Nadex is subject to regulatory oversight by the Commodity Futures Trading Commission (CFTC). The mission of the CFTC is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and option markets.
Nadex is an exchange. We match buyers to sellers, ensure accurate and fair prices, and make sure all trades are settled transparently and correctly. An exchange does not engage in any trading, either with its own members or in another venue.
A broker is a trader’s representative. The broker sends the order to the exchange on the client’s behalf and may also assist the trader in analysis and strategy. As a Nadex member, you send your orders directly to the exchange and do not need a broker.
Ethical brokers will not take the other side of a client’s trade. They won’t try to “help” the client get an order filled by selling to a client who is buying, or vice versa. Ethical brokers will also not advise a client to buy or sell and then secretly trade against the client’s position. To do so is a clear conflict of interest. Unfortunately, some offshore binary providers who offer “brokerage services” make no guarantees about whether they engage in such practices.
A market maker is an institution (not the exchange) that agrees to provide liquidity by taking the other side of large numbers of individual trades. They help ensure that individual traders get filled on their orders without having to wait for another individual to take the other side. They agree to take on the risk with lowered trading fees in exchange for the opportunity to profit.
Market makers on Nadex receive no advantage in their trades. They have the same pricing data and access to the exchange as other members, including you.
You can open a Nadex account online for free, in less than five minutes, 24 hours a day. You can also open an account using our mobile apps for iPhone and Android.
You can open a Demo account for free to test drive the Nadex platform. You'll receive $25,000 in virtual funds and the same free real-time price data as live accounts. After you open a live acccount, your demo will remain available for you to use for practice and strategy testing.
For any of those entities, you’ll need to provide some documents, including:
- Nadex Certification for your entity type
- Membership Agreement
- Unanimous Consent Resolution
You will also need to provide additional documents specific to your entity type.
Once your application is approved, you will need to obtain a legal entity identifier ("LEI") commonly known as a Global Markets Entity Identifier ("GMEI"), which involves a fee.
Contact us for help opening your entity account.
Funding / Withdrawing
For full details on funding by debit card, ACH, bank or wire transfer, visit our Funding/Withdrawing page.
You can withdraw funds with no fee to your verified bank account once the legally required verification period (7-14 days) has passed from the date of your first deposit. If you deposited funds by wire transfer, you can request a withdrawal by wire for a $25 fee.
Visit our Funding/Withdrawing page for detailed information.
You can send funds by wire transfer. Click the Deposit Funds button at the top left of the platform and follow the instructions.
On your first deposit, you can be granted up to $500 in Real-Time Account Funding (RTAF), allowing you to trade right away while your deposit clears. Accounts in good standing can receive up to $1000 in RTAF for subsequent deposits.
Member funds on deposit with Nadex are held in segregated bank accounts at BMO Harris Bank and Fifth Third Bank in accordance with CFTC Regulations.
BMO Harris, headquartered in Chicago, is a leader in providing financial services to the futures industry. BMO Harris is an integrated financial service organization providing more than one million personal, business and corporate clients with banking, lending, investing and wealth management solutions.
Fifth Third is a diversified financial services company with more than $139 Billion in assets and is a leader in providing financial services to the futures industry. Fifth Third provides financial services and solutions for more than 1.6 million clients in the personal, business banking, corporate banking and wealth management segments.
Visit our Nadex Mobile Trading page and click on the app store for your device. You can open an account directly from the mobile apps if you are not a Nadex member.
Click on the chart icon to the right of any contract name to open a chart. Click on the downward arrow to the right of the icon to see more options. The Nadex binary ladder chart is a powerful combination of charting and order placement, all from one window.
Trading on Nadex
|Trading fees||$0.90 to open. $0.90 to close, with a maximum of $9 per order, even if you have more than 10 contracts in that order. And if your binary option expires at zero, we'll waive the closing $0.90 settlement fee. View our Trading Fees page for more details|
You need an initial deposit of $250 to start trading. The easiest and fastest way is using a debit card from your bank checking account.
All Nadex contracts have strictly limited risk. The maximum possible profit and loss are displayed on the order ticket before you confirm the trade. To open a trade, you have to have that maximum risk amount in your account as collateral. Otherwise, the trade won't go through. You can never lose more than this amount on the trade. This policy also means you'll never get a margin call.
Under the Learning Center menu you will find our extensive and always-growing library of courses and trading examples. You can watch a 30-minute video walkthrough of Nadex and our online platform. Or sign up for one of our webinars where you can ask questions and watch real-time trading examples using the platform.
Once you’ve logged in to the platform, you can also click the Help button any time.
