NDAX vs Binance | Best Exchange To Save On Trading Fees
Jack Moreau
Feb 2024
9 min read
Fact checked
NDAX vs Binance: In this comprehensive comparison, we look into the key aspects of both exchanges to assist you in making an informed decision. From examining their KYC requirements and country availability to analysing their product offerings and trading fees, we leave no stone unturned!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
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eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
While NDAX is a Canadian-based exchange primarily catering to users in Canada, Binance is a global exchange that serves customers from around the world.
NDAX was founded in 2017 by Bilal Hammoud and is a well-established cryptocurrency exchange headquartered in Calgary, Alberta, Canada.
With a workforce of over 50 employees, NDAX has positioned itself as a secure and user-friendly platform for Canadians to buy, sell, and trade various cryptocurrencies.
The exchange boasts an emphasis on compliance, security, and customer support, making it a trusted choice for Canadian crypto enthusiasts. NDAX is exclusively available in Canada and does not support users from other countries.
Despite its limited reach, NDAX has garnered an estimated user base of 250,000 to 500,000 registered users in Canada. The exchange offers a limited range of 40 cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), Atom (ATOM), and Solana (SOL).
On the other hand, Binance was also founded in 2017 by Changpeng Zhao and is one of the largest cryptocurrency exchanges in the world. Registered in the Cayman Islands as Binance Holdings Ltd, the exchange has over 6,400 employees and is available in 186 countries.
Binance offers an extensive suite of trading and financial services, including spot trading, futures trading, options, earn products, it's own Visa card and much more.
With over 120 million users globally, Binance has established itself as a go-to platform for cryptocurrency traders. The exchange supports more than 350 cryptocurrencies and is one of the most liquid exchange in the world.
Binance has also developed its own mobile app, which has been downloaded over 50 million times and has a rating of 4.4 based on over 1 million reviews.
NDAX vs Binance KYC Requirements
When it comes to signing up for an exchange and going through KYC, NDAX and Binance have different requirements and processes in place.
Signing up for NDAX is a fairly straightforward process that requires users to enter their full name, select a username, and provide their email and password.
Once the email address is verified, the account is officially opened. Note however that NDAX is exclusively for Canadian citizens, so non-Canadians won't be able to trade on this platform.
To complete the KYC process on NDAX, Canadians need to provide personal information such as their full name, date of birth, phone number, address, and a valid government ID. NDAX will then verify this information and the process usually takes about 1-2 business days before an approval can be given.
Creating a Binance account is incredibly quick and easy taking less than a minute to complete. However, to unlock full account privileges, users must also go through the KYC process in order to verify their account.
This involves submitting all the required information and documents such as full name, country of residence, street address and a valid government ID.
While this process usually takes just a few minutes to complete for the users, it normally takes one hours for Binance to verify each user.
NDAX vs Binance Crypto Products
In terms of the product offering and user experience, NDAX is a relatively basic exchange that focuses on spot trading for a limited range of 40 cryptocurrencies. They also offer recurring buys which allow users to schedule automatic purchases for dollar-cost averaging.
Additionally, NDAX supports staking for five cryptocurrencies, including Ethereum, Graph, Polygon, Polkadot, and Cardano, although their staking fee of 20% is very high by industry standards.
The user experience on NDAX is simple and easy to use making it suitable for beginners who value simplicity. However, more experienced users may find the exchange way too limited in terms of its offerings and features.
Furthermore, the liquidity on NDAX is very low compared to larger exchanges which leads to higher spreads and higher prices for users.
On the other hand, Binance offers a much wider range of products and services. They provide spot trading, futures trading, margin trading, perpetual swaps, and options trading.
Binance also offers trading bots and copy trading, allowing users to follow and replicate the trades of successful traders automatically. Additionally, Binance provides leveraged tokens, staking, lending, and various types of vaults for users who want to earn on their assets.
They also have their own NFT marketplace and a Web 3 wallet called Trust Wallet. The user experience on Binance is generally regarded as good, considering the wide range of products on offer.
The exchange manages to provide a variety of services without overwhelming the user. Furthermore, liquidity on Binance is one of the best in the world, with daily spot trading volumes frequently exceeding $10 billion.
In summary, Binance provides a much broader range of products and features compared to NDAX. Binance caters to both beginner and experienced users, with a wide variety of options for trading, staking, and earning on assets.
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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.