Nadex Review 2022

Flag Traders in United States welcome

The leading US trading Exchange. Nadex offer genuine exchange trading to US clients on Binary Options. Fully regulated by the CFTC.

InstrumentsForex, Binary Options, Knock Out™ Contracts, Call Spread Contracts
Demo AccountYes
Min. Deposit$0
Payment Methods
Min. Trade$1
Regulated ByCFTC
MetaTrader 4No
MetaTrader 5No
Trading CentralNo
STP AccountNo
ECN AccountNo
DMA AccountNo
MAM AccountNo
PAMM AccountNo
LAMM AccountNo
Demat AccountNo
Mobile AppsNadexGO
Margin TradingNo
Volatility IndexNo
Spot TradingNo
Perpetual SwapsNo
AI / Machine LearningNo
Robo AdvisorNo
P2P TradingNo
Negative Balance ProtectionNo
VPS HostingNo
Demo CompetitionsNo
Managed AccountsNo
Market MakerNo
Social TradingNo
Copy TradingNo
Islamic AccountNo
Account Currencies
  • USD
Guaranteed Stop LossNo
Forex TradingYes
Forex GBPUSD Spread0.25 pips Var
Forex EURUSD Spread0.02 pips Var
Forex EURGBP Spread0.25 pips Var
Forex Assets101
Binary OptionsYes
Payout PercentExchange (See Full Review)
Ladder OptionsNo
Boundary OptionsYes
Risk Warning – Your capital is at risk

Nadex is a US-based exchange providing powerful trading tools and advanced features to traders of all experience levels. Nadex is not a brokerage, but a CFTC-regulated exchange.

Nadex focuses on trading in binary options, Knock-outs™ and call spreads on the most popular traded commodities, forex and stock index futures. This review of Nadex will evaluate all elements of their offering, including pricing, accounts and trading platforms – including NadexGO, the new mobile platform, before concluding with a final verdict.

A Brief History

Before looking at the potential for day trading returns, it can help to understand how Nadex has evolved into the leading exchange of its kind.

The exchange was launched in 2004 and was originally known as “HedgeStreet”. The objective at that point was to create an electronic marketplace that facilitated trading in financial derivatives to retail investors.

However, by 2007 HedgeStreet closed its doors.

UK-based IG Group Holdings Plc. purchased the company and in 2009 HedgeStreet was re-branded the North American Derivatives Exchange (Nadex), with sophisticated new technology and instruments.

Nadex was acquired and became a part of the global brand in 2022.


Part of the improved product range saw a greater choice of binary options.

In fact, their binaries and call spread contracts cover an array of underlying markets, including commodity futures, equity index futures and spot forex rates. Furthermore, Nadex members can take positions on all of the following assets on:

Traders are also able to benefit from a choice of expiration times, including intraday, daily and weekly expirations. The best Nadex trading signals therefore use this entire range.

But while using Nadex does mean you can start trading on just 5-minute forex or 20 minute stock index binary options, their product range does not include 60-second binaries or similar products, as some competitors do.

Nadex do add new products regularly, and Knock-out™ contracts are one such addition. The Knock-out™ is a contract that allows the trader to speculate on price movement of a market within a pre-defined range. The range is limited by the floor and ceiling prices.

Within these levels, the value of the contract will move in linearity with the movement of the underlying market.

The micro lot sizes of the new Knock-out™ contracts provide options to trade with low capital requirements. With the built-in floor and ceiling structure, whether long or short, the contracts provide pinpoint risk control.

No slippage and no nasty shocks. This provides the power of leverage with but with managed risk – The maximum risk on any trade is the only capital required to secure that trade.

Once the trade is open, the capital requirements never change, even when held overnight, making these contracts as easy to swing trade as to day trade.

Minimum Initial Deposit

Nadex welcomes traders by requiring just a $250 minimum initial deposit. This is actually just half the industry average.

In fact, Nadex has made strides to ensure once you have funded your account, you can start trading a variety of markets in binaries and spreads immediately.

This low initial deposit is particularly attractive for beginners who may not want to risk too much capital at the offset.

An even more powerful aspect of risk protection is the capped risk. The most you can lose on a binary options is the amount you paid to enter the trade, since the binary’s value cannot go below zero.

Since you can never risk more than you have in your account, your losses cannot exceed deposits.

Spreads & Commissions

Most brokers do not offer genuine exchange trading. Because Nadex is an exchange and not a brokerage, traders can submit their orders direct to the exchange and not through a broker. Therefore, Nadex members also do not need to pay any broker commissions.

