Security Compliance
Bitget uses two-factor authentication for security and emails you about logins or withdrawals. They offer an anti-phishing code for genuine emails and have a $300 million insurance for lost assets, which you can claim if not at fault.
NDAX keeps its digital assets in cold storage using Ledger Vault, although they do not state the percentage. Ledger is a big name in the cryptocurrency space, known for making secure hardware wallets.
When signing up to NDAX, you are forced to enable two-factor authentication. Most crypto exchanges will leave this optional, but we think everybody should do it, so we like this mandatory policy.
Additionally, when you wish to change your details such as your email, address, phone number etc, NDAX requires you to submit a selfie with a handwritten note outlining the request.
Security is paramount in the crypto world. Bitget fortifies user accounts with two-factor authentication and an anti-phishing code in their emails, ensuring authenticity. They also provide a substantial emergency insurance coverage of $300 million for customer funds. NDAX, on the other hand, is bolstered by cold storage capabilities via Ledger Vault. While both are diligent about user safety, NDAX edges out with its detail on fiat protection, keeping Canadian dollars in segregated bank accounts, ensuring users can retrieve their funds in dire scenarios.
Regulatory Compliance
Not regulated by Canadian financial institutions.
NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations.
Compliance is a testament to a platform's reliability. While Bitget is gaining traction among Canadians, especially after the exit of giants like Binance, its exact compliance standing in Canada is not explicitly mentioned. NDAX, being native to Canada, is registered as a Money Service Business with FINTRAC and AMF, showcasing its adherence to Canadian regulations. This compliance ensures users they are not dealing with potential scams.
Customer support
Reviewers say customer support is unhelpful but most of them are beginners. Bitget is not a crypto exchange for beginners and if you do not know how copy trading or futures trading works, then it is not a good idea to use them, as this customer points out.
NDAX provides a knowledge centre on its website. Articles here answer some of the most common questions. They also have a live chat function, which is handy when you need a quick answer. You can also email them for support. Confusingly, NDAX lists its phone number on its contact page, which is rare for a crypto exchange to do. We weren’t sure if this meant they had phone support, so we reached out via email to ask. They got back to us a very impressive 20 minutes later to let us know that they only have email support. So that’s that. Still, that’s the fastest response we’ve seen.
Support systems in trading platforms are pivotal. Bitget, although widely used, has received a mixed bag of reviews on Trustpilot, with some users highlighting inadequate customer support. NDAX, though also sporting a 1.8-star rating on Trustpilot, showcases its commitment to quick resolutions by responding to emails promptly, as evidenced in the previously provided information.
Conclusion
Navigating the crypto landscape can be challenging. While both Bitget and NDAX offer stellar features, Bitget takes the crown for Canadians in 2024. Its expansive altcoin offerings, combined with its advanced trading features, make it the go-to platform, especially for those looking for alternatives after the Binance and ByBit exit. NDAX, although promising with its home-based reliability, needs to bolster its offerings to match Bitget's global prowess.
We recommend choosing Bitget over NDAX for your cryptocurrency trading needs. By opting for Bitget through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitget nor NDAX meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
