NDAX Review

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Written By
G. Dautovic
August 03, 2022
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NDAX (National Digital Asset Exchange Inc.) is a cryptocurrency trading platform made in Canada and available to crypto investors globally. Regulated as a money service business dealing in virtual currencies, it’s a safe place for anyone to invest.

In this NDAX review, we will closely examine what this platform offers and how it stands up to the competition.

Trading fee:

Reliable and secure exchange with staking options

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Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Mobile app:
Supported currencies:
No minimum or maximum
Withdrawal times:
Instant for crypto, 0-1 business day for fiat
Years in business:
Trading fees:
Other fees:
Flat $4.99 withdrawal fee
pros thumb up Strengths
  • Low fees
  • No spread-based commission
  • Secure and regulated
  • Staking options
pros thumb up Weaknesses
  • Limited number of cryptocurrencies

What Is NDAX?

NDAX was incorporated in Alberta, Canada, at the end of 2017 and launched its operations in 2018. The company’s goal is to democratize access to cryptocurrencies for everyone by making it easy to start investing.

The cryptocurrency platform provides a simple and secure way to trade digital assets and options for institutional investors, as well as avenues to stake cryptocurrency tokens.

Users can appreciate the transparency offered by NDAX in providing important information such as fees, staking requirements, and the registration process.


The NDAX exchange has many features helping the platform stand out among Canadian-based crypto platforms.


NDAX has 35 trading pairs. Except for the BTC/USDC pair, almost all currencies on the exchange are pegged to the Canadian dollar. While the exchange’s trading fees are not excessive, they can add up if you are looking to exchange one cryptocurrency for another. If you only have ETH and want to buy DOT, for instance, you would have to exchange ETH for CAD and then CAD for DOT and pay the trading fee twice.

Some investors will view this as a minor inconvenience, and they wouldn’t be far off the mark, especially considering our NDAX review revealed the exchange’s trading fees to be reasonable.

Experienced investors are going to be familiar with the trading window NDAX uses. However, even beginners will quickly learn how to place buy and sell orders. You can also choose your favourite pairs and set up price movement alerts. 

Professional traders will appreciate having a detailed graph with each trading pair, with various tools and functions available to make price predictions easier.


NDAX staking options are not as extensive as with exchanges like, but you still have some popular options. The following cryptocurrencies are currently available:

  • Ether (ETH) with 5% APY
  • The Graph (GRT) with up to 8% APY
  • Polkadot (DOT) up to 12% APY
  • Polygon (MATIC) with 8% APY 
  • Cardano (ADA) with 4.3% APY

It is important to note that when you begin staking with NDAX, you are not required to lock up your assets for a set period of time. You can exit your position anytime and have your digital assets at your disposal. 

Another benefit our review found is that staking rewards are calculated daily or weekly. ETH and GRT profits are distributed weekly, whereas DOT, ADA, and MATIC are distributed daily. Remember, if you currently stake ETH, you will not be able to unlock your assets until the launch of Ethereum 2.0. This is not dictated by NDAX but is rather due to Ethereum’s transition to proof of stake.

NDAX added this staking option in February 2022, and you can set up staking through a web or mobile application. Minimum staking amounts are not overwhelming. For instance, only 0.001 ETH is enough to start staking, which is much more affordable than the 32 ETH you would need to set up a validation node for yourself. 

NDAX Wealth

Having an NDAX account is also convenient for institutional and large investors. NDAX Wealth is intended for investors who want to invest $200,000 or more while avoiding price slippage. 

You can easily arrange a meeting with an NDAX representative and begin investing with the exchange’s personalized service. The following are the main advantages of OTC trading with NDAX: 

  • No deposit and withdrawal fees
  • Competitive execution fees
  • Wide range of crypto assets
  • Deep liquidity pools
  • Secured assets with Ledger Vault 

So far, NDAX has worked with brokerage firms, hedge funds, investment banks, mining farms, merchants, and ATM providers, and it offers same-day order settlements.


Low fees are essential for a cryptocurrency exchange to create a friendly trading environment. On NDAX, you’ll pay a 0.2% fee for buying and selling cryptocurrencies.

There are no deposit fees; you can use Interac e-Transfer, wire transfer, or a bank draft to fund your account. Furthermore, there are no fees associated with crypto deposits.

