Nadex, short for the North American Derivatives Exchange, is a US derivatives exchange regulated by the Commodity Futures Trading Commission (CFTC). It is best known for event contracts, knock-outs, and other exchange-traded derivative products rather than the forex and CFD accounts offered by a typical retail broker.
There is an important change for anyone reading older Nadex reviews, though. The direct Nadex.com retail platform was retired in December 2025. The underlying exchange continues to operate, but selected products are now distributed through technology providers connected to Crypto.com | Derivatives North America (CDNA).
Quick answer: Nadex remains a CFTC-regulated US derivatives exchange, but it is not currently a practical retail trading option for South Africans. New applications to the old Nadex.com platform stopped during 2025, and direct trading ended on 20 December 2025. Selected CDNA products continue through providers such as Crypto.com, but the retail services checked for this review are currently limited to US users.
Is Nadex regulated for South African traders?
Nadex has credible US regulation, but CFTC oversight should not be confused with South African FSCA protection.
North American Derivatives Exchange, Inc. remains a CFTC-designated contract market. NADEX, doing business as Crypto.com Derivatives North America, is also registered as a derivatives clearing organisation.
For South Africans, regulation and availability therefore need to be checked separately. Nadex passes the US regulatory test. The current retail-access test is where the problem appears, because the routes verified for this review are limited to US users.
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Can South African traders open an account with Nadex?
Not through the retail routes verified for this review.
The former Nadex.com onboarding process is no longer available to new applicants. Nadex stopped accepting new direct applications during its 2025 platform transition, suspended deposits on 6 December 2025, and disabled trading through Nadex.com on 20 December 2025.
The exchange itself did not disappear. Selected CDNA contracts are now distributed through technology providers, including Crypto.com. Crypto.com's current Prediction Trading service, however, is available in the United States only.
For that reason, a South African resident should currently treat new Nadex/CDNA retail access as unavailable unless an official provider later announces a supported South African route.
| Nadex Quick Facts | Details |
|---|---|
| Exchange Name | Nadex |
| Full Legal Name | North American Derivatives Exchange, Inc. |
| Other Trading Names | Crypto.com | Derivatives North America (CDNA) and OG Predictions |
| Type | US-regulated derivatives exchange rather than a conventional forex or CFD broker |
| US Regulator | Commodity Futures Trading Commission (CFTC) |
| Regulatory Status | Designated Contract Market and registered Derivatives Clearing Organization |
| Ownership History | Acquired by Foris DAX Markets, Inc. in 2022 and now part of the wider Crypto.com group |
| Nadex.com Retail Platform | Direct trading ended on 20 December 2025 |
| New Nadex.com Applications | No longer accepted |
| Current Retail Access | Selected CDNA products are distributed through platforms such as Crypto.com |
| South Africa Availability | Not currently available through the retail routes we verified |
| FSCA Regulation | No South African FSCA protection should be assumed |
| Products | Event and derivative contracts, depending on the current platform and exchange listings |
| Minimum Deposit | Not applicable to a new standalone Nadex.com account because direct applications are closed |
| Best For | Eligible US traders looking for CFTC-regulated exchange-traded event and derivative contracts |
Nadex Trust Score
We give Nadex 87 out of 100 for regulatory trust.
The score reflects its CFTC status as a designated contract market, registered clearing structure, public regulatory records, segregated-funds disclosures and long operating history. Those are meaningful trust signals.
We do not treat the score as a recommendation for South Africans. Country eligibility is deliberately considered separately because a highly regulated exchange can still be unavailable to a trader based on where they live.
That is exactly the situation here. Nadex scores well for regulatory credibility, but poorly for practical accessibility from South Africa in 2026.
