NDAX

What NDAX does

NDAX (operating brand "Ndax") is a Calgary-based, Canadian-regulated cryptocurrency trading platform founded in 2018. It operates as a CIRO-registered investment dealer and is registered with FINTRAC and Revenue Quebec, with SOC 2 Type II certified security controls. The platform supports trading of 65+ cryptocurrencies via a self-serve web portal and mobile app, offering Simple Trading (one-click orders), Advanced Trading (customizable charts and multiple order types), staking on 15+ assets at up to 13% APY, and BTC Lightning Network support for fast, low-cost Bitcoin transfers. NDAX serves Canadian retail investors, high-net-worth individuals, corporate treasury clients, financial institutions, crypto miners, and fintech platforms.

NDAX generates revenue primarily through a flat 0.20% trading fee on all buy and sell orders (no volume tiers), flat withdrawal fees, a 20% administration fee on staking rewards, OTC desk services for transactions above $25,000 CAD, and enterprise offerings including Treasury Service, Institutional Solutions, Liquidity Provider programs, Crypto Mining services, and a White Label Trade Platform. Since inception, the platform has processed $21B+ in cumulative OTC volume and $18B+ in Treasury Service volume. Cold storage, multi-signature controls, MPC-based hot wallets, segregated client assets, and third-party custodian insurance underpin the security architecture.

The go-to-market combines product-led growth (self-serve retail), B2B2C distribution via embedded white-label partnerships (notably KOHO, serving 2.5M+ Canadian fintech users), and enterprise field sales for OTC, treasury, and institutional clients. Marketing is content-driven through the NDAX Lighthouse educational platform and blog, supplemented by affiliate/referral programs and co-branded initiatives such as the NHL NDAX ICE prediction platform. Leadership includes CEO Bilal Hammoud, Founder/CTO Hussein Hammoud, COO Tanim Rasul, and Chief Compliance Officer Julia Baranovskaya.

Name

NDAX

Legal name

NDAX

Website

https://ndax.io

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

NDAX is a Calgary-based, CIRO-registered Canadian cryptocurrency exchange founded in 2018, offering retail and institutional trading of 65+ assets, staking, OTC desk services, and embedded white-label infrastructure for fintech platforms.

Ownership category

akta.pro rank

Product category

Cryptocurrency Exchange

NAICS

Securities and Commodity Exchanges (523210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Centralized Crypto Exchanges (CEX) (FSAPADAA)

akta.pro secondary industry

NFT Trading, Liquidity & Financialization (AMMs, lending, fractionalization, derivatives) (FSAPAFAG)

Keywords

• Cryptocurrency exchange
• Crypto trading platform
• Crypto staking services
• OTC crypto trading
• Digital asset custody

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Trading Fees: Flat 0.20% trading fee on all buy and sell orders regardless of order size or type, with no volume tiers. Fee is displayed before trade execution.
2. Crypto Withdrawal Fees: Flat withdrawal fees (not percentage-based) for crypto assets, varying by cryptocurrency. CAD withdrawals include $1.50 wire transfer fee and $4.99 Interac e-Transfer fee.
3. Staking Administration Fees: 20% administration fee applied to total generated staking rewards. No fees on staked principal amounts.
4. OTC Trading Services: Personalized over-the-counter trading services for high-net-worth individuals and institutions with minimum transactions of $25,000 CAD, providing deep liquidity and discretion.
5. Business Solutions: Revenue from enterprise clients including Treasury Service, Institutional Solutions, Liquidity Provider programs, Crypto Mining services, and White Label platform licensing for financial institutions and businesses.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

NDAX is a Canadian-regulated cryptocurrency exchange and marketplace that operates a trading platform supporting 65+ digital assets for individual retail and institutional clients. Its core offerings include spot trading (Simple Trading and Advanced Trading interfaces), native crypto staking with up to 13% APY, an OTC desk for large-volume transactions, and a suite of B2B solutions such as Treasury Service, Institutional Solutions, Liquidity Provider programs, Crypto Mining services, a White Label Trade Platform, and Financial Institutions integration services.

Product overview

NDAX is a Canadian-regulated cryptocurrency exchange operating as a unified platform with modular offerings. The platform is organized into Individual Products (Staking, Simple Trading, Advanced Trading, Wealth/OTC, and Fees), Business Solutions (Ndax Wealth: Treasury Service, Institutional Solutions, Liquidity Provider, White Label Trade Platform, Crypto Mining, Financial Institutions), and Feature Tools (Auto Invest, Advanced Order Types, Address Book, Tax Reporting, BTC Lightning Network). The individual and business products share common infrastructure including the trading engine, custody framework, and regulatory compliance layers.

