This year, cryptocurrency trade and exchange have recorded an exponential spike in its frequent number of daily traders. This is no surprise with coins like Bitcoin, Ethereum, Doge, Solana, and even Shiba Inu closely reaching the top of the charts this same year, causing investors and traders to go all in despite its risks.
Many Canadian investors look for the best platforms and marketplace to exchange their Canadian cash for crypto. There are various platforms such as NDAX, CoinSmart, Bitbuy, and Wealthsimple Crypto. However, the highly recommended, guaranteed to give easy access and the best experience among these is NDAX.
What Is NDAX?
The National Digital Asset Exchange, NDAX in short is a Canadian cryptocurrency exchange that is based in Calgary. It offers its clients free and convenient access to Bitcoin, Ethereum, Fantom, Litecoin, Cardano, including stable coins like the USD and Tether Coins.
This Crypto exchange platform was established in 2018 with its headquarters based in Calgary. NDAX is popularly known for its large selection of crypto coins. It currently has about 14 cryptocurrencies available for exchange and still counting. A very interesting benefit of NDAX is how Canadians; being the only permitted users, enjoy is its low trading fee, irrespective of any trade whatsoever.
NDAX offers an exclusive exchange service called NDAX Wealth. This service gives Over-The-Counter trade access to their high-volume investing customers who need access to a deep liquidity pool.
Alongside their convenient trading platforms, they also provide an advanced charting tool that allows several traders to place advanced order types. These are just little tastes of NDAX’s services, there are more!
Easy and quick registration process.
Currently supports over Twenty (20) cryptocurrencies.
Competitive fees for all trading and withdrawals (.20% to buy and sell)
Several easy-to-use tools and resources for beginner traders.
An advanced charting tool for expert Traders.
Readily available customer support.
Referral program available.
How to Open an NDAX Account?
If you are interested in creating a cryptocurrency trading account with NDAX, the processes are quite easy and you will instantly get your ID verification to start trading. All you have to do to get started is:
First, visit the NDAX website.
Then, select the “Sign Up” button.
Set up your NDAX Username and Password. To do this, you must provide your name and email address.
Activate your account by clicking on the ‘Activation Link’ NDAX sent through a confirmation email to your account.
Provide your ID card or passport picture to verify your identity.
Show proof of your address (a document like your electricity/water bill, council tax bill, or driver’s license).
Once your details are verified by NDAX, your account will be successfully created. You can fund it and then begin trading on it.
NDAX Funding Methods
NDAX only deals with Canadian currency. All other foreign currencies are not allowed. However, to fund your NDAX account, there are several acceptable methods. These methods include:
Of these methods, E-Transfers are the fastest as they are instant and can be processed between 30 minutes, while the others will take about 1 working day.
NDAX’s Supported Crypto Coins
Of all the different Crypto trading platforms that are Canadian-based, NDAX is popularly known to support more than 20 cryptocurrency coins and counting, including major coins like Bitcoin, Ethereum, and others.
The Crypto coins NDAX supports are:
Shiba Inu (SHIB)
USD Coin (USDC)
The Graph (GRT)
Hedera Hashgraph (HBAR)
Axie Infinity (AXS)
There are no other Canadian-based crypto exchange platforms anywhere that can allow you to trade with as many coins as NDAX.
NDAX fees and commissions are one of the lowest and transparent among the competitive Canada-based cryptocurrency trading platforms. They also dedicate themselves to explaining these exchange and transfer fees in a way that is very simple to understand.
Deposit Fee: Unlike others, there are no charges for any deposits.
Trading Fee: They charge a trading fee for buying and selling at a flat rate of 0.20%.
Withdrawal Charge: $25 for any amount, via any method you use (Interac e-Transfer, direct bank payment, or wire transfer)
Note: Processing time for deposits and withdrawals are fats but varies depending on the funding method you use.
NDAX Cryptocurrency Deposits and Withdrawals:
Cryptocurrency deposits on NDAX are free and reflect on your account immediately. While withdrawals fees vary depending on the crypto coin you are withdrawing.
NDAX’s trading platform is suitable for both novice and seasoned traders. Advanced commands, such as stops, stop limits, and trailing stops, are also available.
Furthermore, for investors who need to trade $200,000 or more, NDAX provides its own Over-The-Counter trading platform called NDAX Wealth. NDAX claims that OTC traders benefit from its highly personalized service, a dedicated slack channel for accessible and secure conversation, and no price slippage on their website.
Referral Program for NDAX
NDAX Referral Program is a program that encourages people to tell others about them. They pay up to $25 for referrals. This way, more Canadians are aware fully of their platform.
This is what they do:
When you join NDAX, you’ll be given a unique referral link to share with your friends. This link is what they, in turn, will use to sign up and create an account with NDAX rather than directly joining through the website.
What is the procedure for the referral commission?
It’s simple: NDAX charges a 0.2 percent trading fee, and you’ll get 10% of that cost each time your affiliate or new member trades.
