Nadex (North American Derivatives Exchange) is one of the top brokers for binary options in the US, backed by the IG Group who helped pioneer spread betting in the UK, they’re quickly making a name for themselves over here as the place to go to trade binary options.
One of the reasons for this success is due to the fact they have simplified binary options even further by eliminating the trading language of calls and puts, replacing them with the much more intuitive Yes and No.
It’s obvious that Nadex is aimed at people who are new to trading and binary options in particular. Their website and platform assumes no prior knowledge of the stock market or trading in general so they are an ideal broker for newbie’s.
Nadex is unique in that they charge transaction fees, this may sound like a bad thing but in reality it means their pricing structure is transparent. Most binary option brokers take their fee out of your profits. If they are willing to pay you an 80% profit they are actually making 120% and keeping the difference.
Opening and Closing Orders
|Number of Contracts Traded||Fee Per Side|
|51 and above||$0.25|
|Net Position for Settlement||Fee Per Contract|
|51 and above||$0.25|
Website & Sign-up
Nadex.com is without doubt the best binary options broker website around; most brokers in this space are minor players using white label platforms and poorly designed websites.
Nadex are backed by the UK’s biggest spread betting firm, IG Group who are listed on the FTSE 250 and have clearly invested a significant amount of money on the Nadex platform and website. It’s both easy on the eye and easy to navigate.
Sign-up is similarly easy; the forms are short and can be completed online in less than 5 minutes. You have the opportunity to print the completed forms if you so wish. It’s then simply a case of transferring money into your account and you’re ready to trade.
Platform & Tools
The Nadex platform will be instantly familiar to anyone who’s used IG Index’s platform. Visually they are identical the only difference being the products traded. This is no bad thing as the IG Index platform is very intuitive and offers some excellent clear charting options.
As I mentioned before Nadex has paid particular attention to simplifying the trading experience, replacing traditional trading rhetoric with more intuitive language. It’s therefore perfectly possible for a novice with no prior trading experience to place a trade on the Nadex platform without needing to reference any training material before hand.
- Simplified trading platform
- Training and education
- Easy to navigate website
- Open Trading fees
- Virtual trading platform limited to two week trial
- Limited Range of markets available
Nadex is a class act and offer way above what most other binary options brokers offer, they’re completely open about their pricing and have simplified the way you trade to the point that you can literally start without any prior knowledge what so ever.
Of course no ones saying you’ll be successful doing that, but you’ll also get access to the Nadex Academy which has a number of tutorials that show you how to trade profitably.
The only downside is the limited amount of time you have access to their virtual trading facility. Two weeks is long enough to see if trading binary options is right for you, but if you want to develop a strategy you’re going to have to use real money which is never a good thing.
They are a good broker however and I highly recommend them for beginners looking to take their first steps in the investment markets.