{"id":625791,"date":"2023-06-12T13:19:21","date_gmt":"2023-06-12T13:19:21","guid":{"rendered":"https:\/\/info.cashtocode.com\/?post_type=product&p=625791"},"modified":"2024-01-16T14:27:06","modified_gmt":"2024-01-16T14:27:06","slug":"ndax-exchange","status":"publish","type":"product","link":"https:\/\/info.cashtocode.com\/en-ca\/reviews\/ndax-exchange\/","title":{"rendered":"NDAX exchange review"},"content":{"rendered":"\n
7.1<\/span>Expert Score<\/span><\/div>
Editor's comment<\/div>NDAX is a low-fee crypto exchange that lets you buy or sell cryptos in accordance with Canadian banking laws. Despite NDAX\u2019s excellent offerings, there are only three payment method options with no ability to deposit or withdraw using credit or debit card and a low number of cryptos available to both trade and stake. The advantages are advanced security measures stemming from the company\u2019s SOC 2 certification, an online NDAX Learn Centre with free educational resources for traders, an NDAX Wealth Desk feature and both live chat and phone support are available.<\/div><\/div><\/div>
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Coin coverage<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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7<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Fees<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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8.1<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Security<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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10<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Features<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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6.6<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Payment methods<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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4<\/div>\r\n\t\t\t\t\t\t\t<\/div><\/div>
PROS<\/div>
  • Low trading fees\r<\/li>
  • Staking program\r<\/li>
  • NDAX Wealth Desk feature \r<\/li>
  • Live chat and phone support\r<\/li>
  • Advanced security measures \r<\/li>
  • No deposit or withdrawal limits \r<\/li>
  • Learn Centre with free educational resources for traders<\/li><\/ul><\/div><\/div>
    CONS<\/div>
    • Low number of cryptos available to trade\r<\/li>
    • Only five cryptos in the staking program\r<\/li>
    • Credit or debit cards not accepted<\/li><\/ul><\/div><\/div><\/div><\/div>\n\n\n\n

      Cryptocurrencies<\/h2>\n\n\n\n

      NDAX offers only 30 cryptos, including some of the biggest ones on the market such as Bitcoin, Ethereum and Solana. <\/p>\n\n\n\n

      Bitcoin (BTC)<\/td>Available<\/td><\/tr>
      Bitcoin Cash (BCH)<\/td>Unavailable<\/td><\/tr>
      Ethereum (ETH)<\/td>Available<\/td><\/tr>
      Ripple (XRP)<\/td>Unavailable<\/td><\/tr>
      Solana (SOL)<\/td>Available<\/td><\/tr>
      Dogecoin (DOGE)<\/td>Available<\/td><\/tr>
      Polkadot (DOT)<\/td>Available<\/td><\/tr>
      Polygon (MATIC)<\/td>Available<\/td><\/tr>
      Cardano (ADA)<\/td>Available<\/td><\/tr>
      Litecoin (LTC)<\/td>Available<\/td><\/tr>
      Tether (USDT)<\/td>Unavailable<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      In contrast, Gemini has over 100 cryptos on its platform, while Wirex lists more than 250. However, compared to its competitors, NDAX offers a Wealth Desk feature with large liquidity pools for high-volume traders. <\/strong><\/p>\n\n\n\n

      Payment methods<\/h2>\n\n\n\n

      You can deposit and withdraw in CAD. <\/strong>NDAX is a unique exchange in the sense that there\u2019s no deposit or withdrawal limits for any of its payment methods. <\/p>\n\n\n\n

      Deposit limits<\/h3>\n\n\n\n
      Payment method<\/td>Limits<\/td><\/tr>
      Interac limit (buying in FIAT)<\/td>No limits <\/td><\/tr>
      Wire transfer limit (buying in FIAT)<\/td>No limits<\/td><\/tr>
      Bank transfer limit (buying in FIAT)<\/td>No limits <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Withdrawal limits<\/h3>\n\n\n\n
      Payment method<\/th>Limits<\/th><\/tr><\/thead>
      Interac withdrawal limit <\/td>No limits <\/td><\/tr>
      Wire transfer withdrawal limit <\/td>No limits<\/td><\/tr>
      Bank transfer withdrawal limit<\/td>No limits <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      On the other hand, Bitstamp requires KYC checks to buy, sell and trade cryptos and the company asks you for a selfie,<\/strong> proof of identity, which can be a drivers license, government-issued ID or passport and proof of residential address, which can be a utility bill, correspondence from a government department or bank account statement. In addition, you need to provide information such as country of birth, tax residency as well as a Proof of Funds (POF) document such as an annual income statement.<\/p>\n\n\n\n

