Our review of Ndax crypto platform: 3/5

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Ndax in brief

Our opinion of Ndax

Ndax positions itself as a regulated and secure cryptocurrency exchange for Canadian traders, offering CAD deposits and withdrawals with a transparent flat trading fee of 0.2%. We liked that the platform is registered with FINTRAC and AMF, ensuring compliance with Canadian financial regulations. The user interface is straightforward and accessible, making it easy to place trades and manage funds.

However, we would have liked it to offer a broader selection of cryptocurrencies, as its 30+ available assets fall short compared to global exchanges with hundreds of options. While Ndax provides staking on select coins, it lacks lending services or farming opportunities, which are now common among competitors. Additionally, the absence of margin trading, futures, or a crypto card limits its functionality for more advanced users.

We tested the deposit and withdrawal process, and while CAD transactions were relatively smooth, the fixed withdrawal fees for crypto transfers make it costly for those moving large amounts. Customer support is another weak point, as only email support is available, with no live chat or phone assistance, making issue resolution slower than expected.

Who is Ndax best for?

Ndax is best suited for Canadian traders looking for a regulated, no-frills crypto exchange with basic features and staking options but may not be the best choice for users seeking a large asset selection, lower withdrawal costs, and advanced trading tools.

Before opening an account on Ndax, compare the best crypto brokers and platforms in Canada:

Let's find out more about our test results on Ndax.

Reliability and Security 3/5

Ndax is a Canadian cryptocurrency exchange founded in 2018, headquartered in Calgary, Alberta. The platform has established itself as a regulated trading venue that caters to both beginner and experienced traders. While it provides a secure trading environment, it has not won any major industry awards and remains less recognized than some global competitors.

Although Ndax is registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a Money Services Business (MSB), it is not directly regulated by the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), or Alberta Securities Commission (ASC). However, Ndax has filed a Pre-Registration Undertaking with the Canadian Securities Administrators (CSA), signaling its intent to comply with regulatory frameworks in Canada.

Security and Risk Control Features

Ndax includes several security measures to protect user funds, including:

• Mandatory Two-Factor Authentication (2FA) to enhance account security.
• Cold storage for digital assets, reducing exposure to hacks.
• Compliance with anti-money laundering (AML) regulations, ensuring transactions are monitored.

However, we would have liked to see insurance coverage for user funds, which some exchanges provide to further enhance asset protection. Additionally, Ndax does not support decentralized finance (DeFi) integration, limiting options for users seeking a broader range of investment opportunities.

Cryptocurrencies Available 2.5/5

Ndax positions itself as a Canadian-focused exchange offering a limited but curated selection of cryptocurrencies. While it includes major assets like Bitcoin (BTC), Ethereum (ETH), and select altcoins, its overall crypto diversity is significantly lower than global platforms that offer hundreds or even thousands of digital assets.

The lack of NFT marketplace integration, stablecoins beyond USDT, and newer DeFi tokens makes Ndax less competitive for traders looking for broader market exposure. Below is a comparison of Ndax’s crypto offerings against the market average:

Our opinion on Ndax's offerings

Ndax provides a decent selection of major cryptocurrencies, but it falls short in altcoin diversity, NFT integration, and access to emerging crypto assets. For traders seeking a wider range of investment opportunities, other platforms offer more extensive asset selection.

Services and Tools 2.5/5

Ndax is primarily a spot trading platform with some additional features, but it lacks many advanced services found on global exchanges. While it offers staking and over-the-counter (OTC) trading, it does not provide lending, farming, or a crypto card, limiting its appeal to users seeking a more diverse set of financial products.

• Crypto Card: ❌ Ndax does not offer a crypto-backed Visa or Mastercard for spending digital assets.
• Staking: ✅ Users can stake Ethereum (ETH), Polkadot (DOT), and other select assets to earn passive rewards.
• Lending & Borrowing: ❌ There are no options to lend crypto for interest or borrow against holdings.
• Yield Farming: ❌ The platform does not support DeFi-based yield farming.
• Advanced Trading Features: ✅ Ndax provides limit orders, stop-loss orders, and an order book system for traders who want more control over their trades.
• Instant CAD Deposits & Withdrawals: ✅ Supports Interac e-Transfer and wire transfers with no deposit fees.
• OTC Trading: ✅ The platform offers over-the-counter (OTC) trading for high-net-worth individuals and institutional investors.

