{"id":70931,"date":"2022-01-05T09:52:52","date_gmt":"2022-01-05T14:52:52","guid":{"rendered":"https:\/\/env-hardbacon-dev.kinsta.cloud\/?p=70931"},"modified":"2022-03-14T21:29:49","modified_gmt":"2022-03-15T01:29:49","slug":"ndax-review","status":"publish","type":"post","link":"https:\/\/env-hardbacon-dev.kinsta.cloud\/en\/cryptocurrency\/ndax-review\/","title":{"rendered":"NDAX Review: the Pros and Cons of One of Canada\u2019s Most Popular Crypto Exchanges in 2022"},"content":{"rendered":"

Why is it so hard to choose a cryptocurrency exchange<\/a> for buying, selling, and trading in Canada? Sure, there are many great crypto exchanges in Canada<\/a>, and you need the right tool to compare which exchange is best for your needs<\/a>. Well, there are many options to consider when choosing a bitcoin or cryptocurrency exchange to go with. Some of the key features you will want to look at when choosing an exchange include its compatibility with your existing banking methods, the number of cryptocurrencies offered under the trading area, and safety, security, and support. Today we will take a look at NDAX<\/a>\u00a0and the registration process, including ease of use and requirements, and opportunities for trading, buying, and selling. In this article, we look at how to open an account, some of the supported assets, associated fees, perks of the exchange, and other features of the exchange to better guide new users in their quest to find a cryptocurrency exchange<\/a>.<\/p>\r\n\r\n\r\n\r\n

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What is NDAX?\u00a0<\/h2>\r\n

NDAX<\/a> is the Calgary-based\u00a0<\/span>cryptocurrency<\/a>\u00a0exchange platform making digital assets accessible to everyone. The world of crypto can be confusing and nuanced, especially if you\u2019re brand new to the space.\u00a0<\/span>NDAX<\/a>\u00a0has simplified the buying and selling process for crypto-enthusiasts of all experience levels. For the newbies, you get quick access to 26 different cryptocurrencies on an easy-to-use platform. Veteran crypto-traders can take advantage of more advanced features and sophisticated trading tools.\u00a0<\/span>NDAX<\/a>\u00a0offers something for everyone, making it one of the best crypto exchange platforms in Canada.\u00a0<\/a><\/span><\/p>\r\n

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Fees to expect on NDAX<\/h2>\r\n

Let's cut right to the chase and talk about fees, one of the most important deciding factors when choosing an exchange platform. One of the best features of the NDAX<\/a> platform is the low trading fees. They\u2019re one of the least expensive cryptocurrency exchanges out there, charging only a 0.2% transaction fee to buy or sell crypto. That\u2019s great news for beginners and those with less capital.\u00a0<\/p>\r\n\r\n\r\n\r\n

Other exchanges may advertise free trades, but they nail you on the spread. In the most simple terms, a spread is the difference in price between the sell price of a crypto coin and how much you pay for it; how much crypto you want to buy vs. how much you actually get when the trade settles. Some exchanges will advertise free trading. But that's not exactly true. Every platform makes money on your trades, some just hide the fee in the spread. NDAX <\/a>is upfront and transparent about how they price and collect their trading fees. At a 0.2% trading, you'll pay 0.2% of the value of your trade to the NDAX<\/a> platform. That means the larger the trade the more you'll pay, and vice versa.\u00a0<\/p>\r\n\r\n\r\n\r\n

The NDAX<\/a> trading fee is great news for beginners starting out with less money, making smaller trades. Their profits won't take as much of a hit since the fee is proportionate to the size of the trade. It also eliminates frustration and headaches for experienced traders who want to know exactly how much their trades will cost. We love that NDAX <\/a>is completely transparent about fees so users can make an informed decision.\u00a0<\/p>\r\n\r\n\r\n\r\n