      Gemini requires KYC checks to buy, sell and trade cryptos and the company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport and proof of residential address, which can be a utility bill, correspondence from a government department or bank account statement. In addition, Canadians need to provide a social insurance number.<\/strong><\/p>\n\n\n\n

      CashtoCode eVoucher<\/h2>\n\n\n\n

      You can\u2019t fund your account with a CashtoCode eVoucher as this isn\u2019t offered at NDAX.<\/p>\n\n\n\n

      Trading fees<\/h2>\n\n\n\n

      There are no deposit or withdrawal fees but NDAX charges a flat 0.2% trading fee<\/strong> whenever you buy or sell cryptos. The trading fees are based on a maker\/taker structure and NDAX offers a fee calculator on the fees page which enables you to check how much you would pay when buying or selling crypto. <\/p>\n\n\n\n

      Maker fee<\/h3>\n\n\n\n
      Purchase amount<\/th>Maker fee<\/th><\/tr><\/thead>
      $50<\/td>$0.1 <\/td><\/tr>
      $200<\/td>$0.4<\/td><\/tr>
      $500<\/td>$1<\/td><\/tr>
      $1,000<\/td>$2<\/td><\/tr>
      $3,000<\/td>$6<\/td><\/tr>
      $5,000<\/td>$10<\/td><\/tr>
      $10,000<\/td>$20<\/td><\/tr>
      $20,000<\/td>$40<\/td><\/tr>
      $50,000<\/td>$100<\/td><\/tr>
      $100,000<\/td>$200<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Taker fee<\/h3>\n\n\n\n
      Selling amount<\/th>Taker fee<\/th><\/tr><\/thead>
      $50<\/td>$0.1 <\/td><\/tr>
      $200<\/td>$0.4<\/td><\/tr>
      $500<\/td>$1<\/td><\/tr>
      $1,000<\/td>$2<\/td><\/tr>
      $3,000<\/td>$6<\/td><\/tr>
      $5,000<\/td>$10<\/td><\/tr>
      $10,000<\/td>$20<\/td><\/tr>
      $20,000<\/td>$40<\/td><\/tr>
      $50,000<\/td>$100<\/td><\/tr>
      $100,000<\/td>$200<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Staking<\/h2>\n\n\n\n

      NDAX offers a program that allows users to stake only five cryptos.<\/strong> In comparison, Bitstamp offers a staking program with 10 eligible cryptos and annual percentage yields (APYs) of up to 4.4%. <\/p>\n\n\n\n

      Cryptocurrency<\/th>APY<\/th><\/tr><\/thead>
      Ethereum<\/td>5% <\/td><\/tr>
      Polygon<\/td>5%<\/td><\/tr>
      Polkadot<\/td>12%<\/td><\/tr>
      Cardano <\/td>3.5%<\/td><\/tr>
      The Graph<\/td>8%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Is NDAX exchange safe?<\/h2>\n\n\n\n

      As a regulated Over-the-Counter (OTC) exchange, NDAX has been in operation since 2014 and amassed over 500,000 users across the world. The company has advanced security measures in place that offer a high level of security for users,<\/strong> from Multi-Party Computation (MPC) wallet technology to holding customers' assets offline in multi-signature cold storage vaults. <\/p>\n\n\n\n

      A low percentage of users (21%) rate NDAX with five stars on Trustpilot, <\/strong>which is a low indicator of safety. The company hasn\u2019t been involved in any known scandals. <\/p>\n\n\n\n

      Trustpilot<\/td>1 star<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      The most common issues raised are related to deposit and KYC verification concerns. However, people praise them for their staking program and referral bonus. <\/p>\n\n\n\n

      Security<\/h3>\n\n\n\n

      NDAX has a range of advanced security measures in place such as Multi-Party Computation (MPC) wallet technology, holding customers' assets offline in multi-signature cold storage vaults, registrations with Revenue Quebec and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB), adherence with Anti-Money Laundering (AML) guidelines and Canada\u2019s Terrorist Financing Act, data servers that are monitored 24\/7 with video cameras and a highly coveted SOC II certification<\/strong>. In addition, NDAX maintains $13 million insurance coverage for the digital assets it holds on behalf of customers. <\/p>\n\n\n\n

