ComplaintsforNadex

Commodity Trading Advisory Services

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Initial Complaint
06/05/2024
Complaint Type:
Service or Repair Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
On 5/3/24 between 10:05am central time to 10:44am central time I could not get out of my trades due to technical issues that Nadex admits they were having. My options went into the money during this time however by the time Nadexs platform started performing correctly the trade had moved against me and was completely out of the money from then until it expired at 11:00am central time. I notified Nadex while it was happening. Their rep on live chat admitted they were trying to resolve an issue they were having, but Nadex sent an email implying the issue was on my end. I requested a refund in the amount of $741 which was my total buy in amount plus trading fees. Nadex took two weeks to investigate only to tell me that due to the brevity of the outage they would not be refunding my money. The outage lasted over 30 minutes and prohibited me from getting out of my trade when I wanted to will it was in the money. This has since happened one other time which didnt impact me losing me but I notified them of the issue all the same. Now they appear to have locked me out of my account with no notice or reason. They dont have a number you can call and their live chat appears to be answered overseas and those reps have very limited access to your account and can never give any real answers to questions. I still believe I am owed a refund due to the outage caused by Nadex on 5/3/24.
Business response
06/17/2024
Nadex has completed a full and thorough investigation into the Member's trade inquiry. While there was a brief outage of quotes on the trading platform, the outage did not prevent the member from managing their position as all members were able to still enter orders on the exchange. Quoting did return after the brief outage and the member's trade was still active and able to be managed at will. Nadex determined that no goodwill refunds were applicable in this situation. Nadex considers this matter resolved.
Business response
06/17/2024
Nadex has completed a full and thorough investigation into the Member's trade inquiry. While there was a brief outage of quotes on the trading platform, the outage did not prevent the member from managing their position as all members were able to still enter orders on the exchange. Quoting did return after the brief outage and the member's trade was still active and able to be managed at will. Nadex determined that no goodwill refunds were applicable in this situation. Nadex considers this matter resolved.
Initial Complaint
02/02/2024
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I deposited money into my Nadex account. I am trying to get my money out but my account is on hold. While it is on hold they continue to deduct a $10 fee. If I place a trade, they will stop the fees but I cant place a trade because my account is on hold. I have talked to multiple people at Nadex and they just keep telling me my account is on hold.
Business response
02/09/2024
This member's account is currently on hold and is unable to deposit, withdrawal, or conduct any trading activity. Nadex Compliance has reached out to the Member via email to resolve the account holds, however, the Member has not responded. The Member will need to answer our email from ************************************* in order to resolve the holds on his account and be able to withdrawal his funds.
Initial Complaint
01/05/2024
Complaint Type:
Order Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
Lack of response and resolution in trying to verify a new debit card from my bank for future deposits and withdrawals.
Business response
01/12/2024
Nadex has been in communication with the Member regarding this issue for some time. Nadex has completed a thorough investigation as to why the Member's debit card is not able to be added to our trading platform. Nadex concluded that there are no technical issues and the card is being read as a credit card, which is not an acceptable deposit method. Nadex also raised a ticket with our card processor to look into this Member's specific issue and they concluded that there were no technical issue on their end and that the Member's card is also being read on their end as a credit card. We believe this issue is on the bank that issued the card and likely the card was coded incorrectly. The Member is able to deposit via other acceptable methods that Nadex offers such as ACH bank transfer or wire transfer. Nadex considers this matter resolved.
Customer response
01/12/2024

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Although I am disappointed with the response, I feel I have no choice but to accept it. For Nadex to suggest that my bank incorrectly coded a debit card is absurd. If the bank made a mistake on a debit card, certainly it would have detected that and issued a new card. In my opinion, the card processor for Nadex is incorrectly reading my debit card as a credit card. That issue is on their end, not mine or my banks.
Yes, there are other options for deposits and withdrawals of funds, but they do not transfer funds immediately. It may take several days, as well as incur an expense.

