NDAX vs Binance | Best Exchange To Save On Trading Fees

Let's take a closer look at their fee structures and see who comes out on top.

Binance charges a very low spot maker fee of 0.1% and a spot taker fee of 0.10%. For futures trading, the maker fee is 0.02% and the taker fee is 0.04%.

While these trading fees are already very low, Binance also employs a tiered fee structure which means that trading fees can be lowered if monthly trade volumes exceed $1 million or if users hold at least 25 BNB tokens.

On NDAX, the cost for buying and selling cryptocurrencies is a flat 0.2% fee. Unlike Binance, NDAX does not offer any rebates for high-volume traders, meaning that everyone pays the same fee regardless of their trading activity.

While this fee structure is in line with other exchanges like Gate.io and Huobi, it is slightly more expensive than platforms such as OKX and Binance.

In the battle between NDAX and Binance, it's clear that Binance takes the lead when it comes to trading fees. With its tiered fee structure and potential for fee reductions based on trade volumes or token holdings, Binance offers traders a greater opportunity to optimize their trading fees.

While NDAX focuses on Canadian Dollars (CAD), Binance supports a wide range of over 20 fiat currencies such as USD, EUR, AUD, GBP, SEK, DKK, and PLN, among others.

If you're using NDAX and want to deposit CAD, you have two options: Interac e-Transfer or Wire Transfer. Both methods are free of charge, but there are differences in processing time.

Interac e-Transfers are instant, so the funds will be available in your account within minutes. On the other hand, Wire Transfers can take up to one business day for the funds to arrive.

As mentioned earlier, Binance supports a wide range of fiat currencies, making it convenient for users from various countries.

For fiat deposits, you can use Bank transfers via Swift, Signet, SEPA, and Faster Payments (FSP). Additionally, you can deposit fiat currencies with Visa, Mastercard, PayID, and Advacash.

If you deposit with Visa or Mastercard, there is a 1.8% fee. For bank transfers via SEPA, there is a fixed fee of 1 EUR. Deposits made with Advcash have a 1.5% fee.

In summary, NDAX and Binance offer different deposit methods for their users. NDAX allows you to deposit CAD through Interac e-Transfer or Wire Transfer, both of which are free. On the other hand, Binance supports a wide range of fiat currencies and offers various deposit methods.

With NDAX, users have the option to withdraw their funds in either CAD or cryptocurrencies. For CAD withdrawals, NDAX provides a single method which is EFT (Direct Bank) transfer. This method takes approximately 1 business day to arrive and incurs a fee of $4.99 CAD.

On the other hand, cryptocurrency withdrawals on NDAX are relatively instant. The withdrawal fees vary depending on the type of cryptocurrency being withdrawn.

Bitcoin withdrawals come with a fee of 0.0004 BTC, Ethereum withdrawals have a fee of 0.001 ETH, Solana withdrawals incur a fee of 0.01 SOL, and ERC-20 Tether withdrawals have fees ranging from 10-20 USDT.

Moving on to Binance, users can withdraw USD via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP). Binance charges a 1.8% withdrawal fee for fiat withdrawals made with Visa and MasterCard.

For EUR withdrawals with SEPA there is a fixed fee of 1 EUR. However, bank withdrawals with many other fiat currencies are free of charge.

In terms of cryptocurrency withdrawals, Binance applies different fees depending on the type of cryptocurrency being withdrawn. For Bitcoin, the withdrawal fee is 0.0002 BTC. Ethereum withdrawals come with a fee of 0.000768 ETH, while Solana withdrawals incur a fee of 0.008 SOL.

In conclusion, NDAX, with its Canadian focus and emphasis on compliance and security, provides a trusted platform for Canadians to buy, sell, and trade a small range of 40 cryptocurrencies.

Binance is much more versatile than NDAX with it's vast selection of over 350 cryptocurrencies and advanced trading features.

Binance liquidity and extensive reach make it a world class option for traders looking for diverse trading options and high trading volumes.

When it comes to the signup process and KYC requirements, both NDAX and Binance require all their users to pass KYC in order to trade.

Binance has lower trading fees than NDAX with a spot maker fees of 0.1% and spot taker fees of 0.10% while NDAX charges a flat fee of 0.2% for buying and selling cryptocurrencies.

Both exchanges offer different fiat deposit and withdrawal methods with NDAX focusing on Canadian Dollars (CAD) and Binance supporting a wide range of fiat currencies.

At the end of the day, Binance is better than NDAX across every categories with the only difference being that NDAX is regulated in Canada while Binance currently is not.