The strike price is the price you believe the market will go above or below at expiration. If you buy an option, you get the $100 payout if the market expires above the strike price. If you sell a binary option, you get the $100 payout if the market expires at or below the strike price.
Buyers are willing to buy a contract at the price they bid.
Sellers “offer” to sell a contract at a certain price, called the offer.
When a buyer’s bid price and a seller’s offer price match, they can make a trade at that price. As the exchange, Nadex executes the transaction.
The bid and offer size show the number of working orders at that moment from traders who want to buy or sell. Please note that even when the bid or offer size is zero, you will often still be able to make a trade. Once you make your own bid or offer, it will appear in the bid or offer size total and other traders are free to accept it.
A working order is a request you have sent to the exchange: to buy from a seller or sell from a buyer. When you place the order, it will show up in the Working Order window. You’ll see that your account balance doesn’t move while your order is working. You are not in the market at this point, but waiting for your order to be filled.
Once a working order is filled, it becomes an open position and will appear in the Open Position window. As the market moves up and down, the value of your position will go up and down as well. You’ll see your account balance change as the price moves.
At expiration, your open position will close automatically at the settlement price. With a binary option, that will be either zero or 100. At this point, it is considered a closed position and will move to your order history. You can also choose to close your position early.
For binary options, the settlement value is the payout you receive at expiration or exit. If you hold the binary until expiration, this value is either 100, if the contract expires in the money, or zero if it does not. You can also can also close a position before expiration, either to take profits or cut losses. In that case, the settlement value is the price at which you exit.
Spreads have a price floor and ceiling, so the payout will vary based on where the market is at expiration time. It can’t go lower than the floor or higher than the ceiling, no matter how far outside that range the underlying market is.
- If the expiration value is at or below the floor level, the settlement value will be the floor level
- If the price is between the floor and ceiling, then the spread will expire at that price.
- If the expiration value is at or above the ceiling level, the settlement value will be the ceiling level
Nadex uses the following processes to calculate the expiration value:
Nadex Stock Index and Commodities Contracts:
- Take the last 25 trade prices in the underlying market
- Remove the highest 5 prices and the lowest 5 prices
- Take the arithmetic average of the remaining 15 prices and round to one decimal point past the point of precision of the underlying market (with the exception of Wall Street 30, which is rounded to the same point as the underlying market)
Nadex Forex Contracts:
- Take the last 10 midpoint prices in the underlying market
- Remove the highest 3 prices and the lowest 3 prices
- Take the arithmetic average of the remaining 4 prices and round to one decimal point past the point of precision of the underlying market
Nadex Economic Event Contracts:
The expiration value is the figure released by the designated reporting body.
Nadex Bitcoin Contracts:
The expiration value is the last tick before expiration of the Tera® Bitcoin Price Index.
The market prices we use to calculate the expiration values for index and commodities contracts are obtained through a data feed from Reuters. If Reuters is unavailable, we may obtain market pricing data through Bloomberg or another data provider that we deem appropriate under the circumstances.
The market prices we use to calculate the expiration values for Forex contracts are obtained through a proprietary data feed ("NadexFX") comprised of quotes from 12 well-known banking institutions. If NadexFX is unavailable, we may obtain market pricing data through Bloomberg or another data provider that we deem appropriate under the circumstances.
For more specific details, please see the individual contract in the Nadex Rules.
In simple terms, futures contracts are based on the expected future price of a product. The cash or spot price is the price people are currently paying, to exchange euros for yen, for example. Some products, like gold, have both futures and spot markets.
Nadex binary options on forex pairs are based on the spot price. Binaries on commodities and stock indices are based on their futures markets.
Sometimes you won’t see any bid or offer volume, but if you place your order, a market maker (or other trader) will match your order and you will get filled.
However, if you place an order for a price far from the current price, you may find no one willing to take the other side, at least not right away. In many cases, you can leave the working order on and wait. When the pricing becomes more favorable, or someone decides it’s worth taking a chance, your chances of getting filled will improve.
Nadex has at least two large institutional market makers to provide liquidity to the markets even when there are few individual or smaller traders active. However, like other traders, they exercise reasonable discretion about taking trades with a low probability of success. You should know that Nadex itself never takes the other side of a member’s trade and does not engage in any other trading activity.
You also have the choice of liquidating at the current market price, where you have a better chance of getting filled right away.
If the market is just a few minutes or seconds from expiration, you may also find no takers for your bid or offer. In that case, your option will settle at expiration.
Every trading day between 5pm and 6pm we perform certain required maintenance and accounting procedures. This allows us to ensure that all transactions have been executed correctly, all member account records are up-to-date and correct, and our exchange systems are functioning properly.