| Trust Factor | Nadex |
|---|---|
| Editorial Regulatory Trust Score | 87 out of 100 |
| US Regulation | Strong – CFTC-regulated Designated Contract Market |
| Clearing Status | Registered Derivatives Clearing Organization through CDNA |
| Exchange Model | Orders are matched through a regulated exchange rather than a conventional OTC CFD dealing model |
| Client Funds | Nadex says member deposits are held in segregated bank accounts |
| South Africa Protection | No local FSCA protection should be assumed |
| South Africa Availability | The retail CDNA routes checked for this review are US-only |
| Main Caution | Strong US regulation does not make the service available in South Africa |
| Product Risk | High – short-duration derivatives and event contracts can lose money very quickly |
Pros and Cons
| Pros | Cons |
|---|---|
| CFTC-regulated US derivatives exchange | The standalone Nadex.com retail platform has been retired |
| Registered DCM and DCO structure | You can no longer apply directly for a new Nadex.com account |
| Exchange-based order matching instead of a standard OTC CFD setup | The Crypto.com/CDNA retail routes we checked are currently US-only |
| Nadex says member deposits are kept in segregated bank accounts | Not a practical choice for South African retail traders at present |
| Some contracts have clearly defined maximum-loss structures | No South African regulatory protection should be assumed |
| Regulatory records, exchange rules and notices remain publicly available | A lot of old Nadex account and funding information is still online, which can be misleading after the 2025 changes |
Overview
- Nadex is the North American Derivatives Exchange, a regulated US derivatives exchange based in Chicago.
- The exchange remains under Commodity Futures Trading Commission oversight.
- Nadex also does business under the Crypto.com | Derivatives North America and OG Predictions names.
- The old direct Nadex.com retail application process ended during 2025.
- Deposits to the former platform were suspended on 6 December 2025.
- Direct Nadex.com trading ended on 20 December 2025.
- Selected exchange products continue through approved external technology providers.
- Crypto.com's current Prediction Trading route is restricted to US users.
- South Africans should therefore not treat Nadex as a currently available retail trading account.
Is Nadex a good option for South African traders?
Not at the moment. The exchange itself has credible regulation. Access is the issue.
A South African trader cannot make much practical use of competitive fees, contract features or platform functionality if the relevant onboarding route does not accept South African residents.
Anyone trading from South Africa should start by finding a provider that clearly accepts South African clients, then confirm the legal entity, regulator, funding options, currency-conversion costs and withdrawal conditions before depositing money.
Is Nadex regulated in South Africa?
The regulation verified for Nadex is US regulation through the CFTC. South African traders should not assume this gives them the same protection they would receive from an appropriately authorised local financial provider.
Always check the exact legal entity behind an account rather than relying on a brand name alone. This becomes especially important when an international financial group operates several companies, products or platforms under related names.
Features Offered
Nadex remains an exchange rather than a conventional spread-based forex or CFD broker. It lists and clears derivative contracts, while the technology platform used to access those contracts can now vary depending on the provider.
- CDNA can list regulated event and derivative contracts.
- Prediction contracts allow eligible traders to take a Yes or No position on a defined outcome.
- Some contracts use defined-risk or fully collateralised structures.
- Orders are matched through an exchange rather than taken against a traditional dealing-desk broker model.
- Selected products can be distributed through Crypto.com, OG Predictions and other approved technology providers.
- Fees, contract specifications and account requirements can vary by provider.
- Current product pages should always be checked before relying on older Nadex reviews or tutorials.
| Feature | Current Nadex/CDNA Position |
|---|---|
| Exchange Model | US CFTC-regulated exchange and clearing structure |
| Prediction/Event Contracts | Available through selected CDNA platforms for eligible users |
| Legacy Nadex Event Contracts | Product information is still published, although the old Nadex.com retail platform has been retired |
| Legacy Knock-Outs | Specifications and pricing information remain online, but retail access has changed |
| Current Platforms | Depends on the technology provider, including Crypto.com for selected products |
| MetaTrader | Not part of the standard Nadex/CDNA exchange setup |
| Minimum Deposit | No current standalone Nadex.com minimum because new direct accounts are no longer offered |
| Regulation | CFTC in the United States |
| South Africa Status | The retail routes checked for this review are not available to South African residents |
Nadex Customer Reviews
Customer reviews are harder to interpret with Nadex than with a broker whose platform has remained largely unchanged. The date of the review and the platform being discussed make a major difference.
Reviews written before the December 2025 transition generally refer to the former Nadex.com retail experience. Comments about its charts, deposits, withdrawals, mobile experience, or direct customer service should not automatically be treated as reviews of the current Crypto.com/CDNA experience.
