Nadex to remove requirement of minimum initial deposit amount
North American Derivatives Exchange, Inc (Nadex), which was recently sold by IG Group, plans to end its $0 Minimum Initial Deposit Promotion, but will permanently remove the requirement of a specified initial deposit amount in order to become a Member.
Applicants will continue to be required to make a successful initial deposit in order to be granted Membership, however, the deposit may be in any amount. Also, in addition to the current means by which an applicant or Member may make a deposit, Nadex will allow account deposits by means of a registered money services business or other similarly authorized institution that has been vetted and approved by Nadex.
These amendments will become effective for trade date May 23, 2022.
Since the promotion launched in August 2021, the Exchange has experienced record highs in terms of ‘application to fund’, and ‘application to trade’ conversion rates. Removing the minimum deposit Membership eligibility requirement resulted in a 9% increase in those applicants who go on to fund their Nadex accounts, and a 5% increase in applicants who go on to fund and trade their Nadex accounts.
Due to the success of the promotion, Nadex has decided to remove the $250 minimum deposit requirement permanently. Applicants for membership will need to meet all other eligibility requirements set forth in the Nadex Rulebook and Membership Agreement, and will still be required to make a successful initial deposit in any amount, and in accordance with Rule 3.1(a)(i)(2) and 3.1(b).
The transition from the Promotion to the new Membership eligibility requirements will be seamless, and the Promotion will terminate on the effective date of the Rule change.