Accepting traders from US
Accepting traders from US
Nadex (North American Derivatives Exchange) started in 2004 but only changed to its current name in 2009. Their office is based in Chicago and they’re regulated by CFTC (Commodity Futures Trading Commission) as a financial exchange. Brokers regulated by CFTC are the only ones allowed to provide service to US clients
That information is very important to bear in mind since there are many brokers claiming to accept clients from the USA. If you’re based in the USA and you create an account in platforms not regulated by CFTC, you expose yourself to a lot of risks. CFTC plays a huge role in the Binary Options industry, they provide strict regulations that will protect all of the parties involved.
Nadex is known for the secure environment it provides for its clients. They work with world-known banks and you can trade stock indices, forex, commodities, and economic events from each account.
The platform that Nadex uses is great and it’s as professional as it can be. But you might realize that it’s not the same as the other Binary Options broker. The main reason behind that is because Nadex isn’t a broker. Nadex is a Binary Options Exchange.
So the platform is specifically designed to present all of the available contracts for every asset along with varying expiry times and strike prices. The platform has charts that are updated real-time, you can use them to analyze price movements happening in the markets right there and then. If you’re not that at ease with this kind of platform, it will be great if you learn it as much as you can before using it.
You can also manipulate the charts and apply technical indicators (all of which you can select in the platform) onto it. Basically, you can change some things up in order to look at everything in a new perspective. It will always present an option contract (with risks disclosed and fixed before execution).
The platform also shows you your profit or loss, all of it in real time. That way you can manage your position up until the option contract expires. You shouldn’t be worried about being disrupted while you’re trading as well because Nadex has a 99.9% uptime.
Nadex offers a vast range of option types. If your problem with some Binary Options broker or trader is the limited option types they’re offering, trust us, you’ll not face the same problem when it comes to Nadex. Quite the contrary, your head might spin at first with the number of option types Nadex offers.
Nadex has 5 minute, intraday, daily, and weekly options available. Then there are options for a long list of things. With that, you can choose from hundred of options in Nadex.
Nadex offers two types of account. The first is the demo account. The second one is the live trading account. The live trading account was only available for US residents at first but now they accept clients from a lot of countries. You can visit their website to check the eligible countries.
You can also create an account in Nadex for business entities as long as they’re based in the USA. You can create an account for trusts, corporations, LLC or partnerships. The services and features are equally available for both business and individual entities.
Nadex offers a bonus but not in a normal way or, at the very least, not in a way we’re used to getting a bonus. In other words, the bonus they give doesn’t come in the form of cash rewards or incentives. You can attribute that to the fact that CFTC regulations are against giving bonuses in such a way.
So instead, Nadex offers traders fee-free trading. Normally, each lot you buy will cost you $1 commission just to open and another $1 to close it. That’s a total of $2 per lot per trade and there is a limit of $50 per trade.
But if you make a deposit of at least $500 for the first time, you get a few days of trading without commissions. Two free days for $500, 4 days for $1000 and that goes up to 10 days without commissions for $10,000.
The best way to learn something is through experiencing that thing firsthand. Unfortunately, when it comes to Binary Options trading, gaining firsthand experience can come at a high price. And when we say high price, we mean it literally.
Fortunately, Binary Options brokers (or exchange) offer a demo account. The demo account will allow you to test and hone your skills in trading without emptying your bank account. Nadex has a free demo account that you can use to do just that.
The demo account is free but you do have to sign up. It’s very realistic and you’ll be given $25,000 of virtual money and you’ll be able to use that like you’re actually trading. You can still access the demo account even if you already have a live one.
Every Binary Options broker (or in this case, exchange) worth your while have a mobile app. Of course, Nadex has one as well. In fact, they have one of the most complete mobile trading apps that you can download. The app is free and it can be downloaded for both Android and iOS. They also offer more specific versions that will fit for certain tablets and for Windows phones.
The mobile app from Nadex contains every single thing that there is in their website. All of the transactions that you do on your laptop or computer, you can also do using the mobile app. It also contains all of the features including the chart, which is one of the greatest things on their website. You won’t fumble either because the trading area on the mobile app looks the same as the one on the full website platform.
Deposit and withdraw
As we’ve said, Nadex is based in the USA. Because of that, methods of depositing and withdrawing funds is quite different for US residents and for clients outside the USA. US residents can fund their accounts using debit cards, bank transfers, wire transfers and paper checks. Clients from other countries can only fund their accounts using debit cards and wire transfers.
Nadex requires more info from its clients and a holding period for transactions done using new accounts to protect all of the parties from money laundering. The funds are also segregated and held in accordance with CFTC regulations. You can only make deposits from checking accounts as well.
As for withdrawing funds, US residents can only use bank transfers and wire transfers. There are no fees for bank transfers but it will take 3 to 5 business days for the transaction to be completed. For wire transfers, there’s a fixed fee of $25 but it’s faster. If your request is received before 4:00pm ET, Monday to Thursday, or 3:15pm ET Friday, it will be processed the same day. Beyond that, the request will be processed the next day
You can’t use your debit cards to withdraw funds but once your card is verified, you can withdraw using bank or wire transfers. For clients outside the US, wire transfer is the only method they can use. It also follows the same rules for wire transfer for US residents.
Tournament or prize
Nadex conducts a tournament for its clients. Anyone who’s interested can enter it. However, there’s a limit as to how many clients can participate in it. Once the limit is reached, the registration for the tournament will be closed.
Those who had successfully registered for the tournament will be given a demo account that can only be specifically used for the tournament. Like the usual demo account, you’ll have $25,000 of virtual money. The competition will last for a week.
The tournament is, of course, based on the volume of trades you’ll do. There are daily and weekly winners for the tournament and Nadex gives out cash prizes, which usually ranges from $100-$3000, plus they throw in other prizes as well like books related to trading.
When it comes to education resources, Nadex takes it very seriously. If you’re looking for something that will help you really learn almost everything there is to know about Binary Options trading the Nadex is the one for you. Nadex will give you tons of resources, all you have to do is take the time to read and watch.
Nadex has ebooks, handbooks, and news for you to read. You can watch the videos on the website even if you don’t have an account (of course, there are contents that you can only access once you have an account). They have scheduled webinars (continuous) and if you weren’t able to catch the webinars on schedule, then you can access them through the archives.
The amount of resources for education in Nadex is not the only amazing thing as well. The resources don’t just focus on the platform but also on the whole industry. So you’re not just getting better in using their platform but you also learn how to make consistent profits.
The platform of Nadex is only available in one language- English. That may be because they’re based in the USA, though not all US residents have English as their primary language. Because of that, their customer service is in English only.
They can be reached by email or phone during normal trading hours. That’s 6:00pm Sunday to 4:15am ET Friday. That excludes US holidays (they’re closed the whole day) and end of the day processing hours (5-6pm ET, Monday to Thursday).
Nadex is one of the best Binary Options exchange platforms in the market. It is also definitely one of the best, and the few, choices for US residents. It will be great especially if you’re still starting out. Nadex will provide you with every opportunity to learn and improve. You can do that with them in a very safe environment.
Right now they’re not perfect and they’re limited by the fact that they only support one language and their customer service hours is limited. But with more and more clients from other countries, the possibility of them expanding on that front isn’t that far out of the possibility.