakepay then withdraw to CAD. This would only cost a couple dollars.
Funding Your Account
You can fund your NDAX account in several ways. Here are the options they currently support:
- Interac e-Transfer
- Wire transfer
- Bank draft/certified cheque
And when you are ready to withdraw for funds. Here are the methods NDAX supports for withdrawals:
- Cryptocurrency transfer
- Direct bank deposit/EFT
- Wire transfer
NDAX Security
NDAX has the highest regulatory standards that is possible. They are currently registered as a Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
They also have established and implemented many internal policies, procedures and compliance regime that are outlined under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and that meet all applicable laws and regulations.
Note, due to these security measures. NDAX requires everyone to undergo KYC (Know Your Customer) and complete identity verification. You will need to provide your name, address, birth date and phone number before you can trade or withdraw any funds from your account. If you want to access a higher withdrawal limit then enhanced verification will also need to be completed. You will need to provide your Canadian government-issued ID to verify your name and address.
Here are some of the security features and frameworks they employ:
- Regulatory Framework and Controls
- Digital Asset Security and Insurance
- Offline Cold Storage
- Multi-Signature Approvals
- Multi-Party Computation (MPC) Hot Wallets
- Ongoing Monitoring
- Mandatory Two-Factor Authentication
- User Notifications
NDAX Referral Program
New users can get a $10 bonus when they sign up using a referral and fund their account with at least $100. Sign up now
You can also share your referral with friends and they will also get a $10 bonus and depending on on many people you refer, you will get anywhere from $10 to $25. Plus a commission depending on how much they trade. See here for the different tiers.
| Tier | Referrals per Month | Your Bonus | Commission |
|---|---|---|---|
| Avid | 0 – 10 Users | $10 | 10% |
| Ambassador | 11 – 20 users | $15 | 20% |
| Partner | 21 and above | $25 | 30% |
NDAX Verdict
NDAX
Summary
NDAX is one of the best full featured cryptocurrency exchanges in Canada. They offer a user friendly platform for both beginner and advanced traders. The also have one of the largest selections of coin offerings available.
