Jurisdiction
The United States. Retail forex may only be offered to US residents by CFTC-registered, NFA-member firms, which is why most international brokers do not accept US clients.
Role
The CFTC writes the rules and the NFA registers and audits firms. Retail leverage is capped at 1:50 on major pairs and 1:20 on others, CFDs are not permitted for retail clients, hedging in the same account is prohibited, and capital requirements are far higher than elsewhere.
Segregated client money, negative balance protection and a compensation scheme or its equivalent. Retail leverage cap: 1:50 on major currency pairs.
Licence verification
Search NFA BASIC at nfa.futures.org by firm name or NFA ID, confirm registration as a Retail Foreign Exchange Dealer or Futures Commission Merchant, and review any regulatory actions listed.
Open the CFTC/NFA register (opens in a new tab) CFTC/NFA website
Client protections
High capital requirements and close supervision. Client funds are not covered by a compensation scheme, and CFD-style products are unavailable.
| Tier | Tier one: Segregated client money, negative balance protection and a compensation scheme or its equivalent. |
| Investor protection | Strict capital rules; no negative balance protection is mandated. |
| Retail leverage cap | 1:50 on major currency pairs |
| Complaints | NFA arbitration |
| Established | 1974 |
Brokers regulated by CFTC/NFA
6 brokers in our database hold a CFTC/NFA licence through at least one entity. The licence applies to that entity only; check which one serves your country.
Regulatory facts are the authority's own published position at the last check. Verify any licence on the register before depositing.