Sincerely,

*******************************
Initial Complaint
11/30/2023
Complaint Type:
Order Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I have been a registered traders in Nadex platform for last several years. I understand the usual risk involved with any trading platform. However, my compliant is more ab=out ARTIFICIALLY created risk within the platform with an intention to create loss for the traders like me as i lost major amount in last several years trading with Nadex.Based on my experience, i can clearly see a pattern of manipulation within the platform that deliberately caused loss for traders like me. (1) As soon as the trade is executed for any contract in Nadex trading platform, i ended up with loss. This is the very next moment when the trade is executed, i ended up with 15%-25% loss of my whole amount. This is due to difference in BUY and SELL price. For example, if i buy a contract at $50 value and the trade is executed, the very next moment, you have option to sell the same contact at $25 or $30 or $35. This is manipulated price ended with loss for me on several times. Nadex force you to wait during this situation to avoid loss but the as the wait period continues the contract value loses its value. For example, contract bought for $50 at 10AM will lose it value to $20 by 2PM which is understandable. However, denying opportunity to close the contact before due to difference in BUY and SELL price, impact my trade on several occasions.(2) Another case is especially starting this year, my open positions were impacted during economic announcements when Nadex stopped trading for 4-6 minutes During those 4-5 minutes, there was no buyers or sellers and it was like the platform was completely dead. Again, this artificially created situation where i was not given permission to close my position during major economic news announcements such as GDP announcement, Employment announcement etc. Due to above manipulation and impact that caused, i request Nadex to refund all amount went into respective trades. Request response on this ASAP. Thanks !
Business response
12/08/2023
Market Regulation has reviewed the contract(s) in question and didnt notice any irregularities in regard to the Market Maker quoting at the various times indicated there was some form of manipulation occurring.
Market Makers submit quotes based off of approximate probabilities of where they think the contract will expire on Friday not at the time a user attempts to exit the trade. Additionally, a trader and enter a trade at a price of their choosing to attempt to exit their position at any time during the contract duration.
Our Market Maker Agreement, which is posted on our website, states that Market Makers are allowed to refrain from quoting for 5 mins prior and after to the scheduled announcement.
(According to the Market Maker Agreement section 4(a)(ii) Market Maker shall not be required to quote during an Economic Announcement or Unusual Market Period and shall be permitted, at the discretion of the Market Maker, to refrain from quoting binding bid and offer prices during this period. During the five (5) minutes prior to the scheduled announcement and the five (5) minutes after the announcement of any major economic indicator; or any unusual market condition or price volatility which is determined by Nadex, acting reasonably and in consultation with Market Maker, to prevent the maintenance of an orderly market.)
There are no grounds for reimbursement as no issues or irregularities were found in his trading activity. Nadex considers this matter resolved.
Customer response
12/08/2023

Complaint: 20939290

I am rejecting this response because:
(1) SPEAD DIFFERENCE BETWEEN BUY and SELL PRICE : This is manipulated for sure. The BUY/SELL price is manipulated either by Nadex or account using this Platform, This manipulation started from Jan'23 and the issue was not there until last year. There are some automated process either run by Nadex or users of Nadex to manipulate BUY and SELL prices. I already communicated the same with Nadex on Jan-20-2023 (Attached is the email communication to Nadex ) and raised this concern. Nadex hasn't fixed this issue even until today (12/8/2023). I am still expecting refund for all contracts executed until today (12/8/2023) and my trades were not executed in fair manner without proper compliance checks.
(2) NADEX ISSUE FROM APR-18-2023: I had outstanding position at the time of Nadex internal platform issue/outage on Apr-18-2023 (email communication attached). I was impacted during the Nadex frontend platform issue. Nadex gave good will credit for all impacted trades as per their previous communication to BBB. However, they didn't contact me for refund for impacted contract. Requesting refund for impacted trade on Apr-18-2023,
(3) NADEX PLATFORM ISSUES: NADEX has faced so many platform issue in 2023 including several outages. Nadex increased their fee more than 10 folds in last few years with the promise that they are improving Platform reliability and experience. However, with all the issue reported here and other outages Nadex went through this year, i am not satisfied with their overall ***************** Requesting a refund for all Fee paid from my side to Nadex this year
(4) NADEX CLOSED FOR TRADING DURING MAJOR ECONOMIC ANNOUNCEMENT: There is no Buyers or sellers during major economic announcement such as GDP new, Monthly employment data etc. Again this one started from this year. Nadex is hidding something for sure. How come all traders refrain from Buy and sell position as stated in Nadex previous response ? I wanted to sell or Buy just before or just after the announcement. I am sure other traders wanted to do the same or close their open position. ALL Traders refrain from Sell and Buy during economic news is not an accurate statement from Nadex. Please not that i observed this for last several months and i dont believe in Nadex statement saying every time "ALL trades refrain from Buy and Sell exactly during economic news". The trading platform is basically stopped for almost 5 minutes without Buyers or sellers during economic news and i was not able to execute any trade or close my open position during this time. However, Nadex website (Screen capture attached) says, the trading timeline is from previous day 6PM ET to next day 5PM ET but no mention regarding around 5 mins stoppage during major economic new announcements. This is a willful mis-representation of their trading hours and ultimatly caused loss. Request Nadex to refund all my open positions on my account during all Major economic news announcements atleast for 2023 (Jan'23 - 12/8/2023)

