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Kucoin vs NDAX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated October 9, 2024

KuCoin and NDAX are two renowned cryptocurrency exchanges in Canada, each offering unique advantages. KuCoin, a global platform, provides a vast array of supported cryptocurrencies, while NDAX caters specifically to Canadian investors with a focus on security and user-friendly experience.

Description

Kucoin is a sort of Canadian-friendly cryptocurrency exchange that offers peer-to-peer crypto trades, lending, and futures trading. Kucoin is suitable for more advanced traders looking for advanced charting and order types. Kucoin has 8 million

National Digital Asset Exchange Inc (NDAX) claims to have both the lowest fees and the most coins available in Canada (not 100% true). It has a beginner-friendly platform and a high-rated app.

Coins

500+ coins

Bitcoin, Litecoin, Ethereum, XRP, EOS, Stellar Lumens, Dogecoin, Cardano, USDT, Chainlink, Polkadot, Uniswap, The Graph, Compound, Aave, and Polygon.

Fees

  • Low maker/taker trading fees ( 0.005%/0.025% to 0.1%/0.1% for class A coins)
  • Free deposits
  • Variable withdrawal fees
  • KCS holders get 20% discount on trading fees
  • Fixed 0.2% buy/sell fee
  • Free deposits
  • $25 fixed fee for wire/bank withdrawals

Pros

  • Low fees
  • Wide range of altcoins available
  • Advanced order types
  • Crypto lending
  • Futures trading
  • Fast crypto purchases
  • Peer to peer exchange
  • Anonymous trading
  • Free deposits
  • No deposit/withdrawal minimum or maximum
  • Fixed 0.2% buy/sell fee
  • Wide range of coins available
  • Fast Interac deposits 
  • Send, request, and gift crypto to another NDAX user for free, instantly
  • Address whitelisting

Cons

  • Platform is confusing for beginners
  • No fiat to crypto pairs
  • Must buy USDT to trade
  • Previously hacked
  • Not compliant in Ontario (but you can still use it though)
  • Only CAD deposits accepted
  • No credit/debit cards accepted
  • $25 fixed fee for wire/bank withdrawals
  • Hidden fees

Account Limits

Low

  • Deposit $100 - $10,000 via Interac daily
  • $50 minimum e-Transfer withdrawal
  • $20,000 minimum for wire transfers

Methods to buy

  • Credit/debit card 
  • Third party Bank transfer
  • Interac e-Transfer
  • Wire transfer
  • Bank draft

Security

  • $275 million stolen in 2020 hack
  • 2FA available

Assets stored in cold storage using the Ledger Vault (amount unknown)

Mobile and Desktop Trading

KuCoin offers a highly-rated mobile app on both iOS (4.6 out of 5) and Android (4.3 out of 5) platforms. It supports all trading functions available on the desktop platform, and is renowned for its intuitive, user-friendly interface. The desktop platform is equally comprehensive, providing advanced trading features and a smooth user experience.

NDAX's iOS app has a 4.7-star rating, reflecting a generally positive user experience. The app, similar to its desktop version, offers clean design and functionality. The desktop platform is noted for its professional look and easy navigation

Kucoin

Kucoin is slightly different than your average crypto exchange. You won’t be able to deposit Canadian dollars directly. You’ll have to go through a third-party such as Banxa to deposit fiat. Kucoin does, however, accept credit and debit card payments, but you’ll need to check if your Canadian bank allows crypto transactions.

There are no fiat to crypto pairs, so you cannot buy bitcoin or other crypto directly with your dollars. You’ll need to first purchase Tether USDT on Kucoin and then trade that for the crypto you want.

The Kucoin exchange can be quite confusing for beginners.

There are advanced charting and order types available, plus you can trade on margin and trade futures contracts if you wish.

