Security Compliance
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.
As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.
In the dynamic world of cryptocurrency, security is paramount. NDAX outshines with cold storage solutions provided by Ledger Vault and mandates two-factor authentication for all users. Bitcoin Well, on the other hand, also prioritizes user security, implementing multi-factor authentication, cold storage, and continuous monitoring. While both offer cutting-edge measures, NDAX's stringent protocols and transparency give it a slight edge in terms of safety.
Regulatory Compliance
NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations.
Bitcoin Well is registered with FINTRAC and fully legal in Canada.
Canadian regulations play a pivotal role in ensuring crypto exchanges function within legal parameters. Both NDAX and Bitcoin Well highlight their adherence to Canadian norms. NDAX is registered as a Money Service Business with FINTRAC and AMF, emphasizing its commitment to operating within the bounds of Canadian law. Bitcoin Well, too, showcases its alignment with Canadian regulations, fostering trust and reliability among users. Federal organizations like FINTRAC monitor the compliance of such platforms to ensure they adhere to Canadian standards.
Customer support
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.
Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good. If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus.
Customer support can make or break a user's experience. Bitcoin Well underscores its commitment to users by offering top-tier support for varied queries. NDAX, though having a subpar Trustpilot rating, impresses with rapid email responses. Moreover, its live chat function and extensive knowledge center indicate a deeper understanding of customer needs, although the ambiguity surrounding phone support is worth noting.
Conclusion
Navigating the intricacies of NDAX and Bitcoin Well reveals that both platforms offer unparalleled services in the cryptocurrency sphere. However, NDAX emerges as the winner, given its transparent security measures, comprehensive educational content, and commitment to user empowerment. While Bitcoin Well holds its ground with commendable offerings, NDAX’s well-rounded approach makes it a slightly more enticing choice for traders in 2024.
We recommend choosing NDAX over Bitcoin Well for your cryptocurrency trading needs. By opting for NDAX through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither NDAX nor Bitcoin Well 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.
