Security Compliance
Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication.
In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available.
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.
When it comes to safety, both platforms take robust measures. Wealthsimple Crypto entrusts its asset storage to Gemini, a renowned custodian with top-notch security. Meanwhile, NDAX employs its own high-security measures, storing digital assets in cold storage through Ledger Vault and mandating two-factor authentication for every user. While both are secure, NDAX appears to have a slight edge due to its additional security layers.
Regulatory Compliance
Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform in Canada.
NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations.
In terms of regulatory compliance, both Wealthsimple Crypto and NDAX are fully compliant with Canadian laws. Wealthsimple Crypto operates under the oversight of the Canadian Securities Administrators (CSA) Regulatory Sandbox, while NDAX is registered as a Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Autorité des marchés financiers (AMF). This compliance ensures that users can trust both platforms.
Customer support
Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly.
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.
Wealthsimple Crypto offers support to clients via email. NDAX, however, provides a more immediate response option through live chat and email support, often replying within an impressive 20 minutes. This rapid response could be an important deciding factor for users requiring urgent assistance.
Conclusion
After careful consideration, both Wealthsimple Crypto and NDAX emerge as competent, secure, and user-friendly cryptocurrency trading platforms. However, Wealthsimple Crypto edges out as the winner due to its higher mobile app ratings, smooth user experience, and the robust security ensured by its partnership with Gemini. Nonetheless, NDAX's strong security measures and faster customer support also make it a close contender.
We recommend choosing Wealthsimple Crypto over NDAX for your cryptocurrency trading needs. By opting for Wealthsimple Crypto through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Wealthsimple Crypto 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.