Nadex Market Orders with Protection (MOP) let you buy or sell with the security of knowing that you’ll only get filled at or near the current market price within a tolerance level you choose. We protect you from accidentally getting filled at a price far away from what you wanted—this is especially important in fast-moving markets.
A MOP has a built-in tolerance range, outside of which you can’t get filled. The default range is $10 for binary options and $3 for spreads. You can adjust those numbers in My Account/Settings/Preferences.
If the market price is outside this range, the order will not go through. The order will also not stay on the book as a working order. It will just get cancelled.
Here are some specifics of how the MOP works:
- If the market order can be filled at the market price, or better, it will be filled in whole or in part immediately
- If it can’t be filled at the market price or better, the Exchange will perform a bid/offer spread check. If the bid/offer spread is more than 10 for binaries or 4 for spreads, then the market order will be cancelled. However, if the bid/offer spread is acceptable, the Exchange will try to fill you within the tolerance range (default of $10 for binaries, $3 for spreads but user adjustable)
- Whatever doesn’t get filled immediately at the market price or within the tolerance range will get cancelled. It won’t get filled at some other price outside the range
- Unfilled orders won’t continue working. Use a limit order to do that
You must have enough available cash in your account to cover the cost of buying or selling at the furthest point in the tolerance range. If you get filled at less than that, you will only risk the amount based on your actual fill.
Your order ticket will have some new features:
- First of all, you’ll now see a drop-down menu that lets you choose between a limit order and market order.
- Your maximum loss will now reflect the maximum you could lose if you get filled at the extreme of the tolerance range. Once you are filled, you’ll see the actual cost, which may be less than that maximum.
Bitcoin is a virtual or digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Bitcoins are not issued by a central bank but are independently guaranteed by a set of internal verification mechanisms.
No, Nadex does not accept deposits or make payments in bitcoins. Nadex Bitcoin binary options are only speculative trades on the underlying value of the currency as reflected by the Tera® index.
Nadex Bitcoin binary options are based on the Tera® Bitcoin Price Index.
Please check our contracts specs page.
No, Nadex only offers Bitcoin binary options.
Logging in and troubleshooting
Once you've logged in you can change your password as often as you like by visiting My Account > Settings. Please contact us if you would like to change your username. Please note, once you set your username you will not be able to change it yourself.
After too many failed attempts, your access to the online trading platform will be suspended for security reasons. A message to confirm this will appear when you try to log in. Please use this form to unlock your password.
You may get a blank page when logging in if your browser or security settings are not correctly configured to support our platform. Certain toolbars or plug-ins for Internet Explorer can also interfere with our live streaming data.
You can often solve this by switching to the Google Chrome browser (or Firefox). Please see System Requirements for more information.
Yes, you can access the Nadex platform using any recent browser on Mac OS X or even Linux. Please see our System Requirements for full details.
Currently, we don't support logging into both demo and live accounts at the same time using the same browser, due to technical restrictions. However, you may be able to login to both accounts using two different browsers.
Fee Holiday Bonus Offer
The fee holiday is now a permanent offer to new Nadex members.
If you have not funded your account for the first time you are still eligible to receive the Fee Holiday.
These are the 1st initial deposit amounts and the number of free trading days:
|1st Initial Deposit||# of Free Trading Days|
A trading day is defined as the 23 hours between market open and market close (6pm to 5pm Eastern time the following day).
No, you’ll receive only the remainder of that trading day.
First, you’ll need to open a Nadex account. If you already have a Nadex account you have not funded, login to fund for the first time to receive the Fee Holiday. The platform will tell you how many days you have left after you place your first order.
Yes. Nadex takes the security of your personal information very seriously. We use physical, electronic, and procedural safeguards that meet or exceed industry standards. We do not sell or provide your information to anyone other than our service partners (such as our settlement banks) and as required by law or regulation. We restrict access to authorized personnel and service partners who have legitimate business requirements.
Nadex provides information on Form 1099-B to help you with your income tax compliance requirements. The information provided is based on your activity on Nadex. Per the CFTC, Nadex’s instruments are considered “commodity options” categorized as “swaps” for regulatory purposes. This may or may not be consistent with the IRS categorization for your tax situation. Further, the information contained in the Form 1099-B may not be applicable to or suitable for your specific circumstances or needs and you may be required to provide other information. Consult your tax advisor before making any filings with the IRS.
In general, Form 1099-B and the related frequently asked questions and answers are mailed to members no later than February 15th (or next business day if the 15th is a holiday or weekend) of the year following the calendar year in which the activity took place.
If you can't find an answer to your question here, please feel free to contact us.