NDAX vs Coinbase | Here's Why Canadians Should Use Coinbase

ndax vs coinbase image
Jack Moreau
Feb 2024
8 min read
Fact checked

NDAX vs Coinbase: In this comprehensive comparison, we dive 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, trading fees, and deposit methods, we leave no stone unturned!

Coinbase

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Earn 5% Interest On USDC

Great UX & Beginner Friendly

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+300 cryptos & Staking

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Regulated: US, CA, EU, UK, AU

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NDAX vs Coinbase Comparison

NDAX
Coinbase
Kraken
Founded
2017
2012
2011
Registered
Canada
United States
San Fransisco
Countries N/A
All but Canada
OFAC
OFAC
Users
300K
120M
10M
Cryptos
40
+200
+220
Spot Fees
0.2%
0.4%-0.6%
0.16%
KYC Required
Yes
Yes
Yes
Best for
Canadian Beginners
Earning USDC Interest
Beginners & Security
Rating
Signup
NDAX
Your Capital is at risk.
Coinbase
Your Capital is at risk.
Kraken
Your Capital is at risk

NDAX and Coinbase are both well-established cryptocurrency exchanges that cater to different regions and offer a range of services to their users.

While NDAX is primarily focused on serving the Canadian market, Coinbase is a leading US-based exchange with a global presence. Let's take a closer look at each exchange to understand their key features and offerings.

NDAX was founded in 2017 by Bilal Hammoud in Calgary, Alberta. NDAX is a Canadian cryptocurrency exchange that provides a secure and user-friendly platform for buying, selling, and trading various cryptocurrencies.

NDAX exchange
NDAX exchange

The exchange is known for its emphasis on compliance, security, and customer support. With a workforce of over 50 employees, NDAX has gained popularity among Canadian cryptocurrency enthusiasts.

The exchange boasts an estimated user base of between 250,000 to 500,000 registered users, demonstrating its significant presence in the Canadian market.

NDAX offers a limited range of around 40 cryptocurrencies for trading, including popular options like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), and Solana (SOL).

The NDAX platform is available on both Android and iOS devices, with the app being downloaded by over 50,000 users. The app has received positive reviews, with an average rating of 4.1 stars based on 25,000 reviews.

NDAX App
NDAX App

On the other hand, Coinbase was founded even earlier in 2012 by Brian Armstrong and Fred Ehrsa. The company is registered in the District of Columbia and has its headquarters in San Francisco.

Coinbase exchange
Coinbase exchange

Coinbase has established itself as a popular platform known for its user-friendly interface, security measures, and regulatory compliance.

While Coinbase primarily serves users in the United States and Europe, it is available in over 100 countries worldwide.

The exchange has over 100 million users, making it one of the largest exchanges globally. The user base is a testament to Coinbase's reputation and reliability in the crypto community.

Coinbase offers a comprehensive range of services, including spot trading, recurring buys, staking, and an educational program called Coinbase Learn & Earn.

The platform supports over 200 cryptocurrencies, including Bitcoin, Ethereum, multiple fiat currencies and mobile apps that have been downloaded by millions.

Coinbase app
Coinbase app

NDAX vs Coinbase KYC Requirements

When it comes to signing up and completing the KYC process, NDAX and Coinbase have their own unique requirements and procedures. Let's start with NDAX.

The signup process on NDAX is quite straightforward. Users simply need to enter their full name, select a username, provide an email address, and create a password.

NDAX KYC
NDAX KYC

Once the email address is verified, the account is officially opened. However, it is important to note that NDAX only allows Canadian citizens to trade on their platform. So if you're not a Canadian, unfortunately, NDAX is not an option for you.

Now, let's move on to Coinbase. Signing up on Coinbase is quick and can be completed in just about a minute. All you need to do is verify your email, phone number, and provide some basic personal information.

Coinbase signup
Coinbase signup

Once these steps are done, your Coinbase account is ready to go. Just like NDAX, Coinbase also requires users to go through the KYC process.

NDAX vs Coinbase Crypto Products

NDAX is a cryptocurrency exchange that offers a limited range of products and services. The exchange primarily focuses on spot trading for a restricted selection of 40 cryptocurrencies. Users can buy and sell these cryptocurrencies through the NDAX spot exchange.