That does not make older customer feedback useless. It simply needs context. When reading a Nadex review, check when it was posted, which platform the customer used, and whether the complaint or praise still applies to the current service model.
- Older ratings largely reflect the previous Nadex.com platform.
- Current CDNA products can be accessed through separate technology providers.
- Customer ratings should not replace regulatory or legal-entity checks.
- Country eligibility should be confirmed before platform reviews influence an account-opening decision.
| Review Area | What Traders Should Check in 2026 |
|---|---|
| Review Date | Was it written before or after the December 2025 Nadex.com shutdown? |
| Platform | Is the reviewer talking about old Nadex.com, Crypto.com, OG Predictions or another provider? |
| Eligibility | Can traders in your country actually use the product? |
| Fees | Check the current fee schedule for the platform and contract being traded |
| Funding | Use the rules of the active platform, not the retired Nadex account structure |
| Regulation | Check official CFTC records and any relevant local regulator |
Customer Ratings
Ratings should be read together with their review date and source. Where older ratings are retained for historical context, they should be clearly identified as referring mainly to the former Nadex.com retail platform rather than the current provider experience.
| Category | Rating | Comment |
|---|---|---|
| US Regulation | Excellent | CFTC-regulated DCM with registered clearing operations |
| South Africa Fit | Poor | The retail CDNA routes checked are currently restricted to US users |
| Regulatory Transparency | Excellent | CFTC records, rules and exchange notices are publicly available |
| Product Range | Specialised | Centred on regulated derivatives and event contracts rather than a normal forex/CFD brokerage account |
| Direct Nadex Platform | Retired | Nadex.com trading was disabled in December 2025 |
| Beginner Friendliness | Moderate to Low | Risk can be defined in advance on some contracts, but traders still need to understand pricing, expiry and settlement |
Nadex Safety and Security
Nadex has a strong regulatory foundation in the United States. It remains under CFTC oversight, while its clearing operation remains registered with the regulator.
Nadex also states that member funds deposited with it are held in segregated bank accounts at BMO Harris Bank and Fifth Third Bank rather than being mixed with the company's operational funds.
These safeguards are meaningful, but they should not be stretched into claims they do not support. CFTC regulation is not the same thing as FSCA protection, and strong US regulation does not change the current country restrictions affecting South African retail traders.
- North American Derivatives Exchange remains a CFTC-designated contract market.
- NADEX d/b/a Crypto.com Derivatives North America remains a registered derivatives clearing organisation.
- Nadex states that member funds are held separately from company operational funds.
- Nadex also uses the Crypto.com | Derivatives North America and OG Predictions names.
- Product risk still matters even when maximum loss can be defined in advance.
How does Nadex protect member funds?
Nadex says funds deposited directly with it are held in segregated bank accounts and are not commingled with operational funds.
That disclosure is useful, but traders accessing a CDNA product through another technology provider should also read that provider's own account, custody and funding terms. The previous Nadex.com rules should not simply be assumed to carry across unchanged.
Is Nadex safe for South African traders?
Nadex has regulatory credibility, but that is not the immediate problem for a South African retail trader. The verified retail access routes currently do not support South African users.
The more practical approach is to choose a provider that explicitly accepts South African residents and clearly identifies the company, regulator, products and account conditions that will apply.
| Safety Area | Nadex/CDNA |
|---|---|
| US Regulation | CFTC-regulated |
| Exchange Status | Designated Contract Market |
| Clearing Status | Registered Derivatives Clearing Organization |
| Member Funds | Nadex says member deposits are held in segregated bank accounts |
| Local FSCA Protection | Should not be assumed |
| South Africa Retail Access | Not available through the retail routes checked for this review |
| Main Risk | Short-term derivative risk combined with jurisdiction and access restrictions |
Nadex at a Glance
| Exchange Detail | Nadex |
|---|---|
| Legal Entity | North American Derivatives Exchange, Inc. |
| Other Names | Crypto.com | Derivatives North America and OG Predictions |
| Type | US-regulated derivatives exchange |
| Regulator | CFTC |
| DCM Status | Designated |
| DCO Status | Registered |
| Old Nadex.com Platform | Direct trading ended on 20 December 2025 |
| New Nadex.com Accounts | Not available |
| Current Access | Through eligible CDNA-connected technology platforms |
| South Africa Access | The retail routes checked for this review are US-only |
| Minimum Deposit | Not applicable to new standalone Nadex.com accounts |
| MetaTrader | Not used as the main exchange environment |
Nadex Account Types
The traditional Nadex live and demo account structure is now legacy information for new applicants.
