Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:03/29/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  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.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  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

  Date: 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

  Date:03/23/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  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.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  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

  Date: 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. 

• Initial Complaint

  Date:02/21/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  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.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Hello,Date of Incident: 2/20/2023 Account # - ********* Amount in brokerage account = $120 Im trying to close my Nadex account. The Nadex representative told me if Im using a debit card I would have to verify ownership of my debit card account. I see all the complaints against Nadex and theyre all very similar. You deposit money and they put a hold on the account so you cant get your money out. I gave them my bank information, routing number, account number and a recent bank statement so I could do the *** bank transfer. I ONLY want to do an *** bank transfer, not a debit card transaction. The Citibank debit card I used to open the Nadex account doesnt exist. I dont have an account with Citibank anymore. Yet thats the card they said they wanted the statement for. They have not tried to resolve the problem. They just keep telling me of restrictions that dont exist on their own funding page.The keep referencing their funding page telling me that *** transfers require that debit card ownership be established. There is NO such restrictions on the *** bank transfers on their funding page. They initially said it was CFTC required, but I closed a CFTC regulated brokerage account on the same day and they processed the request in less than 30 minutes. Absolutely no mention of CFTC regulations. Nadex is dishonest company and not reputable. They outright lie about the requirements and just hold on to your money. I do not trust them with my credit card information especially when the card I used to open the account is NOT associated with my bank account. They charged me over $200 for fees I was never informed about on an approximately $350 account. This complaint is not about the + $200 they charged me. I just want to transfer my remaining funds to my bank and close the account.

  Business Response

  Date: 03/02/2023

  As a CFTC regulated exchange, Nadex has the fiduciary responsibility to verify all funding/withdrawing sources on a member's account so ensure there are no AML concerns and also to verify ownership of the accounts where the funds come from. This member funded with a debit card from Citibank on October 16, 2017. Nadex requires that transaction to be verified in order for the member to be cleared to withdraw any available funds. Nadex requires a bank statement showing the member name and the Nadex debit card transaction. Once this requirement is met the member will be eligible to withdrawal to his current bank account on file. Banks keep and allow customers to access their past bank statements for at least 7 years regardless if they still bank at the institution or not. 

   

  Additionally, this member has been inactive on the exchange for more than 12 consecutive months. As stated in the Nadex Membership Agreement, accounts with no trading activity for more than 12 consecutive months will incur a $10 inactivity fee per month. 

• Initial Complaint

  Date:02/20/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  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.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Nadex continues to keep my supposedly dormant account locked after *** provided them with the information that theyve requested. Ive provided them with the filled out phone and a photo id over 5 times. Thanks for all the work that you do BBB.

  Business Response

  Date: 02/23/2023

  The member requested for his account to be reinstated after being dormant for more than 12 months. During the process of reactivating an account, approvals are required from multiple departments which can take several days. After reviewing this members request, Nadex has reactivated the members account as of 2/21/2023. Nadex considers this matter resolved.

• Initial Complaint

  Date:01/30/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  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.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On Tuesday Jan. 24, ********************************* the amount of $132 from my Nadex account (Nadex is a company in which you can trade binary options). I put in a customer service request with them. ******************** replied and wouldn't allow me to withdraw the money until I verify my debit card (Nadex did not have an issue with my card being verified when I deposited money, only when I withdraw money). I had a Nadex account for two years and this was my first time trying to withdraw money. Nadex asked me for my bank account information for a card that ended in **** included a screenshot of my last transaction with them. I complied and on Jan. 25, 2023 Nadex sent me an email saying that my card was verified. I tried to withdraw the money again and there was still a hold on my card. I put in another customer service request on Jan 26, 2023, this time Nadex responds and says that they want to verify a debit card that is part of a joint account that me and my wife share (a card that ends in ****). The card was used to open the Nadex account initially in May 2021 and was not used since. I complied on that same day and gave Nadex a copy of the bank statement from May **************************** ****, a recent statement and a screenshot of the initial transaction from May 2021. On Jan. 27, 2023, Nadex replies back and asks me for the same exact information that I already sent them. I responded back to them on that same day informing them that I did everything they've asked. I stated that if they will not allow me to withdraw my funds I wish to speak to a supervisor/manager. I have not heard from Nadex since.

  Business Response

  Date: 02/01/2023

  The member has met the debit card and/or bank verification requirements as of February 1, *********************************************************************************** his account. The member has since submitted a withdrawal request which is being processed to the bank account on file. Nadex considers this matter resolved. 

• Initial Complaint

  Date:01/21/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  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.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  i continuously try to withdraw funds from my account but its on hold for no actual reason my bank has been verified and I've sent proof numerous amount of times yet i cant withdraw my money.

  Business Response

  Date: 01/24/2023

  This member has a debit card on file that has not been verified therefore, the member is unable to withdrawal funds from their account. Once the debit card verification requirements have been met in accordance with the Nadex Rulebook, the member will be able to withdrawal any available funds. We have sent the member the verification requirements. Additionally, the member needs to communicate with Nadex using the email address listed on the account and not a different email address as we are not able to communicate with an email address that is not associated with an account. 

