U.S. residents looking for binary options need to make one distinction before comparing payouts or trading tools: a platform accepting U.S. customers is not necessarily authorized to offer those contracts in the United States. The relevant exchange, product and customer access arrangement must be checked separately. An offshore license or membership in a private dispute body does not establish U.S. exchange status.
For traders who want a defined yes-or-no outcome, regulated event-contract markets offer a more defensible starting point than offshore websites promoting very short expiries, deposit bonuses or advertised payouts of 95% or more. However, an event contract is not automatically the same product as a conventional binary option on EUR/USD. Contract rules, settlement prices, fees and available markets differ considerably.
Review update
What's New Since Our Last Update
This page now distinguishes U.S. exchange authorization from offshore broker marketing and accounts for the retirement of Nadex's previous trading website.
- Broker shortlist corrected: VideForex, IQCent and Binarycent have been removed from the recommended U.S. lineup because the available evidence does not establish the required U.S. authorization. The CFTC also identifies a Binarycent entity on its RED List.
- Nadex transition clarified: Trading through the former Nadex.com interface ended in December 2025. The exchange's CFTC designation continued under the Crypto.com Derivatives North America name.
- Regulated access compared: Crypto.com Predict Pro, Kalshi and Interactive Brokers event-contract access are assessed by exchange oversight, contract type, fees and practical limitations.
- Costs and risks explained: The updated guide separates contract price from profit, identifies fee and liquidity risks, and explains why advertised percentage payouts are not an adequate basis for choosing a platform.
Which Binary Options Platforms Can U.S. Residents Consider?
The clearest choices are services connected to an exchange listed as a designated contract market (DCM) by the Commodity Futures Trading Commission (CFTC). The exchange designation is a verifiable regulatory fact. It does not mean every contract is currently listed, suitable for every trader or accessible in every state.
Three routes merit a closer look:
- Crypto.com Predict Pro: A direct app-based route to event contracts offered by Crypto.com Derivatives North America (CDNA), the exchange formerly known as Nadex. Its market categories include currency exchange rates.
- Kalshi: A CFTC-designated exchange built around event markets and yes-or-no outcomes. It has offered currency-rate contracts, but the current FX list must be checked before making a trading decision.
- Interactive Brokers: A broker interface for event contracts across exchanges including Kalshi, ForecastEx and CME Group. It suits readers who already need broader investing and trading tools, although available event categories differ by exchange and account permissions.
These are not three identical retail binary forex brokers. Crypto.com and Kalshi are connected to exchange-run products, while Interactive Brokers is an intermediary and access platform. This distinction is central to the comparison.
US Event Contract Platforms Compared
Comparison basis: The relevant exchange is identified in the CFTC's designated contract market guidance. Product availability, specific fees, account eligibility and permissions must still be checked at the point of trading.
Crypto.com Predict Pro: Direct Access to CDNA Event Contracts
Best suited to: U.S. traders who want to view and trade yes-or-no contracts in an app and are comfortable reviewing a separate derivatives account and contract rules.
Crypto.com Predict Pro offers event contracts through North American Derivatives Exchange, Inc., doing business as Crypto.com Derivatives North America (CDNA). The CFTC's exchange record identifies the operator as a designated contract market. This is the exchange that operated the Nadex brand. It is incorrect to treat the retirement of the old Nadex website as the loss of the underlying exchange designation.
Its Predict Pro overview describes event categories that include major currency pair exchange rates, economic indicators, commodities and crypto. Contracts settle on a defined outcome and a fixed value, generally $1 for the described event-contract product. The actual market, settlement source, expiry and contract specifications appear in the instrument details.
What works well
- The product's exchange operator can be checked directly in the CFTC register rather than inferred from an offshore license.
- Yes-or-no outcomes make the maximum potential contract payoff easy to understand once the purchase price and fees are known.
- The product documentation explicitly distinguishes eligible U.S. users and the FCM account requirement.
What needs attention
The CDNA designation is not evidence that every old Nadex forex binary, strike or expiry remains available in the current app. The contract menu can change. Before choosing a currency trade, check that the instrument is actually listed and read the underlying rate, the reference source and expiry cutoff.
Fee schedules also differ across Crypto.com's prediction product interfaces. The applicable product terms, order ticket and charges on entry and exit matter more than a fee figure lifted from another part of the app. Predict Pro's fee guidance distinguishes order types and explains when charges apply.
Verdict: CDNA is the most direct continuation to investigate for readers familiar with Nadex. Its main drawback is the need to recheck the current contract menu and access route rather than assuming the previous Nadex experience has simply moved unchanged.