The former model was straightforward: traders applied directly through Nadex.com and could use its live or practice environment. That direct onboarding route has now been retired.
Current CDNA access depends on the technology provider, jurisdiction, and product being used rather than simply choosing an old-style Nadex live or demo account.
- The former live account belonged to the direct Nadex.com platform.
- New standalone applications stopped during the 2025 transition.
- The old Nadex demo should not be promoted as a current signup benefit without fresh verification.
- Selected CDNA products are now distributed through approved external providers.
- Crypto.com users who qualify for Prediction Trading complete CDNA onboarding through the Crypto.com App.
- That retail route is currently restricted to US users.
| Account or Access Route | 2026 Status | Best For | Key Notes |
|---|---|---|---|
| Legacy Nadex Live Account | Closed to new direct applications | Historical reference | Direct Nadex.com trading ended in December 2025 |
| Legacy Nadex Demo Account | Do not treat as a guaranteed current signup option | Historical platform-learning reference | Check current availability before recommending it |
| Crypto.com/CDNA Access | Active for eligible US users | US clients wanting current CDNA products | Country and product restrictions apply |
| South African Access | Not currently available through the routes checked | Not applicable | South African users need to consider an accessible alternative |
Legacy Nadex Live Trading Account
The old Nadex live account allowed approved members to access the exchange directly through Nadex.com. It is useful historical context, but it is no longer the account-opening route a new trader should follow.
- New direct applications stopped during the 2025 transition.
- Deposits were suspended on 6 December 2025.
- Trading through Nadex.com ended on 20 December 2025.
- Old signup requirements and minimum-deposit claims should now be labelled as historical.
Legacy Nadex Demo Account
The old Nadex demo account gave traders a way to practise contract selection and platform mechanics without putting real capital at risk.
Because the direct Nadex.com retail platform has been retired, it would be misleading to promote that standalone demo as if a new South African user could sign up for it today.
Current providers may offer their own educational, demonstration, or simulation tools, but those should be checked directly with the provider rather than assumed from old Nadex account information.
| Account Feature | Legacy Nadex Account | Current Position |
|---|---|---|
| New Direct Application | Previously available | No longer accepted |
| Direct Nadex.com Trading | Previously available | Disabled |
| Direct Nadex Deposits | Previously available | Suspended during the 2025 transition |
| Practice/Demo Access | Previously offered | Check current standalone availability before promoting it |
| Current Product Access | Historically through Nadex.com | Depends on the technology provider |
| South Africa | Historically subject to eligibility rules | The retail routes checked for 2026 are US-only |
What account types does Nadex offer?
There is no longer a new standalone Nadex.com retail account to apply for. Current CDNA products are distributed through approved technology providers, with eligibility and onboarding determined by the specific platform and jurisdiction.
Which Nadex account is best for beginners?
For a South African beginner, there is no current Nadex retail account we can recommend because the verified access routes do not accept South African residents.
Where these products are available, beginners should first understand contract pricing, expiry, settlement, liquidity, fees, and the maximum possible loss before trading.
How to Open a Nadex Account
You cannot currently open a new account through the former Nadex.com retail signup process.
Old guides that send readers directly to Nadex.com to create a standard live account are now out of date. Today, the first step is finding an active CDNA-connected platform that offers the product and accepts residents of your country.
Step 1 – Check the Current Nadex Status
Start by confirming that you are looking at current information. The standalone Nadex.com trading platform was retired in December 2025, so older account-opening screenshots and signup tutorials no longer represent the active process.
Step 2 – Find the Current CDNA Access Route
Selected CDNA products can be distributed through technology platforms such as Crypto.com. Product availability varies, so check the active platform rather than assuming every contract previously associated with Nadex is available everywhere.
Step 3 – Check Country Eligibility
This is the point where a South African applicant currently gets stopped. Crypto.com's Prediction Trading service is available in the United States only, and the CDNA retail routes checked for this review do not provide a South African onboarding route.