Sincerely,

*****************************************************
Business response
12/15/2023
As we've stated multiple times, Market Regulation has reviewed the contract(s) in question and didnt notice any irregularities in regard to the Market Maker quoting at the various times indicated there was some form of manipulation occurring. Bid/Ask spread was within the Market Maker obligations and no violation occurred.

Market Makers submit quotes based off of approximate probabilities of where they think the contract will expire on Friday not at the time a user attempts to exit the trade. Additionally, a trader and enter a trade at a price of their choosing to attempt to exit their position at any time during the contract duration.

Our Market Maker Agreement, which is posted on our website, states that Market Makers are allowed to refrain from quoting for 5 mins prior and after to the scheduled announcement.
(According to the Market Maker Agreement section 4(a)(ii) Market Maker shall not be required to quote during an Economic Announcement or Unusual Market Period and shall be permitted, at the discretion of the Market Maker, to refrain from quoting binding bid and offer prices during this period. During the five (5) minutes prior to the scheduled announcement and the five (5) minutes after the announcement of any major economic indicator; or any unusual market condition or price volatility which is determined by Nadex, acting reasonably and in consultation with Market Maker, to prevent the maintenance of an orderly market.)

There are no grounds for reimbursement as no issues or irregularities were found in his trading activity. Nadex considers this matter resolved.
Customer response
12/18/2023

Complaint: 20939290

I am rejecting this response because:
Nadex responded to Point-1 and 4 from my previous communication. However, would like to understand the date of introducing respective rules as i need to review, if the rules were implemented before or after the issue dates i mentioned in my previous email.

Also, Nadex didn't respond to Point-2 and 3 from previous communication related to Issue from Apr-18-2023 and fee return request due to frequent issues with platform.

Sincerely,

*****************************************************
Initial Complaint
08/15/2023
Complaint Type:
Billing Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
I've recently been trying to withdraw money from a NADEX account that I haven't been active in for a couple of years. I'm trying to do this via ACH transfer to the same checking account I originally used to fund the account. The company is asking for an unaltered bank statement as proof that I'm the owner of the account. I'm not willing to send this as the ************ lists all of my accounts on the bank statement and will not send a statement with just the checking account information.I sent in a copy of the top portion of the most recent statement showing my name, mailing address, the ************ logo and the pertinent account number along with a picture of my drivers license. I blacked out the information for the other accounts I have at the ************. This has been deemed not good enough.If I had requested to withdraw money to a new account these steps would sense as it would be fraud prevention. All it appears to be is the desire to hold onto the money as they are slowly emptying the account by charging a monthly "fee" to hold onto my money. I've never had a legitimate brokerage company do anything like this. The account originally had over $1000.00 when I ceased trading. It's now down to $850. Again, all I'm requesting is to have the money transferred back to the very same account it came *************************** account number is ********************
Business response
08/21/2023
The member has provided the required documents to verify his identity and banking information and has been eligible to withdrawal any available funds as of August, 18, 2023. The member has submitted an ACH withdrawal on August 18, 2023. Nadex considers this matter resolved.
Customer response
08/21/2023

