Complaint Review: Nadex - Chicago Illinois
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- Author Confirmed
- Nadex 311 S Wacker Dr Chicago, Illinois United States
- Phone: 877 776 2339
- Web: www.nadex.com
- Category: Brokerage Companies On-line, Brokerage Companies
Nadex North American Derivatives Exchange, Inc NADEX - rigging - false prices - scam - refuses to pay out Chicago Illinois
*UPDATE Employee ..inside information: Nadex - Response to Omar, Houston, TX
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- I had a trade close a few pips over the strike price but NADEX has refused to pay out.
- Nadex indicated (admitted) that they do not follow the true prices but create a closing average price using some formula they created, which means when you win just buy a few pips , their so called "formula" will make you loose.
- I checked 14 different charts and all 14 different sources indicated that the candle closed above the strike price.
- I am firm believer of winning is winning, whether you win by an inch or a mile.
- Nadex is run by a market maker who is taking the sides on the trade, which means they don't want to pay up when you win. Unless you're so blatantly in the money that theres no way they could use this excuse, they will take your money even when you win.
- I called in to figure out why my account wasn't credited on the winning trade, but quickly understood by the tone, direction and rudness of customer serivce that they are infact running a scam.
- I conducted market research and have found that no other experienced traders would recommend this platform and quite a few traders were dumfounded that I would use them to place trades in the first place.
- In short, STAY AWAY FROM NADEX, when they can, they will SCAM you.
- On a side note, many of the people you see promoting NADEX are paid or compensated in some way, hence all the buzz on the internet about NADEX.
- Save your money and go to a proper FOREX broker.
This report was posted on Ripoff Report on 01/17/2018 12:05 AM and is a permanent record located here: https://www.ripoffreport.com/reports/nadex/chicago-illinois-60606/nadex-north-american-derivatives-exchange-inc-nadex-rigging-false-prices-scam-re-1423512. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 UPDATE Employee ..inside information
Nadex - Response to Omar, Houston, TX
AUTHOR: Nelson - (United States)
SUBMITTED: Friday, January 19, 2018
Omar,
We would like to apologize for any negative experience you feel that you received when you called into the exchange, as customer satisfaction is our top priority.
Our company is a CFTC (Commodity Futures Trading Commission) regulated exchange. The exchange does not have a proprietary financial interest when it comes to the settlement of a trade, as your trades are matched with other Members on the exchange and not against the exchange itself.
The indicative index is displayed to Members via a collection of underlying market data, applying the settlement value calculation, and then displaying the data to the platform & charts. While this data is a fairly accurate indication of where the market may settle/is priced on the exchange at the given moment, it does not necessarily reflect the definitive settlement price. I’d like to also note, given the settings of your candlesticks (i.e. 1 min, 2 min, tick, etc.), the data being displayed is going to aggregate accordingly.
We use different calculation procedures for each market to ensure accurate settlement outcome, thus mitigating against market manipulation. Our settlement procedures for each market are public knowledge and are available on our website, which you can view here.
I would be more than happy to speak with you, review your trade(s) and answer any questions you may have. Please give us a call at your earliest convenience.
Best regards,
Nadex
Customer Service Manager
312-884-0100
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