The affiliate program has three levels: Avid, Ambassador, and Partner. Each level is based on the number of users that join the platform using your NDAX referral link per month.
The following is a breakdown of each level:
Avid: When you refer up to 10 members in a month, you will each receive a $10 referral incentive. In addition, anytime they trade, you’ll get a 10% commission on the trading fee. It makes no difference whether they exchange $10 or $1,000.
Note: After making an account on NDAX, all NDAX members are automatically Avid users; a member will remain an Avid user unless the requisite referrals are made over a monthly continuous rollout period.
Ambassador: For this level, if you refer 10-20 members on a monthly rolling average basis, the new member will receive $10 at sign-up, and you will receive $15. Also, on the trading fees of each referral, you’ll still get a 10% commission.
Partner: When you’ve received more than 20 referrals in a month, you’ve reached the Partner level. You’ll get $25 for each recommendation and $10 will be given to each new member as usual. You’ll receive a 10% commission on trading costs, just like the other two levels.
Is there a limit to how much money I can make?
There is a $1000 maximum commission earnings per referral or a one-year time limit. That means that if you invite 100 people, the most you may make in commission from NDAX is 100 X 1000 = $100,000.
When and how will I get compensated?
Within 0-30 days, all affiliate users’ rewards will be paid in Canadian dollars. However, your payout will be marked as pending at this time.
What if my referral did not join using my affiliate link?
To be approved rewarded from the referral program, your referral must sign up for an account using your affiliate link. NDAX will not be able to add your referral to your list of affiliates if they do not sign up using your affiliate link, and you will not be compensated for sending them the link.
What are the terms of NDAX’s affiliate program?
Affiliates will be paid once for each user:
Within a month of signing up using the referral link, a referred friend clicks on their referral link and creates a genuine NDAX account that passes NDAX’s account verification process.
The referred buddy must deposit at least $100 CAD.
Customers may not refer someone who already has an NDAX account but has a different email address.
NDAX Pros and Cons
Funding and deposits on NDAX are free
They provide 24/7 customer services and support.
Allow competitively low trading fees at 0.20%.
Ensure quick processing times for your deposits and withdrawals.
Availability of over 20 cryptocurrencies
They have a highly rewarding referral program.
Immediate verification is made available to all their new clients and users.
It only accepts Canadian Dollars for funding and deposits.
NDAX was exclusively made available to Canadian residents alone. No foreign countries are allowed.
How does NDAX effectively promote its platform?
NDAX’s most productive affiliates promote and advertise their trading platform by writing product evaluations and other materials on social media like Reddit, Facebook, Twitter, community forums, and even blogs.
Is NDAX secure?
With NDAX, customer security is a ‘no joke’ to them. They take their various users’ security very seriously. Some of their methods put in place for good security include:
- A Two Factor Authentication
As a user opening an NDAX account, you will be asked to engage in a two-factor authentication process. This security process allows you to provide two different verification factors that identify you as the user of the account. This way, your credentials, coins, and resources are better protected as it makes it hard for outsiders to break into your account since they have to go through a two-way authentication check first.
- Cold Storage
NDAX once stated to the public that, yet in compliance with Canada’s law, they keep a majority of their assets in cold storage for security reasons. Cold Storage is an offline wallet used to store and hold cryptocurrency tokens. This wallet is not in any way connected to the internet and therefore makes it difficult and impossible for hackers to access those using usual or ordinary means.
- Multiple Signatures before each Withdrawal
Before NDAX can move funds from their cold storage, the transfer or transaction has to be approved by several senior management teams. By doing this, all transactions are seriously monitored and any unauthorized transactions are prevented.
How Legit is NDAX?
NDAX is a legitimate trading company that is registered with the Financial Transactions and Reports and Analysis Centre of Canada (FINTRAC) as a Money Service and Exchange Corporation.
They, alongside several other competitors, are recognized as members under FINTRAC. FINTRAC is the agency that responsible for monitoring all financial activities and threats, preventing money laundering, fraud, and terrorist activity financings in Canada.
Therefore, all NDAX’s daily transactions and funding reports are submitted to and monitored by FINTRAC thereby preventing any fraudulent and suspicious activities.
NDAX holds its platform’s transparency in high esteem. Any abuse of their referral offer may result in the affiliate’s referral credit and affiliate code being revoked. In addition, both parties will be unable to participate in existing or future promotions.
Furthermore, all or any transaction activities that seem to look fraudulent or illegal are not authorized until they are verified and approved by the respective authorities.
In conclusion, alongside other competitive crypto trading platforms like Bitbuy and Coinsmart, NDAX sits at the top having no shortage of cryptocurrencies to trade with. Furthermore, their charts make it easy for all levels of crypto traders (beginners, intermediate, experts, and even babies) to conveniently process any exchange of their choice.
NDAX also welcomes new voices who wish to promote and review their platform. Furthermore, if you’re seeking sponsorships outside of its affiliate program, you can simply send an email to [email protected] with as much information as possible.
Thanks for reading! Please let me know your thoughts and comments below.
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Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master’s degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.