Upon landing on the welcome page of North American Derivatives Exchanges or Nadex as they are better known you are immediately met with a strong RULES familiarisation page. You are asked to make sure that you are familiar with the rules before you start trading on the Exchange.
One would wonder why the strong statement. This is simply because Nadex is a platform (among few others) which are allowed to solicit US Traders due to the fact that they are CFTC (Commodity Futures Trading Commission) regulated and observe market governance. The Binary Options platform offered by Nadex is a Legal US regulated Exchange.
|CHECK LIST||DESCRIPTION||SHERIFF RATING|
|MINIMUM DEPOSIT||MIN $250|
|WITHDRAWALS||3-5 BUSINESS DAYS FUNDS ARE STRICTLY RETURNED TO THE SOURCE FROM WHERE THE DEPOSIT WAS ORIGINALLY FUNDED|
|EDUCATION||TRADING WEBINARS, HANDBOOKS AND VIDEOS|
|DEMO ACCOUNT||YES FREE WITHOUT OBLIGATION TO FUND A LIVE ACCOUNT|
|PLATFORM||IN HOUSE – RATHER COMPLICATED|
|MOBILE TRADING||COMPATABILE WITH PADS, TABLETS AND MOBILE PHONES|
|ASSETS TRADED||10 CURRENCY PAIRS, 8 INDICES, 7 COMMODITIES, 3 EVENTS|
|TRADING OPTIONS||CLASSIC. INTRADAY. 5 MINUTE. WEEKLY OPTIONS|
|CUSTOMER SERVICE||QUICK RESPONSE TIME AND 24/7 PHONE RESPONSE|
|DEPOSITS||DEBIT CARDS, BANK TRANSFERS, WIRE TRANSFERS, PAPER CHEQUES|
|ACCEPTS US TRADERS||YES|
WHO IS NADEX?
Nadex in short for North American Derivatives Exchanges is US based is part of IG Group, which is a global financial services provider. The fact that it is the first and largest CFTC-Regulated Exchange makes it a very safe channel for trading binary options especially for US Traders.
NADEX trading for 2015 saw a rising volume of 38%. This is of little surprise seeing that Spot Option late in September 2015 declared that it will not be soliciting any new accounts from the US.
SERVICES BY NADEX
Nadex offers Binary Options 24 hours a day with a wide range of intraday, daily and weekly expirations.
Nadex has recently introduced shorter term contracts such as 20 minute and five minute time frames. The price at which the trade is executed is that set by the trader. This gives rise to transparency, as the trader is getting the real cost of the trade without any spiking. The fact that CFTC took a very tough regulatory stance against the binary options industry, and that Nadex opted to be regulated makes Nadex above board.
THE PLATFORM FOR NADEX
The trader gets a “Ticket” when trading and this shows the bid and the offer size and price as well as the time of expiration. The Maximum amount of profit or loss per trade are clear on the ticket and once the ticket is raised the trader has the option to buy or sell. However a Trader does not see the percentage pay out as is usual on classic platforms of SpotOption.
The platform for Nadex is a slightly complicated one, and this is the common complaint of traders as it takes them a while to get used to navigating around it. The hundred of options available to choose from is somewhat daunting to new traders. Also the fact that instead of a percentage pay-out a Trader sees a bid/offer price between 1 and 100 can be confusing.
DEPOSITS AND WITHDRAWALS
Funding and withdrawing varies slightly between US and non US-Residents.
US residents may fund their accounts via Debit Card, Bank Transfer, Wire Transfer and Paper Cheque. Withdrawals can be executed in two different methods. ACH or Wire Transfer. If a Trader has funded his account via Debit Card, Nadex will require to see a bank statement that reflects the Nadex debit from the bank account with full name and full account number. They will also require to see the bank’s 9-digit routing number. This information is then to be emailed to customerservice[at]nadex.com
For Non-US residents deposits can be made via Debit Card or Wire Transfer only. Withdrawals can be effected by Wire Transfers at a $25 charge or to Debit Card. Same procedure of verification on any new Debit Card (this is required one time only for authentication) as with US Residents applies.
Once a trader gets around to navigate the platform, and this can easily be done with the assistance of their customer service, use of DEMO ACCOUNT and their online manual, Nadex becomes the best option in terms of reliability for the trader. There is no conflict of interest with Nadex. Their execution is flawless. Charges are announced ahead of the trade transaction and there is no sudden price changes or price rigging. Expect only transparency from Nadex.
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