Fees and Commissions 3/5

Ndax positions itself as a transparent fee exchange, offering a flat 0.2% trading fee on all transactions. This makes it more predictable than exchanges that use variable spreads. However, withdrawal fees on cryptocurrencies are fixed, which can make moving assets off the platform more expensive than competitors that charge network fees dynamically.

Below is a comparison of Ndax’s trading fees against the market average:

Other Fees

• Deposit Fees: ❌ No fees for Interac e-Transfer, wire transfer, or crypto deposits.
• Withdrawal Fees: ✅ Fixed fees apply to crypto withdrawals (e.g., 0.0004 BTC per Bitcoin withdrawal), which can be costly for large transfers.
• Conversion Fees: ❌ No extra conversion fees beyond the trading fee.
• Inactivity Fees: ❌ No inactivity fees.

Our opinion on Ndax's fees and commissions

Ndax offers clear and predictable trading fees, but its fixed crypto withdrawal fees make moving funds costly compared to platforms that use network-based fees. While it remains a cost-effective option for Canadian dollar (CAD) deposits and withdrawals, high-volume traders or users making frequent crypto transfers may find lower-cost alternatives elsewhere.

Customer Reviews 3.3/5

Ndax has a Trustpilot rating of 3.3/5 based on 172 reviews, with users appreciating its security and regulatory compliance, but often criticizing withdrawal fees, limited customer support, and a lack of advanced trading features.

Here are some recent reviews from Canadian users:

• Michael T (January 8, 2025): "I started using Ndax because of its Canadian regulation, but I was disappointed with the withdrawal fees. I wanted to move some Bitcoin to an external wallet and got hit with a fixed fee that was way higher than what I would have paid on other exchanges using dynamic network fees. The platform is okay for buying and holding, but if you plan on moving your funds frequently, it gets expensive."
• Sarah P (December 15, 2024): "The platform itself is easy to use, but customer support is a major letdown. I had an issue verifying my account, and it took almost a week to get a response from their support team. No live chat or phone option means you’re stuck waiting on email replies, which is frustrating when you need urgent assistance. If they improved support, it would be a much better experience."
• Jason R (November 28, 2024): "Ndax is decent for Canadian traders who want simple CAD deposits and withdrawals, but the crypto selection is pretty limited. I was hoping to trade more altcoins, but they only offer around 30, which is much lower than global exchanges. Also, no NFT marketplace or DeFi integration, which means I have to use multiple platforms to access everything I need."

How does Ndax compare to other Crypto brokers?

Ndax competes with some of the most recognized crypto platforms, but its limited crypto selection, lack of DeFi integration, and fixed withdrawal fees make it less competitive. Below is a comparison of Ndax with three other major platforms.

Conclusion of our analysis of Ndax

Ndax is a secure and transparent Canadian exchange, but its high withdrawal fees, limited crypto selection, and lack of DeFi tools make it less appealing for users who need advanced features or lower-cost trading. While its staking service is useful, the absence of margin trading, crypto lending, and NFT support puts it behind more versatile platforms.

For users looking for a straightforward trading experience with CAD deposits and staking, it may be a reasonable choice. However, those seeking a larger crypto selection, lower fees, and access to more financial services will likely find better alternatives elsewhere.

Before opening an account on Ndax, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with Ndax?

Ndax offers a single standard account for all users, without tiered account levels. However, users with higher trading volumes or institutional needs can access additional services such as over-the-counter (OTC) trading and higher withdrawal limits. Below is a comparison of Ndax's account options.

Ndax does not offer VIP accounts, margin trading accounts, or additional perks for high-volume retail traders, making its account structure simple but less flexible for experienced users.

Standard Account

The standard Ndax account is designed for retail traders and casual investors, providing access to basic crypto trading, staking, and CAD deposits/withdrawals. It offers a flat 0.2% trading fee but lacks margin trading, lending, or advanced financial tools. Withdrawal fees are fixed, making frequent transfers costly compared to exchanges with dynamic network fees.

OTC Trading Account

For users executing large trades (usually over $100,000), Ndax provides an OTC trading service with negotiable fees and personalized execution. This account type is best suited for institutions, high-net-worth individuals, and businesses looking for bulk transactions with minimal slippage. However, there are no additional VIP benefits for regular traders beyond higher fiat and crypto withdrawal limits upon request.

