NDAX vs. Kraken: What Works Better For Canadians in 2024

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. 

Kraken keeps 95% of users’ funds in cold storage. All account information is encrypted, their servers are locked in cages under 24/7 surveillance by armed guards. 

To help secure your Kraken account you can use two-factor authentication. You will receive an email notifying you of any withdrawal, and there is an account timeout for added protection.

NDAX and Kraken both prioritize the security of their users' assets. NDAX safeguards 98% of digital assets offline in cold storage, coupled with 2FA and AML/KYC compliance. Kraken keeps over 95% of digital assets in cold storage and provides additional measures like account timeout and an optional account time lock. Both are secure platforms, but NDAX has a slight edge due to its insurance coverage for users' assets.

Regulatory Compliance

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

Kraken is fully compliant with US regulations. The exchange is independently audited to show that customers’ funds are properly held. Canadians can use the platform as well.

NDAX, being a Canada-focused exchange, is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Kraken, as a global platform, is also compliant with Canadian laws but faces certain service limitations in Ontario due to local regulations. Therefore, NDAX has an edge in terms of comprehensive compliance within Canada.

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.

Kraken offers a 24/7 live chat and email support. It also offers a good amount of learning documentation and helpful articles on its website. Unfortunately, many people say Kraken has poor customer support with tickets taking a long time to be resolved if ever.

NDAX offers robust client support with a 24/7 live chat, email support, and comprehensive Help Centre. They also host educational webinars for users. Kraken also provides a 24/7 live chat and email support, along with a Help Centre. However, its phone support is currently limited to the USA, UK, and European Union.

Conclusion

Both NDAX and Kraken are commendable exchanges with robust security measures and varied features. However, considering the lower fees, comprehensive client support, and full compliance with Canadian regulations, NDAX edges out as the winner, particularly for Canadian traders.

Kraken stands out with its variety of flexible funding methods, including wire transfers and crypto funding options, giving users more convenience when moving their assets. Furthermore, Kraken’s 24/7 customer service is a significant advantage, ensuring that users can get support anytime, which is crucial for traders working across multiple time zones. This level of accessibility can be a key differentiator when compared to NDAX, some of which may not offer round-the-clock support.

We recommend choosing NDAX over Kraken 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 Kraken 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.