Author: Harry Napier
NDAX – Crypto broker review
NDAX – is a self-proclaimed ‘most secure trading platform’ in Canada. It might be true, why not? After all, the broker wouldn’t make such statements if it wasn’t at least somewhat genuine. If security means transparency and honesty, then it’s a great deal. Not many platforms nowadays are truly secure and honest.
While it’s up to debate whether they are secure or not, NDAX does look good. Their official website has some technology invested into it, and it gives you hope that perhaps there’s more innovation where it came from. Still, you shouldn’t get bought by the pretty picture so fast. NDAX may still prove indecent and untrustworthy.
The user reviews give a moreover clear picture on that front. However, before analyzing them, it would be reasonable to
What is NDAX?
From practical point of you, NDAX offer ten different crypto assets on trade. It’s not much, but if they offer good service and quality performance for their public, this lack should be well-compensated. Anyway, on NDAX you can trade in:
- Bitcoin – the most popular cryptocurrency in the world
- Ethereum – the most popular altcoin in the world
- Litecoin
- Dogecoin
- Cardano
- Chainlink
- Tether
- Stellar
- XRP
- EOS
The options allow you to sell your crypto for real currency – almost exclusively Canadian dollars. There is one trading pair that involved American dollars, if you want your profits to be rather in this currency.
Among other things, there are several perks that NDAX proposes to the potential users. These are listed on the front page in one capacity or another:
- Fast withdrawing and free deposits
- 0.2% trading fees
- Instant verification
- 24/7 customer support
- High level of safety
All of these don’t sound too promising, simply because these perks usually serve as a front for suspicious activity and hidden traps. Zero or low-commission platform usually hide the fees behind transactions or withdrawals, for instance.
But let’s see if this platform is genuine or one of such fronts.
The rating
NDAX is not a very popular platform. It’s unsurprising, considering that it almost exclusively extends its services to Canadians. The platforms like reviews.io hold this broker at a high esteem – 4.5/5 on average. It roughly means that you’ll have a fine experience.
But what could make a lot of users so happy? Let’s find out.
The advantages
There are several points where, users agree, NDAX shines the most. Here are some of them.
- Great customer support
Obviously, customer support is very important in this business. And NDAX reportedly has a very fine service. The agents try to solve the issues as best as they can and, it seems, they almost take it personally when they can’t help or answer the questions people ask. The waiting time is also superbly short (about 10 min on average).
- Fantastic design
The design of the market interface and the website alike is very nicely done. It’s easy to start trading – you just need to set up an account and click on ‘trade’ tab right in the top. The UI here is very user-friendly, as promised by the company. Additionally, it’s worth noting that all pages have great design as they are. It’s futuristic, light and attractive.
- Fast transfers
Deposits, withdraws and inner transfers are, as a rule, very quick. The platforms usually have problems with making sure the withdrawing process doesn’t take too much time. NDAX seems to have fixed all the issues regarding this process. Note that there are only two options for real currency here – Canadian and American dollars.
And actually, NDAX is a good option for Canadians. Not only does it favor transfer in CAD, but it enables users to use e-Transfer, a popular Canadian service, as their means of depositing and withdrawing.
- Reasonable fees
It’s a minor plus, but a notable one. They do offer fixed 0.2% fees on all trades. However, there are also withdrawing fees that can range from 0.0007% to 20%, based on the means of transfer. At the very least, all fees are fixed and the withdrawing processes are instant or near so.
The disadvantages
Even NDAX has disadvantages, though they really bleak in comparison with all the good aspects this company has.
- Too few coin options
It’s very sad that there are only 10 available crypto options, and you can’t buy them – only sell. It can also be detrimental for some people that there are only 2 real currency options. They aren’t interchangeable, by the way. You can sell your Bitcoins for USD or CAD, but there are no additional USD options for other coins.
- Only selling options
It’s a very minor problem, because it’s not exactly hard to ‘fix’ it. The sole purpose of NDAX is to let people sell their coins for the money – mostly Canadian money. While it’s understandable, it’s still a problem, because you’ll have to boot several platforms at the same time to make long-term exchanging and investing.
Conclusion
NDAX is a fairly good broker. It’s very pleasant to work with them, at least according to the reviews left by their users. They still have several flaws, but the advantages compensate them by a wide margin. Variety is important, that’s true. However, it’s better to have few options but with better quality, than vice versa. NDAX is all about quality.
In short, if you want to trade on a crypto broker that favors Canadian residents, NDAX is one of the better choices. It may not be best in the field, but it’s definitely close to this title than most. Thank you for reading this!