NDAX spot trading
NDAX spot trading

Additionally, NDAX supports recurring buys, allowing users to schedule automatic purchases and adopt a dollar-cost averaging strategy. NDAX also offers staking services for five cryptocurrencies, namely Ethereum (ETH), Graph (GRT), Polygon (MATIC), Polkadot (DOT), and Cardano (ADA).

NDAX staking
NDAX staking

Users can stake these cryptocurrencies on the platform, although it is important to note that NDAX charges a high 20% staking fee, which may deter some users. In terms of user experience, NDAX provides a basic and simplistic interface, making it accessible for beginners.

NDAX interface
NDAX interface

The exchange's limited selection of cryptocurrencies and products may be suitable for users who prefer a straightforward and uncomplicated trading experience.

However, for more experienced traders who require a wider range of options and features, NDAX may not meet their needs. While NDAX offers ease of use, its liquidity is relatively low.

This means that the daily spot trading volumes are not as high, resulting in less trading activity and potentially higher spreads and prices for users.

Coinbase has established itself as a major player in the world of cryptocurrency exchanges, primarily focusing on products and services that cater to beginners and institutional clients.

Coinbase Products
Coinbase Products

In adhering to the strict regulatory framework of the United States, Coinbase has chosen not to offer high-risk products like those commonly found on many offshore exchanges.

This decision while reducing the appeal for professional traders seeking high leverage, has made Coinbase a more beginner-friendly platform.

Coinbase Interface
Coinbase Interface

To accommodate its diverse clientele, Coinbase provides two distinct user interfaces. The regular Coinbase interface is designed with simplicity in mind, and the advanced interface tailored for experienced traders.

Coinbase Spot Trading
Coinbase Spot Trading

Coinbase supports spot trading in over 240 cryptocurrencies and users can buy or sell through an easy-to-use buy-and-sell feature or via more sophisticated spot trading available in the Advanced section.

Coinbase Cryptocurrencies
Coinbase Cryptocurrencies

Additionally, for those looking to invest over time, Coinbase offers a recurring buy feature that is useful for implementing a strategy known as Dollar Cost Averaging.

Recently, Coinbase expanded its offerings to include futures for BTC and ETH, along with perpetual contracts for a selection of other cryptocurrencies like BTC, ETH, LTC, SOL, XRP, and AVAX and with leverage of up to 5X.

Coinbase Perpetual Contracts
Coinbase Perpetual Contracts

And while Coinbase ranks highly in terms of 24/7 spot trading volumes, often being in the top 3 with over $1 billion in volumes, it faces stiffer competition in the futures market.

Another attractive feature for users interested in earning interest on their holdings is Coinbase's offer of a 5% interest rate on USDC.

Coinbase Earn
Coinbase Earn

In addition to this, Coinbase provides opportunities for users to earn staking rewards by staking various cryptocurrencies, including ETH, SOL, ATOM, AVAX, and many others.

Coinbase Staking
Coinbase Staking

For beginners looking to learn about blockchain technology and cryptocurrencies, Coinbase has a unique learn-and-earn program.

Coinbase Learn & Earn
Coinbase Learn & Earn

Through this program, users can educate themselves about various blockchain projects and earn tokens as rewards for their learning.

Embracing the growing trend of NFTs, Coinbase has developed its own NFT platform so that users can mint, explore, buy, and sell NFTs on various blockchains such as Ethereum, Base, and Polygon.

Coinbase NFTs
Coinbase NFTs

Coinbase also caters to users who wish to use their cryptocurrencies for everyday transactions through the launch of a Coinbase Visa Card.

Coinbase Visa Card
Coinbase Visa Card

This card enables users to spend both cash (USD) and crypto (USDC), rewarding them with benefits for their spending.

For those who prefer a non-custodial approach to handling their crypto assets, Coinbase has also developed the Web 3 Coinbase Wallet.

Coinbase Wallet
Coinbase Wallet

This wallet allows users to store, manage, and easily access thousands of coins and tokens, as well as to engage with DeFI across various blockchains including Bitcoin, Ethereum, and Solana.

Another recent addition to Coinbase's suite of services is the Coinbase One Membership. Priced at $29.99 per month, this membership provides users with benefits such as zero-fee trades, enhanced staking rewards, and priority customer support.

Coinbase One Membership
Coinbase One Membership

Being a publicly listed company in the U.S., Coinbase is subject to stringent regulations and accountability standards, which contributes to its reputation as the safest exchange in the industry.

