NADEX Broker Review
A lot of traders seem confused about Nadex as it basically a trading venue for retail traders who wish to engage in exchange of derivatives. In the following Nadex review, we will outline the basic rules of binary options trading for those interested in using this system.
We need to stress that Nadex is not a typical exchange, as are the majority of other brokers worldwide. Rather, the Nadex platform is a bridge that connects the two parties who are interested in trading binary options. They are regulated by the CFTC (Commodity Futures Trading Commission).
Online since: 2004
Max Returns: 100%
Minimum Deposit: $250
Minimum Investment: $1
Maximum Investment: No Limit
Currencies: USD, EUR, GBP
Countries: All countries
- Accepts both US and non-US residents
- Offers a variety of trading options
- Easy to use interface
- Excellent customer service
- Extensive Variety of Educational resources
- Mobile App for both Android and IOS systems
- Only available in English at this time
- Fees for withdrawals and deposits
- Customer services hours are limited to regular US business hours
7 Binary Options Rating:
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NADEX Special Features
During our review of Nadex, we discovered that they are the only platform on which it is legal for US citizens to trade binary options. US traders simply sign up for the system and then select which trader (Or contractor, as to which they refer to traders). Sign up is free but there are various fees for trading of which traders need to be aware.
There are only two types of account from which to choose. Nadex does offer a demo account, which is the first type. The other, of course, is the live trading account. During our review, we discovered that after quite a long history of trading only with US citizens, that Nadex finally accepts non-US residents at this time.
The trader platform is similar to the standard account. It does grant traders easy access and fast and reliable trades. Traders are presented charts that are in real time which provides them with additional insight into the market thus making their trading decisions that much easier. Traders are able to customize their account to their personal preferences to optimize their overall trading experience.
Nadex is not a standard exchange, therefore, they do not offer traditional monetary bonuses. They do, however, provide “Fee Holiday Bonuses” These bones are for “fee free: days, in other words, they can override the initial feels for those days. Free trading days start on the day the initial trade is placed. However, if the trade goes to a second day that is not part of the bonus, regular fees will apply. Below are the bonus days:
● $100 initial deposit – 1 day
● $500 initial deposit – 2 days
● $1,000 initial deposit – 3 days
● $5,000 initial deposit – 4 days
● $10,000 initial deposit – 5 days
NADEX Trading software
Although it is not sophisticated as its European counterparts, the Nadex platform is user-friendly. The interface is similar to that of Microsoft Windows. We find the welcome note that pops up every time a user logs on to their account to be a beneficial feature. These do not contain spam, but rather offers a daily overview of market trends, changes, news and opportunities to trade. You should take note of this feature as it can provide you with some useful information.
In addition to the desktop platform, we discovered during our Nadex review that they also offer a mobile platform in the form of an app for both Android and IOS tablets and smartphones. The app allows for real-time tracking, creating customized trading charts, watch lists, quick and convenient trading for the user who is on-the-go. Mobile apps are always a great feature but the Nadex app does not offer anything that cannot be found on the desktop version. However, it does come in quite handy when you are not near your laptop or PC.
We would like to point out that Nadex offers very little variety compared to traditional exchange and limits their liquidity. The options offered by Nadex include Long Term, Nadex Spreads and High/Low. They do not offer One Touch or 60 Seconds trades. 5 minutes is the shortest expiry time they offer. However, if traders discover that they have incorrectly predicted a trade, they have the ability to close early. Traders have the ability to choose between 10 currencies, 3 events, 7 commodities and 8 stocks. Nadex also offers Forex.
NADEX Customer Support information
The Nadex platform is only available in English. We think this is a bit odd, a great deal of US residents do not speak English as their primary language. Nadex also accepts offshore traders. We feel that if they add Spanish options it would be a great additional feature. Spanish is the second most spoken US language. We also feel that German, Italian and French would be a welcome addition.
Nadex customer service can be reached via email or phone during normal trading hours (they are closed for US holidays)
● 6pm ET – 4:15 ET Friday (this excludes end of the day processing hours (between 5&6 pm Monday through Thursday)
In our review of the Nadex platform, we determined that their customer service is certainly dedicated to providing educational information to their customers. They offer an extensive number of handbooks and webinars. Most of these are free and are available online for anyone to use. However, there are some that are reserved only for those who are registered with the system. They also provide a glossary which contains useful binary options terms as well as informative videos that provide some basic insight into binary options in general, trading opportunities and helpful trading advice. Their FAQ section proves a lot of answers to common questions about trading, security and account information.
