[Exchanges](https://revain.org/exchanges/) › Ndax

# Ndax: licences, security, fees and reviews

Centralized exchange

## In short

- **Legal entity**: Ndax Canada Inc
- **Fees**: Spot taker: Flat 0.20% per buy or sell order, no maker/taker split (as of 31 October 2026)
- **Risks and caveats**: Crypto assets are not covered by CIPF or CDIC.
- **Checked**: 31 October 2026

## Key facts

- **Type**: Centralized exchange
- **Exchange launched**: 2017
- **Country of registration**: Canada
- **Operator**: Ndax Canada Inc. (Calgary, Alberta)
- **Official site**: [ndax.io/en](https://ndax.io/en)

Key facts checked on 31 October 2026 against official sources and regulator registers.

## What is Ndax

Ndax is a Canadian crypto trading platform operated by Ndax Canada Inc. from Calgary, Alberta. Since December 2024 it has been registered as an investment dealer, is a CIRO member and runs a marketplace as an alternative trading system. It offers simple and advanced trading, staking and Auto Earn, an OTC desk and business services.

## Good to know

- Ndax works on an order-execution-only basis: it carries out customer instructions and gives no investment advice. [↗](https://ndax.io/en/blog/article/ndax-is-now-a-registered-investment-dealer-and-marketplace)
- CIPF may protect fiat cash in Ndax accounts, but not crypto; crypto is also not covered by CDIC. [↗](https://ndax.io/en/blog/article/ndax-is-now-a-registered-investment-dealer-and-marketplace)
- Trading costs a flat 0.20% per order with no volume tiers and no maker/taker split. [↗](https://ndax.io/en/fees)
- Up to 20% of client crypto may sit in Ndax's own internal custody to support deposits, withdrawals, settlement and staking. [↗](https://ndax.io/en/blog/article/crypto-custody-and-asset-handling-at-ndax)
- Unstaked client crypto cannot be re-pledged or rehypothecated by Ndax. [↗](https://ndax.io/en/blog/article/crypto-custody-and-asset-handling-at-ndax)
- Ndax serves Canadian residents only, on an order-execution-only basis. [↗](https://ndax.io/en/legal/registrations-and-regulatory-disclosures)
- No margin: Ndax's dealer requires every client to prefund the account (OSC notice, 2024). [↗](https://www.osc.ca/en/industry/market-regulation/marketplaces/alternative-trading-systems-atss/atss-operating-ontario/ndax-canada-inc/notice-initial-operations-and-request)

## Services

| Parameter | Details |
|---|---|
| Spot trading | Simple and advanced trading of crypto against CAD at a flat 0.20% fee. |
| Staking / Earn | Staking and Auto Earn; 20% administration fee on generated rewards. |
| OTC | OTC trading desk for high-net-worth clients. |
| Custody / wallet | Hybrid custody: at least 80% with third-party trust-company custodians, up to 20% internal. |
| Fiat deposits | CAD by Interac e-Transfer and wire, free. |
| Asset disclosures | A regulatory statement and risk disclosure is published for each crypto asset offered. |

## Licences and registrations

| Jurisdiction | Entity | Licence / registration | Regulator |
|---|---|---|---|
| Canada | Ndax Canada Inc. | Crypto Asset Trading Platform authorized to do business with Canadians; CSA decision of 19 December 2024 (CSA list) | [Canadian Securities Administrators (CSA)](https://www.securities-administrators.ca/crypto-platforms-regulation-and-enforcement-actions/crypto-platforms-authorized-to-do-business-with-canadians/) |
| Canada | Ndax Canada Inc. | Registered investment dealer in all provinces and territories; CIRO member; marketplace operating as an ATS; CIPF member (company statement) | [Canadian securities regulators; Canadian Investment Regulatory Organization (CIRO)](https://ndax.io/en/blog/article/ndax-is-now-a-registered-investment-dealer-and-marketplace) |

## Security and audits

- At least 80% of client crypto is held in cold and warm storage with third-party trust-company custodians: Coinbase Custody Trust Company, Tetra Trust Company and BitGo Trust Company.
- Ndax reviews custodians' SOC 2 Type 2 reports and reconciles custodian balances with its books monthly (company statement).
- Client assets are held in segregated omnibus accounts in trust for clients, separate from Ndax's own assets.
- Ndax says the majority of client crypto across the platform is held in cold storage with independent third-party custodians; staked assets are committed to validators.

## Security incidents

Incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so none is listed here.