Do not use inaccurate residency information, false addresses or technical workarounds to bypass jurisdiction restrictions.
Step 4 – Read the Current Fees and Terms
If South African access becomes available in future, use the fee schedule and terms of the platform actually providing the account. Check its funding rules, withdrawal conditions, identity requirements, legal entity and contract specifications before trading.
Step 5 – Compare Available Alternatives
If the provider does not accept South African residents, move on rather than trying to force the application. Compare platforms that openly support your country and check regulation, ZAR conversion costs, withdrawal fees, product range, and customer support.
| Account Opening Check | 2026 Position |
|---|---|
| Can I open a new Nadex.com account? | No – direct applications stopped during the 2025 transition |
| Can I trade through Nadex.com? | No – direct trading ended on 20 December 2025 |
| Where did the products move? | Selected products continue through technology platforms including Crypto.com |
| Is Crypto.com Prediction Trading available in South Africa? | No – the current feature is US-only |
| What should South Africans do? | Compare providers that clearly accept South African residents |
Nadex Fees, Spreads, and Commissions
Nadex does not use the same spread-and-commission model as a typical forex or CFD broker.
There is also an important distinction in 2026 between the fee information still published by Nadex and the charges applied by technology providers distributing CDNA products.
Nadex currently publishes standard exchange fees for event contracts and knock-outs. Crypto.com separately publishes a fee schedule for Prediction Trading. Those figures describe different access routes and should not be blended into one generic Nadex pricing claim.
- Nadex publishes a $0.02 trading fee per event contract when entering or exiting before expiry.
- Its published schedule shows no settlement fee on $1 event contracts.
- Nadex publishes a $1 trading fee per knock-out contract when entering or closing before expiry.
- A $1 settlement fee per knock-out contract is shown at expiry.
- Crypto.com's current Prediction Trading schedule lists taker fees between $0.01 and $0.0175 per contract.
- Crypto.com lists $0 maker and $0 settlement fees for that product.
- The Crypto.com service remains US-only, so its current pricing is not directly actionable for a South African retail trader.
| Fee Type | Published Detail |
|---|---|
| Legacy/Published Nadex Event Contract Trading Fee | $0.02 per contract when entering or exiting before expiry |
| Published Nadex Event Contract Settlement Fee | No settlement fee for $1 event contracts |
| Published Nadex Knock-Out Trading Fee | $1 per contract when entering or exiting before expiry |
| Published Nadex Knock-Out Settlement Fee | $1 per contract at expiry |
| Current Crypto.com Prediction Taker Fee | $0.01 minimum to $0.0175 maximum per contract |
| Current Crypto.com Prediction Maker Fee | $0 |
| Current Crypto.com Prediction Settlement Fee | $0 |
| South Africa Relevance | Crypto.com Prediction Trading is currently US-only |
What are the trading fees at Nadex?
Nadex's published pricing currently shows $0.02 per event contract and $1 per knock-out contract for entry or exit before expiry.
That does not mean every technology provider distributing a CDNA product charges exactly the same amount. Use the fee schedule of the platform through which the contract is actually being traded.
Does Nadex charge withdrawal fees?
Nadex's website still publishes withdrawal information for legacy account balances, including a $25 processing charge for wire withdrawals and international bank transfers.
That information should not automatically be presented as the withdrawal policy for Crypto.com or another CDNA-connected provider. Current users should follow the funding and withdrawal terms of the platform holding their account.
Nadex Trading Platforms
The standalone Nadex.com retail trading platform has been retired.
It is more accurate in 2026 to think of Nadex/CDNA as a regulated exchange and clearing infrastructure that can sit behind approved technology providers. The interface, account experience, products and fees depend on the provider being used.
Nadex Web Platform – Retired
The former Nadex web platform allowed traders to select contracts, monitor prices and manage positions directly. Trading through that platform ended on 20 December 2025.
Screenshots or tutorials showing the old web terminal can still provide historical context, but they should be clearly labelled as legacy material.
Crypto.com and Current CDNA Access
Selected derivatives and Prediction Trading products on Crypto.com are offered through Crypto.com | Derivatives North America.