Kalshi: Exchange Based Event Markets
Best suited to: Readers who want a dedicated event-contract exchange and are willing to compare outcome definitions and trading fees before placing a position.
Kalshi's CFTC record identifies it as a designated contract market. Its trading model uses outcome contracts that generally settle at $1 for a correct selection and $0 for an incorrect one, before considering applicable fees. Unlike a broker advertising a fixed return on each winning trade, the contract's entry price changes with market demand.
For example, buying a yes contract at $0.40 exposes $0.40 before fees. If the condition is met at settlement, the $1 payout represents a $0.60 gross gain. If it is not met, the $0.40 purchase cost is lost. The advertised probability should not be confused with a guaranteed outcome.
What works well
- Exchange designation and the operator are publicly identifiable.
- Contract rules state how and when the outcome is resolved, making it possible to evaluate the event rather than relying on a promotional payout percentage.
- Limit orders can provide control over the intended entry price, although execution is not guaranteed.
What needs attention
Forex-specific coverage needs checking. Kalshi has published examples of EUR/USD and USD/JPY markets, but older product announcements do not prove that the same contracts, strike ranges or times are live today. A reader wanting a particular forex pair should search the active market list before relying on this option.
Fees are not uniform across all events. Kalshi distinguishes trading fees and some maker fees, as described in its fee guidance. Thin order books can also make a position harder to close before resolution. A market with a clear payoff can still offer poor execution when there is little activity on the opposite side.
Verdict: Kalshi is a credible regulated venue for outcome trading. It is less useful to someone who assumes every currency pair will have continuous binary trading with the same expiry choices as the old offshore platforms.
Interactive Brokers: Multiple Event Markets in One Account
Best suited to: Traders who value a broader brokerage account and want event-contract access without opening separate standalone exchange interfaces for every market.
Interactive Brokers' event-contract offering provides access to event markets associated with Kalshi, ForecastEx and CME Group. ForecastEx LLC is itself recorded by the CFTC as a designated contract market. The brokerage provides the user interface and intermediated access. The exchange determines the contract and settlement rules.
That structure creates flexibility, but it does not make Interactive Brokers a substitute for an offshore one-click forex binary website. A trader must identify the specific market and eligible contract, not merely assume that an account with access to currencies also supports every binary outcome trade.
What works well
- One platform can display several event markets and other investment products.
- Exchange names and contract specifications can be assessed separately, which helps compare comparable outcomes rather than unrelated promotional features.
- The brokerage offers a prediction-market simulator, providing a way to learn the contract interface before risking cash.
What needs attention
Account permissions, product availability and jurisdictional requirements vary. The fee schedule also distinguishes the broker's charge from fees imposed by the exchange. Its event-contract pricing schedule lists different combinations for ForecastEx, Kalshi and CME contracts. A small per-contract fee becomes material when trading many low-price contracts.
Interactive Brokers should be compared on the range of available exchange contracts and the combined cost, not on an unsupported claim of faster execution or better win rates.
Verdict: A practical option for readers already considering a wider trading account, particularly when comparing several event venues. It is less straightforward for someone seeking only a single currency outcome contract.
What Happened to Nadex?
The old Nadex trading website has been retired, but that is not the same as the exchange losing its status.
Nadex's transition notice states that it stopped accepting new applications and disabled trading through Nadex.com on December 20, 2025. It directed customers toward products accessible through Crypto.com app infrastructure powered by CDNA. The notice is also important for prior customers because it explains account closures and withdrawal arrangements on the previous platform.
The CFTC continues to list North American Derivatives Exchange, Inc., doing business as Crypto.com, as designated. What changed was the customer interface and access arrangement, not the historical identity of the underlying exchange.
It would be equally misleading to claim that every former Nadex contract transferred unchanged. Traders need current instrument information from the new platform, including supported currency pairs, settlement conditions, expiry schedules and permissions.
Why VideForex, IQCent and Binarycent Are Not Recommended Here
The previous version of this page ranked VideForex, IQCent and Binarycent as regulated alternatives for U.S. traders. Its comparison table identified Vanuatu oversight or IFMRRC membership, but did not establish the corresponding U.S. exchange registration or product permission. That is a material shortcoming, not a minor missing detail.
In particular, the CFTC RED List entry for Binarycent identifies an entity operated by Cent Projects Ltd. as appearing to require registration without being registered. This listing is a regulatory warning. It is not a court finding that a violation has occurred, nor does it establish the present legal status of every similarly named business.