For both crypto and fiat currencies, NDAX charges flat withdrawal fees. Bank drafts and wire transfers cost $4.99 (CAD), while cryptocurrency withdrawals vary according to the cryptocurrency. However, if you send crypto to other NDAX users, there are no additional costs. 


Is NDAX safe to entrust with your crypto? It certainly appears to be.

NDAX is among the few Canadian cryptocurrency trading platforms with SOC2 Type II certification. Furthermore, all crypto assets are kept in cold storage, essentially offline wallets, with Ledger Vault enabling multisignature access. Ledger is a market leader in cryptocurrency storage, and NDAX isn’t the only exchange using it.

NDAX is also insured against accidents and fraud. The company has $5 million in company cold wallets to account for theft or malfunction of hardware security modules. An additional $3 million per occurrence insurance policy is in place for NDAX hot wallets and a $5 million policy for general business liability.

So, is NDAX legit and regulated? It most certainly is. The company is registered as a money service business with the Financial Transactions and Reports Analysis Center of Canada and Revenu Québec. It is compliant with all applicable laws and regulations.

Following regulations and implementing appropriate security measures are essential for cryptocurrency exchanges considered best for Canadians. There are plenty of safe options, such as NDAX, where you can safely invest.

Creating an Account

The registration procedure is straightforward. After entering your email, first name, last name, and password, you will be required to verify your email. After that, identity verification is required before you can begin trading. Personal and contact information is needed, and you’ll complete the know-your-customer procedure by uploading an image of a government-issued ID or passport.

How Does NDAX Compare to Other Crypto Trading Platforms?

Trading fee:


Wallet app:


Bitbuy Logo
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Uphold Logo
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NDAX vs. Bitbuy

Canadian crypto traders will be interested to know the main differences between NDAX and Bitbuy.

The most obvious difference, which is reflected in our Bitbuy review, is in the selection of cryptocurrencies available. While NDAX has more crypto coins and tokens available – 34 – Bitbuy isn’t far off with 25.

Bitbuy’s trading fees of 0.5% aren’t as affordable as those on NDAX. To get more favourable rates on Bitbuy, you’ll need to use Bitbuy Pro or the API, which are not as easy to handle by beginners. Furthermore, withdrawal rates at NDAX are fixed, which is more affordable than the percentage rate that Bitbuy imposes on its users.

Both exchanges are secure and regulated, so you can rest assured your funds are safe on the platform.

Newton vs. NDAX

Newton is another cryptocurrency exchange that’s often compared to Shakepay and NDAX. All of these Canadian crypto trading platforms offer similar options, but there are subtle differences that may sway your decision.

The advantage of trading on Newton is access to more than 70 popular cryptocurrencies, almost twice as many available on NDAX.

Newton doesn’t charge commission fees on trades but does earn on spreads between buy and sell prices, like other major exchanges. The spread depends on the specific coin, and it’s more expensive than paying a transaction fee on NDAX.

Newton also uses reliable security measures, as it’s partnered with Coinbase, which provides institutional-grade security for users’ assets. 

Customer Support

The advantage of using the NDAX app for your crypto trades is having a team of professionals to contact if you need help. NDAX’s customer support has a team available through live chat, email, and phone. 


For Canadian-based users, NDAX is a perfect place to store their digital assets and start investing in crypto safely. A limited amount of cryptocurrencies isn’t an issue since some of the best projects in the industry are available on the platform. There’s also an option to stake some of the assets for further rewards.

Insurance policies, regulations, cooperation with Ledger, and Canadian banks ensure that everything is done above board and that your assets and investments are safe. Unsurprisingly, this makes the NDAX wallet and exchange one of the more popular ones in Canada. 


Is NDAX.IO trustworthy?


Yes, it is. NDAX, a cryptocurrency trading platform based in Calgary, is registered as a money service business with FINTRAC and Revenu Québec. It’s also compliant with all necessary laws and regulations.

What are the fees for NDAX?


NDAX has a 0.2% trading fee, a $4.99 withdrawal fee for CAD, and a fixed fee depending on the cryptocurrency you’re withdrawing.

How long do NDAX withdrawals take?


Our NDAX review found that fiat withdrawals usually take up to one business day, mostly depending on the bank’s business hours. Cryptocurrency transactions are almost instant.