Author: Harvey Specter
Nadex is a leading binary options broker that offers a reliable trading experience in the financial market. This company is one of the fastest-growing brokerage firms with recommendations from old and existing users.
Nadex Registration
Each trader is required to complete a lengthy questionnaire and submit their document (passport, utility bills, etc.) for verification. Users will not be able to trade if these information are not provided.
Demo Account
Nadex demo account allows users to study how to analyze trade, place trade, set stop loss, and read charts. Additionally, the demo account allows users to understand how the platform works.
Trading on Nadex
The broker doesn’t participate in the auction, which is the major service of the trading platform. Its primary purpose is to act as a mediator between two parties. Furthermore, Nadex recognizes that the derivatives markets may be confusing and hazy for newcomers, so they created a comprehensive suite that has lessons, demos, articles, webinars, and FAQs.
Account Replenishment and Withdrawal of Earned Funds
Users of the trading platform have the opportunity to open an individual (for US citizens and traders from other countries) or a trust account (for companies registered in the US ). Deposits and withdrawals of funds for citizens and companies from the United States are done using a bank transfer or debit card. Also, note that Funds withdrawal from Nadex usually takes 1–7 working days.
Users can fund their account using:
- Money
- Indexes of stocks
- Cryptocurrency
- Exchange rates
Service Cost
Trading fee
You will pay a trading fee when you open or close a trade.
Enter a trade
To enter a trade, you will be charged $1 for each contract executed.
Exit the trade
You can exit a trade on NADEX in just two ways. Either by placing another trade or by allowing the contract to expire.
Before expiration
If you exit the position before expiration, you’ll be charged a $1 trading fee for each lot exited.
Settlement fee
If you hold a position until expiration and it settles in-the-money, you’ll be charged a settlement fee of $1 per contract.
Hold the Position
If you hold the position until expiration and it closes out of the money (zero), you won’t be charged a settlement fee.
Nadex Pros and Cons
According to users, research, and the information from valuable sources, listed are the pros and cons of NADEX
Pros
- Services are provided at a low cost.
- User-oriented platform
- 100% legal.
- They provide their users with a wide range of financial instruments to learn a variety of trading activities.
- The platform provides updated training resources for beginners.
Cons
- A limited number of deposit and withdrawal options.
- Excess personal detail during registration
- $250 initial deposit.
Conclusion
If you want to start trading binary options, Nadex might be a good broker to consider, especially with their resource section. This platform also allows its users to demo-trade until they are confident to trade with real money. However, they have some cons such as the $250 initial deposit, and lengthy registration process.