Coinbase Institutions
Coinbase Institutions

This regulatory compliance is a key reason why major institutions like BlackRock and Grayscale choose Coinbase for trading and custody services for a wide range of crypto assets including Bitcoin, Ethereum, and Solana.

Coinbase Prime
Coinbase Prime

Finally, for high-net-worth individuals and institutional clients, Coinbase offers Coinbase Prime. This service provides access to advanced trading features, financing solutions, secure cold storage options, staking services, and much more.

NDAX
Coinbase
Kraken
Spot Trading
Yes
Yes
Yes
Futures
-
Yes
Yes
Perps
-
Yes
Yes
Margin
-
-
Yes
Options
-
-
-
OTC Desk
-
Yes
Yes
Copy Trading
-
-
-
Trading Bots
-
-
-
Staking
Yes
Yes
Yes
Lend & Borrow
-
Yes
Yes
NFTs
-
Yes
Yes
Web 3 Wallet
-
Yes
-
Debit Card
-
Yes
-
Signup
NDAX
Your Capital is at risk.
Coinbase
Your Capital is at risk.
Kraken
Your Capital is at risk

NDAX vs Coinbase Trading Fees

When it comes to trading fees, NDAX and Coinbase offer different options for cryptocurrency enthusiasts. Let's start with NDAX.

This exchange charges a flat fee of 0.2% for both buying and selling cryptocurrencies. Unlike some other platforms, NDAX doesn't offer any rebates or discounts for high-volume traders.

NDAX trading fees
NDAX trading fees

While this fee structure is not too shabby and is in line with popular exchanges like Gate.io and Huobi, it's more expensive compared to exchanges like OKX and Binance.

Now, let's move on to Coinbase's trading fees. When it comes to trading fees, Coinbase offers a tiered structure. For spot trading, the maker fee is 0.40% and the taker fee is 0.60%.

Coinbase trading fees
Coinbase trading fees

Coinbase also gives traders the opportunity to lower their fees by exceeding a certain monthly trade volume. If you surpass $10,000 in monthly trades during a 30-day window, your trading fees can be reduced.

NDAX
Coinbase
Kraken
Spot (mkr)
0.2%
0.4%
0.16%
Spot (tkr)
0.2%
0.6%
0.26%
Futures (mkr)
-
-
0.02%
Futures (tkr)
-
-
0.05%
Signup
NDAX
Your Capital is at risk.
Coinbase
Your Capital is at risk.
Kraken
Your Capital is at risk

NDAX vs Coinbase Deposit Methods

Let's compare the deposit methods offered by each exchange. NDAX allows users to deposit Canadian Dollars (CAD) via Interac e-Transfer or Wire Transfer.

Interac e-Transfers are free of charge and the funds arrive instantly. Wire Transfers, on the other hand, can take up to 1 business day for the funds to arrive. Both deposit methods are convenient for Canadian users who want to deposit CAD into their NDAX accounts.

NDAX deposit fiat
NDAX deposit fiat

Coinbase supports three fiat currencies for deposits, including USD, EUR, and GBP. Fiat deposits can be made via ACH, Wire (USD), SEPA (EUR), and Swift (GBP).

ACH deposits are free of charge, while Wire deposits require a $10 USD fee. SEPA deposits have a 0.15 EUR fee, and Swift deposits are free of charge.

Coinbase offers multiple deposit methods for users in different regions, making it accessible to a wide range of customers.In summary, NDAX and Coinbase have different deposit methods available.

Coinbase fiat deposit
Coinbase fiat deposit

NDAX focuses on Canadian users with options for Interac e-Transfer and Wire Transfer, while Coinbase offers various deposit methods such as ACH, Wire, SEPA, and Swift across different regions. Users should consider their location and preferred payment methods when choosing between these two exchanges.

NDAX
Coinbase
Kraken
USD
-
ACH/Wire
ACH, Etana, SWIFT, Wire
EUR
-
SEPA
Etana, SEPA, Wire
GBP
-
SWIFT
Etana, FPS, CHAPS, BACS
Signup
NDAX
Your Capital is at risk.
Coinbase
Your Capital is at risk.
Kraken
Your Capital is at risk

NDAX vs Coinbase Withdrawal Fees

Let's take a closer look at each exchange's withdrawal methods and fees. Starting with NDAX, users have the choice to withdraw either CAD or cryptocurrencies.

For CAD withdrawals, NDAX provides a single method called EFT (Direct Bank), which takes 1 business day to arrive and has a cost of $4.99 CAD. This option offers a convenient and relatively fast way for users to withdraw their Canadian dollars from the exchange.

