Nadex review 2026: CFTC-regulated US exchange for binary options, knock-outs, and call spreads
Nadex is a Chicago-based CFTC-regulated Designated Contract Market exchange founded in 2004 as HedgeStreet. Licensed by the CFTC under DCM registration 34536, it traded on a proprietary web and mobile platform with individual, joint, and corporate accounts. Served retail US clients across binary options, knock-outs, and call spreads on forex, indices, commodities, and crypto events.
What is Nadex?
Nadex (the North American Derivatives Exchange) is a US-based retail derivatives exchange directly licensed by the CFTC (US Commodity Futures Trading Commission). It began as HedgeStreet in 2004 in San Mateo, California, and was redesignated under the Nadex name in 2009 after relocating its headquarters to Chicago, Illinois.
The exchange was owned by IG Group from 2007 until March 2022, when Foris DAX Markets (the Crypto.com parent) completed the acquisition. On December 20, 2025, the legacy Nadex.com trading platform was permanently disabled, and product access moved to the Crypto.com app under the operating name CDNA (Crypto.com Derivatives North America). The exchange's Designated Contract Market and Derivatives Clearing Organization registrations remain active under the new entity.
Which regulator licenses Nadex?
The exchange operates under direct CFTC oversight as a Designated Contract Market (DCM) and a Derivatives Clearing Organization (DCO). The DCM registration number is 34536 and the DCO registration number is 38. Both records show as active registration on the CFTC's industry filings register as of the date of this review.
The exchange is not a FINRA or SEC member because it lists derivatives, not equities. Customer funds are held in segregated accounts at BMO Harris Bank and Fifth Third Bank under the CFTC's customer-segregation rule, which separates client money from the exchange's own capital. There is no SIPC coverage (SIPC covers brokerage securities, not CFTC-regulated derivatives), and the CFTC does not operate a retail compensation scheme equivalent to the UK's FSCS or Cyprus's ICF.
Trading platforms
The legacy Nadex web and desktop terminal was retired on December 20, 2025. Active access now runs through the Crypto.com app, which the exchange labels as CDNA. The interface lists the same defined-risk products (binary options, knock-outs, call spreads) inside a section called Derivatives and Prediction Markets.
MT4, MT5, cTrader, and TradingView are not supported. The exchange has always operated as a proprietary-platform venue and never licensed third-party retail terminals. Charting tools include candlestick views, common indicators, and order-book depth, which reflects the matched-exchange model (orders are paired against other traders rather than against a market-maker dealer).
Account types
The exchange supports individual accounts, joint accounts, and corporate accounts. A free demo account is also offered with simulated US market data and a default practice balance.
There are no separate Standard / Pro / Raw tiers because the venue is order-book based: every retail account trades on the same fee schedule and the same liquidity pool. Islamic or swap-free accounts are not offered. US residency is required at signup; non-US applicants cannot complete onboarding.
Minimum deposit
The advertised minimum deposit is $250 for a live account. The demo account requires no funding.
Debit-card deposits clear instantly with no fee on the deposit side. ACH (Automated Clearing House) deposits are also free and typically settle within one to two business days. The exchange does not run a "no minimum" promotional tier, and the $250 floor has been the published threshold for several years.
Deposit and withdrawal methods
Accepted funding methods are limited to US payment rails: ACH transfer, debit card, and domestic bank wire. Cryptocurrency funding, e-wallets (Skrill, Neteller, PayPal), and international wires are not supported.
ACH deposits and ACH withdrawals carry no fee. Outgoing bank wire withdrawals carry a $25 fee per transfer. Withdrawal processing typically begins the same trading day and reaches the receiving bank in one to three business days. KYC (Know Your Customer) verification under US FinCEN rules is required before the first withdrawal.
Tradeable instruments
The product line consists of defined-risk derivative contracts on forex, US stock indices, commodities, and crypto event markets. Binary option contracts settle at $100 if the underlying is on the predicted side of the strike at expiration, or $0 if not. Knock-out contracts have a floor and ceiling that cap loss and profit at predefined levels. Call spreads behave similarly with continuous payoff inside the range.
