The Canadian cryptocurrency market is on a strong growth trajectory, with projected revenues expected to reach CA$1.2 billion the end of 2025. The number of Canadian cryptocurrency users is forecasted to rise to 13.36 million, with user penetration — the percentage of the population engaging with cryptocurrencies projected to reach 33.89 per cent, according to Statista.
As the adoption of digital assets continues to surge across Canada, choosing the right platform to securely hold and trade these assets is more important than ever. Given the volatility and risks inherent in cryptocurrency, it is crucial for investors to prioritize security in order to safeguard their investments and ensure long-term success.
Cryptocurrency assets inherently carry significant risks. Trading, buying, and speculating in digital currencies can lead to substantial financial losses, especially if assets are not adequately protected. This makes it essential for investors to use platforms that are registered with Canadian securities regulators, such as those approved by the Canadian Investment Regulatory Organization (CIRO).
Meet Ndax, a cryptocurrency trading platform that has been serving Canadian investors since 2018. With a strong focus on safety and transparency, Ndax has established itself as one of the most trusted platforms in the Canadian market. Led by a team of innovative experts, including its founder and CEO Bilal Hammoud, Ndax is revolutionizing the Canadian cryptocurrency landscape now that it has been granted approval by CIRO.
Ndax: Leading the charge in Canadian crypto
Founded in 2017 and headquartered in Calgary, Ndax has quickly become one of Canada’s most innovative and secure cryptocurrency trading platforms. The platform offers a wide range of digital assets, providing both seasoned investors and newcomers with the tools they need to navigate the crypto market.
Ndax’s commitment to transparency and security is evident in its regulatory status and operational practices. The platform is not only regulated as a money services business dealing in virtual currencies, but it was also the first in Canada to introduce staking and the first to obtain the prestigious SOC2 Type II certification—a key security standard that ensures rigorous controls over data privacy and protection.
At the core of Ndax’s competitive edge is its regulatory compliance. The platform is fully registered with Canadian financial authorities and is an approved member of the Canadian Investment Regulatory Organization (CIRO). This membership gives investors peace of mind, knowing that the platform adheres to the highest regulatory standards.
In addition to its regulatory status, Ndax provides financial protection with US$5 million in insurance for its cold wallets. This insurance covers a variety of risks, including fraud, internal theft, and hardware security module (HSM) malfunctions, further enhancing the platform’s security features.
Why choose Ndax?
Ndax offers one of the lowest trading fees in Canada, with a rate of just 0.20 per cent per trade. This makes it an attractive option for both casual and frequent traders looking to minimize costs. Additionally, the platform supports over 40+ tradable assets, giving users a wide variety of options to diversify their portfolios.
The platform is designed to be user-friendly while also providing advanced features. It offers customizable charts, real-time market data, technical indicators, and multiple order types, making it accessible for investors of all experience levels, from beginners to seasoned professionals.
As the first platform in Canada to introduce staking, Ndax enables users to earn rewards by staking their assets. For high-net-worth individuals or those seeking a more personalized experience, Ndax Wealth offers tailored over-the-counter (OTC) trading services, starting at $25,000, with competitive starting fees and faster fund settlement.
Ndax operates as an order execution only (OEO) firm, meaning it does not provide investment advice. This structure allows users to retain full control over their trading decisions without incurring advisory fees. Additionally, the platform’s transparency in fees, staking requirements, and registration process ensures users have the necessary information to make informed decisions.
Emphasis on security
Security is at the heart of Ndax’s operations. In addition to its SOC2 Type II certification, Ndax has implemented robust security measures to prevent theft and protect user assets. Its insurance coverage for cold wallets further enhances its commitment to safeguarding digital assets.
Furthermore, Ndax’s membership with CIRO and its status as an alternative trading system (ATS) solidify its credibility as a safe and reliable platform for cryptocurrency trading in Canada.
