NDAX Review 2023: Is It Really “No Fee” For Canadians?

If your IP changes, you will have to confirm the authorization. However, when you withdraw your funds, you will have to pay a specific amount of money. It can be as low as 10 DOGE and up to $50 for wire transfers. Here is a detailed table where everything is explained.

NDAX is a custodial platform, which means they take care of storing and securing your coins for you. The fees on the trade were relatively low, coming in a $0.10 for the $50 dollar trade, netting it at 0.20% commission. After checking the trading guide in the help section, there are no volume trade bonuses and the commission is a flat rate of 0.20% no matter how big or small the trade is.

The best banks in Canada

Select your CAD wallet and click on “Withdraw.” Select your preferred bank from the dropdown and enter the amount you want to withdraw. The funds should be in your account within 1 business day. The tier you fall into is based on how many users join the platform using your NDAX affiliate link on a monthly rolling average basis.

This involves completing the necessary information that is required in order to open an account with NDAX. It’s is totally normal for regulated cryptocurrency exchanges and shouldn’t be cause for alarm. It’s called Know Your Customer (KYC) information and is required in order for them to be compliant with Canadian financial regulations. However, NDAX is the first exchange I’ve used that asked for my Social Insurance Number (SIN). Providing your SIN is optional, but it definitely weirded me out a little bit. However, before you can buy any crypto you have to fund your account.

Businesses (reporting entities)

This fixed fee will ensure you know exactly what you will be paying in fees per trade. There are no deposit fees and there is a fixed $4.99 bank withdrawal fee. These fixed fees are an incentive to trade larger amounts, which is a clever tactic.

• This security process allows you to provide two different verification factors that identify you as the user of the account.
• NDAX is upfront and transparent about how they price and collect their trading fees.
• NDAX fees and commissions are one of the lowest and transparent among the competitive Canada-based cryptocurrency trading platforms.
• If the trading platform were to be successfully hacked or experience a data breach, it has insurance in place to cover users’ lost assets.
• If a problem occurs service slow but they don’t give up or brush you off [for long ].
• To open your account, you must fill out information including your first and last name, date of birth, and proof of identification using a driver’s license.

Founded in 2000, Qtrade offers a variety of products such as trading platforms, mutual funds, GICs, and ETFs, some of which are entirely commission-free, while others come with low fees. Moreover, the site provides numerous helpful educational tools and articles for smart investing. Bitbuy is a Toronto-based crypto trading platform that was founded in 2016 and has since been ranked as one of the more highly-rated among platforms around. Both newbie and advanced traders will find Bitbuy easy to use while providing them with plenty of coins to choose from and features to use.

With the fee calculator, I know it’s going to cost me $1 to buy $500 worth of Bitcoin (BTC). I don’t have to wait until after the transaction settles to find out how much BTC I actually end up with. You can fund your account via e-Transfer and wire transfer. Wealthsimple is the first crypto platform in Canada that is regulated.

NDAX’s Supported Crypto Coins

Imagine buying $100 worth of crypto, doubling your money, and walking away with only $74.80 dollars profit after the 0.2% trading fee, and another $25 fee when you cash out to your bank account. But Brian can make a $40,000 trade, double his money, and walk away with $39,895 profit after the 0.2% trading fee and the $25 flat fee to cash out to his bank account. He keeps 99% of his profits and you keep less than 75% of yours.

• Finally, the deposits and withdrawals were quick and he did not have any problems with them.
• The fee varies widely from chain to chain, and it rises and falls depending on the number of transactions being processed—the higher the transaction load, the higher the network fee.
• The process is customizable to daily, weekly, and monthly purchases on all their coin offerings with a minimum of $15.

A spread is expressed in basis points (bps), with 100 bps equalling 1 percentage point. So, if your trading platform applies a spread of, say, 125 bps, it means you’ll pay a fee of $1.25 on a $100 transaction (1.25%). This may not seem significant for a $100 purchase, but it translates to a fee of $125 on a $10,000 purchase. NDAX allows you to instantly access digital assets so that you can start to build your crypto portfolio. They provide trading activity reports showing your portfolio growth and a way to set up recurring purchases on digital assets so you can buy them at your preferred time.

Crypto Exchange Canada FAQs

The rigorous KYC is somewhat of a deterrent, but once cleared, trading, depositing, withdrawing, and closing the account was easy enough. It has a range of preferences so that users can customize their trading experience, and full functionality with most Canadian banks. Some of the drawbacks from the NDAX exchange was the extra information collected during the registration process, and lack of additional coin trading pairs. While the 26 pairs that were offered were good, solid, vetted projects, it did lack the riskier projects in the space that some of the more advanced traders like trading into. It did not offer any futures options or derivatives or staking opportunities, but provided a nice clean layout for basic trading for new to intermediate users. Crypto is becoming a popular asset to trade, but you need a platform to trade on.

NDAX can track where you have received and sent crypto since all transactions are recorded on public blockchains. The information available includes time and date, amount sent and both “to” and “from” wallets. Registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations.

Verification process

Because NDAX is regulated by FINTRAC, it has to follow the anti-money laundering requirements. Mostly, all legit exchanges ask their users to send the same information because it is required by the local laws. This crypto exchange is integrated into the Canadian banking system and is easy to use for both retail and institutional https://forex-reviews.org/ndax/ clients. The head office is located in Alberta, and the exchange is regulated by FINTRAC. Consult the list of money services businesses with revoked registration from FINTRAC. Many scams and fraudulent activities attempt to imitate government services in order to gain access to your personal and financial information.

The NDAX crypto trading platform is brimming with UNIQUE features. The aim is to ease user integration and improve their experience. Below, you’ll discover how to make the most of the site and reap its benefits. Blockchains send crypto instantly between wallets and all exchanges except NDAX plays games and holds all crypto deposits for hours and sometimes days before allowing you access to it.

The exchange you choose to buy and sell your crypto on will depend on your level of experience, the types of coins you’re looking to trade, and how much you’re willing to pay in trade fees. They can fund their account through a bank account, credit and debit card, wire transfer, and Paypal. Moreover, with Coinbase new users can earn free crypto when they take part in Coinbase’s free courses. Each quiz they complete for a course will earn them different types of free crypto. Crypto trading platforms may run stake pools that customers can join.

How can a trading desk operate like this when clients can’t even make trades with money that THEY put into the wrong account. What’s even worse is the market is moving and I wanted to make trades but cannot because of them. Yes, the NDAX crypto exchange is safe to use, and it is registered with Canadian authorities to offer crypto services in the country. Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges.

After combing through numerous genuine NDAX user reviews, the takeaway is that the NDAX customer service could use some work. Specifically, some users have complained about the slow response rate of support representatives and their inability to solve specific issues. It is among the highest in the Canadian FinTech industry and the first crypto platform to receive SOC2 Type II certification in Canada. Although all deposit options are free, NDAX withdrawals come with a flat fee of $4.99 for both CAD and crypto. Moreover, the feature provides investors access to expert traders to help them handle the execution and advise them during the process.