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

***************
Initial Complaint
06/30/2023
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
6/13/2023 to current I have been trying to close my NADEX account. And I feel I'm getting the run around.I have sent my bank account statement multiple times to NADEX at ****************************************** as requested. I have contacted my bank and have let them read the emails NADEX have sent to me. My bank said that what I sent should be fine.So NADEX sent me an email saying that my account was unlocked.But when trying to withdraw funds NADEX is now requesting another bank statement showing my full name, Bank account number and Bank logo which they already have and a clear photo ID. I sent them another bank statement and a copy of my driver license.Now I'm worried because they have a lot of information about me and what if that information is passed on.I just hope this legit. and I'm not being scammed. Thanks for reading this, hope you can ************************* ***********************
Business response
07/07/2023
The member has provided all necessary required documentation to verify their banking information. Nadex verified this member's information on July 3, 2023 and the member has been eligible to withdrawal any available funds since then. The member did make a withdrawal of their full available balance on July 3, 2023. Nadex considers this matter resolved.
Initial Complaint
06/19/2023
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I was unaware that Nadex doesnt allow funding from pre paid debit cards. I funded my account with 2 prepaid debit cards and was told I had to verify them with a bank statement. I told them I do not have a bank statement as it is a pre paid debit card. Then today I asked whats the process for verifying a pre paid card and they replied saying they dont accept that as payment. So I have asked for a refund and have heard nothing back so my $1000 is sitting in there with no way of getting it back even though they confirmed they do not accept pre paid cards so why not refund it?
Business response
06/28/2023
The member has since satisfied the debit card verification requirements and has eligible to withdrawal any available balance at their leisure. Nadex considers this matter resolved.
Initial Complaint
04/18/2023
Complaint Type:
Billing Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
At about 5am est April 4/18:The NADEX software would not acknowledge trades made. I therefore, I was unable to clear trades early.The account balance is not accurately reflecting account.For the 3 hours, I tried contacted the company to inform me about what is going on.IMO all my trades since 5am should be cancelled.
Business response
04/27/2023
On April 18, 2023, the Nadex front-end platform experienced a technical issue which resulted in degraded performance of the platform which affected multiple members on the exchange. Nadex has completed the investigation of the technical issue and identified all members who were affected. ************** was identified as one of the members affected by the issue. As ************** was one of the members affected by the issue, Nadex has made a goodwill credit to all affected members. Further details have been communicated to each member via email on April 27, 2023. Nadex considers this matter resolved.
Customer response
04/28/2023

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Thank you.

Sincerely,

*********************
Initial Complaint
03/29/2023
Complaint Type:
Product Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Nadex will not allow me to withdraw my funds. They stated I need to provide a bank statement from AUG *************************************************************************** order for them to release my funds.I reached out to my bank which stated they do not provide statements past 7 years. I forwarded that communication to Nadex but they will not accept it.Looking at the company reviews it looks like they have done this to other people as well.
Business response
04/06/2023
Nadex has reviewed all communications and documents provided by the member. Nadex has verified the members debit cards and removed the withdrawal hold on the member's account as of 4/6/2023. The member has been notified via email that they are able to submit a withdrawal request to any verified bank account on file. Nadex considers this matter resolved.
Initial Complaint
03/23/2023
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I tried to withdraw money from my Nadex account and my money was put on hold for no reason. Its been over 8 days with no access to my funds. I provided a photo ID selfie, copy of my DL, and proof of bank statements to the payments ****** and was told I would receive a email back from them by the end of the day but I never received one. They keep giving me the run around.
Business response
03/29/2023
This member submitted an ACH deposit which subsequently cleared on March 17, 2023 and was available for account use. Nadex then became aware from our bank that the member submitted an ACH chargeback from their bank in the full amount of the deposit. As such, Nadex returned the full amount back to the originating bank account. Per Nadex Rulebook, the member is on hold for submitting a chargeback on their deposit. Nadex considers this matter resolved.

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