Company attributes
Other attributes
2017
In 2017, NDAX was founded by Bilal Hammoud in Calgary, Alberta. In December, NDAX raised capital through a seed round to develop their trading platform.
2018
The announcement of the soft launch came on May 31, 2018; however, they officially went live on June 23, 2018. 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.
2019
In April 2019, NDAX listed Cardano (ADA) and announced partnerships with Ledger, BitGo, and CLiC Lifestyles.
NDAX offers two general ways to trade online:
Simple: There are two types of simple trading options: Market and Limit
Advanced: 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).
Canadian Banking: NDAX has established a banking relationship with a Canada-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, a global leader in security solutions for cryptocurrencies, provides a multi-authorization governance infrastructure for the management of crypto assets that was specifically engineered with the needs of enterprise and institutional clients in mind. Over 95% of NDAX's crypto assets are held in Ledger Vault.
BitGo (Hot Wallet): NDAX utilizes BitGo 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.
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.
NDAX is registered as a Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). NDAX’s has established and implemented internal policies and procedures and a compliance regime that is 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. 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 regards to euro volume and liquidity. Kraken is available for use all over the world and is a very popular exchange.
- 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.
- 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.
- 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.
