NDAX Review | Is The NDAX Exchange Just Too Boring?
Jack Moreau
Mar 2024
9 min read
Fact checked
Are you interested in learning about NDAX and how it stacks up against other crypto exchanges? Look no further as we have conducted a thorough review of NDAX, covering everything from its features and fees to user experience. Our unbiased analysis will help you make an informed decision about whether NDAX is the right exchange for you.
NDAX is a Canadian cryptocurrency exchange platform that was founded in 2017 by Bilal Hammoud in Calgary, Alberta. The exchange has over 50 employees mainly based in Canada. NDAX is only available in Canada and does not support users from any other countries.
NDAX exchange
Despite being limited to just one country, NDAX has between 250,000-500,000 registered users in Canada with over 50,000 of those having downloaded the app available on Android and IOS.
NDAX app
When it comes to cryptocurrencies, users on NDAX have access to a small range of 40 cryptocurrencies including BTC, ETH, XRP, ARB, ADA, ATOM, SOL and a few other well-known coins and tokens. NDAX Exchange, or National Digital Asset Exchange, is known for its emphasis on compliance, security, and customer support.
NDAX KYC requirements
To sign up for NDAX, users must enter their full name, select a username, enter their email and password. Once the email address has been verified, the account will have been opened and users can then move on to the KYC process.
NDAX KYC
NDAX is a Canadian exchange that requires KYC for all users and only Canadian citizens can trade on NDAX. In order to complete the KYC process, users must provide personal information like their full name, date of birth, phone number, address, and a valid government ID. It will then take 1-2 business days for NDAX to verify this information and validate the account.
NDAX Products & Services
NDAX is a basic exchange that offers spot trading for a limited range of 40 cryptocurrencies. The exchange also supports recurring buys for those that prefer to dollar cost average.
NDAX spot trading
In addition, NDAX offers staking for 5 cryptocurrencies, including Ethereum, Graph, Polygon, Polkadot, and Cardano. However, staking on NDAX comes with a high 20% staking fee, which we think is too high.
NDAX staking rewards
The user experience on NDAX is quite basic, but it's easy to use, which is a plus for beginners. However, for users besides total beginners, the exchange may be too limited to satisfy their needs. Moreover, because NDAX is a smaller exchange, liquidity is not great, resulting in low volumes that translate to higher spreads and ultimately higher prices for users.
The cost for buying and selling cryptocurrencies on NDAX are 0.2%. There are no rebates for high volume traders and everyone pays the same fee irrespective if they are buying or selling.
NDAX trading fees
This fee structure is not too shabby and in line with other exchanges such as Gate.io and Huobi, but more expensive than the likes of OKX and Binance.
NDAX allows users to deposit Canadian Dollars through two methods: Interac e-Transfer and Wire Transfer. Both methods are free of charge, but there is a difference in processing time.
NDAX deposit fees
Interac e-Transfer is instant, while Wire Transfer can take up to one business day before the funds arrive. Users can also deposit cryptocurrencies into their accounts.
How To Withdraw From NDAX?
NDAX is a cryptocurrency exchange that allows users to withdraw their CAD or cryptocurrencies. For CAD withdrawals, NDAX only provides one method which is EFT (Direct Bank) which takes 1 business day to arrive and costs $4.99 CAD to execute.
NDAX cryptocurrency withdrawals
For cryptocurrency withdrawals, those are more or less instant with fees ranging from 0.0004 BTC for Bitcoin withdrawals, 0.001 ETH for Ethereum, 0.01 SOL for Solana and 10-20 USDT for ERC-20 Tether.
In conclusion, NDAX is a Canadian-based cryptocurrency exchange that has gained a solid reputation for its compliance, security, and customer service.
Despite being available only in Canada, NDAX boasts a decent user base of between 500,000 users, of which 50,000 have downloaded the Android and IOS app.
The range of cryptocurrencies available on NDAX is relatively limited, with only 40 to choose from, although it does support recurring buys and staking for five coins.
Spot fees are reasonable, charged at a flat 0.2% with no discounts for high-volume trading. Users have deposit options in CAD via Interac e-Transfer or wire transfer, while withdrawals can be made via EFT or cryptocurrency with fees ranging from 0.0004 BTC for Bitcoin withdrawals to 10-20 USDT for ERC-20 Tether.
Overall, NDAX is easy to use and beginner-friendly, although experienced traders may find it too basic and the liquidity may be an issue due to lower volumes.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