Notching registration approval with the CSA and CIRO
Thanks to its strong banking partnerships, which ensure fast, simple, and reliable transactions, along with its unwavering commitment to regulatory compliance, Ndax has solidified its position as a trusted leader in the Canadian cryptocurrency space. The company has earned investment dealer status and obtained membership with the Canadian Investment Regulatory Organization (CIRO), while also being recognized as an alternative trading system (ATS) across Canada.
CIRO, formed through the merger of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) in December 2022, plays a key role in overseeing investment and mutual fund dealers in Canada. Its mandate includes ensuring compliance with regulations, upholding market integrity, and fostering investor confidence.
From the very beginning, Ndax has prioritized regulatory compliance, transparency, and operational integrity. According to Julia Baranovskaya, Chief Compliance Officer at Ndax, “Our robust compliance framework, along with stringent internal processes, has been foundational in securing our registration with CIRO. This commitment to upholding the highest business standards has helped Ndax earn its reputable standing in the crypto industry.”
Ndax’s commitment to compliance began well before the company initiated its pre-registration process in March 2023. Over the past eight years, Ndax has built a strong foundation of rigorous operational procedures and strict adherence to Canadian regulations, ensuring that the platform remains in full compliance at every level.
As Tanim Rasul, Chief Operating Officer of Ndax, explains, “For years, we’ve been working toward becoming an investment dealer and registered marketplace. The real shift now is ensuring that our already established processes and practices are meticulously documented. Registration isn’t just about doing things correctly; it’s about providing the evidence that we consistently follow best practices.”
In addition to its CIRO registration, Ndax is a member firm of the Canadian Investor Protection Fund (CIPF), which offers protection for investors in the event that a member firm fails to meet its financial obligations. While CIPF covers up to $1 million per account type for traditional fiat currencies and securities, it does not extend protection to cryptocurrency holdings. However, Ndax provides coverage for Canadian dollars held on the platform, ensuring that fiat deposits are safeguarded.
For Ndax users, the company’s registration with CIRO provides an added layer of security and peace of mind. Rasul highlights that, as a registered investment dealer, Ndax is subject to the same rigorous regulatory oversight as traditional financial institutions, including regular audits and adherence to strict best practices. “This means our customers can be confident that their assets are protected, and their interests are prioritized,” he said.
The CIRO’s oversight ensures that Ndax operates within the highest standards of security, transparency, and integrity. With regular compliance checks and audits, users can trust that Ndax’s operations are always in line with the latest regulatory requirements.
Led by a passionate CEO
At the helm of Ndax is Bilal Hammoud, the company’s founder and CEO. A seasoned tech entrepreneur with over a decade of experience in finance, digital assets, and blockchain, Hammoud has been a pioneering figure in the cryptocurrency industry. His journey began during Bitcoin’s early days, when he vividly remembers the digital currency reaching a high of US$1,200 in 2013 before plummeting to $78 shortly thereafter.
In 2017, as Bitcoin gained widespread attention, Hammoud found himself fielding regular inquiries on how to purchase the cryptocurrency—often at steep premiums through ATM providers. This experience ignited his vision for Ndax: a user-friendly platform that would make cryptocurrency trading accessible to all Canadians, while setting the standard for regulatory engagement and operational excellence within the country’s crypto industry.
“I wanted to create a platform that could bridge the gap between regulators, investors, and traders. A platform that would set the bar for the Canadian cryptocurrency market,” Hammoud said.
The bottom line
As the Canadian cryptocurrency market continues to expand, ensuring that investors are trading on a secure and regulated platform is more important than ever. Ndax stands out as a leader in security, transparency, and regulatory compliance, offering users peace of mind that their assets are in safe hands. With its low fees, user-friendly platform, and strong security measures, Ndax is not just a cryptocurrency trading platform—it’s a trusted partner for Canadian investors looking to safely navigate the evolving world of digital assets.
Ndax sets itself apart from many of its peers by being a member of the Canadian Investment Regulatory Organization (CIRO) and recognized as a marketplace that functions as an alternative trading system. This ensures that crypto investors can trust their assets are stored securely while adhering to regulatory standards. As the number of digital assets and investors in the Canadian market grows, Ndax remains committed to providing a secure, transparent, and compliant trading environment for all users.
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