NDAX vs Wealthsimple | Which Is Canada's Top Exchange?

When it comes to trading fees, NDAX and Wealthsimple have slightly different approaches and fee structures.

Starting with NDAX, they charge a flat fee of 0.2% for both buying and selling cryptocurrencies. While this fee is not the lowest in the market, it's certainly reasonable and in line with other popular exchanges like Gate.io and MEXC.

Unfortunately, NDAX does not offer any rebates or discounts for high-volume traders, so everyone pays the same fee regardless of their trading activity.

Wealthsimple does not operate its own exchange. Instead, they work with other exchanges to facilitate cryptocurrency transactions. This means that they charge a slightly higher fee for their services. Specifically, Wealthsimple charges a fee of 1.5-2% per transaction.

So, which one is the winner in terms of trading fees? Well, it's rather obvious that NDAX offers much lower and more competitive trading fees compared to Weathsimple.

NDAX and Wealthsimple are two popular cryptocurrency exchanges that offer different deposit methods for their users.

Users can deposit CAD into NDAX through two methods: Interac e-Transfer and Wire Transfer. Both deposit methods are free of charge, making it convenient for users to fund their accounts. The main difference lies in the processing time. Interac e-Transfers are instant, with the funds arriving within minutes.

On the other hand, Wire Transfers can take up to 1 business day for the funds to arrive.

Wealthsimple offers a variety of fiat deposit methods. Users can deposit funds through bank transfers and credit/debit cards. Wealthsimple does not charge any fees for fiat deposits or withdrawals, making it an attractive option for users.

This exchange provides flexibility and convenience to users who prefer different deposit methods. In terms of deposit flexibility, NDAX only allows deposits in Canadian Dollars, whereas Wealthsimple supports the deposit of multiple fiat currencies, including USD, EUR, and GBP.

This gives Wealthsimple an advantage for users who hold different currencies and want to deposit funds in their preferred currency. Furthermore, the processing time for deposit methods is also worth considering.

NDAX provides instant funding through Interac e-Transfer, while Wealthsimple offers quick deposits with bank transfers and credit/debit cards.

When it comes to withdrawing funds, users on NDAX can choose to withdraw either their CAD or their cryptocurrencies.

For CAD withdrawals, NDAX only offers one method, which is EFT (Direct Bank). This method takes 1 business day to arrive and has a cost of $4.99 CAD to execute.

On the other hand, cryptocurrency withdrawals on NDAX are more or less instant. The fees for these withdrawals vary depending on the type of cryptocurrency being withdrawn.

For Bitcoin, the fee is 0.0004 BTC, for Ethereum it is 0.001 ETH, for Solana it is 0.01 SOL, and for ERC-20 Tether, it ranges from 10 to 20 USDT.

In conclusion, NDAX and Wealthsimple are both prominent Canadian cryptocurrency exchanges that cater to users in Canada.

NDAX offers a secure and user-friendly platform with a smaller range of 40 cryptocurrencies. Wealthsimple provides a wider range of investment services, including cryptocurrency trading with supports for 50 cryptocurrencies.

Both exchanges prioritise user security and regulatory compliance making them trusted platforms for Canadian investors seeking exposure to the world of cryptocurrencies.

When it comes to signing up and completing the KYC process, both NDAX and Wealthsimple requires Canadian citizens to create an account and pass KYC. No trading can occur with out KYC verification and this is only available to Canadian citizens.

In terms of products and services, NDAX offers access to spot trading for a limited range of 40 cryptocurrencies, along with staking services for five cryptocurrencies.

Wealthsimple, on the other hand, provides fractional shares of thousands of stocks and ETFs, along with a range of investment options including over 50 cryptocurrencies, staking, managed investing, savings accounts, and tax filing services.

Wealthsimple offers a more comprehensive range of features and services compared to NDAX, making it a more attractive option for users who require more advanced functionalities.

When it comes to trading fees, NDAX charges a flat fee of 0.2% for both buying and selling cryptocurrencies, while Wealthsimple charges a fee of 1.5-2% per transaction. NDAX is thus the much more competitive exchange when it comes to trading fees.

NDAX supports Interac e-Transfer and Wire Transfer deposits in Canadian Dollars, while Wealthsimple offers a variety of fiat deposit methods including bank transfers and credit/debit cards, supporting multiple fiat currencies.

For Canadians that only care about buying large cap cryptocurrencies with low fees on an Canadian exchange, NDAX is better than Wealthsimple as it charges much lower trading fees.

For Canadians that want to venture beyond cryptocurrencies and invest in other financial products, Wealthsimple is the only option as NDAX does not offer such services.