      Safe coins storage<\/td>An undisclosed amount of deposits are held in multi-signature cold storage vaults.<\/td><\/tr>
      Two-factor authentication<\/td>Two-factor authentication via SMS verification is required at NDAX.<\/td><\/tr>
      Information security<\/td>End-to-end data encryption. <\/td><\/tr>
      Platform security<\/td>Hardware Security Modules (HSM) with N-signature access, Multi-Party Computation (MPC) wallet technology and SOC II certification. <\/td><\/tr>
      Network security<\/td>Data servers that are monitored 24\/7 with video cameras. <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Similarly, Gemini has a range of advanced security measures in place such as annual third-party penetration tests, running a private bug bounty program, a coordinated disclosure program related to hacking research and a digital multi-signature scheme. The company is secured by PCI DSS<\/strong>, has SOC 1, SOC 2 and ISO 27001 certifications and is regulated by the NY Department of Financial Services, Monetary Authority of Singapore (MAS) and Financial Conduct Authority (FCA). In addition, Gemini maintains $100 million insurance coverage for the digital assets it holds on behalf of customers. <\/p>\n\n\n\n

      Bitstamp has advanced security measures in place such as storing 95% of crypto offline in bank-grade Class III vaults, custodians holding insurance for client assets in cold wallets, a Bitstamp Board Risk and Audit Committee and 50 licences globally<\/strong>, including a Money Service Business licence from FINTRAC, a Virtual Asset Service Provider (VASP) licence from De Nederlandsche Bank (DNB) and a MSB licence from the Financial Crimes Enforcement Network (FinCEN). <\/p>\n\n\n\n

      How to start trading at NDAX exchange?<\/h2>\n\n\n\n

      Registration<\/h3>\n\n\n\n

      You need to create an account in order to register with NDAX and this can be done by:<\/p>\n\n\n\n

        \n
      1. Visiting the homepage and inputting your full name and email address so you can create a username and password. <\/li>\n\n\n\n
      2. You then need to verify your email address. <\/li>\n\n\n\n
      3. After verifying your email address, you need to confirm that you\u2019ve read the Privacy Policy. <\/li>\n\n\n\n
      4. You then have to enter your phone number to receive an SMS verification text message.<\/li>\n\n\n\n
      5. After verifying your phone number, you have to complete KYC verification.<\/li>\n\n\n\n
      6. Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.<\/li>\n<\/ol>\n\n\n\n

        KYC<\/h3>\n\n\n\n

        After filling in your account details, you need to go through multi-step KYC verification<\/strong>. This process is required for anyone who wants to buy, sell or exchange cryptos on the platform. Passing KYC checks also unlocks functionalities such as larger liquidity pools via the NDAX Wealth Desk or the ability to earn rewards on your crypto balance through a staking program. <\/p>\n\n\n\n

        You must provide a clear and visible picture of the front and back side of your documents such as proof of address and passport. In addition, you need to submit a selfie. <\/strong><\/p>\n\n\n\n

        Customer support<\/h2>\n\n\n\n

        NDAX offers a broad range of options including phone support, 24\/7 live chat and an email address. <\/p>\n\n\n\n

        Live chat<\/td>Available<\/td><\/tr>
        Phone support<\/td>Available<\/td><\/tr>
        Email<\/td>support@ndax.io<\/td><\/tr>
        FAQs<\/td>Available<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

        Unlike most other crypto exchanges, NDAX doesn\u2019t use a ticketing system<\/strong> where users can fill in an online form with a subject, description and optional attachment in order to contact the company. For users who are dealing with emergency account issues, there\u2019s a direct way to speak with customer service on the phone or via live chat.<\/p>\n\n\n\n

        Conclusion<\/h2>\n\n\n\n

        NDAX is recommended to users who are looking for a low-fee exchange that upholds advanced security measures and also offers an online Learn Centre with free educational resources for traders. However, there are a low number of cryptos available to both trade and stake, <\/strong>making the service less accessible for active traders and only three payment method options that don\u2019t include credit or debit cards. <\/p>\n\n\n\n

        But if you don\u2019t mind this, NDAX can still be a great option if you\u2019re looking for large liquidity pools via the NDAX Wealth Desk, digital asset insurance coverage <\/strong>or the ability to earn up to $25 when referring friends to family to the service, which is a major differentiating factor and unique selling point (USP) for the platform. The platform could improve its service by increasing the available range of payment methods and cryptos that can be traded and staked. <\/p>\n\n\n\n

        Alternatives of NDAX<\/h2>\n\n\n\n