NDAX Vs. Bitbuy: Which Canadian Crypto Exchange is Better?

NDAX and Bitbuy are Canadian cryptocurrency exchange platforms enabling Canadians to buy and sell digital assets using Canadian dollars. Using a Canadian platform is often recommended for Canadians as they are trusted, secure and convenient, despite the lack of available cryptocurrency options and advanced platform features. That said, when it comes to NDAX vs Bitbuy, there are a few differences to note that will help you pick the best one for your needs. In this article, we will compare cryptocurrency exchanges NDAX and Bitbuy in detail, including trading options, fees, features, security and the pros and cons of each one.

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.

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What is Bitbuy?

Bitbuy, headquartered in Toronto, is one of Canada’s most popular cryptocurrency exchanges. Founded in 2013 as InstaBT, it rebranded as Bitbuy in 2016 and became the first cryptocurrency exchange to receive full approval from the Ontario Securities Commission. The platform is tailored towards Canadian traders who are seeking an easy way to buy and sell popular digital assets, but is Bitbuy worth it? They are fully registered with FINTRAC, with over 400,000 Canadian users and more than $5 billion in transactions traded on the platform to date. With comprehensive security features, an incredibly simple user interface, a Pro trade platform, and the ability to fund accounts with CAD, Bitbuy is one of Canada’s best cryptocurrency platforms. 

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Trading options for Canadians

NDAX and Bitbuy both offer similar trading options for Canadians, as they are both Canadian exchanges. Here’s a breakdown of the trading options of each one.

NDAX

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

Bitbuy is also a Canadian-based exchange, and the trading options are very similar to those on NDAX. The difference is that Bitbuy has two separate trade interfaces, Express Trade and Pro Trade, making it versatile and enabling it to meet the needs of different types of traders. You can fund your Bitbuy account with Canadian Dollars using Interac e-Transfer, Wire Transfer, or transfer cryptocurrency from an external wallet or exchange. To only fiat currency supported is CAD, just like NDAX, and the platform is only available to Canadian users. 

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.  

Fees

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

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

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.

Security

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

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

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, Bitbuy uses third-party security audits and stores 90% of all assets in cold storage with insurance coverage.

With its comprehensive network security and privately maintained codebase, Bitbuy takes its security measures to the next level. They use cloud providers that comply with SOC, ISO, and FIPS 140-2 standards and conduct third-party security audits monthly, along with weekly reviews of suspicious activity. Bitbuy’s core components are all closed-source and secure.

Features

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

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

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, Bitbuy enables users to stake eligible coins and automate their trades using its API. The exchange also has a referral program where both the referrer and referee receive $20 on a deposit of $250 or more. Bitbuy offers an OTC desk for high-volume traders and various corporate solutions, making it a versatile platform for all kinds of users. 

Pros and cons of NDAX for Canadians

Pros

• 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

Cons

• 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

Pros

• 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

Cons

• Limited cryptocurrency options
• Not many extra features
• No chat support
• You can’t fund your account with credit/debit cards

NDAX Vs. Bitbuy: Which Canadian Crypto Exchange is Better?

Both NDAX and Bitbuy have a limited range of digital assets available, but that is standard for any Canadian exchange. And you can’t fault the security and ease of using a Canadian-based crypto platform. The platforms have very similar fee structures. Neither of them charges any fees to deposit currency, and trading fees are around 0.02% on both. Where they differ is in withdrawals, where NDAX charges $25 flat, and Bitbuy charges 1.50%. So based on the fees, if you’re a high-volume trader, then NDAX would be the better option, but if you’re trading in lower volumes, then Bitbuy might be the better option. Ultimately, both platforms are well-suited for beginner Canadian traders who want to trade popular coins and require limited digital assets.