Instead, Nadex charges a fixed fee of $1 per side, per contract. If a binary options trade expires worthless, Nadex will waive the settlement fee. These trading and settlement fees are Nadex’s sole source of income. This means they do not trade against their traders.

Some suggest this may mean attractive earnings potential as your trading costs are lower. In terms of payouts, maximum losses and profits are calculated via entry/exit times, as well as the contract type.

Payouts can exceed 100% while losses are limited to the amount of capital initially invested. Because you cannot take trades if you do not already have the needed amount in your account, losses cannot exceed deposits.

Because Nadex does not participate in trading, the bid/ask spreads in individual markets, as well as the pricing, are determined solely by the participant buyers and sellers.

That said, as a CFTC-regulated exchange, Nadex partners with multiple market makers to ensure viable liquidity and bid/ask spreads.

Nadex Call Spreads

Nadex also offers a unique product called “Call spreads”. These are offered on a number of markets, including stock index futures, commodities and forex. But fear not – understanding these spreads is straightforward.

You can trade the price of a market like EUR/USD within a range. As the price of EUR/USD fluctuates, so does the spread, although it remains within a predetermined upper and lower limit.

It’s worth highlighting that if the value of EUR/USD exceeds one of the limits, the EUR/USD spread value will come to a standstill at whichever limit it is breaching.

At the upper limit, the spread stops at a maximum value. At the lower limit, the spread reaches a minimum and will not lose any more value, no matter how far the underlying market drops.

As a result, you get enhanced control over your risk-reward ratio. This is because you decide your risk parameters via the call spread limits.

You have intraday and daily call spreads. Each will require a careful spread strategy. This is hopefully where the Nadex trading platform comes into play. Details of which can be found further below.

You hopefully now know what a Nadex spread is. However, for a more detailed breakdown of forex and binary spreads, head over to the official website. You will also find contract specs.


The advantage of Nadex spreads in terms of leverage also needs to be explained. Normally, spot forex traders in the US, for example, can’t get better than 50:1.

Nadex spreads are fully collateralised and dont involve margin. They are not a leveraged trading product, but more like a short-term option. However, in many cases the cost of a Nadex spread can be lower than trading the underlying market outright.

This low cost of can effectively give you a high reward vs risk.

You also have a certain degree of risk control, since your maximum risk is capped. The best Nadex trading strategies will ensure this risk management element is at the root of the strategy.

Plus you can exit early to further limit your losses. Alternatively, you can seize your profits before the spread expires.

Other Trading Fees

Reviews of Nadex have been quick to highlight their pricing structure is fairly transparent. As a result, traders do not have to worry about a range of hidden fees that will cut into their end of the day capital.

Having said that, there is a $25 returned deposit fee. If you do need to pay any other fees, you will encounter clear notices.

So, is Nadex a good exchange in terms of fees? If used carefully, trading with Nadex could well mean you have the benefit of effective leverage and low trading fees, and all while keeping risk levels low. However, as is the very nature of day trading, your capital is always at risk.

Unfortunately, user reviews are quick to point out that Nadex often falls short in terms of account promotions and special offers versus other binary providers. This generally reflects the more professional and trustworthy operation of the brand.

However, occasionally they will run free trading days and other similar offers. You will need to check on their official website for any current details of these.

Nadex Trading Platform

One of the most important components of the trader’s experience is the platform. This is where you will spend the majority of your time, conducting market research and executing trades.

Results from Nadex’s proprietary platform reviews are mixed. While you have everything you need, from technical indicators to free real-time market data feeds, the platform has somewhat of a foreign feel. Hence new traders may want to get a feel for the platform using the demo account first.

How to TradeNadex how to trade

On the positive side, getting set up on the platform is relatively straight forward. Simply head to the ‘Finder’ window on the left of the platform to select an asset.

This will bring up a clean selection of expiration time frames to choose from.

Note all times are listed in Eastern Time (ET).

Once both the asset and expiry have been chosen, your ‘Markets’ window will update. You will then be met with price levels available for trading. Normally you can expect around 10 levels to choose between.

Nadex binary options range from 0 to 100. The former is when the settled option did not finish in the money, while the latter reflects an outcome that did take place.

Your trading ticket will then confirm:

You will then need to select buy or sell and specific a trade size. You also have the option to alter the buy or sell price above or below current levels to see if your position will be ‘matched’.

As a regulated exchange, Nadex will never take the other side of your trade. Your order will only be matched by another trader.

