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NDAX vs. Bitcoin Well

Two ways Canadians can buy bitcoin. The difference is where your bitcoin ends up after you buy it.

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Where does your bitcoin end up?

With NDAX, your bitcoin goes into your NDAX account, held in their custody.

Bitcoin Well delivers every bitcoin purchase directly to a wallet you control.

Which is right for you?

Both platforms are open to Canadians and have different advantages.

Bitcoin Well is generally more suitable for bitcoin-focused users.

NDAX may suit you if you want...

  • ETH, SOL, ADA and many other cryptocurrencies
  • staking and Auto Earn
  • an order book with market, limit and stop orders
  • bitcoin held by NDAX until they approve a withdrawal

Bitcoin Well may suit you if you want...

  • the transparency of a publicly traded company
  • bitcoin delivered directly to your personal wallet on every purchase
  • private bitcoin purchases with a Lite Account & Cash Vouchers
  • your bills paid directly from your bitcoin wallet
  • Wishing Well rewards for every purchase or sale
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NDAX vs. Bitcoin Well at a glance

NDAX and Bitcoin Well both let Canadians buy bitcoin, but they’re built around different ideas.

NDAX

A multi-asset custodial exchange

  • About 65 cryptocurrencies, including ETH, SOL and ADA
  • Staking and Auto Earn
  • Your bitcoin held in their custody
  • Regulated as an investment dealer
Bitcoin Well

Bitcoin delivered straight to your wallet

  • Bitcoin only, delivered by Lightning or on-chain
  • A fixed spread for purchases and sales
  • Lite Accounts for buying bitcoin privately
  • Cash purchases at 160+ Bitcoin Well ATMs

Trustpilot score

As of October 27, 2026

Bitcoin Well suits bitcoin-focused users who want control of their own keys.

Side-by-side comparison

How NDAX and Bitcoin Well compare on the details that matter most when you buy bitcoin in Canada.

  • How it works

    NDAX
    A crypto exchange. Your bitcoin stays in your NDAX account until you request a withdrawal.
    Bitcoin Well
    Bitcoin-only. Every purchase is delivered directly to your personal bitcoin wallet.

  • Where your bitcoin is held

    NDAX
    Held by NDAX or its custodians until you withdraw it.
    Bitcoin Well
    In a self-custody wallet you control. Bitcoin Well doesn’t hold customer bitcoin.

  • What you can buy

    NDAX
    About 65 cryptocurrencies, including ETH, SOL and ADA.
    Bitcoin Well
    Bitcoin only

  • Order types

    NDAX
    Market, limit and stop orders on an order book.
    Bitcoin Well
    One-time buys and sells at the quoted price

  • Recurring buys

    NDAX
    Recurring purchases, daily, weekly or monthly. The bitcoin stays in your NDAX account.
    Bitcoin Well
    Recurring Buys, each delivered straight to your wallet

  • Cost to buy

    NDAX
    A 0.20% commission on the order-book price. The live spread and any slippage are extra.
    Bitcoin Well
    A 1.5% spread for Verified Accounts. Buying bitcoin privately with a Lite Account has a 4% spread.

  • Cost to sell

    NDAX
    The same 0.20% commission when you sell, on top of the order-book price.
    Bitcoin Well
    A 2.0% spread for Verified Accounts. Selling bitcoin privately with a Lite Account has a 4% spread.

  • Getting bitcoin to your wallet

    NDAX
    You request a withdrawal, NDAX must approve it.
    Bitcoin Well
    Every purchase is delivered to your wallet, either by Lightning or on-chain. Batched on-chain delivery is free; faster on-chain delivery may include a network fee.

  • Interac e-Transfer

    NDAX
    Interac deposits are free from NDAX. An Interac cash-out costs $1.50, up to $10,000.
    Bitcoin Well
    Buy with Interac e-Transfer. Get paid by Interac e-Transfer when you sell.

  • Other ways to move money

    NDAX
    Wire deposits are free from NDAX. An EFT cash-out costs $4.99.
    Bitcoin Well
    Cash at 160+ Bitcoin Well ATMs, Cash Vouchers, bill payments with bitcoin, and direct deposit for larger sales

  • Identity verification

    NDAX
    A government photo ID, a selfie and a phone number, plus your address and employment details.
    Bitcoin Well
    Lite Account: only an email address is needed. Verified Account: quick verification via SumSub.

  • Regulation

    NDAX
    Ndax Canada Inc. is a CIRO member and an investment dealer, and a FINTRAC money services business (M18632135).
    Bitcoin Well
    FINTRAC-registered money services business. Publicly traded company listed on the TSX Venture Exchange.

  • Protection for your bitcoin

    NDAX
    Cash may be covered by CIPF. Crypto isn’t covered by CIPF or CDIC.
    Bitcoin Well
    Your bitcoin is in your own wallet, so its safety depends on how you protect your keys. Bitcoin Well can’t recover lost keys.

  • Where you use it

    NDAX
    iOS and Android apps, and the web.
    Bitcoin Well
    The Bitcoin Portal web app, works on desktop, tablets and mobile

  • Support

    NDAX
    Phone on weekdays, 10 a.m. to 6 p.m. Eastern, and live chat that runs later, including weekends.
    Bitcoin Well
    Help Center and email, weekdays 9 a.m. to 5 p.m. Mountain time

  • Tax records

    NDAX
    A downloadable transaction history, plus monthly or quarterly statements.
    Bitcoin Well
    CSV export of your transaction activity

Where your bitcoin is held

This is the biggest difference between the two. NDAX holds your bitcoin until you request a withdrawal. Bitcoin Well sends it directly to a wallet you control as part of every purchase.

