Our team of knowledgeable customer support representatives are standing by 24/7 to answer any questions that you may have. With over a decade experience in financial services, he’s passionate about personal finance, investing and helping people take control of their financial life. Canadians now have access to bitcoin ETFs and Ether ETFs that can even be held in registered accounts like TFSA, RRSP and RESP.
- To hold cryptocurrencies like bitcoin or Ether in your TFSA, RRSP or other registered accounts, you’ll have to buy one of the cryptocurrency ETFs.
- I headed to Reddit, Trust Pilot and other online reviews to see what other people thought about NDAX.
- Despite the lack of credit/debit card payments, I listed the NDAX deposit system as one of its shining features because of its fast processing and simplicity.
- It’s simple — you lock your capital on the blockchain to serve as collateral for validating transactions between blockchain-native coins and receive more of the same coin in return.
The OTC desk gives them access to a deep liquidity pool on a selection of cryptoassets to allow them to buy while avoiding price slippage. NDAX clearly has a more robust and full-fledged crypto trading platform. Unfortunately, users can not deposit or withdraw their crypto assets for now. To withdraw, they’ll have to sell their cryptocurrencies then withdraw the CAD.
Build Your Crypto Asset Portfolio
With over 30 digital currencies supported, users have access to some of the most capitalized and popular coins available. NDAX is a great Canadian cryptocurrency exchange for beginners as well as more advanced traders. There is a simple Quick Buy and Quick Sell feature that makes it extremely easy for first-timers to get their hands on their first cryptocurrency. Advanced charts and order types allow experienced crypto traders to analyse trends and set automatic trades to maximise profits, and the low trading fees of 0.2% are very competitive.
At the beginning of this stage, you’ll need to enter your birthdate and, optionally, SIN. The mobile version of the NDAX exchange is available for both Android and iOS users. Needless to say, user ratings are excellent on both Google and App Store.
NDAX vs Competitors
Shakepay is a crypto trading app available to Canadians looking to trade bitcoin and Ethereum – the only 2 cryptocurrencies available on the platform for now. NDAX is a very secure platform with its security standards among the highest in the Canadian FinTech industry. However, even the most secure exchange has a small chance that it can be hacked. NDAX has so far never been hacked since its establishment in 2018.
If you ask me to describe the NDAX fee schedule in two words, I’d say fair and favorable. I suppose they’re perfectly aware of the fact that you can’t attract active traders without competitive fees. Open order books aren’t the best choice for large-scale investments. They can negatively affect or falsely boost the price movement of the crypto being traded. What’s more, there is little likelihood for such a huge order to get executed fast as a whole. Back to the trading arena, let’s explore the functionality set of the NDAX trading platform.
What is it like to use NDAX?
But if you’ll be trading smaller amounts and making frequent withdrawals, the $4.99 fee at NDAX is a big drawback and you’re better off opening an account at Newton instead. Both exchanges are very similar in the number of supported digital assets and, more or less, very close https://forex-review.net/ndax-crypto/ in terms of total costs. Yet, Bitbuy has a scalable fee system and charges handsome percent for withdrawals. That’s why more and more exchanges offer a separate over-the-counter desk. Like NDAX, fiat currency and crypto assets deposits are completely free at Newton.
NDAX is a solid cryptocurrency trading platform, offering a broad range of cryptocurrencies, and staking options. Users can also benefit from a generous referral program that rewards based on attracting new users and recurring business. These aspects of the trading platform combined with its security protocols and approachable UI make it a good option for both new and experienced traders. NDAX is a Canadian cryptocurrency trading platform founded in 2018, and based out of Calgary, Alberta. NDAX offers a quick registration process which is great for new and experienced traders alike.
- Newton counts on spreads and this “fee Math” can sometimes cost you more than placing an order on a relatively expensive exchange as those spreads can go higher than 2.5%.
- For full transparency, the exchange keeps fiat funds in segregated bank accounts at a Crown-owned Canadian bank.
- You’ll have to provide an ID to verify your identify during the account opening process.
- Staking is a service found on NDAX that many other Canadian trading platforms don’t offer.
- Shakepay is a crypto trading app available to Canadians looking to trade bitcoin and Ethereum – the only 2 cryptocurrencies available on the platform for now.
NDAX is significantly cheaper and a better fiat on/off ramp for CAD. I headed to Reddit, Trust Pilot and other online reviews to see what other people thought about NDAX. The main concerns are slow withdrawal times, blocking or holding crypto deposits, and slow customer service.
Does NDAX have good customer support?
It offers access to 20+ digital coins on its platform including Bitcoin, Bitcoin Cash, Ethereum, EOS, Litecoin, Steller XLM and XRP. If you’re looking to buy Dogecoin in Canada, both platforms supports the coin that is now becoming very popular. Despite all of these security measures, no platform is entirely safe and secure. Canadian crypto investors have one of the lowest and most transparent fees through NDAX. NDAX will also pay a bonus of up to $25 per referral, and a lifetime share of the trading commissions paid by your referrals. To qualify, each of your referrals must also satisfy the minimum deposit requirement.
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Reasons To Use and Not Use NDAX:
To get a welcome bonus of $10, simply use an NDAX promo code or referral link like this one. Even better, you have the chance to earn a lifetime share of any commissions charged to your referrals. CAD deposits using Interac e-Transfer, Wire transfer and Bank draft are free.
The whole process can be completed within 15 minutes from start to finish if you have appropriate government ID ready for verification. The Coinberry fee schedule is spread-based, similar to that of Newton, which, as I mentioned above, can be a double-edged sword. All this may sound a bit overwhelming, but remember that only a regulated exchange is a safe exchange. On the bright side, your identity verification on NDAX will be automatically confirmed. In some isolated cases, the exchange may decide to go through your application manually, but it won’t take more than one business day. In this part, you’ll have to state the type of your account and the type of your current employment.
The UI is clean and easy to navigate with a selection of 30 cryptocurrencies to trade. NDAX added a staking option earlier this year and has full intentions of expanding these offerings for users. NDAX is no doubt one of the best crypto trading platforms in Canada.
There are a lot of great reasons to use NDAX, and I have highlighted some of the top features and advantages you will find on their platform. If you are unsure you should get independent advice before you apply for any product or commit to any plan. Here you will need to register with an email account and choose a username for your profile. The registration process with NDAX is straightforward and user-friendly.