NDAX Launches New Digital Currency Exchange in Canada
National Digital Asset Exchange (NDAX) recently completed the soft launch of its digital currency exchange. The Calgary-based exchange launched its platform on June 23, 2018 after initially announcing the launch back in May.
NDAX aims to distinguish itself from the competition with zero deposit fees – at least for the first few months of launch. NDAX will also hold client funds in a segregated Canadian bank account. NDAX has partnered with “a trusted Canadian banking institution” to store client funds.
Other advantages of NDAX include low trading and withdrawal fees, instant ID verification, institutional-grade security, deep liquidity for large transactions, and a large portfolio of coins.
Canadian cryptocurrency users, meanwhile, will be able to deposit and withdraw funds on NDAX using Interac e-transfers, wire deposits, bank drafts, certified checks, and EFTs/direct deposits.
To be clear, NDAX doesn’t plan to store cryptocurrencies with a Canadian bank – something that is currently impossible with any major Canadian banks. Instead, NDAX will store its customers’ Canadian Dollars in a segregated Canadian-based bank account. Customers’ digital assets, meanwhile, will be protected with multi-signature technology, with 98% of the exchange’s assets held in cold storage.
NDAX is registered as a Money Service Business (MSB) with FINTRAC. The exchange is also compliant with anti-money laundering (AML) and counter terrorist financing (CTF) regulations.
NDAX lists its complete fee structure online at NDAX.io. The company will charge a maker fee of 0% and a taker fee of 0.30%.
Meanwhile, NDAX will charge no deposit fees as part of a 2018 promo. It’s unclear if the promo will last the entire year, extend into 2019, or end a few weeks after the launch. However, right now, all deposit methods – like Interac, bank draft, and wire transfers – are listed as being totally free on the fees page. Users have a $3,000 deposit limit with bank drafts and wire transfers (no maximum limit), along with a $100 minimum ($3,000 maximum) with Interac e-transfers.
Withdrawal fees, meanwhile, vary between currencies. There’s a withdrawal fee of 0.001 BTC, for example, when withdrawing bitcoin from the platform and a fee of $25 for withdrawing funds to a bank via direct bank deposit or EFT.
NDAX Soft Launch Began on June 23
NDAX first announced its upcoming soft launch on May 31, 2018 via a press release. In that press release, NDAX claimed their soft launch would take place in the “early summer of 2018”.
On June 23, NDAX completed its soft launch, and the exchange is now fully accessible online at NDAX.io.
Today, Canadians have two main options for cryptocurrency exchanges, including Coinsquare and QuadrigaCX. Both exchanges offer Canadian Dollar pairs with bitcoin, Ethereum, and other major cryptocurrencies. Now, thanks to the launch of Calgary-based NDAX, Canadians have another cryptocurrency exchange where they can exchange Canadian Dollars for major cryptocurrencies.
To learn more about NDAX, visit online today at NDAX.io.