NDAX Review – Is This Crypto Trading Platform Worth Using?

About NDAX

NDAX is a fully regulated Canadian-based crypto trading platform for both individuals and institutions. While anyone can access their website and certain services, use of their exchange is limited to Canadian residents and will require KYC verification.

Opening an Account on NDAX

To create an account with NDAX, you’ll first have to create a login and verify your email. You don’t need an account to access the site or many resources, but it will be necessary if you are interested in trading. Once you complete the email verification and login, you will be prompted to verify your account with information like your address and a government-issued ID.

NDAX Exchange

NDAX’s exchange supports 26 trading pairs with two stablecoins (USDT, USDC) and three different BTC markets (CAD, USDT, USDC). All the major coins and tokens are supported, but there is a shortlist of altcoins if that is where your interest lies. 

The interface is easy on the eyes, but it could be laid out better. You’ll have to do a lot of scrolling to go back and forth between the markets, charts, and your orders, but their charts are powered by TradingView, which is always a plus. It would have been nice to see them switch the position of the order books for the charts so you could easily go through all the markets while actually viewing the price action, but it is still a clean and easy-to-use setup traders will enjoy.

For those less interested in trading, NDAX allows you to set up recurring purchases to secure any dollar-cost averaging you want to do, making it great for passive investors as well.

Mobile App

The NDAX mobile app is in beta right now, so it may have some bugs and room for improvement, but aside from that caveat, it is very user-friendly. Its interface is aesthetic and digestible, and the app makes pretty easy work of trading on the go.

The charts and order books aren’t clunky or squished, as is often the case with mobile trading apps, and its simplicity is a real strength. I would highly recommend downloading it if I were using their services.

NDAX Fees

NDAX’s fee structure is pretty agreeable, with 0.2% for both maker and taker fees. It may not be the best or rival the likes of Binance or others who offer 0.1%, but it is considerably better than brokers like CoinbasePro (0.5%) or Crypto.com (0.4%).

For deposits and receiving, there are no fees, minimums, or maximums and will reach your account instantly or within one business day, depending on the method.

If you are withdrawing funds, again, there is no minimum or maximum, but there is a $25 fee for both Bank Direct and Wire Transfers. There are also various withdrawal fees for each respective crypto asset, such as 0.000339 BTC, 0.0099 ETH, 3 XRP, and 16 USDT.

NDAX Institutions

For investors looking to trade $200,000 or more, NDAX has an OTC desk with segregated bank accounts, no deposit or withdrawal fees, competitive execution, same-day settlement, zero confirmations for crypto deposits, and Rest, Websocket, and API connectivity. NDAX also offers around-the-clock service to assist clients with all their trades.

Blog

If you want to stay up to date on everything crypto, NDAX has a very useful blog filled with articles, market reports, and plenty more learning material and crypto content. It’s updated regularly and is worth checking out if you want some crypto news or are interested in learning.

Learn

In addition to their blog, NDAX has a ‘LEARN’ tab with detailed explanations of all the different crypto assets they support. Here you can learn about each asset’s history, use case, advantages, and much more. It’s a very well-crafted resource and a great way to familiarize yourself with any of the coins or tokens they’ve included. Whether you’re new or old in crypto, I’d recommend checking it out. 

NDAX Security

Along with two-factor authentication aiding in account security, NDAX holds the majority of its digital assets offline in cold storage protected by multi-signature technology, provided by Ledger Vault. The moving of funds requires multiple approvals from senior management, and their Ledger Vault is whitelisted for extra protection.

For insurable incidents, NDAX holds USD 5 million on cold wallets to cover internal theft and hardware security module malfunction; USD 3 million in insurance per instance on hot wallets; and CAD 5 million for general business liability. NDAX’s servers are also monitored 24/7 and will automatically shut down the network in the event of an attack. In short, NDAX is highly regulated, insured, and takes security very seriously.

Customer Support on NDAX

Like most exchanges, NDAX has a support center full of information on just about everything pertaining to their platform. Although it doesn’t include pictures or videos and could be a bit more exhaustive, it’s very organized and should still prove itself to be a valuable resource.

NDAX also provides a live chat pop-up at the bottom right of the site, where you can access the aforementioned support center and also email support directly. And if you prefer to call, NDAX even has a phone number you can reach out to.

Conclusion: NDAX Review

The first and most important thing to recognize about NDAX is that it is exclusive to Canada, so that should be the first box to check before considering their services. If you are Canadian, NDAX is certainly a competitive option with its relatively low fees and easy-to-use platform, but it’s difficult to see why one would choose it over another exchange like CoinJar, which is also a Canadian-based exchange.

NDAX is extremely secure, regulated, and has a great customer support system, but it supports fewer assets and has higher trading fees. Most people only trade a few assets, and the fees aren’t dramatically more, so it could come down to one’s preference regarding the UI of each platform, but I personally found CoinJar to be much more aesthetic and easy to use. NDAX is still a great platform with helpful learning resources and a decent trading interface. I would still recommend checking both out to see for yourself which platform you prefer, but it seems NDAX is lacking the x-factor to set it apart from other exchanges.