NDAX fiat withdrawals
NDAX fiat withdrawals

On the other hand, cryptocurrency withdrawals on NDAX are more or less instant. The fees for these withdrawals vary depending on the cryptocurrency being withdrawn. For Bitcoin withdrawals, the fee is 0.0004 BTC, for Ethereum it is 0.001 ETH, for Solana it is 0.01 SOL, and for ERC-20 Tether it ranges from 10 to 20 USDT.

Moving on to Coinbase, this exchange provides a wide range of fiat withdrawal methods for users looking to cash out their funds. Fiat withdrawals are available via ACH, Wire, SEPA, and Swift. ACH withdrawals are free of charge, while Wire withdrawals incur a $25 USD fee.

SEPA withdrawals have a fee of 0.15 EUR, and Swift withdrawals require a payment of 1 GBP. These options offer flexibility for users who prefer different banking systems or need to withdraw funds in specific currencies.

When it comes to cryptocurrency withdrawals on Coinbase, the fees again vary depending on the specific cryptocurrency. For Bitcoin, the fee is 0.0002 BTC, for Ethereum it is 0.000768 ETH, for Solana it is 0.008 SOL, and for ERC-20 USDT it is 3 USDT.

These fees are relatively low, allowing users to easily transfer their cryptocurrencies to other wallets or exchanges. In summary, NDAX and Coinbase both offer different withdrawal methods and fees to cater to the diverse needs of their users.

NDAX
Coinbase
Kraken
USD
-
ACH/Wire
ACH, Etana, SWIFT, Wire
EUR
-
SEPA
SEPA, Swift
GBP
-
Wire/SWIFT
FPS, CHAPS, SWIFT
Signup
NDAX
Your Capital is at risk.
Coinbase
Your Capital is at risk.
Kraken
Your Capital is at risk
NDAX
Coinbase
Kraken
Bitcoin
0.0004 BTC
0.0003 BTC
0.0002 BTC
Ethereum
0.001 ETH
0.003 ETH
0.003 ETH
Solana
0.01 SOL
0.008 SOL
0.01 SOL
USDT (ERC-20)
10 USDT
2.9 USDT
5 USDT
Signup
NDAX
Your Capital is at risk.
Coinbase
Your Capital is at risk.
Kraken
Your Capital is at risk

Is NDAX better than Coinbase?

In conclusion, NDAX and Coinbase are both well-established cryptocurrency exchanges catering to different regions with their respective advantages. NDAX, with its focus on serving the Canadian market, has gained popularity among Canadian cryptocurrency enthusiasts.

The exchange boasts a small user base of between 250,000 to 500,000 registered users and offers a limited range of around 40 cryptocurrencies for trading, including popular options like Bitcoin, Ethereum, Ripple, Cardano, and Solana.

The NDAX platform is accessible through both Android and iOS devices, with positive reviews from its user base. On the other hand, Coinbase, a leading US-based exchange, has a global presence and over 100 million users, making it one of the largest exchanges worldwide.

Coinbase offers a comprehensive range of services, including spot trading, recurring buys, staking, and an educational program called Coinbase Learn & Earn. The exchange supports various cryptocurrencies, including Bitcoin, Ethereum, and multiple fiat currencies.

When it comes to signing up and completing the KYC process, NDAX has a straightforward process primarily for Canadian citizens, while Coinbase is available to users from various regions.

In terms of trading fees, NDAX charges a flat fee of 0.2% for both buying and selling cryptocurrencies. On the other hand, Coinbase offers a tiered fee structure, with a maker fee of 0.40% and a taker fee of 0.60% for spot trading.

When it comes to deposit and withdrawal methods, NDAX focuses on Canadian users with options for Interac e-Transfer and Wire Transfer, while Coinbase offers various methods such as ACH, Wire, SEPA, and Swift across different regions.

So which exchange do we like best? For us Coinbase is the clear winner as it's the more varied exchange that offers many more cryptocurrencies even though the spot trading fees are a bit higher.

Coinbase

Trade +240 Cryptocurrencies

Earn 5% Interest On USDC

Great UX & Beginner Friendly

Safest Crypto Exchange

Visit Coinbase
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Uphold

+300 cryptos & Staking

Fast & Free Bank Deposits

Regulated: US, CA, EU, UK, AU

100% Proof Of Reserves

Visit Uphold
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
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.

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