Risk warning: binary options are high-risk. You can lose your whole stake on every trade, and most retail traders lose money. They’re banned for retail traders in the EU, UK and Australia.
Nadex used to be the answer to one question: “where can Americans trade binary options legally?” It still is, but the product looks different now. This review explains what Nadex is today, what changed in late 2025, how its contracts work, and why a regulated exchange is a different animal from the offshore brokers that dominate binary options search results.
Because Nadex is US-only and the account flow now runs through Crypto.com, we haven’t opened and funded an account yet. Those scorecard rows say “not yet tested”.
- Nadex is a CFTC-regulated designated contract market based in Chicago, so it’s legal for US residents, unlike offshore binary brokers.
- The standalone Nadex platform has been replaced: nadex.com’s log-in and sign-up now go to Crypto.com, where the contracts trade as event contracts.
- Reports say deposits stopped on 6 Dec 2025 and trading on the old platform ended on 20 Dec 2025.
- It’s an exchange: you trade against other members, not against the broker, and your maximum loss is what you pay to enter.
- It’s US-only. Non-US traders can’t use it.
- nadex.com: operator, CFTC status and where sign-up now leads (2 Nov 2026)
- The CFTC’s guidance on regulated vs off-exchange binary options
- Reports on the December 2025 move to Crypto.com
- How event contracts price and settle
- Opening an account through Crypto.com
- The trading app with a funded account
- A documented deposit and withdrawal
- Support response times
We’ll add these with screenshots and dates, and re-score.
Table of contents
- Nadex at a Glance
- What Happened to Nadex?
- Is Nadex Legit and Regulated?
- How Nadex Event Contracts Work
- Fees and Costs
- Markets and Expiries
- Opening an Account Now
- Who Should (and Shouldn’t) Use Nadex?
- Nadex vs Offshore Binary Brokers
- Nadex Pros and Cons
- Our Nadex Scorecard
- Final Verdict: Is Nadex Still Worth It?
- FAQs
Nadex at a Glance
| Feature | Details |
|---|---|
| Operator | North American Derivatives Exchange, Inc., Chicago, Illinois |
| Regulation | CFTC (designated contract market) |
| Current access | Through Crypto.com accounts (Crypto.com | Derivatives North America) |
| Product | Event contracts: yes/no contracts that settle at $100 or $0 |
| Max loss | The price you pay to enter (plus fees) |
| Who can join | US residents; not directed at residents outside the US |
| Old platform | Replaced; deposits reported stopped 6 Dec 2025, trading 20 Dec 2025 |
What Happened to Nadex?
Crypto.com announced in December 2021 that it would buy Nadex from IG Group, and the exchange now sits under the Crypto.com | Derivatives North America name. For a while the old Nadex platform kept running alongside. In late 2025 it was wound down: reports say new deposits stopped on 6 December 2025 and trading on the old platform ended on 20 December 2025, with contracts continuing inside the Crypto.com app.
As of our check on 2 November 2026, nadex.com still names North American Derivatives Exchange, Inc. and its CFTC oversight, but its “Log in” and “Open account” buttons go to Crypto.com accounts. In practice, “trading on Nadex” now means trading its event contracts through Crypto.com.
Is Nadex Legit and Regulated?
Yes, and that’s what sets it apart. A designated contract market is the same kind of regulated exchange that lists futures. The CFTC oversees how it runs, and member funds are held under US exchange rules.
The CFTC itself warns that most binary options websites are off-exchange and operate illegally when they solicit US residents. Nadex is the legal alternative it points to: an exchange-traded product. That’s why Regulation & safety scores 5 out of 5, the only maximum score in our reviews.
How Nadex Event Contracts Work
Each contract asks a yes/no question, such as “will this index be above this level at this time?”. It settles at $100 if the answer is yes and $0 if it’s no, and between those points the price moves with the market’s view of the odds.
- Buy at $30 and you risk $30 to make $70 if you’re right.
- Sell at $30 (bet “no”) and you risk $70 to make $30.
- Exit early at the current price if you change your mind, instead of waiting for expiry.
The important difference from offshore binary brokers: you trade against other members on an exchange, not against the broker. The exchange earns fees, not your losses, and your maximum loss is always known when you enter.