## Fees

| Parameter | Details |
|---|---|
| Spot taker | Flat 0.20% per buy or sell order, no maker/taker split (as of 31 October 2026) |
| Deposits | Interac e-Transfer, wire and crypto deposits free (as of 31 October 2026) |
| Withdrawals | CAD: $1.50 by Interac e-Transfer, $4.99 by EFT; crypto: flat fee per asset and network (as of 31 October 2026) |
| Staking | Administration fee of 20% of generated rewards (as of 31 October 2026) |
| BTC Lightning | Lightning deposits up to 1 BTC and withdrawals up to 0.1 BTC per transaction; free for the first 3 months after the 12 May 2026 launch |

## Who can use it

- Verification: Identity verification is required; since the December 2024 registration users complete an appropriateness assessment and provide financial information for trading limits.

## History

| Date | Event |
|---|---|
| 2017 | Founding date given in the site's structured data (Calgary, Alberta). |
| March 2023 | Ndax signs a pre-registration undertaking with Canadian securities regulators. |
| 2 August 2024 | Ndax publishes, via the Ontario Securities Commission, a notice of initial operations for its planned alternative trading system (Ndax ATS) for crypto assets. |
| December 2024 | Registered as an investment dealer, becomes a CIRO member and is recognised as a marketplace (ATS). |
| 19 December 2024 | CSA decision for Ndax Canada Inc. as a crypto asset trading platform. |
| 12 May 2026 | Ndax adds Bitcoin Lightning Network deposits and withdrawals. |

## Risks and caveats

- Crypto assets are not covered by CIPF or CDIC.
- Registration does not guarantee investment performance or protect against all risks.
- Up to 20% of client crypto may be held in Ndax's internal custody rather than with third-party custodians.

## About the company

- **Legal entity**: Ndax Canada Inc
- **Headquarters**: Calgary, Alberta, Canada
- **Founded**: 2017 (structured data on ndax.io)

## Official links

- Website: [ndax.io/en](https://ndax.io/en)
- Fees: [ndax.io/en/fees](https://ndax.io/en/fees)
- Licences: [ndax.io/en/legal](https://ndax.io/en/legal)
- Security: [ndax.io/en/blog/article/crypto-custody-and-asset-handling-at-ndax](https://ndax.io/en/blog/article/crypto-custody-and-asset-handling-at-ndax)
- Regulatory disclosures: [ndax.io/en/legal/registrations-and-regulatory-disclosures](https://ndax.io/en/legal/registrations-and-regulatory-disclosures)
- Staking: [ndax.io/en/staking](https://ndax.io/en/staking)

## Questions and answers

**Is Ndax regulated?**

Yes. Ndax Canada Inc. is on the CSA list of crypto asset trading platforms authorized to do business with Canadians (decision of 19 December 2024), and says it is a registered investment dealer and CIRO member.

**Does Ndax publish proof of reserves?**

No proof-of-reserves report is listed; Ndax says at least 80% of client crypto is held with third-party trust-company custodians and reconciled monthly.

**What are Ndax's fees?**

As of 31 October 2026 Ndax charges a flat 0.20% per trade; deposits are free and CAD withdrawals cost $1.50 (Interac) or $4.99 (EFT).

**Is crypto on Ndax insured?**

No. CIPF may cover fiat cash in accounts, but crypto assets are not covered by CIPF or CDIC.

## Sources

- [Ndax - Home](https://ndax.io/en)
- [Ndax - Fees](https://ndax.io/en/fees)
- [Ndax - Ndax is now a registered investment dealer and marketplace](https://ndax.io/en/blog/article/ndax-is-now-a-registered-investment-dealer-and-marketplace)
- [Ndax - Crypto custody and asset handling at Ndax](https://ndax.io/en/blog/article/crypto-custody-and-asset-handling-at-ndax)
- [Ndax - Legal](https://ndax.io/en/legal)
- [Canadian Securities Administrators - Crypto platforms authorized to do business with Canadians](https://www.securities-administrators.ca/crypto-platforms-regulation-and-enforcement-actions/crypto-platforms-authorized-to-do-business-with-canadians/)
- [Ndax - Registrations and Regulatory Disclosures](https://ndax.io/en/legal/registrations-and-regulatory-disclosures)
- [Ndax - Crypto Asset Summary & Risks (asset statements)](https://ndax.io/en/legal/asset-statements)
- [Ndax - Crypto staking](https://ndax.io/en/staking)
- [Ndax blog - BTC Lightning is now live on Ndax (12 May 2026)](https://ndax.io/en/blog/article/move-bitcoin-faster-with-btc-lightning-on-ndax)
- [Ontario Securities Commission - Notice of Initial Operations and Request for Comment: Ndax Canada Inc. (2 August 2024)](https://www.osc.ca/en/industry/market-regulation/marketplaces/alternative-trading-systems-atss/atss-operating-ontario/ndax-canada-inc/notice-initial-operations-and-request)

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Page updated: 2026-10-31

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Source: https://revain.org/exchanges/ndax/