National Digital Asset Exchange Inc. (NDAX)

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National Digital Asset Exchange Inc. (NDAX)
IndustryFinancial Services
Founded2017; 7 years ago (2017)
FounderBilal Hammoud
Headquarters250 2 Street Southwest Suite 1820,,
Calgary, AB
Key people
  • Tanim Rasul (COO)
  • Julia Baranovskaya (CCO)
  • Mohamed El-Rafih (Head Of Product Management)
ProductsDigital Asset Security

National Digital Asset Exchange Inc. (NDAX) is a Canada-based digital asset trading platform founded in 2017 that allows individuals and institutions the ability to buy and sell Bitcoin and other cryptocurrencies[1].



In 2017, NDAX[2] was founded by Bilal Hammoud[3] in Calgary, Alberta. In December, NDAX raised capital through a seed round to develop their trading platform.


The announcement of the soft launch came on May 31, 2018; however, they officially went live on June 23, 2018.[4] With the soft launch came the support of four coins: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Also later in June, NDAX became the first Canadian cryptocurrency exchange to list XRP as a coin to trade on their platform. In September, NDAX announced their addition of support for the EOS token and in November they listed the XLM/CAD trading pair, making them the first Canadian exchange to support both of these coins.[5][6]


In April 2019, NDAX listed Cardano (ADA) and announced their partnerships with Ledger, BitGo, and CLiC Lifestyles.


  • Bitcoin (BTC to CAD[7])
    • First proposed in 2008 by an unknown person using the name Satoshi Nakamoto, Bitcoin became the world’s first digital currency. Bitcoin is a digital coin that can be sent or received over the internet, transactions occur from person-to-person using a blockchain (without going through a bank or other financial intermediary) and is decentralized. Bitcoin allows users to become anonymous. By encrypting the blockchain using cryptography, it is not possible to know who is involved with the transactions. For these reasons, Bitcoin is referred to as a cryptocurrency.[8]
  • Ethereum (ETH to CAD[9])
    • Ether (ETH) is the cryptocurrency used on the Ethereum platform and is used to incentivize the Ethereum network. Ether was the first blockchain-based smart contract platform that offered developers the ability to design and build decentralized applications (known as dApps). Ethereum gives developers the tools to create any decentralized application all one platform, making it more efficient than building an entirely new blockchain for each new application.[10]
  • XRP (XRP to CAD[11])
    • XRP is Ripple’s native currency and used as a transfer of value on RippleNet. RippleNet connects financial institutions and payment providers; it has a dual mandate as a cryptocurrency and as a digital payment network for financial transfers and transactions. XRP helps banks, payment providers, and money services businesses reduce their transaction times and costs, while also allowing them to access new markets.[12]
  • Litecoin (LTC to CAD[13])
    • Litecoin is a cryptocurrency created in 2011 that was initially inspired by Bitcoin. Litecoin is a peer-to-peer decentralized digital currency that enables instant, low-cost payments to anywhere in the world. There are no fees charged to make payments, and there are no chargebacks when using Litecoin[14].
  • Cardano (ADA to CAD[15])
    • ADA is the native cryptocurrency that is used on the Cardano blockchain and it was created to function as a form of digital cash. ADA helps users exchange anything of value in a transparent and conflict-free manner. This can be achieved while avoiding the services or fees associated with a middleman or financial intermediaries. The Cardano platform allows for the use of decentralized applications (dApps) that run on the Cardano blockchain. The platform was created to solve existing blockchain problems such as scalability, interoperability, and sustainability.[16]
  • DogeCoin (DOGE to CAD[17])
    • Dogecoin is a decentralized, peer-to-peer, anonymous cryptocurrency with fast and instant transactions. Like Bitcoin, you can send and receive Dogecoin anonymously anywhere around the world. It is designed to be safe and straightforward to use. Dogecoin has found adoption from users rewarding meme creators, and it has remained a preferred currency for leaving tips on entertaining and engaging content on sites like Reddit and Twitter. Dogecoin has a passionate and loyal community of users that have several successful and unique fundraising efforts including funding the Jamaican bobsled team and raising money to build clean water wells in Africa.[18]
  • EOS (EOS to CAD[19])
    • EOS coins are the native token on the EOSIO network, a blockchain-based technology designed to become a decentralized operating system that creates scalable and efficient dApps. EOS is the only cryptocurrency on the EOS network that can be used to purchase the resources needed to run dApps on the EOS platform. Resources that can be purchased with EOS tokens include CPU power, network bandwidth and RAM for data storage.[20]
  • Stellar (XLM to CAD[21])
    • The lumen (also known as XLM) is the cryptocurrency token used on the Stellar network. The cryptocurrency is focused on being a low-cost payment option for those without access to traditional banking in some of the poorest and remote areas of the world. The Stellar Network facilitates cross-border and multi-currency transactions, converting XLM coins into any of 180 fiat currencies. XLM plays a similar role in the Stellar Network compared to the role the US dollar plays in traditional foreign exchange markets. Using XLM is particularly useful for enhancing the liquidity of thinly traded currencies.[22]


