FSB: Tell us about your platforms?
IG Markets: IG Markets is the international division of IG Group which accepts members from the USA and overseas and offers a range of products including binaries and forex trading.
Nadex: Nadex (previously HedgeStreet) is the binary options division of IG Group exclusively for USA residents.
FSB: What are your fees for trading binaries?
IG Markets: We do not charge a commission but a spread. The spread can vary from market to market.
Nadex: Our fees are $1 per contract to initiate a trade. If you offset that trade prior to expiration the fee is $1. That's $2 round trip. As a incentitive, there is a $7 trading fee cap for trades 7 lots or larger. If you trade a 10, 50, or 100 lot order the trading fee is $7. If you offset that trade before expiration, your fee is $7. That's $14 round turn. If you place a 50 lot order and get matched on 25 of them and you decide to modify the price on the remainder, the fees would be $7 for the first 25 and $7 for the other twenty five because of the price change. The winner on a binary contract pays a $1 expiration fee per contract. There are no cap if you hold your position to expiration. The loser pays no expiration fees.
FSB: Is the platform identical to Nadex?
IG Markets: Our platform is very similar to the Nadex platform.
FSB: Do you offer the monthly one touch? Do you have daily/weekly contracts?
IG Markets: We have daily one touch, daily up/down/ladders, and monthly one touch binaries available.
Nadex: We do not offer a one touch monthly binary, but we do offer the FOREX binaries that expires every two hours. Those are our intraday contracts and are offered during the daytime hours on all contracts except for the Korea 200, India 50, Japan 225, Corn and Soybean contracts. We do offer weekly binaries that trade Monday through Friday. The expiration times differs depending on the contract and its underlying market.
FSB: What are the supported stake sizes - my understanding is that you only support standard lots with the 0.1 lot trades are only available for the initial six week education program?
IG Markets: For the first six weeks for your account you get free education with TradeSense. With this program you are able to trade micro contracts for the first six weeks. After the six week program is over the smallest contract size you can trade is .2. If you are trading .2, each point is worth $2.
FSB: The other thing that I saw was that the Binary Contracts are listed at $10/point. I guess my question is: If it's $10 a point, do the contracts all settle at $1000 or $0?
IG Markets: The binary will settle at either 100 or 0. Your profit/loss will depend on what price you get in at.
FSB: Do you allow me to place open orders for the price I want to pay a contract? (i.e. open buy and sell orders so I don't have to be in front of the computer all the time?)
IG Markets: Binary options are limited risk/limited reward; therefore, we do not have stops or limits for them.
Nadex: You are allowed to place a buy or sell order at any price you chose. You are not obligated to take the best bid or offer shown on the screen at the time.
FSB: Can I trade forex in addition to the binaries?
IG Markets: You are able to trade both the binary contracts as well as the forex.
FSB: Do you report my earnings to the IRS?
Nadex: At the beginning of each calendar year, Nadex sends out 1099B forms to its members for tax purposes.
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