NADEX Review: Should You Try It?
- Broker: NADEX
- Website URL: www.nadex.com
- Support Number: +1 312 884 0100
- Minimum 1st Deposit: $250
- Minimum Trade Amount: $24
- Payout: 90%
- Free Demo Account: Open Demo
- Overall Score 9.5/10
NADEX is an abbreviation for the North American Derivatives Exchange. NADEX is the only fully regulated binary options exchange in the US. The Commodity Futures Trading Commission (CFTC) has designated NADEX as a Contract Market and Derivatives Clearing Organization. This means that NADEX is regulated by probably the strictest government regulatory bodies in the world.
NADEX operates from its Chicago, IL office as a US company and its address is listed as Suite 2675 of 311 South Wacker Drive. It is owned by the IG Group, which is the largest spread betting firm in the UK.
NADEX provides a completely cloud based trading platform. Thus means that binary options traders never have to download or maintain the security of any software on their computers. All you need to do to trade is just log into your trading account using any device with an internet connection and a supported web browser. Logging in to the NADEX platform requires just your username and password.
The platform that NADEX has provided is easy-to-use and state-of-the-art, which is completely free to its users. The trading platform also provides real time streaming price data to its users at no extra cost. NADEX also provides a mobile app for its Android and iOS users besides the browser based platform.
NADEX only provides a single account unlike most other binary options brokers. However, the account incorporates all the trading assets on offer including indices, Forex, among other trading instruments. While trading everything from a single type of account might sound complicated, you will find the trading platform provided quite easy to use.
However, NADEX offers a free demo account that contains $25,000 in practice funds.
Assets Available For Trading
NADEX provides a huge range of assets including Bitcoin, commodities, stock indices, Forex, along with macroeconomic events such as nonfarm payroll counts, jobless claims, and Fed fund rates for trading.
For the Forex pairs available for trading, NADEX offers 10 of the most popular ones including USD/JPY, USD/CHF, GBP/USD, EUR/USD, AUD/USD, EUR/JPY, AUD/JPY, EUR/GBP, GBP/JPY, and USD/CAD.
With NADEX, it is possible to open a live account for trading binary options without any fees. However, if you would like to trade, you need to deposit at least $250, which will be credited into your trading account as capital for trading.
NADEX provides a variable payout when compared to other typical binary options brokers. NADEX has provided several educational videos on its website as well as YouTube channel explaining how its payout system operates.
In one particular example, the platform demonstrated that binary option traders were able to buy 10 contracts in a particular trade and each contract was worth $1 a point. The maximum payout for the trade would be as high as $790 and the maximum potential loss would be $210.
NADEX is a user-friendly trading platform that always displays the maximum potential loss and maximum potential profit you will have on any particular trade on any particular timeframe when trying to place a trade.
Deposit & Withdrawals
NADEX provides a 3 quick and convenient methods of funding your account as well as withdrawing funds including Wire Transfer, Bank/ACH Transfer, and Debit Card. The 3 methods are only applicable if you are depositing not more than $10,000.
If you are making a deposit of up more than $10,000, NADEX only supports use of debit cards for such high value transactions.
If you are a non-US client of NADEX, you also get to enjoy Wire Transfer and Debit Card deposit and withdrawal options while the ACH transfer option is currently only available to clients in the United States.
NADEX offers many bonuses but not in form of cash incentives or rewards. The reason for this is that it is contrary to the CFTC regulations. NADEX and the CFTC would like traders to trade on the exchange because of their desire to do so as opposed to being attracted by deposit bonuses. The bonus that you will enjoy by trading on NADEX is the peace of mind you will enjoy by understanding that your funds are safely deposited with a US regulated broker.
All the client funds on NADEX are held in segregated bank accounts at Fifth Third Bank and BMO Harris Bank as per the CFTC rules.
NADEX offers 2 channels for providing support to its clients. You can reach the very attentive customer support department via email at firstname.lastname@example.org. If you are already an account holder with them, you can reach NADEX directly through a U.S. toll free number at +1 877 776 2339. NADEX offers a separate number for its International clients, which is +1 312 884 0100. You can reach NADEX customer support through phone from 6:00 P.m. ET Sunday through 4:15 P.M. E Friday.
If you do not already hold an account with NADEX, you can always reach the customer service department for the necessary assistance toll free at +1 312 884 0162 and 1 866 296 0167 from 9:00 A.M. ET to 9:00 P.M. ET from Monday to Thursday and until 4:15 P.M. ET on Friday.
With regards to binary options trading, citizens of the United States and permanent residents have been left out in the cold since most of the international brokers have limited them from opening accounts. However, thanks to NADEX this is all changing.
NADEX is a Chicago based binary options exchange that is fully regulated by a recognized US regulatory body, which is the CFTC. NADEX has provided legal United States citizens the opportunity to try trading binary options under properly-regulated conditions. In addition, by trading with NADEX, international traders of binary options are able to enjoy the same level of regulation and quality of service.
If you are a United States citizen or even a citizen of one of the approved countries and would like to try your hand at trading binary options then you can do so with NADEX. Opening a NADEX account is quite easy and you will get to enjoy some the best trading features on the state-of-the-art trading platform. If you are a bust professional, you can also choose to trade on the go using the mobile apps provided.