In fact, they\u2019ve included a fee calculator<\/a> on their site, so you can see exactly how much a trade will cost before you make it. That\u2019s an incredibly useful feature I haven\u2019t come across on the other exchanges I\u2019ve used. With the fee calculator, I know it\u2019s going to cost me $1 to buy $500 worth of Bitcoin (BTC). I don\u2019t have to wait until after the transaction settles to find out how much BTC I actually end up with.\u00a0<\/p>\r\n\r\n\r\n\r\n

However, before you can buy any crypto you have to fund your account. There are three ways to add money to your NDAX<\/a> account, and they\u2019re all free. Withdrawing from your account? That is a different story. NDAX<\/a> charges a flat rate of $25 to transfer your funds off the platform back to your bank account.\u00a0<\/p>\r\n\r\n\r\n\r\n

That\u2019s not a big deal for experienced crypto-whales trading large volumes and cashing out big profits. But if you\u2019re a little fish just getting started, that\u2019s actually really expensive. 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. That\u2019s kind of rude.\u00a0<\/p>\r\n

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The NDAX registration process<\/h2>\r\n\r\n\r\n\r\n
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Opening an account on NDAX<\/a> is open to people all over the world, and one of the first things you have to do is select your country of residence, then include your first and last name, username, and email address, as well as your password. Once you have confirmed your password, and agreed that you are over 18 and to the terms and conditions, then you can begin your access to the main exchange platform. Once you click the Sign Up button, you will receive an activation email to complete the registration process. Click on the activation link and then you will receive an email that confirms your membership along with a message to verify your identity.\u00a0<\/p>\r\n\r\n\r\n\r\n

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Verifying your NDAX account and Know Your Customer (KYC) information\u00a0<\/h2>\r\n\r\n\r\n\r\n
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One of the first things you will have to do once you have registered and logged in is to complete the identification verification step. This involves completing the necessary information that is required in order to open an account with NDAX<\/a>. It's is totally normal for regulated cryptocurrency exchanges and shouldn't be cause for alarm. It\u2019s called Know Your Customer (KYC) information and is required in order for them to be compliant with Canadian financial regulations.<\/a> However, NDAX<\/a> is the first exchange I\u2019ve used that asked for my Social Insurance Number (SIN).<\/a> Providing your SIN is optional, but it definitely weirded me out a little bit.\u00a0<\/p>\r\n

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\u2019s license. You will also need to provide your physical address as a mailing address will not suffice, as box numbers or mailing addresses are not permitted. Providing your Social Insurance Number (SIN) is optional, but may speed the verification process along.\u00a0<\/p>\r\n\r\n\r\n\r\n

Once you have selected your physical location from an address-finder list, you are then asked a series of questions about why you are opening the account, as well as your employment type, and how you heard about NDAX<\/a>. After you have entered the additional information, you are given a summary of your data-entered, and then required to verify your phone number through SMS or Call Me feature. Finally, you are sent to the page where you upload your ID and get verified.<\/p>\r\n\r\n\r\n\r\n

If there are any discrepancies in the information, you are sent an email to update the information and it can take an additional 14-days to complete the process. If all the information is correct, verification happens quite quickly, with enablement averaging from automatic to one business day. After verification, you can make your first deposit either with cryptocurrency or from your choice of bank account<\/a> that uses Canadian funds.<\/p>\r\n\r\n\r\n\r\n

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Making your first deposit<\/h2>\r\n\r\n\r\n\r\n
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\"DashboardAfter you have registered an account and completed the lengthy verification process, you can begin to fund your account and move onto the trading component of the exchange. You can fund your account by clicking on the Deposit button from the main dashboard. The Dashboard is the central location where you can view your assets, quick trade, view transactions, view portfolio, and check your affiliate link information. <\/span><\/p>\r\n

After clicking on the Deposit button, you are redirected to the digital wallet<\/a> portion of the site, and given the opportunity to top up your wallet using cryptocurrency deposits, and there is a wide range of options, or through a direct bank transfer using Canadian Dollars.\u00a0<\/span><\/p>\r\n

Crypto deposits<\/h3>\r\n