NADEX Banking and Company Details
Nadex is a part of the IG group. IG is a global financial services provider. They provide for smooth transitions with their market cap of higher than £2.2 bn. For US citizens and nonresidents alike, the minimum deposit is $250. They do offer a variety of methods for both deposits and withdrawals. No US residents can deposit using write transfer for debit card, while US residents have the opportunity to use wire or bank transfer, paper check and debit card. The maximum deposit for debit cards is $50,00, but this varies by bank. US citizens may deposit their money via wire or bank transfer while
US citizens may deposit their money via wire or bank transfer while non-US residents must use wire transfer only. When traders deposit via their debit card they must follow the process which does not allow their funds to be tendered back to the debit card. The traders must submit a bank statement after submitting a withdrawal request and provided their 9-digit routing number. The money will then be sent via wire transfer. Traders must wait 14 days from the last deposit before requesting a withdrawal due rules regarding money laundering.We have previously mentioned that Nadex may charge additional fees. There is a $20 fee for
We have previously mentioned that Nadex may charge additional fees. There is a $20 fee for wire transfer for deposits, as well as $25 for withdrawals they limit transfers to only 4 a month when it comes to deposits. They also charge fees for lots trades. For example, 1-10 lots is 0.09 per lot. However, other lots do not have additional fees. Returned checks have a $25 fee. There is quite an intensive guide that covers all fees and costs so please take the time to read it thoroughly.
Although they normally process the same day, it can take up to 3-5 days for a withdrawal to show up in your account. However, before you complain about the poor quality of service, take into consideration that Nadex does not have round the clock customer service. You must take into consideration the time of day as well as the day of the week when you process your withdrawal.
After our initial investigation, we find that despite a few glitches (such as delays in transfers, etc) that Nadex is a favorable trading platform. As always, as binary options trading involves an element of risk, we advise that you proceed with caution. However, overall, we feel that traders can benefit greatly with this trading platform.
Customer Service: US Toll Free , E-mail
Languages: English, Spanish, German, Italian, French
Trading Options: High/Low, Pairs, One Touch, Ladder, Forex
Assets: Currencies, Stocks, Indices, Commodities
Expiry Times: 5min, 1 hr, 24h, 24 hr+, End of Day, End of Week, End of Month
Deposits and Withdrawals: Visa Mastercard Bank Wire
Withdrawal Time: 3-5 days
Demo account: Yes
References and Further Reading:
- Home bias and high turnover reconsidered (Francis E. Warnock)
- The U.S. Securities Laws–Banking Law of the World? (Peter Widmer)
- The US Dollar Shortage in Global Banking and the International Policy Response (Patrick McGuire, Goetz von Peter)
- Fostering Market Knowledge Use in Innovation:: The Role of Internal Brokers (Paola Cillo)
- The role of computer brokers (Peter Morée)
- Market Structures for U.S. Water Quality Trading (Richard T. Woodward,Ronald A. Kaiser)
- The U.S. allowance trading system for sulfur dioxide: An update on market experience (Renee Rico)
- “Aliens” and the U.S. Immigration Laws: The Social and Legal Construction of Nonpersons (Kevin R. Johnson)
- Securing e-business applications using smart cards ( E.-M. Hamann ; H. Henn ; T. Schack ; F. Seliger)
- The Strategic Management of Intellectual Capital (David A. Klein)
- Customer adoption of e‐service: an experimental study (Ko de Ruyter, Martin Wetzels, Mirella Kleijnen)
- Developing an Instrument to Measure Customer Service Quality in Branch Banking (Necmi Kemal Avkiran)
- The European Union Emissions Trading Scheme: Origins, Allocation, and Early Results (A. Denny Ellerman and Barbara K. Buchner)
- MONETARY REWARDS AND DECISION COST IN EXPERIMENTAL ECONOMICS ( VERNON L. SMITH, JAMES M. WALKER)
- Separate Neural Systems Value Immediate and Delayed Monetary Rewards (Samuel M. McClure, David I. Laibson, George Loewenstein, Jonathan D. Cohen)
- Online Information Privacy: Measuring the CostBenefit Trade-Off (Il-Horn Hann, Kai-Lung Hui, Tom Lee, I. Png)
- Cooking pot markets: an economic model for the trade in free goods and services on the Internet (Rishab Aiyer Ghosh)
- Patronage incentive award system incorporating retirement accounts and method thereof (Henry Ferguson, Clayton T. Ferguson)
- United States Export Subsidies in Wheat: Strategic Trade Policy or Expensive Beggar-Thy-Neighbor Tactic? (Giovanni Anania, Mary Bohman, Colin A. Carter)
- Reference point adaptation: Tests in the domain of security trading (Hal R. Arkes, David Hirshleifer, Danling Jiangc, Sonya Lim)
7 Binary Options review: NADEX: 4, stars.