NDAX offers two general ways to trade online:

  1. Simple: There are two types of simple trading options: Market and Limit.
    • Market: A market order is a way to execute an order at the current market price. A market order is the simplest type of trade.
    • Limit: A limit order is a simple way to buy or sell a cryptocurrency at a specific price.
  2. Advanced:[23] NDAX offers five types of advanced trading options: Stop, Trailing Stop, Fill or Kill (FOK), Immediate or Cancel Order (IOC), and Reserve Order (Iceberg Order).
    • Stop:[24] There are two types of stop orders; stop-loss and buy-stop.[25]
      • Stop-loss: A stop-loss order allows traders to execute a trade when a cryptocurrency drops to a specified price. This allows traders to limit their losses by reducing the downside risk.
      • Buy-stop: This buy order is entered at a price point above the current market price. This allows traders to potentially profit from aggressive upward price movement of a particular cryptocurrency.
    • Trailing Stop:[26] Similar to a stop-loss order, however it is more flexible as the stop price will automatically adjust if the cryptocurrency’s price increases, rather than manually resetting it. This order also allows traders to minimize downside risk and protect profits.[27]
    • Fill or Kill (FOK):[28] A fill or kill order allows traders to purchaser or sell an exact number of units at a desired price, otherwise, the order will be cancelled immediately or will effectively be “filled” or “killed”.[29]
    • Immediate or Cancel Order (IOC):[30] An IOC order is a buy or sell order that must be filled right away and any units that weren’t bought or sold are immediately cancelled.[31]
    • Reserve Order (Iceberg Order):[32] This feature allows traders to input a larger-sized single order while displaying a smaller specified portion of the total order. The total order is divided into two portions: a displayed quantity, where a set amount is visible to other traders on the trading platform; and a non-displayed quantity, allowing traders to hide the remaining portion from market participants by not displaying it on the order book.[33]

Also offered:

  • Over the counter (OTC) trading that is available through NDAX’s Trading Desk for any amounts over $25,000 CAD.
  • NDAX Labs[34] - A blog with articles on recent news on cryptocurrency and how to utilize NDAX trading features.
  • Trading platform[35] and interface that includes a time series charts, an order book, and order entry forms.


Canadian Banking: NDAX has successfully established a banking relationship with a reputable Canadian-based bank, integrating them into the Canadian banking system. All client funds are held in segregated bank account with a Canadian based financial institution. The segregated account safeguards all client fiat funds and keeps it separated from NDAX’s operating account, ensuring the funds remain in Canada.

Ledger Vault (Cold Storage): NDAX’s partnership with Ledger Vault,[36] a global leader in security solutions for cryptocurrencies. Over 95% of NDAX's crypto assets are held in Ledger Vault.

BitGo (Hot Wallet): NDAX utilizes BitGo[37] to segregate their online trading platform from their cold storage. BitGo, a global leader in cryptocurrency storage, allows NDAX to offer an additional layer of protection for their users.[38]

CLiC Lifestyles: Their partnership allows CLiC’s clients to purchase homes with cryptocurrency to provide a quick and efficient method, also reducing costs associated with intermediaries.[39]

Regulatory Compliance

NDAX holds a strict philosophy that aims to adhere with the highest levels of regulatory requirements. NDAX is registered as a Money Service Business (MSB)[40] with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).[41] NDAX’s has established and implemented internal policies and procedures and robust compliance regime that are in line with the regulations outlined under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and that meet all applicable laws and regulations.