To buy USDT quickly, go up to the top menu and select the “Fast Buy” option. Here, you can purchase USDT using your credit or debit card or via the P2P exchange, or via a third party transfer. Once you have your USDT, then you can trade it on the Kucoin exchange under “spot trading”. Select the trading pair e.g. USDT/BTC and then choose your order type e.g. market order.

The Kucoin app has a 3.7-star rating from over 2,000 reviews on the Apple App Store and a 2.7-star rating from over 12,000 reviews on Google Play. Many people complain that the app crashes or that there are certain features lacking such as the ability to filter order history by trading pair.

Kucoin’s app is a bit more simple than its desktop exchange but it’s still confusing for beginners. There are lots of features, tabs, and menus. Buying USDT is easy since you do not need to verify your account. Simply sign up with an email and you can buy crypto in seconds using your credit or debit card under the Fast trade option. From there though, you will need to navigate to the spot trading page and select the trading pair you want.

Kucoin crypto exchange desktop interface

Kucoin desktop interface

Kucoin desktop app (Fast Trade)

Kucoin desktop app (Fast Trade)

Kucoin app screenshot

Kucoin app interface

Kucoin app while trading

Kucoin app interface while trading

NDAX

NDAX has a packed website full of helpful resources. There is a page about each cryptocurrency they offer. These articles include the coin’s history, use cases, charting, how to buy, and more. 

NDAX has an iOS app with a 4.6-star rating with 550 reviews. Its Android app has a 4.0-star rating with 80 reviews. It has obviously done a good job with its app and people seem to like it.

NDAX Desktop interface

NDAX desktop interface

How to buy Polkadot on NDAX crypto exchange

NDAX trading screen

Ndax app screenshot

NDAX app interface

Ndax buying crypto app

NDAX app interface while trading

Security Compliance

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet

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. 

KuCoin uses multiple security layers, including bank-level encryption and dynamic multifactor authentication. However, they do not disclose the exact percentage of funds held in cold storage, which may concern some investors.

NDAX is recognized for its strong security measures, including cold storage via Ledger Vault, mandatory two-factor authentication, whitelisting of wallet addresses, and ongoing server monitoring. They also uniquely provide protection for users’ fiat money in segregated Canadian bank accounts.

Regulatory Compliance

In June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations. 

In June 2022, KuCoin faced a regulatory challenge in Canada when the Ontario Securities Commission (OSC) banned the platform from operating in Ontario and imposed a fine for non-compliance with local regulations. Despite this, many Canadians outside Ontario continue to use KuCoin, underlining the importance of understanding a platform's legal standing and compliance with local regulations before usage.

On the other hand, NDAX is fully compliant with Canadian regulations. It is registered as a Money Service Business with FINTRAC and AMF, ensuring adherence to federal laws and standards.

Customer support

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

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.

KuCoin offers 24/7 customer support via online chat, email, and a detailed Help Center. Although responses may take some time, the support team is generally considered helpful and effective.

NDAX also provides comprehensive customer support, featuring a well-equipped knowledge center, live chat, and email support. They have an impressive response time, often replying within 20 minutes.

Conclusion

Both KuCoin and NDAX are commendable cryptocurrency exchanges, each with their unique strengths. However, KuCoin edges out as the winner due to its broader range of supported cryptocurrencies, global user base, and highly rated mobile and desktop platforms. This makes it more versatile and accommodating for various trading needs and strategies, despite NDAX's remarkable focus on security and compliance with Canadian regulations.

When comparing Kucoin to NDAX, KuCoin stands out for its enhanced transparency through the Proof of Reserves (PoR) system, which verifies that the platform can fully cover all user assets, reinforcing trust in its financial stability. Additionally, KuCoin has stepped up its game in customer service by offering 24/7 support, making it easier for users to get timely assistance compared to many other exchanges. This level of transparency and customer care makes KuCoin a strong contender among its competitors.

We recommend choosing Kucoin over NDAX for your cryptocurrency trading needs. By opting for Kucoin through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Kucoin 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.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.