11 Years of Bitcoin, 11 Reasons to Trade on NDAX
On October 31, 2008 a link to a whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted on the now legendary Cypherpunk mailing list authored by mysterious person (or possibly group of people) going by the name Satoshi Nakamoto. In the process, the world’s first cryptocurrency was born. The peer-to-peer electronic cash system used a revolutionary concept of using a transparent ledger of open and public transactions called the blockchain to create a system for electronic transactions that did not rely on trust. In the process, Bitcoin challenged pre-existing notions of what money is, how it is used and what it will be in the future.
In the eleven years since Nakamoto made the original ideas outlined in his whitepaper public, Bitcoin has set the world on fire. Bitcoin created an entirely new class of assets for investors and traders. The price of Bitcoin rocketed to levels of over $20,000 (BTC to CAD) in Dec. 2017, compared to a price of $0.003 (BTC to CAD) in Mar. 2010. On Bitcoin’s 11th birthday, the price of a single coin was $12,234 (BTC to CAD). In a survey published by venture capital firm Blockchain Capital, 11 per cent of all Americans now own Bitcoin. According to the same survey, an astonishing 89 per cent of Americans have heard of Bitcoin in 2019.
At the National Digital Asset Exchange Inc. (NDAX) we are a Canadian-based digital asset exchange that offers a world-class experience for individuals and institutions to buy and sell Bitcoin in the fastest, safest and most compliant manner possible. As Canada’s most advanced cryptocurrency exchange, NDAX has set the bar high for the country’s crypto industry and is consistently leading the way in terms of security and innovation.
In celebration of Bitcoin’s 11th birthday, we take a look at the top 11 reasons why NDAX is the best place to buy and trade Bitcoin in Canada.
Reason 1) Integration with the Canadian Banking System
NDAX is fully integrated into the Canadian banking system. Full integration allows for quick and efficient transfers from all Canadian banks, credit unions and financial institutions. Clients’ Canadian dollar (CAD) and US dollar (USD) transfers are safely deposited and stored with a crown-owned Canadian bank.
Reason 2) NDAX’s Institutional-Grade Custody Solution
NDAX has partnered with Ledger Vault, the global standard in security and infrastructure solutions for cryptocurrencies, to offer an institutional custody solution for all crypto assets supported on NDAX’s trading platform. NDAX’s state-of-the-art security technology offers family offices and financial institutions segregated crypto accounts, giving users full control of their private keys with a multi-authorization, self-custody management solution. Over 95 per cent of crypto assets are held in the Ledger Vault (a multi-signature cold storage solution) that brings a higher level of governance, security and transparency when managing a user’s crypto assets.
Reason 3) Referral Program
NDAX's affiliate program allows users to be rewarded for signing up family and friends. Traders who make referrals enjoy 10 per cent of the lifetime trading fee revenue generated by a new user who signs up through an affiliate link. NDAX also offers monthly promotions. Traders can check NDAX’s promotions page to take advantage of new offers. For more details, click here.
Reason 4) Digital Asset Security
In alignment with the highest fintech (financial technology) industry security standards in Canada, NDAX holds approximately 95-98 per cent of its digital assets offline in cold storage (storage that cannot be accessed by a computer, and therefore cannot be hacked or tampered with). Only 2-5% of the digital assets are held online in hot storage (storage accessible by a computer).
NDAX uses multiple data servers which are isolated and monitored 24/7. A malicious attack on any one of NDAX’s servers will automatically shut down the network to prevent damage to the digital assets and client’s personal information. NDAX employs a multitude of security measures, including multi-signature technology on its cold storage system to keep assets secure.
Reason 5) Financial Security and Robust Regulatory Framework
NDAX is registered with FINTRAC as a Money Services Business (MSB). The exchange has implemented a robust compliance regime that adheres to all applicable laws and regulations regarding Know Your Client (KYC), as well as the Proceeds of Crime, Money Laundering and Terrorist Financing Act (PCMLTFA).
Reason 6) Fast Sign-Up and Verification Process
At NDAX, we offer instant verification. New users can open a new account, get verified and start trading within minutes.
Reason 7) Advanced Trading Options
NDAX offers multiple advanced trading options for users including:
Stop Limit Orders: A stop limit order is a limit buy or sell order that is triggered once a cryptocurrency touches an exact price.
Trailing Stop Market Orders: A trailing stop market order is a stop order that can be set at a specific percentage or dollar amount away from a cryptocurrency’s current market price.
Trailing Stop Limit Orders: Trailing stop limit orders are a limit buy or sell order that is triggered once a cryptocurrency touches a trailing amount set by the user.
Fill or Kill (FOK) Orders: Fill or Kill (FOK) orders are trades that execute immediately and entirely at a certain price, but if it cannot fill the entire order immediately, then it will be canceled entirely.
Immediate or Cancel (IOC) Orders: An Immediate or Cancel Order (IOC) is a trade that executes immediately and cancels any unfilled portions of a partially filled order.
Reserve or Iceberg Orders: A Reserve or Iceberg Order is a large trade that is divided up into multiple limit orders. The orders are split into visible and concealed amounts. The concealed orders become visible as the visible portions are executed.
Reason 8) Over-the-Counter (OTC Trading)
NDAX offers Over-the-Counter (OTC) trading. OTC trades can be done through the NDAX trading desk. The minimum amount of OTC Trading is $25,000 CAD worth of cryptocurrency. You can contact the OTC Trading Desk by emailing firstname.lastname@example.org or calling 403-835-8009.
Reason 9) NDAX Offers Competitive Fees
NDAX offers some of the most competitive fees in the industry. No fees are charged when depositing funds using an Interac e-Transfer, bank draft/certified cheque or wire transfer. The trading fee on NDAX is just 0.20 per cent, compared to other exchanges that can charge as much as 1.95 per cent to execute the exact same trade. Market maker trades also carry no fee on NDAX, while other exchanges regularly charge between 0.1-1.0 per cent for market making trades.
Reason 10) 24/7 live customer support
In the cryptocurrency space it is very rare for a user to be able to talk to a real person at an exchange and to get an instant reply. On other exchanges it can often take weeks (or longer) to get a reply for client support. At NDAX, users can communicate with the staff directly by phone, over chat, or via an email support ticket. NDAX also has a physical location clients can visit to get customer service and support in person.
Reason 11) NDAX Offers the Tightest and Most Consistent Spread in Canada
NDAX provides users with the tightest and most consistent spreads in Canada by utilizing industry leading software. The spread on an exchange is difference between the top price offered and the lowest asking price given for an asset such as a cryptocurrency on an exchange’s order book. The spread widens when the difference between the two prices grows further apart, and the spread tightens when the two prices move closer together.
By having tighter spreads than its competitors, NDAX offers users a more efficient, smoother and less expensive platform to exchange cryptocurrencies. This can benefit users by offering consistently better prices when both buying and selling crypto on the exchange.
If you are based in Canada and looking for a Canadian Bitcoin exchange, then take a look at NDAX. NDAX is an easy-to-use, beginner-friendly exchange that can give you easy access to trade Bitcoin and other cryptocurrencies like Ethereum, Ripple, Litecoin, Cardano, Dogecoin, EOS and Stellar.