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.
It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.
Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.
Both NDAX and Bitvo prioritize security. NDAX keeps its assets in cold storage using Ledger Vault and has mandatory two-factor authentication for its users. Bitvo, on the other hand, keeps 95-100% of its assets in third-party cold storage. While both exchanges implement substantial security measures, NDAX's stringent two-factor authentication requirement and Ledger Vault usage arguably provide a more secure environment.
Regulatory Compliance
NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations.
Bitvo is registered with FINTRAC and is compliant with Canadian regulations.
NDAX and Bitvo are both registered as Money Service Businesses with FINTRAC and are fully compliant with Canadian regulations. Compliance with these regulations assures users that the exchanges are not scams and operate within the legal framework set by Canadian federal organizations. Both exchanges demonstrate a commitment to adhere to these regulations, ensuring a safe and legal trading environment.
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.
Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.
NDAX offers a live chat function and email support, with impressively swift response times. However, phone support is not available.
Bitvo provides 24/7 support, which includes live chat, email, and phone support – a rarity in cryptocurrency exchanges. Bitvo's offer of phone support gives it an edge in this category, providing a more immediate and personalized assistance route for users.
Conclusion
Both NDAX and Bitvo are top-tier exchanges that offer strong security measures, comprehensive trading platforms, and robust customer support. However, NDAX stands out due to its broader range of cryptocurrencies, stringent security measures (mandatory two-factor authentication and Ledger Vault usage), and an all-around sophisticated and user-friendly platform. These factors make NDAX a slightly better choice for crypto trading in Canada.
We recommend choosing NDAX over Bitvo 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 Bitvo 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.