Fees and Costs
Nadex charges a small fee per contract instead of building an edge into the payout. On its pricing page (checked 3 Nov 2026), event contracts cost $0.02 per contract to enter or exit before expiration, with no settlement fee whether a contract expires in or out of the money. Knock-out contracts cost $1 per contract to enter or exit, plus a $1 settlement fee at expiration. Nadex adds that other fees may apply in special circumstances.
We read these from the public page, not from a funded account, and the account flow now runs through Crypto.com, so confirm the fee schedule there before you trade. That’s why costs score 4 out of 5, not 5.
Markets and Expiries
Nadex has covered US stock index futures, major forex pairs, commodities such as gold and crude oil, crypto, and economic events, with expiries from intraday to weekly. The range is narrower than the offshore brokers’ long OTC lists, but every contract is tied to a real, observable market price. Assets score 3 out of 5.
Opening an Account Now
Based on Crypto.com’s process, you open a Crypto.com account, verify your identity, enable USD and apply for access to derivatives/event contracts with Crypto.com | Derivatives North America. Only US residents are eligible. Funding is in USD through US bank methods.
We haven’t completed this flow yet, so we don’t quote approval times, deposit minimums or withdrawal speed. When we do, the dates and figures will go here.
Who Should (and Shouldn’t) Use Nadex?
| Where you live | Our view |
|---|---|
| United States | The legal, regulated way to trade binary-style contracts. Our top-scored option. |
| Outside the US | Not available. |
Nadex vs Offshore Binary Brokers
| Nadex | Pocket Option, Quotex, Binomo | |
|---|---|---|
| Regulator | CFTC | None |
| Who’s on the other side | Other exchange members | The broker |
| Price source | Real underlying markets | Often the broker’s own OTC feed |
| Open to US residents | Yes | No (illegal to solicit, per the CFTC) |
| Our score | 4.4 / 5 | 2.0–3.2 / 5 |
See every broker side by side on our broker reviews page.
Nadex Pros and Cons
| Pros | Cons |
|---|---|
| ✅ CFTC-regulated US exchange | ❌ US residents only |
| ✅ Maximum loss known when you enter | ❌ Old Nadex platform replaced; now runs through Crypto.com |
| ✅ You trade against other members, not the broker | ❌ Narrower market list than offshore brokers |
| ✅ Prices tied to real underlying markets | ❌ Account approval for derivatives adds steps |
| ✅ No deposit bonuses or turnover traps |
Our Nadex Scorecard
Regulation & safety · 25%
Payouts & trading costs · 15%
Platform & app · 10%
Assets & expiry choice · 10%
Bonus fairness & terms · 10%
Withdrawals · 20%
Customer support · 10%
Overall: 4.4 / 5 = (5×25 + 4×15 + 3×10 + 5×10) ÷ 60
Final Verdict: Is Nadex Still Worth It?
For US residents, yes: Nadex remains the regulated, legal way to trade binary-style contracts, and its exchange model removes the biggest conflict of interest in this market. It scores higher than any offshore broker we review.
The catch is the transition. The Nadex platform people remember is gone, and access now runs through Crypto.com. Our verdict is use with caution until we’ve tested the new account flow. That’s a statement about what we’ve verified, not a warning about the exchange.
FAQs
Is Nadex still open?
The standalone Nadex platform has been replaced. Nadex’s event contracts continue through Crypto.com | Derivatives North America, and nadex.com now sends sign-ups and log-ins to Crypto.com accounts.
Is Nadex legit?
Yes. North American Derivatives Exchange, Inc. is a CFTC-regulated designated contract market based in Chicago.
Who regulates Nadex?
The US Commodity Futures Trading Commission (CFTC) regulates Nadex as a designated contract market.
Can non-US residents use Nadex?
No. Nadex states its information isn’t directed at residents outside the United States, and the Crypto.com derivatives access is for US residents.
Is Nadex the same as binary options?
Nadex contracts are binary in structure: they settle at $100 or $0. Unlike offshore binary options, they trade on a regulated exchange, between members, with your maximum loss fixed at entry.
What is the Nadex minimum deposit?
Under the old platform there was no minimum deposit. We haven’t verified the current funding minimums in the Crypto.com app, so check them when you open an account.
This review is educational and isn’t financial advice. CrypOption Hub and its authors are not licensed financial advisors. Read our disclaimers and how we test brokers.
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