Security Compliance
To secure your Uphold account, you can enable two-factor authentication.
Uphold trading platform utilizes cold storage for your safety.
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.
Uphold employs industry-standard security measures, including two-factor authentication and fully encrypted user data. NDAX, on the other hand, stands out with some additional layers of security. Not only does it mandate 2FA for users, but it also allows for whitelisting of addresses, ensuring that no withdrawals are made to unfamiliar crypto wallets. It uses Ledger Vault for cold storage of digital assets, although the specific percentage isn't stated.
Regulatory Compliance
Uphold is fully regulated in the USA. They are compliant with the Office of Foreign Assets Control (OFAC) and record keeping regulations with the Bank Secrecy Act (BSA). It's Canadian-friendly as well.
NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations.
Both exchanges are compliant with Canadian regulations. Uphold as a global entity complies with the laws of multiple jurisdictions, including Canada. NDAX, being Canada-based, is registered as a Money Service Business with FINTRAC and AMF, ensuring compliance with all relevant Canadian regulations.
Customer support
Uphold has good reviews about their customer service teams. They offer help centres on their website and within the app.
You can contact Uphold’s customer support via their online ticketing system on their website.
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.
Uphold provides support via email and has a comprehensive FAQ section to guide users through common issues. NDAX, however, offers a live chat function and a quick email response time. While it lists a phone number, it doesn't offer phone support.
Conclusion
Both NDAX and Uphold offer good platforms for Canadian users looking to venture into crypto trading. However, if we had to choose a winner, it would be NDAX. It edges out Uphold because of its top-notch security features, comprehensive educational content for each listed coin, beginner-friendly interface, and impressive customer support. Additionally, its commitment to full compliance with Canadian regulations and the protection of users' fiat money brings an extra layer of trust and reliability for Canadian users.
Uphold sets itself apart by offering an international debit card with cashback rewards and no foreign transaction fees, which is a big advantage for global traders. However, for Canadians, it's important to note that direct bank deposits and withdrawals aren't currently supported. Instead, Canadians can use credit or debit cards for trading, though credit card transactions come with a 3.99% fee. This limitation may make other exchanges more appealing for users who prefer traditional banking methods.
We recommend choosing Uphold over NDAX for your cryptocurrency trading needs. By opting for Uphold through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Uphold 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.
