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

Oleg Galeev

Last updated December 27, 2023

In the fast-paced world of cryptocurrencies, NDAX and Kraken stand out as two prominent exchanges offering varied services and capabilities. From differences in fee structures, available cryptocurrencies, to differing strengths in user interface and compliance with Canadian regulations, this comparison aims to provide insights to help you choose the suitable platform for your needs.

Description

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.

Kraken is a Canada-friendly, but US-based crypto exchange that has been operating since 2013. Kraken has a strong reputation due its security and compliance with US regulations. Kraken aims to accelerate mass adoption of cryptocurrency and offers a wide range of coins.

Coins

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

90+

Fees

Fixed 0.2% buy/sell fee
Free deposits
$25 fixed fee for wire/bank withdrawals

nstant buy incurs a 1.5% fee (0.9% for stablecoins) plus:
3.75% and€0.25 card processing fee or,
3.75% + €0.25 digital wallet processing fee or,
0.5% online bank transfer fee

Pros

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

Wide range of coins
High fees when not using Pro
Good for beginners
Free CAD deposits
Advanced tools with the Pro platform
Staking

Cons

Only CAD deposits accepted
No credit/debit cards accepted
$25 fixed fee for wire/bank withdrawals
Hidden fees

No Interac e-Transfer
Deposits can take 1-5 business days
Extremely high trading fees
Tend to freeze accounts for no apparent reasons
Slow support

Account Limits

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

Low

App

Methods to buy

Interac e-Transfer
Wire transfer
Bank draft

Wire transfer
Debit card

Security

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

95% of coins held in cold storage
Servers monitored 24/7 by armed guards
2FA available
Confirm withdrawals via email
Fully Audited

Mobile and Desktop Trading

NDAX's mobile application is rated 4.7 stars on the App Store. The NDAX desktop platform is intuitive and accessible, providing an easy-to-navigate interface for both novice and experienced traders. On the other hand, Kraken boasts two mobile apps, Kraken and Kraken Pro, with high ratings (4.3 stars on Google Play and 4.7 stars on the App Store) indicating a positive user experience. While Kraken's desktop interface is rich with advanced trading tools, its complexity may be overwhelming for beginners compared to the simplicity of NDAX.

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 trading screen

NDAX app interface

NDAX app interface while trading

Kraken

Kraken's app is well-designed and offers tools for both beginners as well as advanced tools for more experienced traders.

Kraken has an “Instant Buy” option, where users can purchase crypto in seconds with their card or from funds in their fiat wallet. Instant Buy, while convenient, incurs high fees. There is a standard purchase fee plus an additional fee depending on the method of payment. Still, the Instant Buy option is suitable for beginners and is easy to navigate.

Kraken Pro has more reasonable fees based on the maker/taker method. However, the interface could be confusing for beginners. It shows advanced charting and offers more trading tools and order types.

Kraken’s mobile app has a 4.5-star rating from 3000+ reviews on the Apple App Store and a 2.2-star rating from over 13,000 reviews on Google Play. A lot of users say the app has trouble loading, certain funding or purchase options are unavailable and it is generally not user-friendly.

Kraken desktop interface

Kraken Pro Trading view

Kraken app interface

Kraken app interface while trading

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.

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.

Author

Oleg Galeev

Cryptocurrency Specialist

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.