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NDAX Review 2023: Pros, Cons, and Hidden Costs

NDAX.IO is a reputable altcoin trading platform that was founded in 2014 in the province of Alberta. It allows residents within Canada to buy, trade, and sell 12 cryptos such as Bitcoin, Ethereum, Dogecoin, and others. Even with the ghost fee, the total trading cost on NDAX is significantly cheaper than massive exchanges like Kraken and Coinbase.

  1. Other order types offered include limit, stop, trailing stop, trailing stop market, fill or kill, reserve & iceberg and IOC.
  2. It was more than a year later, in July 2010, that its price shot from US$0.0008 to US$0.08 per BTC.
  3. The interface shows the available funds in CAD or crypto with a drop-down menu to select the trading pair.
  4. I hold a small bag of this, but it’s another one that’s hard to find on the major exchanges in Canada.

I actually fetched a better price on my sale because NDAX quoted a BTC price that was 0.4% HIGHER than its live market price. Having said that, NDAX is still the cheapest platform I’ve tried so far, with a total trading cost of 1.70% including the ghost fee. The good news is that NDAX is true to its word about the flat 0.2% fee on every trade. Was the lowest if experienced so far at just 0.47% higher than BTC’s live market price.

Ratings methodology – how we scored NDAX

NDAX offers you a safe and secure way to gain exposure to over 30 different crypto assets. And it also enables you to stake some of these assets to earn a yield on them. Multi-Party Computation (MPC) technology is another security feature that NDAX has implemented. This technology provides an advanced security level for hot wallet management solutions to protect stored assets from internal and external threats. A full list of the security measures used by NDAX can be viewed on their website.

It provides a hassle-free, disintermediated payment system for everyone across the globe. Today, Bitcoin is accepted across a wide range of online and brick and mortar stores, travel websites, gaming platforms, and many other places. NDAX uses 2-factor authentication (2FA) every time you sign into your account. When you attempt to sign into your NDAX account, it will prompt the Authenticator app to generate a unique 6-digit number.

It is decentralized and is exceptionally safe from hacks and thefts. It is almost impossible to manipulate Bitcoin transactions or tamper with its transaction records. There was no mystery discrepancy, the fee was a consistent 0.198%, lower than the advertised fee of 0.2%.

Best Places To Earn Interest On Crypto

NDAX has a mobile app available for its users to buy, trade and sell Bitcoin and other digital currencies. New customers can create an account, complete identity verification and deposit funds using the app. Unfortunately, NDAX’s mobile app has received an overall star rating of 1.6/5 on TrustPilot based on 5 reviews. Besides the super cheap trading fees and markups, NDAX also offers free funding methods.

Namely, BNB, USDC and Lido Staked Ether, which are in the top 20 cryptos by market cap. One thing however, is that when accessing the coins in your wallet, there is no reference within the “Transaction Information” to the cost in CAD. Obviously this is a very key detail important when dollar-cost-averaging or trading.

NDAX Fees and Funding Options

All fiat currency deposits to ndax are kept within local banks and not sent offshore. Other platforms offer several withdrawal methods to choose from, and usually one of those methods are free. While I personally prefer the EFT withdrawals, I’m not crazy about the fee.

The exchange is limited to deposits in CAD or USD from Canadian banks and/or financial institutions. Customers that want to buy crypto with these currencies will need to find a trading platform based in the UK that accepts GBP and EUR deposits. To cash out of crypto back to Canadian Dollars, NDAX exchange allows crypto deposits for customers to transfer funds and convert into fiat currency. The funds can be withdrawn to a local bank account with no fees and same-day settlement. NDAX provides a simple user interface from the main dashboard that can be used to buy and sell popular cryptocurrencies. The interface shows the available funds in CAD or crypto with a drop-down menu to select the trading pair.

The basic menu to buy/sell crypto is recommended for beginner investors. There is also a calculator to see the amount of crypto that will be received. For each deposit method, there are no minimum or maximum limits per 24 hours or account. The fastest method to transfer funds is using Interac e-Transfer which can take up to 30 minutes. Wire transfers, bank draft and crypto deposits are processed on the same day.

Alternatives to NDAX

Make sure everything adds up, that your trading fee is no more than 0.2%, and that you are not being shorted on the trade like I was. To buy crypto on NDAX, you can use the Quick Buy/Sell block on the right side of your dashboard. Select your desired coin from the dropdown menu, enter the amount you’d like to purchase, click BUY and follow the prompts. NDAX will give you a preview of the transaction and disclose the fees.

Kraken

However, after hours the chat-bot will collect your details to be contacted the next day. The user interface is quite intuitive, responsive and elegant in design. Buying Bitcoin (BTC) in Canada can be done through a cryptocurrency exchange such as NDAX, a peer-to-peer trade, or a Bitcoin ATM. However, using platforms such as NDAX will allow for affordable, safe, and fast transactions. NDAX has also implemented a Distributed Denial-of-Service-Protection (DDoS) that protects the platform against hacks and other malicious attacks.

The clients get to enjoy a personalized service that allows them to trade at high volumes with no deposit fees, withdrawal fees, low spreads and same-day settlement. As a crypto exchange that provides services to Canadian traders and institutions, NDAX has made it easy for locals to fund an account. There are zero deposit fees unlike other exchanges in Canada such as Bitbuy which charge 0.5% or 1.50% depending on the payment method. The exchange has partnered with several Canadian banking providers to offer a same-day settlement for CAD and USD deposits and withdrawals.

Information Security Analyst jobs

Bitcoin halving is the process through which the Bitcoin network halves the mining rewards it offers to miners. The halving process is hardcoded into the network, and it occurs automatically after 210,000 new blocks are added to the Bitcoin blockchain. As one block takes approximately 10 minutes to mine, it takes almost four years to mine 210,000 new blocks. Therefore, it is often said that Bitcoin halving occurs every four years. Besides, Bitcoin has laid the foundation for a completely new financial system free of corrupt centralized institutions and governments. It derives its value from the demand it creates among its users, and the activities of a government or a central bank have a minor impact on it.

This markup is about half of what Coinbase and Kraken charge, which means you get more bang for your buck on NDAX compared to the big guys. Of course, you can also withdraw your crypto off the platform by sending it to an external wallet. The transaction may also be subject to blockchain network fees outside of NDAX’s control. NDAX is a legitimate and trustworthy company that is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The company adheres to Canada’s highest security standards and follows the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

Click on Withdraw at the top of your dashboard, enter your banking information, and then follow the prompts. NDAX Bank draft, wire transfer and interac e-transfer deposits are free for folks in Canada. NDAX is a Canadian cryptocurrency exchange that serves millions of Canadians crypto enthusiasts – both newbies and seasoned pros alike. Our team of knowledgeable customer support representatives are standing by 24/7 to answer any questions that you may have.

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