Understanding Ndax's Policy on Deposits of Non-Supported Virtual Assets

Depositing unsupported virtual assets on the Ndax platform can lead to frustration and potential loss of funds. To ensure that you handle your deposits correctly, it’s important to understand the policies surrounding non-supported assets. In this post, we’ll explain the risks, fees, and the steps you should take if you accidentally deposit unsupported tokens. By understanding these guidelines, you can avoid unnecessary complications and ensure your funds remain safe. 

Depositing tokens that are not supported by Ndax can result in serious issues. Below, we’ll explore the risks and challenges associated with such deposits, and why they should be avoided. 
 

No Guarantee for Safekeeping or Recovery

• When you deposit a non-supported virtual asset on Ndax, there’s no guarantee that the funds will be safeguarded or recoverable. The platform’s custodial system is designed to handle only supported assets. If you mistakenly deposit an unsupported token, Ndax may not be able to assist you in recovering it. While the team will make reasonable efforts to return the asset to your external wallet, it is not guaranteed.

• To illustrate the risks involved, here are two real-life user scenarios:
  Case Study 1: Delayed Recovery 
  A user mistakenly deposited BNB (Binance Coin), which is not supported on the Ndax platform. Due to the complexity of handling unsupported assets and the lack of native integration for BNB, the recovery process took over six months. While the funds were eventually returned, the user faced a significant delay and prolonged uncertainty.
  
  Case Study 2: Irrecoverable Deposit 
  In another instance, a user deposited TRUMP tokens via the Solana (SOL) network—neither the token nor the network was supported by Ndax. Despite efforts to investigate recovery options, the lack of network compatibility and unsupported token type made it technically unfeasible to retrieve the funds. Unfortunately, the user's deposit was deemed unrecoverable.

  These examples underscore the importance of verifying asset and network compatibility before initiating a deposit. Always double-check that the asset and network are supported by Ndax to ensure the safety and accessibility of your funds.

Asset Recovery Fees

• If you do request a recovery of your non-supported asset, there’s a significant fee. Ndax charges the greater of 1.5% of the asset's value or a minimum of $100 as an "Asset Recovery Fee." This fee covers the time and resources required to assist with asset retrieval. It’s important to consider this fee before making any unsupported asset deposits.

No Set Timeline for Recovery

• Even if Ndax agrees to assist with the recovery of your non-supported asset, there’s no specific timeline for when or if it will be returned. The complexity of the asset and its network may affect the recovery process. Ndax will make reasonable efforts, but delays are possible, and there’s no guarantee that the asset will be successfully returned.

Assuming Responsibility for Non-Supported Asset Deposits

• One of the key aspects of this policy is that Ndax is not responsible for any losses that result from depositing non-supported assets. If you mistakenly deposit unsupported tokens, you assume full responsibility for the risks involved. Ndax cannot be held liable for any loss or delay in the recovery of such funds. 

If you've accidentally deposited a non-supported asset on Ndax, here are the steps to inquire about its recovery:

1. Complete a Missing Crypto Form: Start by filling out the Missing Crypto Form for the specific asset in question. This helps us gather the necessary details to investigate the situation.
2. Contact Our Customer Support (CS) Team: Reach out to our customer support team to inquire whether the non-supported asset can be recovered. Our team will assist you and provide guidance based on your specific case. 

By using the Ndax platform, you automatically agree to these terms regarding the deposit of non-supported virtual assets, which can be found here. It’s essential to understand that Ndax reserves the right to update this policy at any time. We recommend reviewing the policy regularly to stay informed about any changes that may affect your account and deposits. 

To prevent any issues, always verify which assets are supported by Ndax before making a deposit. Checking the Ndax’s list of supported tokens and networks helps ensures that you don’t risk losing any funds. If you're ever in doubt, take extra precautions before initiating any transaction.

Depositing non-supported assets on the Ndax platform can lead to unnecessary fees, delays, and the potential loss of funds. Understanding the risks and following the platform’s guidelines can help you avoid these complications. Always ensure that you’re depositing supported assets and be mindful of the policies around asset recovery fees and timelines. If you ever need assistance, don’t hesitate to contact Ndax’s support team, who can guide you through the process.

Remember, the key to managing your virtual assets safely on Ndax is awareness and caution. Stay informed and protect your investments by following the platform’s policies closely.