NDAX, Canada’s Newest Regulated Crypto Exchange, Supports XRP

NDAX, Canada’s Newest Regulated Crypto Exchange, Supports XRP

Siamak Masnavi
  • 13 Jul 2018
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  • 1373 views
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  • In #Ripple

Calgary-based National Digital Asset Exchange (NDAX), Canada's newest regulated crypto exchange, which was only launched on 23 June 2018, offers Canadians fiat to XRP trading and promises zero deposit fees for the remainder of 2018.

Although NDAX announced a "soft launch" back on 31 May 2018, it was not until 23 June 2018, after it had finished its stress testing, that it officially went live.

One of the interesting things about NDAX is that clients' fiat depoits (CAD) are held in a "segregated bank account at a trusted Canadian banking institution." Another is the offer of zero deposit fees for the remainder of 2018.

Other competitive advantages cited by NDAX include: "low trading and withdrawal fees, instant ID verification, institutional level security, and deep liquidity for large transactions." For expedited settlement, it offers the following options: Interac e-Transfer, wire, bank draft, certified cheque and EFT/direct deposit.

With regard to security, customers' digital assets, they "are protected with multi-signature technology... with 98% of the assets held in cold storage." Also, it is nice to know that NDAX is regulated by Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB).

NDAX's support for XRP is significant since the only other cryptocurrencies supported are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Also, its main competition, the two major Canada-based centralized exchanges, QuadrigaCX and Coinsquare, do not currently support XRP.

 

Featured Image Credit: Interface Image Courtesy of NDAX