NADEX $200 Bonus
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Gadget's How to Guide for NADEX 🕵️♂
The Northern American Derivatives Exchange (NADEX) is offering two $100 bonuses, which the only requirements are to open an account, fund with $1,000+, and perform 5 trades within 30 days of the application date. If you're not familiar with this kind of trading, neither was I, until I tried it. It's really not hard at all with some coaching.
If your goal is to earn this bonus and get it done quickly with minimal losses and the least amount of risk, then this is your guide. If your goal is to master trading Options and make money, please find another source.
Opening a NADEX account was very simple for me, and I was not asked for anything other than basic information, as well as SSN, of course. My account was approved in minutes. No apps to install, no selfies, or any uploads at all.
Be sure to INITIALLY FUND YOUR ACCOUNT WITH AT LEAST $1,000 to earn the $100 initial deposit bonus. You only get one chance for initial funding. The $100 referral bonus is clearly mentioned on the 1st screen of the application, and 2nd screen of the application has the information on the $100 deposit bonus, and are definitely 100% stackable.
You can use my link here to signup for NADEX: https://join.nadex.com/refer-a-friend/?QPID=raf64oc0i00zkzd
Funding the account can be done via Debit Card, or Bank Linking via PLAID, or Wire Transfer. Other ways may exist, but most should be able to do one of those to get started trading. I would recommend the bank linked funding, as otherwise you may be asked to provide bank statements or screenshots of the account which your debit was drawn from when you go to withdraw your NADEX balance. If you use bank linked ACH, $500 of the $1,000 is usually available instantly, so you can start doing your trades right away. If you use debit, the full amount is available right away, but may be harder to withdraw.
Once you have funded your account, you can start trading. The quickest and safest way to place a trade on the NADEX platform is to select 5 MINUTE BINARY OPTIONS on the left-hand side of your screen. (Pictured on left)
Once you click on 5 MINUTE under BY DURATION, you will see various currency pairs to choose from. You can expand them by clicking the up/down arrows, and you will see the prices change as the market fluctuates.
Find the currency pair that is ranging in the lowest numbers on the right-hand side, blue section. Those are the Buy prices. Numbers on the blue side, 3-5, is typically best, but could be higher or lower, and lowest is best for this example. Click on whatever one you find is dipping the lowest.
Once you have selected a currency pair, now you can focus your attention to the right-hand side of your screen. This where you can place an Order. I recommend the following:
Order Type: Use the Down arrow to change to LIMIT GTC (yellow arrow)
By default, MARKET will be selected.
Use the plus/minus, or type digits, to set the Price to $2.75. (pink arrow)
You can go lower, but bear in mind that the Order may not get executed. For the purpose of this demonstration, I used $2.75 throughout. You may be able to get this done at the $2.25 range, but you might spend twice as long to save $2.50 in total over the five trades.
Leave Size as 1.
Once you set your price, you will see the 'Max loss' change to the price you chose. (blue arrow)
Press PLACE ORDER when you are ready. (orange arrow)
By design, the opportunity to place your trade is on a five-minute time limit. If you wait too long, or bid too low, your Order will expire without being executed. This does not cost you anything other than your time, and you can go back to the left-hand side of the screen and select another currency pair and try again.
Once you press PLACE ORDER, the request will go to your ORDERS tab at the bottom of your screen. (purple arrow, in picture below) If your trade has not yet been executed, it can be canceled without cost. Once your order has been executed, it will go to the POSITIONS tab, where then you can opt to Close the position (Sell Order).
Once your Order is listed on the POSITIONS tab, if you do nothing else, at the end of the 5 minute session, the Option will be settled. You will earn nothing. You lost the $2.75 that you bid, and a $1.00 fee was collected when your trade was executed. That is one trade. You will need to do this same routine 4 more times within 30 days per the terms of the $100 Refer-a-Friend bonus. You can proceed right away to place more Orders with other currency pairs, or you could place additional Orders during the same 5 minute session using the same pair.
If you were able to sell your Option prior to time expiration, you will have completed two trades; one for the Buy Order, one for the Sell Order. It's the same $1 fee for the sale of an Option, however, you earn back whatever you get for the sale, and it counts for another trade, vice likely losing another $2.75 on a future Buy trade. If you are not comfortable with this, then do not try to sell. You would likely only save yourself about five dollars if you are able to make complete two Sell transactions.
Confirmation you did it right...
Everyone loves confirmation of their achievements. There are a couple of ways to know you did it right:
One, you can view your transaction history from within your account. Click on the 👤 Account button in the upper right of the NADEX screen, and click HISTORY. (Example below. Any "Action", Buy or Sell, is one trade.)
Two, you get an email within seconds of your trades. Subj: Your Order has been executed: BUY... In my experience, they also send you an email 20 minutes later congratulating you on your first trade.
I was able to complete the trades in about 20 minutes at a cost of just under $20, and I provided proof below the trades worked below. Two separate bonuses will post; one for using the referral link and completing five trades, and another for funding the account with $1,000+. They have been posting the bonuses in the late afternoon or evening on the 5th or 6th business day of the month. December 7th, or 8th, would be the next payout date for those that complete the five trades in November 2021.
Other considerations - "What's the catch?"
I was unable to find any "catches". No hard pull credit check, no Chex or EWS inquiry. The current expiration date of the referral offer is 9/22/2022, however, the initial deposit offer expires 12/31/2021.
No ETF (early termination fee). After 1 year of inactivity, there is an inactivity fee of $10 per month. The fee will not place the account in the negative, but they will zero it if there is less than $10 in the account. The complete fee schedule is here.
No minimum balance on the account, other than the bonus requirements for initial funding of $1,000 into the account. Once your trading account is funded, you should be able to remove the bulk of your deposit, but I left it in place until after the bonuses posted.
They do offer the ability to create a Demo account so you can practice trading. I did not feel the need, but it doesn't cost anything to try it.
Taxes: I am not familiar with the tax forms that NADEX produces, but I would believe that you will show short-term losses on the 1099 for the trades, less the $5 in fees total for the 5 trades. They likely issue a 1099-MISC for referrals if you earn $600 or more. Please consult a tax professional for advice.
Details of the referral program, and terms can be found here: https://www.nadex.com/learning/refer-your-friends-to-nadex/ This page also explains the two $100 bonuses are separate and can be earned at the same time. And, for those wondering, 'account credit' is withdrawable, unlike some recent investment offers where the account credit is some sort of fee waiver or must be invested before being eligible for withdrawal. These bonuses are as good as cash.
For those wishing to refer others, no household or family exclusions exist, so go for it. You are limited to 10 paid referrals, but if your link is used more than 10 times, the new customer is not in jeopardy of missing out on the referral bonus. Terms also state: If you’re an existing trader with a live account, you’ve funded that account, and you’ve placed trades on it, then you’re eligible for the refer-a-friend bonus. So, make sure you have placed at least one trade prior to referring others, but your own referral link is available as soon as your account is approved. Unfortunately there is no dashboard to check the status of anyone you refer, no email confirmations of someone using a referral link, or any kind of referral counter viewable by the customer. Referral bonuses post the same day as the deposit bonus.
Happy trading, and much thanks for using my NADEX referral.