When I started in crypto, it took me an entire month to get my Canadian dollars into bitcoin.
This not an uncommon story. When I made the transfer to the exchange (which was Canadian based), I had NO IDEA where my money was for over a week. My friends assured me it would arrive and to not worry. But coming from a corporate background where you need to have a handle on the status of your money at all times, it was unnerving. There was scant customer support when I asked where it had disappeared off to — I just got a form email saying the funds would be deposited in due course.
Prior to sending the cash over, I also had to open new accounts at a new bank, and transfer my money there, as the bank I was with was not supported by this particular exchange. Hassle to the MAX.
The funds finally showed up, but I was out 2.5–5.0% depending on the method of deposit. Note they don’t list these fees on the website anymore. Hmmm…
I honestly had no idea where my money was being kept. It was a flyer. Was it in someone’s personal chequing account? What happened if they left town? I was at total risk.
Oh, and this is after the several week long verification process I had to undergo. So from start to finish, it probably took me more than a month to get my money into crypto.
This is one of the reasons I joined the founding team on the NDAX project. There was a need to make the system better. We registered as a Money Service Business with FINTRAC which helped us secure a Canadian-based financial institution. Now a first time buyer doesn’t have to deal with the hassle.
We’ve set up instant verification, (remember, it took me a couple weeks).
You can send your money instantly, know it’s exact status at all times and contact us to ensure we are on the look out for it if you are nervous. (Remember, mine was off in la-la land for awhile, likely being sent offshore, with nobody to answer where it was?) When it arrives with us, it’s not in my personal bank account or the CEO’s. We keep it in a segregated bank account, legally separate from our operating capital, like the real brokers do.
We’ve made it so there are no deposit fees. None. Wish I’d had that option before I paid several thousand dollars to the exchange for the privilege of buying bitcoin. AT NDAX we feel it’s OUR privilege to be able to make buying crypto easier and better for our clients, why should they pay us for the privilege of trusting us with their money?
The NDAX model is non-pareil, it’s built by real traders, real investors, and people with real legal backgrounds — people like me who have worked hard for our money, care about the way it is handled and demand security and value.
That’s why I came up with the slogan — new path, higher expectations.
Check out how simple crypto can be at: NDAX.io .