How do deposits and withdrawals work with Ndax?

Ndax offers limited but efficient funding options for Canadian traders, supporting CAD deposits and withdrawals via Interac e-Transfer, wire transfer, and bank draft. While crypto deposits are free, withdrawals incur fixed fees, making them more expensive compared to platforms that charge dynamic network fees. Below is a breakdown of the available methods, timeframes, and associated fees.

Ndax offers fast and free CAD deposits and withdrawals, making it a cost-effective option for Canadian users. However, the fixed withdrawal fees on crypto transactions make it less appealing for users who frequently move their assets off the platform. Many competitors offer network-based withdrawal fees, which are often lower during periods of low blockchain congestion.

Additionally, Ndax only supports CAD for fiat transactions, whereas global exchanges provide multi-currency deposits (USD, EUR, GBP, etc.), allowing for more flexibility. While funding speed is competitive, the lack of instant crypto withdrawals and broader fiat support makes Ndax less versatile than larger international platforms.

For traders who primarily deposit and withdraw in CAD, Ndax offers a reliable and cost-effective solution. However, those seeking lower crypto withdrawal costs and multi-currency support may find better alternatives elsewhere.

Does Ndax offer crypto staking?

Ndax provides staking services for select cryptocurrencies, allowing users to earn passive income on their holdings. However, it does not offer crypto lending, meaning users cannot borrow funds against their assets or earn interest by lending crypto to others.

Staking on Ndax

Ndax supports staking on a limited number of cryptocurrencies, enabling users to earn rewards by locking their assets. Staking rewards vary by asset, and payouts are typically distributed regularly based on the network's protocols.

Below is a summary of the staking options available on Ndax:

Lending on Ndax

Ndax does not provide a lending service, meaning users cannot earn interest on idle assets or take out crypto-backed loans. Many competitors offer lending options with APYs ranging from 3-10% on stablecoins and other digital assets, making Ndax less competitive for users looking for passive income beyond staking.

How are revenues generated by Ndax taxed?

Income generated from crypto trading on Ndax is subject to taxation in Canada, as the Canada Revenue Agency (CRA) considers cryptocurrency as property rather than currency. Any profits from buying, selling, or exchanging crypto must be reported, either as capital gains or business income, depending on the nature of the transactions.

Capital Gains Tax

If trading is done occasionally as an investment, profits are taxed as capital gains, meaning only 50% of the gain is taxable at the trader’s marginal tax rate. Selling crypto for CAD, swapping one crypto for another, and using crypto for purchases are all considered taxable events. If losses occur, they can be used to offset capital gains in the same or future years.

Business Income Tax

If trading is done frequently and resembles business activity, the CRA may classify it as business income, meaning 100% of profits are taxable. Factors such as trading frequency, reliance on crypto as a primary income source, and use of advanced strategies can determine if income is considered business-related.

Staking Income Tax

Staking rewards received through Ndax are taxed as income at the time of receipt, based on their fair market value in CAD. If the staked crypto is later sold at a profit, any additional price increase is subject to capital gains tax. 

How to declare your crypto income in Canada

• Track Transactions: Ndax does not provide tax reports, so users must manually track their crypto purchases, sales, swaps, and staking rewards or use crypto tax software.
• Use the Correct Tax Forms:
• Capital gains are reported on Schedule 3 of the T1 Tax Return.
• Business income is reported as self-employment income on the T2125 form.
• Staking rewards are reported as other income on the tax return.
• Convert Crypto to CAD for Tax Calculation: The CRA requires all crypto transactions to be valued in Canadian dollars (CAD) at the time of the transaction.
• Keep Records for 6 Years: The CRA may audit past crypto transactions, so keeping detailed records is essential.

Watch out!

Ndax does not provide automated tax reports, meaning users must manually track and declare their crypto earnings. Failure to report capital gains, staking income, or business income can result in CRA audits and penalties. Those with high trading volumes or complex transactions may benefit from crypto tax software or professional tax advice to ensure compliance.

Contact: How to contact Ndax customer service?

Ndax offers limited customer support options, primarily through email and a help center, with no phone support available. Below is a summary of the available contact methods for different types of requests.

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.