NDAX

Held for you until you withdraw

  • At least 80% of client crypto is in cold and warm storage with Coinbase Custody and BitGo. Up to 20% can sit in an NDAX hot wallet.
  • You have to request a withdrawal. NDAX may decline it, including when it decides the request isn’t correct.
  • Legal title stays with NDAX until the withdrawal is confirmed on the blockchain.
Bitcoin Well

Delivered to your own wallet

  • Every purchase is delivered to a self-custody wallet you control, by Lightning or on-chain.
  • Bitcoin Well doesn’t hold customer bitcoin after a purchase.
  • You’re responsible for your wallet, keys and seed phrase. Bitcoin Well can’t recover lost keys.
  • You’ll need a bitcoin wallet before you buy.

Bitcoin Well never holds your bitcoin; it sends it directly to your wallet after every purchase.

What NDAX’s agreement says about a withdrawal

You can ask NDAX to send bitcoin to your own wallet. This is what their agreement says about that request.

Section 12.3

Provided that you hold a sufficient balance in your Account, you may request a withdrawal of Fiat Funds or Virtual Assets from your Account. We will, upon receipt of your request, withdraw the requested Fiat Funds or Virtual Assets from your Account, less any fees charged for such withdrawal in accordance with the Fee Structure. Ndax reserves the right not to process orders for withdrawal of Fiat Funds or Virtual Assets if: (i) a third party involvement is identified; (ii) the user expresses clear misunderstanding of the purpose of the Transaction; (iii) the transfer out information provided to us is identified to be incorrect; and (iv) for any other reason where the withdrawal Transaction is identified by us not to be correct, in our sole discretion.

NDAX may decline a withdrawal, including when it decides the request isn’t correct.

The same agreement says beneficial ownership stays with you, and legal title stays with NDAX until the withdrawal is confirmed on the blockchain.

Bitcoin Well never holds your bitcoin; it sends it directly to your wallet after every purchase.

Bitcoin Well Canada: Terms of Service

Fees and pricing

NDAX charges a commission on an order-book trade. Bitcoin Well publishes one spread.

NDAX

A 0.20% commission, plus the market

  • Every buy and sell pays 0.20%. That commission sits on the order-book price, so the live spread and any slippage are extra.
  • Interac and wire deposits are free from NDAX. An Interac cash-out is $1.50 and an EFT cash-out is $4.99.
  • Staking and Auto Earn take a 20% fee from the rewards, not from the crypto you enrolled.
Bitcoin Well

A fixed spread

  • Verified Accounts: 1.5% spread to buy, 2.0% to sell.
  • Lite Accounts: pay a 4% spread to buy or sell.
  • There are no withdrawal fees, account fees or hidden fees. Faster on-chain delivery may include a small network fee.

NDAX’s 0.20% commission does not include the variable spread, and moving bitcoin to your wallet is a separate withdrawal. Bitcoin Well’s 1.5% verified buy spread is quoted up front, and the bitcoin is delivered to your wallet as part of the purchase.

Identity verification and privacy

Both platforms must follow Canada’s anti-money-laundering rules. The difference is how much you share to get started.

NDAX

Full verification before you trade

  • NDAX asks for a government photo ID, a selfie and a phone number.
  • You also give your address and employment details. There’s no email-only account.
Bitcoin Well

Full or Lite

  • Lite Accounts need only an email address and work with Cash Vouchers.
  • Verified Accounts need to verify their identity via SumSub.
  • Bitcoin Well doesn’t sell personal information.

Bitcoin Well’s Lite Account requires the least amount of personal information. Both companies ask for ID verification when the law requires it.

Regulation and oversight

The two platforms are regulated under different regimes.

NDAX

A CIRO investment dealer

  • Ndax Canada Inc. is an investment dealer in every province and territory, a CIRO member and a CIPF member.
  • It’s a FINTRAC-registered money services business (M18632135).
  • Cash may be covered by CIPF. Crypto isn’t covered by CIPF or CDIC.
Bitcoin Well

A registered money services business

  • Bitcoin Well Canada Ltd. is a FINTRAC-registered money services business (#M19811620) and is registered with Revenu Québec (#11314).
  • It’s registered with the Bank of Canada as a payment service provider under the Retail Payment Activities Act.
  • Its parent, Bitcoin Well Inc., is publicly traded on the TSX Venture Exchange (BTCW), so its financial statements are public.

NDAX’s dealer registration adds securities oversight. Bitcoin Well’s public listing means its financial statements are public.

Security and track record

Security looks different when you hold your own bitcoin. Here’s what each company discloses.

NDAX

Trust-company custodians, with limits

  • Client crypto that isn’t in the hot wallet is held by Coinbase Custody and BitGo, both trust companies.
  • NDAX says it and its service providers carry insurance that covers losses in some circumstances. That isn’t CIPF coverage for crypto.
Bitcoin Well

No customer bitcoin held

  • Bitcoin you buy is delivered to your own wallet.
  • Bitcoin Well does not hold any customer bitcoin.

Frequently asked questions

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Last checked October 28, 2026 against each company’s published fees, help articles and legal documents.

Information about NDAX and Bitcoin Well was checked against each company’s published materials on October 28, 2026 and may have changed since. Check each provider’s own site before you decide. NDAX is a trademark of its owner. Bitcoin Well isn’t affiliated with or endorsed by NDAX. Logos and app images belong to their owners and are shown only to identify each service.

This comparison is general information, not financial, legal or tax advice. Bitcoin’s price can be volatile.