What is Nadex?
If you’re new to trading, you probably have some questions about what you’re doing. We know we certainly did. Being a new trader is tough, and we get it. That’s why we’ve put together these resources. You can learn from the mistakes that we’ve made, and ensure that you don’t make the same ones, and lose your money as a result.
That’s one of the reasons why we like Nadex so much. They are a strong, trustworthy binary options exchange, and because they are the only U.S. based, fully regulated binary options exchange, Nadex is the absolute best choice for U.S. traders that want to not just have a safe experience while trading, but also want to follow local laws.
If you’re going to trade at Nadex, be sure that you check out their demo account first. The Nadex demo trading account is a free way to test out the trading platform and get a feel for whether or not binary options trading is right for you or not. Let’s take a quick look at the Nadex demo account and see how you can use it to help you be a better trader.
Benefits of Demo Trading at Nadex
Demo trading at Nadex is completely free. Unlike many European style binary options brokers, you don’t even need to make an initial deposit to create a demo trading account here. If you never want to make a deposit, you won’t have to. For those that are on the border about whether or not they want to use this exchange, this is a great way to get a feel for the site and the trading platform before you make a commitment to the site. For those with experience trading, you can use this same availability to test out new ideas before you use them in real time.
The Nadex demo account stays open indefinitely, even after you have made your deposit and have started trading with real cash. This provides traders with a huge advantage because it provides them with a risk-free tool where their skills can be explored and expanded upon. Trades are executed in real time, and all of the data that is provided is real, up to date market data. The software is also exactly the same. Really, the only difference is that you are trading with pretend money rather than real money. While this does change the feel a little bit, all of the tools that you will use as a trader are exactly the same. In this respect, a Nadex demo account is a must if you want to master the platform before the stakes become raised.
How Do I Create a Nadex Demo Account?
Setting up a demo account with Nadex is pretty simple compared to many other brokers and exchanges out there. Once you are at the homepage, there will be a few links at the top of the page. Under “Trading Platforms” you will find a link titled “Demo Trading Platform.” Click on this, and you will be taken to the demo trading sign up page. From here it’s simple. Let them know if you already have a live account, create a username, type in your real name, phone number, and email address. Also, you will need to indicate your country of residence. That’s it. Click on “Open a Demo Account” and you are set.
Do I Need to Have a Demo Account?
No, you certainly don’t need to create a demo account with Nadex. We believe that it’s a really good idea though, and even though you don’t need to create a demo account, you should. A demo account is basically a free way for you to test run whatever new thing you might be working on. Because there’s no risk in a demo account, even if you have no idea what you’re doing, and even if you make foolish mistakes, it’s perfectly fine. The demo account is a strong learning tool, and using it is an efficient and convenient way to improve your skills as a binary options trader.
Getting Started at Nadex
If you have been demo trading at Nadex and decide that you want to open up a live account with them, the process is a bit more in depth than it is for creating a demo account. Remember that Nadex is a CFTC regulated broker, and because this is affiliated with the U.S. government, there are a lot of rules that you will need to follow—typically more so than any other binary options broker or exchange in the world. That’s fine with us; it means that they are a very reputable and trustworthy place to trade. Still, the process can be different, so we’ll walk you through it.
The application only takes about five minutes total to get through. The information that is sought is not complicated, just personal info. You will need to supply your name, country, and mailing address. You’ll also be asked to provide a valid phone number and email address. Nadex also asks how you heard about them. Tracking this information helps them to market their services better. Finally, you will need to click a box that says you agree with their policies and that they can get in touch with you. Once this is completed, you can submit your application and move on to part two.
Here, you will be asked to fund your account. You can’t trade real money unless you have deposited money. Unlike other brokers, Nadex does not allow credit cards. You will have to mail a check or submit a wire transfer request. This slows down the access that you will have to trading at Nadex, but this is a U.S. policy, and it’s something that you’ll have to abide by if you want to trade here. In our opinion, the wait is worth it because of the great trading platform that Nadex has.
They will likely ask you for documentation, but typically it is nothing out of the ordinary. For example, you will likely be asked for a driver’s license or a passport to prove residency. Again, this might slow the process down by a few days, but in the big picture, we didn’t find it to be a big deal.
Nadex Demo Account Conclusion
Nadex has one of the best trading platforms there is. If you are thinking about trading here, be sure to use their trading platform first. We don’t think you will have any issues with their software, but testing it out firsthand is far better than taking our word for it. If you decide that this is the right place for you, setting up a live account is quite easy, too.