by Dominic Harper

NDAX Review 2021 | Fees, Services & Warnings

NDAX is a cryptocurrency exchange based in Canada. The platform allows users to sell and buy Bitcoin among other cryptocurrencies using CAD (Canadian Dollars). The platform was launched in 2018 and it aims to make it easy, quick and safe for individuals and institutions to trade different cryptocurrencies.

Overall Thoughts

NDAX is an amazing choice for Canadians as the platform is registered with and regulated by FINTRAC. NDAX also ensures user funds and investments are safe by using the national bank to hold user funds. Their platform has an easy-to-use dashboard and the exchange has an app that users can use to deposit fiat currency and to purchase or sell one or more of the 10 cryptocurrencies available on the platform. While NDAX has reasonable trading fees, their withdrawal fees are on the higher end.

Available Cryptocurrencies

NDAX allows users to trade single cryptocurrencies as well as exchange different currency pairs. The cryptocurrencies you can trade include Litecoin, Bitcoin, XLM, XRP, DOGE, ADA, Ethereum and ADA. The pairs you can trade include LTC/CAD, BTC/CAD, ETH/CAD, XRP/CAD, XLM/CAD, EOS/CAD, DOGE/CAD and ADA/CAD.

Where is NDAX Available? 

Because NDAX is only available in Canada, only Canadian residents and organisations can sign up.

Which Deposit and Withdrawal Methods are Available?

The deposit methods accepted on the platform include Wire Transfer, certified cheque/bank draft and e-transfer. To withdraw, you will need to choose between ETF/Direct Bank Deposit, cryptocurrency transfer and wire transfer.

Fees

There are three types of charges you should know about; deposit, withdrawal and trading fees.

NDAX does not charge any deposit fees at the moment, although that could change. NDAX 

charges 0% maker fees but charges 0.2% taker fees.

When it comes to withdrawals, the fees will depend on your preferred payment method as well as the fiat or cryptocurrency you would like to withdraw. Direct bank deposit and ETF are charged at $25, Bitcoin at 0.0007BTC, XRP at 10 XRP, DOGE at 10 DOGE, wire transfers at $50, Stellar at 15 XLM, Litecoin at 0.066 LTC, Cardano at 20 ADA and EOS at 0.8 EOS.

NDAX Features

NDAX has an amazing trading platform that is great for both individuals and institutions. It also has fast trade executions and enough liquidity to satisfy the needs of both new and seasoned traders. NDAX uses two-factor authentication (2FA) to ensure all user accounts are secure. The platform has made 2FA a requirement any time users want to log in, and NDAX gives you the option for setting it up for additional actions.

In addition to the sleek and intuitive trading dashboard, NDAX also provides users various tools that they can use to analyse markets, different cryptocurrencies and trends. Additional trading tools include different types of charts and order books.

NDAX allows for different trade types to cater to the needs of professional traders. These include marker, kill or fill, stop limit, trailing stop orders and limit trades.

Transaction Process Times

Interac e-Transfer is the best way to ensure funds are available quickly, as deposits are processed in three hours. Wire transfers, certified cheques and bank draft deposits can take up to one day and this period depends on where you are located. 

For withdrawals, all withdrawal channels process funds before the end of two business days. The only difference is cryptocurrencies which are transferred to a wallet as soon as you make the withdrawal. Note that cryptocurrency withdrawals can be limited.

Transfer Limits

NDAX places limits on deposits. These limits include one transaction of at least $3000 using a certified check or bank draft, a single Interac e-Transfer for amounts ranging from $100 to $3000 and a single wire transfer of at least $3000.

Withdrawals depend on your verification status and type of account. It is not possible to withdraw using new accounts that are not yet verified, while basic and enhanced accounts have limits of 2 BTC daily and 10 BTC daily and $500,000 monthly respectively.

NDAX places a hold on all withdrawals for a day when any of your credentials or account entails change. This helps protect your funds and investments in case of an account being breached. Additionally, withdrawals are limited only to accounts that have 2FA activated.

Security

NDAX complies with all counter-terrorism financing and anti-money laundering regulations. Because the exchange is FINTRAC-registered, users must provide personal details and the platform has to verify all users before they allow them to trade on the platform or withdraw any funds. The personal details required include a contact number, date of birth, full name and current address.

Users also have to undergo a second verification process by providing their Canadian ID and documents verifying their address and name before they are allowed to increase their transfer limits. In many cases, utility bills and bank statements are usually enough.

Other security measures put in place include:

  • The use of multiple data servers which are monitored 24/7
  • All funds being held in separate facilities to ensure the separation of all operating accounts
  • Use of 2FA for logging in and other actions
  • 98% of digital assets are stored offline and protected using multi-signature technologies
  • All servers are protected from Distributed Denial of Service attacks
  • Emails for all successful and unsuccessful logins
  • Regular security audits carried out by external parties
  • IP monitoring for the detection of IP changes to stop malicious activities
  • P R O S
  • The use of Canadian dollars ensures all trades and transactions are fast, convenient and effortless
  • The creation and verification of new accounts is quick and easy
  • NDAX has apps for iOS and Android devices
  • The platform does not charge marker fees
  • There are lots of security features to protect users
  • C O N S
  • The platform is only open to Canadian residents and organisations
  • Very high fiat withdrawal fees at over $25
  • NDAX is not as well-established as other exchanges

About the author 

Dominic Harper

Dominic has a background in finance and is passionate about cryptocurrency, blockchain technology and NFTs. He has been investing in crypto since 2017, and is excited about the potential for innovation and creative uses for NFTs in the near future.

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