Eligible users complete the relevant onboarding within Crypto.com, and current Prediction Trading supports both market and limit orders. The product is fully collateralised, with settlement based on the defined event outcome.
Current retail availability is limited to the United States.
OG Predictions and Technology Partners
Nadex's legal disclosures also identify OG Predictions as a trading name. This reflects the wider move away from a single standalone Nadex.com front end towards distribution through different technology platforms.
That means fees, contracts, interfaces, country restrictions and account requirements can vary. The active provider's terms should always take priority over an old Nadex tutorial.
| Platform or Route | 2026 Status | Main Point |
|---|---|---|
| Nadex.com Retail Platform | Retired | Direct trading ended on 20 December 2025 |
| Crypto.com | Active for eligible users | Offers selected CDNA-powered products; the relevant retail services are currently US-only |
| OG Predictions | Current Nadex/CDNA trading name and technology route | Contract range and availability depend on current terms |
| MetaTrader 4/5 | Not the core platform | Nadex/CDNA uses an exchange-based derivatives model |
Which trading platforms does Nadex offer?
The standalone Nadex.com retail platform is no longer the current access route. Selected CDNA contracts are now distributed through approved technology providers, including Crypto.com and related services.
The exact platform and products available depend on the trader's jurisdiction and the provider being used.
Does Nadex offer MetaTrader?
MT4 and MT5 are not the standard Nadex/CDNA exchange environment. Eligible products are accessed through technology platforms connected to CDNA rather than through the traditional MetaTrader broker model.
Nadex Deposit and Withdrawal
The old Nadex.com funding process is now mainly relevant to legacy accounts and remaining balances.
Deposits to the direct retail platform were suspended on 6 December 2025 as part of its closure. Existing account holders with funds were provided with withdrawal or fund-return instructions.
Nadex still publishes information covering previous ACH, wire, international transfer, and card withdrawal arrangements. Its legacy funding page includes a $25 processing fee for international bank-transfer withdrawals.
For a new trader using a CDNA product through another provider, however, those old rules should not simply be copied across. The active provider's funding and withdrawal policy is what matters.
There is currently no verified Nadex retail funding route we can recommend for a South African resident because the current routes covered in this review are limited to US users.
| Payment Area | 2026 Position |
|---|---|
| New Nadex.com Deposit | Not available through the retired direct retail platform |
| Deposit Suspension Date | 6 December 2025 |
| Legacy US ACH Withdrawal | Nadex's historic funding page lists no Nadex fee |
| Legacy Wire Withdrawal | $25 processing fee listed |
| Legacy International Bank Transfer | $25 processing fee listed |
| Current CDNA Funding | Depends on the technology provider and product |
| South African Funding | No current route recommended because the retail services checked are US-only |
How can I deposit funds into a Nadex account?
A new applicant cannot use the former Nadex.com deposit process. Deposits to that direct platform were suspended in December 2025.
Eligible traders accessing a CDNA product through another technology provider use that provider's own funding process instead.
How are Nadex withdrawals processed?
Nadex continues to publish withdrawal information for legacy balances, including ACH, wire, international bank transfer, and certain debit-card routes.
These instructions belong to the former direct account structure and should not be presented as the withdrawal policy for a new Crypto.com or other CDNA-linked account.
Nadex Leverage and Risk
Nadex products work differently from the leveraged forex and CFD accounts familiar to many retail traders. Event and prediction-style contracts can use defined-risk or fully collateralised structures, so the maximum amount at risk may be known before a position is opened.
That does not mean every contract on the wider exchange works in exactly the same way. The CFTC amended Nadex's designation in September 2025 to permit margined futures cleared on an intermediated basis through registered futures commission merchants.
- A defined maximum loss can still mean losing the full amount committed to a trade.
- Short-expiry contracts can move against a position quickly.
- Liquidity can affect whether a trader can exit at the preferred price.
- Margin, collateral and settlement rules can differ between products.
- The specification for the actual contract should be checked before trading.