Of course, you can close your trades at any time. This will allow you to realise profits or reduce losses. Finally, the figures your ticket displays highlight the outcomes if you allow the option to expire.

Then you just need to hit ‘Place Order’. If matched, you should be able to view your trade in the Open positions window.

However, if it is only partially matched, it will be automatically moved to the Working Orders screen. You will then get an email confirmation with the details of your trade and another when an order is settled.

Platform Verdict

As forex and binary options customer reviews have explained, the platform is fairly user-friendly allowing even for beginners to understand how to trade with ease. Access to historical data is given, as are all the necessary symbols and tools to interpret price action.

Mobile Apps

Mobile app reviews are quick to point out that Nadex’s new Progressive Web App offering called NadexGO is one of the most comprehensive on the market.

As soon as you have completed your download of NadexGO, you will start to appreciate the sleek user interface and concise design. In fact, the dealing ticket trading area looks extremely similar to the desktop platform.

Conducting research is straightforward while setting up alerts is quick and hassle-free. You also get access to the same free signals while viewing your order history is simple. On top of that, you can utilise binary options app tutorials to help you make the most of your Apple or Android app.

Overall then, the mobile apps provide a smooth transition from the desktop-based platform. Furthermore, NadexGO is actually supported by a browser-based interface which you can open up from within your mobile device.

This should all help alleviate concerns among traders who worry they won’t be able to implement a 20 minute or hourly options strategy effectively.

Methods of Payment

Once you have signed up, you will need to go about funding your account. Fortunately, Nadex offers a number of ways you can go about deposits and withdrawals, including:

Note bank verification will be required for some transactions and credit cards are not accepted. Users may need to pay withdrawal fees if they use wire transfers, which will cost $25 but will normally be processed the same business day. Whereas ACH transfers are free but usually take between three to five days.

You can head to your account section to choose a specific payment amount. Also, see their FAQ page for details on minimum withdrawal limits, proof and any other issues, as these will depend on the payment method and can change over time.

While these payment methods are fairly industry standard, some user reviews did complain about the lack of an option to fund an account or take profits via PayPal.


Nadex is currently not operating any bonus or promotional schemes.

Nadex Accounts

Opening a Nadex account is relatively straightforward. There are just two account types to choose from, a US individual account and an international individual account available for residents of over 40 other countries. For a full list of countries, visit the Account types pages at the Nadex website.

All you need to do is head online and follow the on-screen instructions. You will need to provide:

Note you may have to upload supporting documents before you can start trading. You will also need to fund your account. When you sign up you will also be given information on how to close your account.

Demo Account

Nadex offers a free practice account. Once you have your demo login details you can use the same platform and real-time data as those with live trading accounts. Signing up for a demo account is the ideal way to practice generating profits without having to risk real capital. You can practice scalping strategies, intraday strategies, or any others.

Nadex practice account

It’s also worth noting there are certain differences between demo vs live trading. For example, a practice account cannot replicate the psychological pressures that come with putting real capital on the line.

If your demo account is not working, you can contact customer support. You can also see the Learning Center for guidance on how to get the most out of the trading platform.

Additional Features

Reviews of Nadex praise the extensive resources available. All of which may help you understand how it all works on Nadex. Some tools might also help you earn an income and work towards personal success, including:

Nadex education



As a result of hacks and promises from brokers to make traders millionaires, choosing a place to trade binary options that is regulated is increasingly important.

So, is Nadex a scam? Users can relax in the knowledge that Nadex is legitimate and regulated by the US Commodity Futures Trading Commission (CFTC). You can see their official website for verification.

This regulation should also put traders outside the USA at ease too. Whether you are in the US or one of the over 40 other eligible countries – whether it be Mexico, Japan or the United Kingdom, Nadex aims to treat all consumers fairly.


There are a number of clear advantages to choosing Nadex, including:

Nadex education resources


Despite benefits, user reviews also expose some downsides to the Nadex offering, including:

Nadex Trading Hours

Nadex trading hours will be the same as the asset you are trading. This includes both the regular and electronic trading hours. From Sunday evening until the close of markets on Friday, US Eastern Time, Nadex offers trading 23 hours a day, with an hour off from 5pm to 6pm for exchange maintenance.

If a particular market is closed due to a holiday observance, Nadex will stop trading of that market during the holiday period.

Contact & Customer Support

Nadex exchange reviews are quick to praise the customer service component of their offering. If you have any problems, you can make contact via email or live chat. Customer service representatives are reliable and knowledgeable.