Current U.S. authorization has not been demonstrated for the specific VideForex and IQCent offerings in the available records. They are therefore excluded from this U.S. recommendation, without making a broader claim that every product or entity using those names is unlawful everywhere.
Features previously highlighted on the page, including $0.01 trades, high advertised winning payouts, rollover, double up, deposit bonuses and short expiry times, do not repair the registration gap. Some can also increase the risk of repeated trading or make withdrawal terms harder to understand. The CFTC's binary options warning explains why licensing and customer protections should be evaluated before trading features.
How to Verify a US Binary Options or Event Contract Platform
- Identify the legal operator. Record the exact company name appearing in the contract and account documents. A brand name alone is not enough.
- Check exchange designation. Find the operator in the CFTC DCM listings when the product is represented as an exchange-traded derivative. Confirm that the listed entity actually operates the market being offered.
- Check the intermediary. If an FCM or broker is involved, use the CFTC's registration-check guidance and NFA BASIC to confirm the relevant entity and its current status.
- Match the exact contract. Read the exchange rulebook, payout, settlement reference, cutoff time, trading hours and any early-exit arrangements. A designated exchange can list several unrelated products.
- Check personal eligibility. U.S. residence alone does not establish that every contract is accessible. State rules, age, account type, identity checks and product permissions can matter.
- Read the full fee schedule. Include platform charges, exchange or clearing fees, closing costs, payment fees and the effect of any minimum charge.
- Examine exit liquidity. Determine whether you can sell before the event is resolved and whether another participant must accept the other side.
For a separate comparison of retail currency dealers rather than binary outcomes, see forex brokers for U.S. residents. CFTC-registered retail forex dealers and designated event-contract markets serve different purposes and should not be treated as interchangeable.
How Binary Options Payouts and Trading Costs Work
A traditional fixed-return binary advertisement often emphasizes a winning payout percentage. A regulated event contract generally displays a market price and a settlement amount. The two formats require different calculations.
Fixed return advertising is not a profit forecast
Suppose a website offers a 98% gain on a winning $100 stake and a full $100 loss on an unsuccessful outcome. The winning trade returns $98 in profit, while the losing trade costs $100. Before fees, a trader needs a win rate slightly above 50.5% just to break even, assuming the same terms and stake on every trade. A high stated payout does not remove the need for an edge.
Event contract prices change the payoff
On a $1 settlement contract purchased at $0.40, the maximum gross gain at a successful expiry is $0.60, while the purchase cost is at risk if the position expires worthless. At $0.80, only $0.20 of gross upside remains against $0.80 at risk. A price closer to $1 is therefore not automatically a better trade.
In both examples, trading fees reduce net results. More importantly, market prices do not guarantee that the event's true probability matches the price. A trader can lose the complete stake even when the outcome previously appeared likely.
Why closing early is not guaranteed
Some exchange markets permit a position to be sold before resolution, provided a buyer is available and the trade can be matched. A thin order book can make the actual exit price materially worse than the last displayed trade. The ability to close a position is not the same as a promise of immediate liquidity.
Rollover, Double Up and Bonuses Are Not Standard Protections
The old page devoted space to rollover and double up features. Rollover extends a position's original expiry or otherwise modifies the exposure under the provider's rules. Double up typically increases the stake attached to a view that is already open. Neither feature reduces the underlying risk of a wrong outcome.
These functions are not universal features of CFTC-designated event markets and should not be used as criteria for comparing products that do not provide them. Regulated exchange contracts are governed by their own expiry, order and settlement rules. New exposure generally requires placing an eligible order rather than assuming a binary option can be extended through an offshore-style button.
Deposit bonuses deserve similar skepticism. A bonus that requires substantial turnover can encourage additional trades before money becomes withdrawable. It should not be confused with trading capital that is freely available for withdrawal.
Risks That Matter Most to US Traders
Losing the entire contract cost
An incorrect yes-or-no outcome can make the contract expire worthless. The maximum cost may be defined at entry for a fully paid event position, but fees still increase the total expense. Do not assume this risk profile applies to all derivatives or margined products.
Unclear resolution language
The question shown on a trading screen can be shorter than the legally binding contract rule. Small differences in data sources, observation times or settlement calculations can change the outcome. Read the actual rule before placing a position.
Liquidity and fast price changes
Quoted prices can move sharply after economic releases, while available volume may disappear. Thin markets often punish rushed entries and exits more than the advertised commission suggests.