A cryptocurrency exchange is a service that provides users the ability to buy/sell/trade virtual currency into various assets, such as other cryptocurrencies or fiat currencies[42]. As popularity for cryptocurrencies have been consistently growing over the years, the emergence of cryptocurrency exchanges continues to rise, this industry is a fast growing and highly competitive one. Strong competitors include:

  • Kraken: Founded in 2011 in San Francisco, Kraken claims to be the largest Bitcoin exchange in terms of euro volume and liquidity. Kraken is available for use all over the world and is a very popular exchange.[43]
  • Shakepay: Initially a prepaid card and payment service in 2015, Shakepay has evolved into a cryptocurrency exchange and peer-to-peer wallet offering Bitcoin and Ethereum to Canadians. Users of Shakepay praise the ease of use and simplicity of both their website and app.[44]
  • Coinsquare: Since 2014, Coinsquare has been dedicated to providing a safe, affordable, and simple way for users to exchange cryptocurrency. Their company has grown in the past few years and has an established reputation in the Canadian cryptocurrency community.[45]
  • Bitbuy: Originally founded in 2013 and InstaBT, they rebranded to Bitbuy where their main goal is to simplify the trading process of digital assets to all Canadians.[46]


  1. "NDAX: Canada's National Digital Asset Exchange For Trading Cryptocurrency Launches". Retrieved 2020-06-04.
  4. "NDAX: Canada's National Digital Asset Exchange For Trading Cryptocurrency Launches". Retrieved 2020-06-04.
  5. Inc, National Digital Asset Exchange. "Major Canadian Exchange Announces Support of EOS Token". Retrieved 2020-06-04. {{cite web}}: |last= has generic name (help)
  6. Inc, National Digital Asset Exchange. "NDAX Lists Stellar Lumen (XLM); Launches Next Generation Trading Platform". Retrieved 2020-06-04. {{cite web}}: |last= has generic name (help)
  8. "NDAX - Market Data and Blockchain Explorer". NDAX. Retrieved 2020-06-04.
  10. "NDAX - Market Data and Blockchain Explorer". NDAX. Retrieved 2020-06-04.
  12. "NDAX - Market Data and Blockchain Explorer". NDAX. Retrieved 2020-06-04.
  14. "NDAX - Market Data and Blockchain Explorer". NDAX. Retrieved 2020-06-04.
  16. "NDAX - Market Data and Blockchain Explorer". NDAX. Retrieved 2020-06-04.
  18. "NDAX - Market Data and Blockchain Explorer". NDAX. Retrieved 2020-06-04.
  20. "NDAX - Market Data and Blockchain Explorer". NDAX. Retrieved 2020-06-04.
  22. "NDAX - Market Data and Blockchain Explorer". NDAX. Retrieved 2020-06-04.
  25. "Advanced Trading: Stop Orders". NDAX. Retrieved 2020-06-04.
  27. "Advanced Trading: Trailing Stop Market Order". NDAX. Retrieved 2020-06-04.
  29. "Advanced Trading: Fill or Kill Orders". NDAX. Retrieved 2020-06-04.
  31. "Advanced Trading: Immediate or Cancel Order (IOC)". NDAX. Retrieved 2020-06-04.
  33. "Advance Trading: Reserve/Iceberg Order". NDAX. Retrieved 2020-06-04.
  38. Bit, Go. "BitGo". Retrieved 2020-06-04.{{cite web}}: CS1 maint: url-status (link)
  39. Inc, National Digital Asset Exchange. "NDAX and CLiC Lifestyles Make it Possible to Buy Real Estate With Cryptocurrency in Less Than 30 Minutes". Retrieved 2020-06-04. {{cite web}}: |last= has generic name (help)
  41. "NDAX - Anti-Money Laundering Policy | AML". NDAX. Retrieved 2020-06-04.
  42. "Latest News on Cryptocurrency Exchanges". Cointelegraph. Retrieved 2020-06-03.
  43. "Kraken Review (2020 Updated) - Is This Bitcoin Exchange Reliable?". 99 Bitcoins. Retrieved 2020-06-04.
  44. "Shakepay Review". - Reviews. Retrieved 2020-06-04.
  45. "Coinsquare Review - "Must Read", Includes Fees, Security and Long info". Retrieved 2020-06-04.
  46. "Bitbuy Review - 5 Things to Know Before Using this Canadian Exchange". 99 Bitcoins. Retrieved 2020-06-04.

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