For South Africans, these product-level details are secondary at present because the retail routes verified in this review are not locally available.
| Risk Area | Why It Matters |
|---|---|
| Defined Risk | Some contracts cap the maximum loss at the capital committed plus applicable fees |
| Short-Term Trading | Pricing can move sharply as expiry approaches |
| Liquidity | A thin order book can make it harder to exit at the expected price |
| Settlement | The final event result determines settlement on prediction-style contracts |
| Product Differences | Collateral and margin rules are not identical across every CDNA contract |
| Jurisdiction | A well-regulated US product can still be unavailable to a South African resident |
Nadex vs IG vs Interactive Brokers – A Comparison
The first comparison point for a South African trader should be availability rather than platform features.
Nadex's current retail route does not provide the South African access path covered by this review. When comparing it with IG or Interactive Brokers, check whether each provider currently accepts South African residents, which legal entity would hold the account, which regulator applies, and whether the required products are available in your jurisdiction.
The three businesses also operate very different models, so the comparison should be used for decision-making rather than treating them as identical substitutes.
| Feature | Nadex/CDNA | IG | Interactive Brokers |
|---|---|---|---|
| Best For | Eligible US users trading specialised exchange-listed derivatives | Forex and CFD traders wanting access to a broad range of markets | Global multi-asset investors and active traders |
| Regulation Highlight | CFTC-regulated US DCM/DCO | IG Markets South Africa is FSCA-authorised; the entity attached to the account still matters | Operates through several major regulated international entities |
| South African Availability | Not through the US-only retail CDNA routes checked | South African account routes are available, subject to the relevant IG entity | South Africa appears on Interactive Brokers' available-country list |
| Products | Specialised exchange-traded derivatives and event contracts | Forex, CFDs, indices, shares and other markets depending on entity | Stocks, ETFs, options, futures, forex, bonds and other global instruments |
| Core Platform Model | Technology providers connected to CDNA | IG web/mobile platforms and integrations | Trader Workstation, web and mobile platforms |
| Nadex.com Status | Retired for direct retail trading | Not applicable | Not applicable |
| South Africa Fit | Poor under the current access rules | Far more relevant locally, subject to the account entity | Better suited to investors and active traders wanting broad global market access |
Nadex Research
Nadex still provides a substantial amount of public exchange documentation, including legal disclosures, rules, contract specifications, notices, pricing information, and market-related material.
For research purposes, this is more useful than relying on an old third-party broker review because the operating model changed materially during 2025.
When checking Nadex today, prioritise current exchange notices, CFTC registration records, current contract specifications and the fee schedule of the technology provider actually offering the product.
Country eligibility should be checked before spending time comparing deposits, trading tools or account setup.
How We Reviewed Nadex
Last fact-checked: 10 August 2026.
For this review, we prioritised primary regulatory and provider information. We checked current Commodity Futures Trading Commission records for North American Derivatives Exchange, Nadex legal disclosures and exchange notices, the official platform-transition information, current Nadex pricing information, and Crypto.com/CDNA product and eligibility documentation.
We also reviewed Nadex specifically from the perspective of a South African trader. That distinction matters because regulatory credibility and country availability are separate questions.
We did not open or fund a live account, place a trade or test a withdrawal. No claim in this review should therefore be interpreted as first-hand execution, platform or withdrawal testing.
| Review Check | What We Verified |
|---|---|
| Legal Entity | North American Derivatives Exchange, Inc. |
| US Regulation | CFTC DCM and DCO records |
| Platform Status | Official Nadex December 2025 transition information |
| Current Availability | Crypto.com/CDNA jurisdiction disclosures |
| Fees | Nadex published pricing and Crypto.com Prediction Trading pricing |
| South Africa Suitability | Country access assessed separately from US regulatory quality |
| First-Hand Testing | Not performed or claimed |
Conclusion
Nadex remains a legitimate, CFTC-regulated US derivatives exchange. What changed is the way retail traders reach its products.
The old Nadex.com retail model ended in 2025. New applications stopped, deposits were suspended on 6 December, and direct trading through Nadex.com ended on 20 December. The underlying exchange continues to operate, including under the Crypto.com | Derivatives North America name and through other technology-provider arrangements.
For South Africans, the practical verdict is much simpler. The retail CDNA routes verified for this review are currently limited to US users, so Nadex is not a realistic new trading-account option for a South African resident in 2026.
That does not make Nadex poorly regulated. It simply means the exchange is currently more useful for South African readers as a product and market reference than as an account they can open.