Counterparty and registration exposure
Trading through an unverified offshore platform adds risks that are separate from the contract itself. The joint CFTC and SEC investor alert discusses complaints involving withheld withdrawals, identity theft and manipulated trading software. Registration does not guarantee profits or prevent every dispute, but it establishes an identifiable oversight framework.
Overtrading
Very short expiries and repeated small stakes make it easy to accumulate losses without noticing the total cost. Setting a maximum daily exposure and recording every fee is more useful than focusing on how quickly a platform accepts an order.
Which Platform Fits Different Needs?
- Former Nadex users: Review CDNA's Crypto.com access route first, but compare the current contracts with the product previously traded rather than assuming a direct one-for-one replacement.
- Readers focused on event outcomes: Kalshi provides a dedicated exchange model with explicit resolution rules. Verify the current market before assuming a particular forex pair is available.
- Traders combining event contracts with other assets: Interactive Brokers offers access to several exchanges and a broader account. Total fees and permissions require more attention.
- Readers seeking spot forex trading: A CFTC-registered U.S. retail forex broker is a more relevant category than an event-contract venue.
Final Assessment
The practical answer for U.S. residents is not to replace one offshore binary platform with another based on a promised payout. Start with an identifiable CFTC-designated exchange and then verify the exact contract, intermediary, account permissions, fees and settlement terms.
Crypto.com Predict Pro is the clearest continuation to investigate after the Nadex website retirement. Kalshi provides a dedicated event market, while Interactive Brokers offers access to several exchange venues within a broader brokerage platform. None is automatically the right choice for every forex binary strategy. A currency contract that is not currently listed or accessible is not a usable alternative, regardless of the exchange's regulatory status.
Risk warning: Binary options and event contracts involve significant risk. A position can lose its entire purchase cost and fees. This article provides general information, not personal trading advice or a guarantee of account eligibility.
FAQs
Are binary options legal for U.S. residents?
Some binary and event contracts are available through appropriately registered U.S. exchanges. Legality and access depend on the exact product, venue, intermediary and customer circumstances. An offshore platform taking U.S. deposits is not automatically authorized. Check the CFTC exchange record and relevant broker registration before trading.
Is Nadex still operating?
Trading through the former Nadex.com interface ended in December 2025. The underlying designated contract market continues to appear on the CFTC register as North American Derivatives Exchange, Inc., doing business as Crypto.com Derivatives North America. Current app contracts need to be checked separately.
Does Crypto.com offer forex binary options?
Its Predict Pro product information includes currency exchange rate outcomes, but the currently available pairs and contract specifications change. Check the live market list and the exact contract terms. Do not assume every contract from the former Nadex website remains available.
Is Kalshi regulated by the CFTC?
KalshiEX LLC appears on the CFTC designated contract market register. That designation concerns the exchange operator. Individual event contracts still have their own settlement rules, market availability and account eligibility requirements.
Can U.S. traders use VideForex, IQCent or Binarycent as regulated alternatives?
The previous FXRanking recommendations did not establish the necessary U.S. authorization for those specific offerings. The CFTC identifies a Binarycent entity on its RED List. That entry is a registration warning, not a court finding. Without verified entity and product permissions, none belongs in a list of verified U.S. alternatives.
What is the main difference between event contracts and binary options?
Both can depend on a defined outcome, but pricing, payout amounts and contract rules differ. Many event contracts trade at prices between $0 and $1 and pay $1 or $0 at settlement. Traditional fixed-return binary platforms often advertise a percentage profit on a successful stake.
How much money can be lost on an event contract?
For a fully paid contract that settles worthless, the purchase amount can be lost, along with applicable fees. Other derivatives, including margined products, can have different risk limits. Always check the exact contract before placing an order.
Does a 98% binary options payout mean a 98% chance of winning?
No. It describes an advertised return on a successful trade, not the probability of that outcome. If a losing trade forfeits the full stake, even a 98% profit on wins requires a win rate above 50.5% to break even before fees under otherwise identical conditions.
Can event contracts be closed before expiry?
Some markets allow early sales when another participant is willing to trade. A market may be illiquid, and the available bid can be well below the initial purchase price. Read the venue rules and inspect the live order book.
Are event contracts the same as retail forex accounts?
No. An event contract settles according to a defined condition. A retail forex account involves currency trading under a different dealer and product framework. The same exchange registration check does not replace verifying a U.S. retail forex dealer.
Nathan Wong
Nathan Wong is a Forex education contributor with 15 years of trading and market-analysis experience. He specializes in broker platforms, cryptocurrency, risk management, and trading psychology, creating practical content that helps readers make informed decisions and develop realistic expectations.