They can help you if the website is down and point you towards any legal rules and necessary extensions. They may also be able to explain why an order was cancelled. In addition, reviews show agents had a strong technical grasp of the platform and tools.

Simply head to the home page and then ‘Contact Us’ for the contact telephone number in your location. Note customer support assistants are available via email or phone between 15:00 ET on Sunday to 17:00 ET on Friday.

Also, as a result of exchange accounting and other requirements, agents are available 24 hours a day from Sunday at 3 until Friday at 4:30 ET.

This means novice traders who want instant access to customer support may want to look elsewhere. This is a shame because competitors are continuing to increase their customer service offering, with some even facilitating live video chat.

Note customer service agents cannot advise you on revenue and taxes, including any form of capital gains calculators and reporting.

Safety & Security

With account hacks no longer being uncommon, some traders understandably have security concerns. Fortunately, Nadex has made keeping your capital safe relatively easy.

Segregated accounts at top-tier banks keep all client deposits secure. Furthermore, the Nadex group expressly state they utilise intelligent encryption technologies to keep all trading activity and personal information safe.

Nadex Verdict

Nadex is a sensible choice for traders looking to trade binary options across numerous time frames with powerful trade tools. Their offering also comes complete with a demo account, competitive prices and an extensive Learning Center.

However, Nadex does come with certain downsides. Firstly, some competitors offer a more extensive product list. Secondly, Nadex could provide more in terms of welcome bonuses and promotions.

Overall then, is Nadex a good choice for binary options traders and does it compare favorably to binary options brokers? Yes, the US based, regulated exchange (not broker) is capable of meeting and exceeding the needs of both novice and veteran traders.

But rule 101, you must develop effective options strategies. Failure to do so could result in you effectively gambling and puts you at risk of losing your account balance.

However, because of Nadex’s capped risk guarantee, you cannot lose more than your deposit.

Accepted Countries

Nadex only accepts traders from United States.

Compare Nadex

Compare Nadex with similar brokers that accept traders from your location. Among available brokers these are the most similar to Nadex:

  1. Quotex – Quotex offers a proprietary web platform that has digital options and trading signals.
  2. Pocket Option – Pocket Option is a global binary options broker with sleek proprietary trading platform and competitive range of assets.
  3. TD Ameritrade – One of the largest discount brokers in the US, with a fixed trading commission and access to a large array of trading products and securities
  4. Interactive Brokers – IB Boast a huge market share of global trading. With a minimum deposit of $10,000 however, they remain an option for larger traders only.

Nadex Comparison Table

Compare Nadex With Similar Brokers
Nadex Quotex Pocket Option TD Ameritrade Interactive Brokers
Rating 4.3 4.4 4.2
Markets Forex Forex, Stocks, Commodities, Crypto Stocks, Commodities, Crypto Forex, Stocks, Commodities Forex, Stocks, Commodities, Crypto
Demo Account Yes Yes Yes Yes Yes
Minimum Deposit $0 $10 $50 $0 $10000
Minimum Trade $1 $1 $1 None $100
Bonus 30% Deposit Bonus 50% Deposit Bonus 60 days free trades when depositing $3k
Education No No No No No
Leverage 1:50
Payment Methods 7 10 25 2 9
Detailed Comparison Nadex vs Quotex Nadex vs Pocket Option Nadex vs TD Ameritrade Nadex vs Interactive Brokers
Review Nadex
Pocket Option
TD Ameritrade
Interactive Brokers

Compare Trading Instruments

Compare Nadex Trading Instruments
Nadex Quotex Pocket Option TD Ameritrade Interactive Brokers
Binary Options Yes Yes Yes No No
Ladder Options No No No No No
Boundary Options Yes No No No No
CFD No No No No Yes
Forex Yes Yes No Yes Yes
Stocks No Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes No Yes No
Gold No Yes No Yes Yes
Copper No No No No No
Silver No Yes Yes Yes No
Corn No No No No No
Crypto No Yes Yes No Yes
Futures No No No Yes Yes
Options No No No No Yes
ETFs No No No No No
Bonds No No No Yes Yes
Warrants No No No No No
Spreadbetting No No No No No
Volatility Index No No No No No

Nadex vs Other Brokers

Compare Nadex with any other broker by selecting the other broker below.

Nadex vs
The leading US trading Exchange. Nadex offer genuine exchange trading to US clients on Binary Options. Fully regulated by the CFTC.