The North American Derivatives Exchange (Nadex) is a regulated U.S. exchange specializing in short-term derivatives products such as binary options, call spreads, and knock-outs. It provides retail traders with access to markets including forex, commodities, stock indices, and cryptocurrencies. Nadex operates under the oversight of the Commodity Futures Trading Commission (CFTC), ensuring compliance with U.S. trading regulations and transparency in pricing and execution.