Listed underlyings include EUR/USD, GBP/USD, USD/JPY, AUD/USD, the US 500, Wall Street 30, US Tech 100, gold, crude oil, and bitcoin and ether event contracts. Spot forex, CFD (Contract for Difference) products, and equity shares are not listed; the exchange is a defined-risk derivatives venue, not a multi-asset broker.
Spread and commission structure
The exchange uses a flat per-contract fee instead of a bid-ask spread markup. Binary option contracts carry a $0.10 entry fee per contract and a $0.10 settlement fee per contract if the trade expires in the money. There is no settlement fee on out-of-the-money expiry, and the per-trade entry fee is capped at $10 (the equivalent of 100 contracts).
Knock-out and call-spread contracts carry a $1 entry fee per contract plus a $1 settlement fee if the position is held to expiration. The venue charges no inactivity fees, no platform fees, and no market-data fees on the standard retail product set.
Leverage and margin requirements
Traditional leverage does not apply on the exchange. Every contract carries a defined maximum loss equal to the cost of the binary option, or to the distance between the strike and the floor on a knock-out. Risk is therefore capped at the purchase price.
Required collateral equals that maximum possible loss, which the platform debits from the account at order placement and releases at settlement. This is a different model from CFD leverage, where a percentage of notional is held as margin and losses can exceed the deposit. For traders comparing the structure to standard forex CFDs, the effective leverage on a $1 binary that pays $100 is roughly 100x on position size, but only the $1 is ever at risk.
Customer support
Support runs by email (customerservice@nadex.com) and a US toll-free phone line (+1 312 884 0100), Monday through Friday during US market hours. Live chat is offered inside the Crypto.com app for the migrated product set.
The support language is English only. A self-service help center on the broker's site covers account funding, KYC, and order-type explanations. The exchange does not staff a 24/5 forex-style support desk because the listed contracts trade during the US session and the major-pair overlap windows.
Mobile app and trading experience
The standalone iOS and Android Nadex apps were withdrawn from the Apple App Store and Google Play in December 2025 alongside the web platform retirement. Mobile access now routes through the Crypto.com app, which lists the derivatives section as Derivatives by CDNA.
App-store ratings for the host Crypto.com app sit in the 4-band on both stores in 2026 (scan date 2026-05-24), though those scores reflect the broader Crypto.com product rather than the CDNA derivatives section in isolation. Order entry, position management, and contract settlement all run inside the same mobile interface.
| Feature | Nadex Information |
|---|---|
| Founded | 2004 (as HedgeStreet); renamed Nadex in 2009 |
| Headquarters | Chicago, Illinois, United States |
| Disclosed regulators | CFTC: DCM 34536, DCO 38 |
| Registration verified | Active on CFTC industry filings register (scan date 2026-05-24) |
| Trading platforms | Crypto.com app (Nadex.com retired Dec 20, 2025) |
| Minimum deposit | $250 |
| Maximum leverage | Not applicable (defined-risk contracts, no leverage) |
| Account types | Individual, Joint, Corporate, Demo |
| Islamic account | Not offered |
| Customer support | English (email + US phone, Mon-Fri) |
| Deposit methods | ACH, debit card, US bank wire |
Nadex bottom line
The exchange remains a real CFTC-regulated derivatives venue. The DCM and DCO registrations are active, customer funds sit segregated at top US banks, and the defined-risk contract structure caps trader loss at the purchase price.
The catch is that the original Nadex experience no longer exists. The legacy web and desktop platform was retired on December 20, 2025, the standalone mobile apps were withdrawn, and access has folded into the Crypto.com app under the CDNA brand. Traders who valued the independent Nadex.com workflow will encounter a different interface in 2026, even though the underlying contracts, the exchange-matched order model, and the CFTC protection layer are unchanged. US residency at signup is mandatory; the venue is closed to non-US applicants.
Forex and derivative products carry high leverage; some or all invested capital may be lost. This content is for information only, not investment advice. Verify the broker's current regulation status with the relevant authority's official site before any investment decision.
FXSharp is an independent site that reviews forex brokers and prop trading firms. Every license is checked on the regulator's own register, every score follows our published methodology, and no broker can pay for a higher rating.
