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
- 5 November 2026
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Key facts
- Type
- Centralized exchange
- Exchange launched
- 2017
- Country of registration
- Canada
- Operator
- Ndax Canada Inc. (Calgary, Alberta)
- Official site
- ndax.io/en
Key facts checked on 5 November 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. ↗
- CIPF may protect fiat cash in Ndax accounts, but not crypto; crypto is also not covered by CDIC. ↗
- Trading costs a flat 0.20% per order with no volume tiers and no maker/taker split. ↗
- Up to 20% of client crypto may sit in Ndax's own internal custody to support deposits, withdrawals, settlement and staking. ↗
- Unstaked client crypto cannot be re-pledged or rehypothecated by Ndax. ↗
- Ndax serves Canadian residents only, on an order-execution-only basis. ↗
- No margin: Ndax's dealer requires every client to prefund the account (OSC notice, 2024). ↗
↗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. | Registered investment dealer; granted relief from certain securities law requirements, subject to terms and conditions (including investment limits for certain investors), in the decision In the Matter of NDAX Canada Inc. dated 19 December 2024; varied on 18 August 2026 (OSC decision page). | Ontario Securities Commission (principal regulator for the August 2026 variation) |
| 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) |
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 | Ndax Canada Inc. is granted relief from certain securities law requirements, subject to terms and conditions, including investment limits for certain investors (decision In the Matter of NDAX Canada Inc.). |
| 12 May 2026 | Ndax adds Bitcoin Lightning Network deposits and withdrawals. |
| 18 August 2026 | A variation decision, with the Ontario Securities Commission as principal regulator, adds Solana to the crypto assets that are not subject to the investment limits. |
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
- Fees: ndax.io/en/fees
- Licences: ndax.io/en/legal
- Security: ndax.io/en/blog/article/crypto-custody-and-asset-handling-at-ndax
- Regulatory disclosures: ndax.io/en/legal/registrations-and-regulatory-disclosures
- Staking: ndax.io/en/staking
Questions and answers
Is Ndax regulated?
Yes. Ndax Canada Inc. is registered in the category of investment dealer and operates under a securities decision dated 19 December 2024 (varied on 18 August 2026), and says it is a 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
- Ndax - Fees
- Ndax - Ndax is now a registered investment dealer and marketplace
- Ndax - Crypto custody and asset handling at Ndax
- Ndax - Legal
- Ontario Securities Commission - Decision: In the Matter of Ndax Canada Inc. (variation, 18 August 2026)
- Ndax - Registrations and Regulatory Disclosures
- Ndax - Crypto Asset Summary & Risks (asset statements)
- Ndax - Crypto staking
- Ndax blog - BTC Lightning is now live on Ndax (12 May 2026)
- Ontario Securities Commission - Notice of Initial Operations and Request for Comment: Ndax Canada Inc. (2 August 2024)
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