If you are trading from South Africa, compare providers that explicitly accept local residents and then check the exact legal entity, regulator, costs, funding rules and withdrawal conditions before depositing money.
Disclaimer
- Derivatives, event contracts and other short-duration products can result in substantial losses.
- A known maximum loss does not make a trade low risk.
- Nadex is regulated in the United States through the CFTC. This should not be confused with South African FSCA protection.
- Country restrictions and product availability can change.
- When this review was checked on 10 August 2026, the Crypto.com/CDNA retail routes covered here were restricted to US users.
- This review provides general information only and is not personal investment, legal or tax advice.
- South African residents should consider any tax, foreign-transfer, currency-conversion or exchange-control requirements that may apply before funding an international financial account.
Frequently Asked Questions
Is Nadex still operating in 2026?
Yes. North American Derivatives Exchange remains a CFTC-regulated derivatives exchange. What changed was the direct retail platform. Nadex.com trading was retired in December 2025, while selected CDNA products continue through approved technology providers.
Is Nadex.com still accepting new accounts?
No. Nadex stopped accepting new direct applications during the 2025 transition. Deposits were suspended on 6 December 2025, and direct trading through Nadex.com ended on 20 December 2025. Older guides showing the standalone application process should now be treated as historical.
Can South Africans use Nadex in 2026?
Not through the retail routes verified for this review. Crypto.com's current Prediction Trading service is available in the United States only, so it does not provide a South African retail onboarding route.
What happened to the Nadex trading platform?
Nadex retired its old direct retail platform and shifted towards distributing exchange products through external technology providers. New applications stopped during 2025, and trading through Nadex.com ended on 20 December 2025.
Is Nadex part of Crypto.com?
Nadex was acquired by Foris DAX Markets in 2022 and now also operates under the Crypto.com | Derivatives North America name. Nadex legal disclosures also identify OG Predictions as a trading name. The underlying regulated exchange remains North American Derivatives Exchange.
What is Nadex?
Nadex is the North American Derivatives Exchange, a US derivatives exchange regulated by the Commodity Futures Trading Commission. Unlike a conventional forex or CFD broker, it operates an exchange and clearing structure where buyers and sellers trade regulated derivative contracts.
Is Nadex regulated?
Yes. North American Derivatives Exchange remains a CFTC-designated contract market, while NADEX d/b/a Crypto.com Derivatives North America remains registered as a derivatives clearing organisation.
Is Nadex regulated in South Africa?
The regulation verified for this review is US CFTC regulation. South African traders should not assume this provides FSCA protection. Always check the exact legal entity and applicable regulator before opening or funding any international trading account.
What is the minimum deposit at Nadex?
There is no useful current minimum-deposit figure for a new standalone Nadex.com account because new direct applications have stopped. Older references to a zero or no-minimum-deposit account describe the previous retail model. Current traders must follow the funding requirements of the CDNA-connected provider through which they qualify for access.
What products can I trade on Nadex?
Nadex/CDNA supports regulated derivatives, including event-based contracts and other exchange-listed products. The exact selection depends on current exchange listings, the technology provider, and the trader's jurisdiction. Nadex continues to publish information on event contracts and knock-outs, while Crypto.com offers selected CDNA-powered Prediction Trading products to eligible US users.
Is Nadex safe?
Nadex has strong US regulatory credentials and states that member funds deposited with it are held separately from operational funds. That does not remove trading risk or guarantee that every product is suitable for every trader. South Africans also need to consider the separate issue of country eligibility.
Does Nadex offer a demo account?
The well-known Nadex demo account belonged to the former direct Nadex.com retail setup. Because that platform has been retired, older claims about a current standalone Nadex demo should be treated as legacy information unless the active provider confirms otherwise.
Does Nadex support MT4 or MT5?
No. MetaTrader 4 and MetaTrader 5 are not the standard Nadex/CDNA trading environment. Current products are accessed through technology providers connected to the exchange rather than through the traditional MT4 or MT5 broker model.
What fees does Nadex charge?
Nadex currently publishes a $0.02 trading fee per event contract and a $1 trading fee per knock-out contract for entry or exit before expiry. Fees can differ on external technology platforms, so traders should always check the pricing of the provider they actually use.
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