Differentiator

Problem solved

Functional benefit

Brands

• Ndax Staking: Native crypto staking platform offering up to 13% APY on various cryptocurrencies including Ethereum, Solana, and others.
• Ndax Wealth (OTC)
• Ndax Treasury Service
• Ndax Institutional Solutions

Products and services

• Staking Native crypto staking platform offering up to 13% APY on 13+ assets including Ethereum, Cardano, Solana, Polygon, Sui, Sonic, Sei, Injective, and others, with slashing protection and flexible unbonding options. Charges a 20% administration fee on staking rewards.
• Simple Trading Streamlined one-click cryptocurrency trading interface for rapid order execution, supporting 65+ cryptocurrencies including Bitcoin, Ethereum, and Solana. Targeted at retail users seeking fast, simple crypto buying and selling.
• Advanced Trading Sophisticated trading platform with customizable charts, multiple order types (Market, Limit, Stop, Stop-Limit, Trailing Stop), real-time order book, and integrated order execution from charts. Designed for experienced retail and professional traders.
• Wealth (OTC) Over-the-counter trading desk for high-net-worth individuals and institutions, providing personalized service, deep liquidity, and large-volume crypto trade execution starting at $25,000 CAD minimum per transaction.
• Treasury Service Digital asset treasury management solution providing secure custody, trading, and staking capabilities for business cryptocurrency holdings within a robust security framework (SOC 2 Type II, segregated assets).
• Institutional Solutions Digital asset services and Web3 solutions for institutions, supporting the development, planning, and implementation of digital asset initiatives with NDAX's secure and customizable framework.
• Liquidity Provider Program providing businesses access to extensive liquidity pools, competitive spreads, and a wide range of trading pairs to enhance cryptocurrency transaction efficiency for high-volume operations.
• White Label Trade Platform Plug-and-play customizable cryptocurrency trading platform solution that integrates with existing business infrastructure, enabling fintech and financial institutions to embed crypto trading into their own products (e.g., powering KOHO Crypto).
• Crypto Mining Services for cryptocurrency miners including deep liquidity pools, competitive fees, and security solutions to optimize mining operations and convert mining proceeds efficiently.
• Financial Institutions Digital asset solutions enabling banks, investment firms, and other financial institutions to integrate and offer cryptocurrency services within their existing product offerings using NDAX's secure and customizable framework.

Quantifiable outcome

• Up to 13% APY on staking
• +4 more outcomes

Named customers2 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

Four partnerships are on record, tiered core and minor.

• KOHOcoreTechnology or Integration · 29 April 2026NDAX powers KOHO Crypto, an in-app cryptocurrency trading feature for KOHO's 2.5+ million Canadian users. NDAX provides the trading infrastructure and serves as custodian for cryptocurrency assets. Users can buy, hold, sell, and manage 20+ cryptocurrencies within the KOHO app. Fees range from 0.5% (Everything plan members) to 1.5% (non-members).
• NHL (National Hockey League)minorStrategic or Co-development Partner · 1 May 2025NHL partnered with NDAX for the NDAX ICE prediction platform during the 2025 Stanley Cup Playoffs, enabling blockchain-based fan engagement through prediction games and digital collectibles.
• Regulated Trust Companies (Custodians)coreOthersNDAX uses regulated trust companies as custodians for client digital assets, with at least 80% of client crypto held in segregated omnibus accounts. Custodians are regulated as trust companies across Canadian and U.S. jurisdictions and maintain independent insurance coverage for digital assets held in cold storage.
• Crown-Owned Financial InstitutioncoreOthersNDAX holds segregated CAD accounts at a Crown-owned financial institution, providing additional regulatory protection and oversight for Canadian dollar holdings.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Coinbase: Public, US-headquartered crypto exchange operating globally. Directly comparable as a centralized retail and institutional crypto trading platform with staking, OTC, and custody; NDAX competes with Coinbase's Canadian user base but Coinbase is broader in geography and product scope.
• Kraken: Global centralized crypto exchange serving retail and institutional clients with spot trading, staking, and OTC. Comparable core product set and target customers to NDAX, but with materially larger geographic and asset coverage.
• Binance Canada: Global centralized crypto exchange with a Canadian presence. Directly competes for Canadian retail traders and offers a broader asset list and lower headline fees, but with different regulatory posture.
• Crypto.com: Global centralized crypto exchange and card-issuing platform with retail trading, staking, and OTC. Comparable in product breadth and target audience but operates at much larger scale and broader geography.
• Interactive Brokers: Global multi-asset broker offering crypto trading alongside equities, options, and futures. Comparable as a regulated dealer extending into digital assets, and a potential competitor or partner for NDAX's institutional and OTC business.

Direct peers

• Bitbuy: Canadian-registered centralized crypto exchange offering retail trading and staking to Canadian residents. Closest direct competitor to NDAX in geography, regulatory framing (CIRO-adjacent), and product mix.
• Wealthsimple Crypto: Canadian wealth platform offering crypto trading alongside brokerage and banking products. Direct competitor in the Canadian retail crypto market with a similar compliance-first positioning; reaches a large Canadian consumer base.
• Shakepay: Canadian crypto platform focused on retail bitcoin and ethereum trading with a mobile-first UX. Direct Canadian-market peer targeting similar retail users, though narrower in product breadth than NDAX.
• Newton: Canadian-registered crypto trading platform offering retail spot trading with no-commission model. Direct peer competing for Canadian retail trading volume; similarly Canadian-regulated.
• Gemini: US-based, NYDFS-regulated centralized crypto exchange with retail, staking, and custody. Comparable compliance-forward positioning and product set; serves as a US analog to NDAX's regulated-dealer approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ndaxio
• Facebookfacebook.com/ndaxio

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NDAX