• Initial Complaint

  Date:01/06/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  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.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Since October 2022 I have not been able to withdraw funds from my brokerage account with my debit card now we're forced to use a ACH wire transfer and I can't withdraw money from my account my bank accounts been overdrawn I don't see statements or history about the account pulling funds out of my account or being funds put in my account there's problems with adding funds and withdrawing funds to the account it's been going on for almost 4 months now thank you for your time your consideration your courtesy I don't want to leave nadex nadex is an awesome company I love their platform and been working with nadex for years for probably 10 years or better now I'm having problems with accessing my funds and being able to withdraw and add funds to my account thank you very much have a great day

  Business Response

  Date: 01/13/2023

  This member has been eligible to withdrawal without limitations since November 4, 2022. The member funded with a new bank account on December 29, 2022 and was eligible to withdrawal to that bank account as of January 9, 2023, which the member then submitted a withdrawal the same day and was subsequently processed with no issue. Nadex considers this matter resolved.

• Initial Complaint

  Date:12/26/2022

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  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.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have been having issues verifying my bank account first I was told I couldn't use my business checking account witch is understandable I was told I needed to deposit the original amount I originally deposited in order to withdraw to my business checking account I deposited another few hundred dollars and verified my new funding source in order to initiate the withdrawal and clear my freeze on my account I have sent my bank statements even went as far as sending pictures of my personal debit card with my ID next to it and they claim it wasn't sufficient and continue to ask for verification of my new funding source in order to withdraw 310$. I would like to trade with nadex but I am unable to because my account is locked I cannot place trades or withdrawal my hard earned money.I have contacted customer service numerous times and my ************ is to email the same documents and everytime I do I just to get turned down with automated responses. I would like to have my bank account verified so I can withdraw my funds and continue trading without any more verification issues.

  Business Response

  Date: 12/29/2022

  This Nadex Member initially funded their account with a business checking account which is not allowed and against Nadex Rules. The member has since redeposited using a personal checking account and has also verified their banking details. The member is able to use their account without any restrictions as of 12/29/2022. Nadex considers this matter resolved. 

• Initial Complaint

  Date:11/09/2022

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  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.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  My account with this trading platform was created all the way back in 2016. Finally after 6 full years of trying to get my money out and 4 or 5 complaints to the BBB later, I was able to successfully put in a withdrawal request. After picking up a phone call from the last BBB request some *************** answers the phone and says we have spoken before. I ask him if he was the guy who hung up on me, and he says probably. Anyhow, Nadex held my money making it impossible to withdraw and locked my account from trading. So my money literally couldn't be withdrawn or traded, and they took hundreds in inactivity fees. The *************** up on me before the problem was resolved I would call back and he would just hang up when I started talking by the last call. With all the transfer fees and inactivity fees combined Nadex offers. Furthermore, I have photos dated April 2021 showing me unable to withdraw money. This is the same day ***************** up on me over and over again leading me to take pictures as evidence.**** and Nadex embody the problems the Americans have with banks. They outright lie and hide behind bunk contracts and lawyers to defend any and all money taken. This guy takes pride in being able to hang up on customers and treat people like c*** He brazenly said he probably was the person who hung up on me. Literally acts with impunity.I will be going to the ** now with complaints and proof that I was unable to withdraw my money. rediculous that it has to come to this, or that its legal for companies to do this to people.

  Business Response

  Date: 11/10/2022

  This member's account was initially on hold back in April of 2021 due to failed deposits that were made on the account. Nadex assisted this member in getting his account back into an active status on April 13, 2021. As you can see in the email communication attached, the client was made aware that he was able to login to his account and process a withdrawal at his convenience. Nadex also issue a goodwill reimbursement of inactivity fees in the amount of $100, also attached. The client did not take any further action on his account after our email communication. We reached out to this client after receiving this complaint to inform him that his account has not changed and that he's had the ability to submit a withdrawal since April 13, 2021.  The client has since logged into his account and has made a successful withdrawal of his funds. Nadex considers this matter resolved. 

• Initial Complaint

  Date:10/05/2022

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  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.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  When I opened my account with NADEX I had to show all proof of who I was as well as my accounts belonging to me. Now that I am done trading and having issues with bills I have tried on multiple occasions to close my account and withdraw my money. Nadex asked for me to screen shot them images of the money taking out of the account which I have and they keep denying me. I dont know what more to do. Since then the account that they have on file has been closed do to fraud and I am good with them sending a check or sending to my new account. I just want my withdraw complete and I am done. I have asked for a 1 time withdraw and close and was turned down as well. I still have the emails that I sent as well.

  Business Response

  Date: 10/10/2022

  Nadex **************** has reached out to and spoke with the member regarding her account and payment verification status. The member has provided all necessary documents to verify her payment methods and thus is eligible to withdrawal her available balance at any time. The member has since submitted a withdrawal on the platform and will be receiving her fund in the next 3-5 business days. Nadex considers this matter resolved.