What is NDAX?
NDAX (National Digital Asset Exchange) is frequently touted as Canada’s most secure and simple cryptocurrency exchange. Founded in 2018, this Calgary-based exchange is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and Revenue Québec as a money services business. While there are advanced features and trading tools, NDAX is tailored to beginners, enabling Canadians to instantly fund their accounts and purchase digital assets within minutes, thanks to instant ID verification. They also have one of the largest selections of digital tokens available in Canada.
NDAX is the easiest way to buy and sell digital assets. With their intuitive platform, beginners can quickly buy and sell 30 digital assets. Trading fees as low as 0.2%!
Bitbuy, headquartered in Toronto, is one of Canada's most popular cryptocurrency exchanges. Founded in 2013 as InstaBT, it rebranded as
Trading options for Canadians
As NDAX is a Canadian exchange, it’s easy for Canadians to trade on the platform. You can fund your account for free via either Interac e-Transfer or Wire transfer, and once your funds clear, you can begin trading. You can see the spread between the buy and sell prices right on the trading interface, which is a unique and helpful feature, especially for beginner traders who are trying to learn the ropes. There is also no minimum deposit or withdrawal amount. Contrary to other platforms, NDAX doesn’t have a separate basic and pro platform, and instead, its trading hub features everything that both beginner and advanced traders need.
NDAX allows Canadians to trade 30+ cryptocurrencies, which is more than many of the other Canadian exchanges. These include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Dogecoin (DOGE)
- Cardano (ADA)
- Axie Infinity (AXIE)
- SushiSwap (SUSHI)
- And more!
NDAX also allows the staking of some digital assets, including Polkadot, Cardano and Ethereum, and they also have an OTC desk, NDAX Wealth, tailed to enterprises wanting professionals to carry out trades for them.
Bitbuy is also a Canadian-based exchange, and the trading options are very similar to those on NDAX. The difference is that
Bitbuy currently only supports 25 digital tokens, and these include:
- Bitcoin (BTC)
- Solana (SOL)
- Uniswap (UNI)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Stellar Lumens (XLM)
- Avalanche (AVAX)
- Chiliz (CHZ)
- And more!
Bitbuy allows you to withdraw CAD directly to your linked Canadian bank account for a competitive fee. Users can access Bitbuys staking platform to stake cryptocurrencies, including Polkadot, Polygon, Solana and Cosmos. And there’s an OTC desk for large-volume, corporate trading support.
One of the most important pieces of information to know about a crypto exchange prior to choosing which is best for you is the fee structure.
NDAX has competitive trading fees that are some of the lowest in the country. There is a flat 0.2% transaction fee to both buy and sell cryptocurrency. There is even a fee calculator on the platform so users can see exactly how much they will pay prior to making the trade. It’s free to fund your NDAX account, but it will cost you $25 to withdraw funds back to your bank account. While this fee may not seem too bad for traders dealing in high volumes if you’re a new trader investing a small amount of money, that $25 can significantly cut into your profits.
Bitbuy provides free deposits via Interac e-Transfer or Wire Transfer and no cost for cryptocurrency deposits. However, there is a 1.50% flat fee for withdrawing funds to your bank account. Buying or selling cryptocurrency incurs a fee between 0-2%, based on a tiered structure determined by trading volume. The maker and taker fee for trading under $250,000 is 2%, whereas for trades between $250,000-$1,000,000, the maker fee is 0.50%, and the taker fee is 0.75%. When withdrawing crypto to an external exchange or wallet, the fee varies depending on the token.
Choosing a Canadian exchange is always the safest and most secure option for Canadian traders. Let’s look at the different security measures that each platform has implemented to keep your assets safe.
NDAX offers extensive security measures to ensure the safety of its users' assets. All assets, whether stored in hot or cold wallets, are covered by insurance protection. Additionally, users' fiat currency is held in a segregated Canadian-based account, separate from NDAX's operating capital, ensuring that even in the event of insolvency, users' money will not be at risk. To manage their hot wallets, NDAX utilizes Multi-Party Computation (MPC) technology, which requires multiple parties to solve equations to create distributed shares, offering advanced security. NDAX also employs third-party vendor assessment, multi-signature approvals, and ongoing monitoring to further ensure the security of users' accounts.
For added protection, NDAX requires mandatory two-factor authentication for both withdrawals and deposits, and users must confirm withdrawals via email, adding a third layer of verification. Email notifications are sent for each login, including the time and IP address. NDAX also conducts strict employee screening, training, and daily audits on all security measures, further emphasizing their commitment to user security.
Bitbuy has received approval from both the Ontario Securities Commission and Canadian Securities Administrators and is registered with FINTRAC as a money services business. To ensure the security of their users' accounts and trades, they require 2FA authentication, and their server providers are all compliant with ISO, SOC, and FIPS 140-2 standards. Additionally,
With its comprehensive network security and privately maintained codebase,
When compared with massive global exchanges like Kraken or Binance, these two Canadian exchanges may seem to lack features. But they still have more than enough to handle your basic trading needs.
NDAX has a standard trading terminal, which is simple enough for beginner traders, but also offers some advanced tools and reporting charts for those who want to learn more in-depth analysis. The interface supports the instant purchase of cryptocurrency, but it also allows you to set up recurring buys. Some unique features include a staking platform and OTC desk called NDAX wealth, With 24/7 chat support, NDAX offers better customer service than many other Canadian exchanges, plus NDAX has a crypto affiliate program where you can earn Bitcoin for referring people to the platform along with 10% commission on their trading fees.
Bitbuy has two primary modes for Canadians to trade from – Express Trade and Pro Trade. Express Trade is ideal for beginners as it offers easy navigation, while Pro Trade provides additional technical analysis tools for more experienced traders. In addition to buying and selling,
Pros and cons of NDAX for Canadians
- 24/7 Chat support available for users
- Affiliate program to earn Bitcoin for referrals and added commission
- Set up recurring crypto purchases
- No deposit fees
- Limited cryptocurrency options
- Does not disclose the percentage of user funds stored in cold storage
- $25 flat withdrawal fee
Pros and cons of
Bitbuy for Canadians
- Canadian-based exchange, so it’s tailored for Canadians
- Can link up your Canadian bank account to deposit and withdraw funds
- 90% of assets stored offline in cold storage
- Free deposits of both CAD and other digital currencies
- Experienced traders can use Pro Trade mode
- Express Trade mode is easy to use
- Limited cryptocurrency options
- Not many extra features
- No chat support
- You can’t fund your account with credit/debit cards
Bitbuy: Which Canadian Crypto Exchange is Better?
Both NDAX and