Today I’ll be providing an in-depth review of the most popular and trusted binary options broker located in the United States, Nadex. With many other binary options brokers being shut down and cast off, this platform is consistently stable and providing traders with a fully regulated environment to trade in. While the platform itself, and waited they approach trading is likely a little different than what you are used to, for safety and peace of mind this is emerging as the clear number one choice for US traders.
Owned and operated by the IG Group, the North American Derivatives Exchange, Inc. is the only binary options exchange regulated by the CFTC. The company headquarters is located at 311 South Wacker Drive, Suite 2675, Chicago, IL 60606. Traders can get in touch with support via email at firstname.lastname@example.org or by phone via 1 (877) 776-2339.
In terms of trustworthiness, and reliability, Nadex is unmatched in the binary options market. While the majority of brokers are holding withdrawals from their clients, and piling up hundreds of negative reviews, this has never been the case with the North American Derivatives Exchange. Even though I’ve mentioned it already, it’s very important to note that this brokerage is regulated by the CFTC, which gives traders the security and peace of mind required to trade with confidence.
In addition to their advanced security, they also provide “some of the worlds most advanced exchange technology, an online matching engine with no legacy tech holding back innovation.” Their platform boasts over 99.9% uptime, over 5000 contracts traded daily by millions of their clients. They also provide traders with their platform via mobile applications which allow traders to monitor their accounts, and place trades while there on the go. This type of flexibility is very important for all types of traders that are looking to grow their accounts, but still maintain an active lifestyle. Personally, I require a mobile application in 2018, because I want to trade is much as possible, whether I’m at home or on the road.
Aside from providing a secure space to trade, the Nadex platform provides traders with 4 features that set them apart from their competitors.
- Trading Around the Clock
- Short Term Contracts
- Active Markets
- Risks That You Define
To elaborate, traders can trade 23 hours a day Sunday to Friday, taking advantage of small market movements with short or long-term contracts. Clients also have the ability to set the exact size of their trade, so they are aware of the potential profit or loss it before the traders even placed. This type of mechanism is excellent, as it allows for a simple money management approach, which will limit your drawdowns.
Nadex binary options demo
One of the main reasons traders sign up with Nadex originally is because of their easily accessible demo account which allows you to test the platform as well as your strategy with zero risk. Registering for demo account is very easy, as the “open a demo account” button is featured at the top of the websites first page. After clicking on this button, traders are required to fill out a short form, with their name, email and country. Once filled out, traders have immediate access to $25,000 in virtual funds which can be traded on all popular markets including stock indices, Forex, commodities, crypto-currencies and market events.
After signing up with a demo, you immediately get a visual of the Nadex platform. If you’ve been trading binary options for a while, this may be daunting at first, because it is a little more complicated than most brokers that are utilizing the SpotOption base platform. Instead of using the same white label service that many of the best binary brokers rely on, the North American Derivatives Exchange developers created their own proprietary system which is much more effective at providing traders with real up-to-date strike prices. This makes a major difference in the bottom line for traders, because there is no lag, or interference that can lead to price jumps and devastating losses.
Many clients the deal with platforms like SpotOption constantly complain about price manipulation. There are thousands of examples online of traders claiming that brokers are adjusting prices in the last few moments of a trade to ensure that they lose. While a claim like this sounds speculative and conspiratorial, the mere fact that there are thousands of these complaints definitely lends credence to the argument. Nadex’s proprietary platform makes sure that price manipulation is not possible, so the traders don’t feel like they are in an ongoing battle with their broker, but instead feel like they are in a two-way relationship.
In order to place a trade, all you have to do is click on a contract, set whether you want to sell or buy, set the size of the trade and the amount that you want to invest. This will seem a little more difficult if you are used to the way platforms like Binary Cent and FinRally operate in this market, but after 2 to 3 trades on a demo account you will certainly get the hang of it.
There are currently 4 options available for traders looking to open a trading account with Nadex. The most popular, are individual accounts for US residents and international citizens. There are no bonuses, or large deposit requirements, as traders can deposit as low as $250 to get started. Depositing this money is very simple, as US traders can utilize a debit card, and international traders can also use the debit method or a wire transfer. Traders are required to provide their permanent residential address, their date of birth and either their national identification number or Social Security number. Once these documents are sent in, traders can start trading immediately on their newly acquired live trading account.
The other 2 account options, are a business account and a permanent demo account. There’s really no reason to get into too much detail about either of these, as they are pretty self-explanatory. The permanent demo account provide you with $25,000 in virtual funds they traders can use as long as they want, because it won’t expire. The business account is for corporations, trusts and other entities based in the United States that want to trade on the Nadex platform with their business accounts.
Nadex Mobile Application
With the determined effort to lead the binary options market in technological advancements, the Nadex brokerage provides traders with access to their platform via mobile applications for iOS and Android. While some clients prefer to use the mobile website, the Nadex group felt it necessary to give the community as many options as they can to make their platform the most accessible, and easy-to-use in the market.
- The applications provide “an innovative way to trade a wide variety of the world’s markets, all from one account.“
- Traders have access to multiple assets including but not limited to Forex pairs, crude oil, and cryptocurrency.
- The app is fully secured, just like their web or desktop platforms.
- It’s very easy to use, as the group spent countless hours on usability studies in different ways to ensure that the process was seamless.
- Downloading the application is very easy, as it’s available on iTunes and in the Google Play Store.
For the most part, I prefer the desktop platform, but when I’m not around the house I use the mobile application to monitor my ongoing trades, and seldomly place new orders on the go.
Nadex Spread Trading
One of the most effective ways to trade with the Nadex platform, is to take advantage of their spread trading approach. This is a low risk way of trading, because the trades are sent between 2 levels. This means that there is a built-in floor that will limit your loss, without having to use a stop loss. In these trades, traders still have full control to exit the trade whenever they like, but in providing a ceiling and a floor, traders know before they get into the trade what the maximum win or loss is. This type of protection isn’t provided by any other broker in the binary options marketplace and works well with effective trading signals/software.
Some Nadex Client Feedback
Unlike the majority of binary options brokers, the Nadex client feedback is very positive. It doesn’t matter which review site you go to, you will find nothing but traders leaving reviews with 4 and 5 star ratings. The only complaints traders have about the brokerage is that the platform can be somewhat complicated, and that the broker can be strict in the early processes of opening an account. I have no complaints about either of these 2 issues, because the platform gets easier over time, and we definitely want the broker to be strict, so that they can continue offering the most reliable services available in the market.
Conclusion of the review
There is no doubt in my mind that Nadex is the best binary options platform available for traders located in the United States. With millions of clients, and CFTC regulation, there’s really no reason to stop traders from signing up with a broker they can trust.
As far as I’m concerned, there is nothing more important than finding a binary options broker that is going to provide the utmost security when it comes to depositing and withdrawing funds. Once you have the peace of mind that your broker isn’t stealing from you, or tricking you, you can focus on building your trading strategy and growing your accounts.
I hope that you enjoyed my review, and that you will contribute your customer feedback so that we can continue to update this review in 2021 and beyond.
Not the most intuitive option, but Nadex houses thousands of US traders, allowing them to trade binary options.
Ease of Use
Accepts US clients
No specific expiries
Hard to use