How do I verify a broker is CFTC-regulated?

Search NFA BASIC at nfa.futures.org/basicnet for the firm name. A genuine US retail forex broker is registered with both the CFTC and the NFA, holds RFED (Retail Foreign Exchange Dealer) registration and member status with the NFA. The record shows registration status, capitalisation and any disciplinary history.

Why are there so few US retail forex brokers?

Dodd-Frank Act capital requirements ($20 million minimum net capital for RFEDs, plus ongoing reporting), maximum 1:50 leverage on majors and 1:20 on minors, and the FIFO/no-hedging rules eliminated most of the offshore-style retail FX market in the US. Only OANDA, Forex.com (StoneX), Interactive Brokers and a handful of others remain.

Can US residents legally trade with offshore forex brokers?

No — offering retail FX/CFD/binary options to US persons without CFTC registration is illegal under the Commodity Exchange Act. Major offshore brokers (FxPro, Pepperstone, IG offshore, etc.) explicitly refuse US-resident accounts in their KYC. Using a VPN or false residency declaration violates the broker's terms and likely US law.

What does NFA dispute arbitration cover?

NFA arbitration handles disputes between members and customers up to $1 million; awards are binding. The process is faster and cheaper than US court litigation. Common disputes involve order execution disputes, margin calls and unauthorised trading. The NFA also runs a separate disciplinary track for member misconduct.

What about CFDs — why aren't they offered in the US?

Dodd-Frank Title VII effectively prohibits OTC CFDs for US retail because they fall under "swap" regulation requiring central clearing. The economic equivalent is exchange-listed futures (CME, ICE) or single-stock options on US securities exchanges. US residents wanting CFD-like exposure use those instruments instead.

Regulator profile · US

CFTC — Commodity Futures Trading Commission

Tracked byBrokerlist Editorial · Independent review teamUpdated April 22, 2026

The Commodity Futures Trading Commission (CFTC) is the federal regulator of commodity-derivatives markets in the United States. CFTC has jurisdiction over retail forex since the 2008 amendment to the Commodity Exchange Act, with detailed retail-FX rules tightened by Dodd-Frank in 2010. Retail FX firms must register as RFEDs (Retail Foreign Exchange Dealers) and be members of the NFA.

Brokers in United States accepting residents under CFTC

Jurisdiction: United States · all 50 states and territories.
Founded: 1974
Mandate: Established by the Commodity Futures Trading Commission Act of 1974 (replacing the prior CEA Authority within USDA). CFTC enforces the Commodity Exchange Act of 1936, the Dodd-Frank Wall Street Reform and Consumer Protection Act (2010), and related implementing regulations. Cooperates with SEC on cross-jurisdictional matters and with banking regulators (Fed, OCC, FDIC) on swap-dealer oversight.
Consumer protection: No FX-specific compensation fund. Customer-segregated funds rules under CFTC Regulation 1.20 require client deposits at FCMs/RFEDs to be held in trust, separate from firm assets. Bankruptcy-court protections under Subchapter IV of the Bankruptcy Code apply when an FCM fails. NFA arbitration awards bind member firms.
Retail leverage caps: Retail FX leverage capped at 1:50 on major currency pairs and 1:20 on minor pairs and exotics — significantly stricter than EU/AU caps for major pairs. FIFO (First-In-First-Out) order rule for closing positions. No hedging in the same currency pair (one-position-per-pair rule). These rules eliminated US retail FX participation by most international brokers.
Public register: CFTC publishes lists of registered FCMs (Futures Commission Merchants), RFEDs, IBs (Introducing Brokers) and CTAs/CPOs. For broker verification at the customer level, the more practical search is NFA's BASIC system (basicnet) which combines CFTC registration, NFA membership and disciplinary history. Open register ↗
Dispute resolution: CFTC Reparations Program handles damage claims against registered firms — administrative process at the Commission. NFA arbitration (binding) is the more common path for retail FX disputes. US federal courts handle unresolved cases under federal-question jurisdiction.
Editor notes: After the 2010 Dodd-Frank reforms, most international retail FX brokers withdrew from the US market — only RFED registrants can solicit US residents. The active US retail FX broker count is small: OANDA Corporation (US arm), Forex.com (StoneX/TradeStation Group), IG US (IG North America Capital Markets), and a handful of others. Foreign brokers offering services to US residents face CFTC enforcement actions, fines and customer-asset freeze orders.

Brokers we track with a CFTC licence

No brokers

No tracked broker currently holds a CFTC licence in our database.

Brokers in United States accepting residents under CFTC →Regulators →Top 10 →

Frequently asked

How do I verify a broker is CFTC-regulated?: Search NFA BASIC at nfa.futures.org/basicnet for the firm name. A genuine US retail forex broker is registered with both the CFTC and the NFA, holds RFED (Retail Foreign Exchange Dealer) registration and member status with the NFA. The record shows registration status, capitalisation and any disciplinary history.
Why are there so few US retail forex brokers?: Dodd-Frank Act capital requirements ($20 million minimum net capital for RFEDs, plus ongoing reporting), maximum 1:50 leverage on majors and 1:20 on minors, and the FIFO/no-hedging rules eliminated most of the offshore-style retail FX market in the US. Only OANDA, Forex.com (StoneX), Interactive Brokers and a handful of others remain.
Can US residents legally trade with offshore forex brokers?: No — offering retail FX/CFD/binary options to US persons without CFTC registration is illegal under the Commodity Exchange Act. Major offshore brokers (FxPro, Pepperstone, IG offshore, etc.) explicitly refuse US-resident accounts in their KYC. Using a VPN or false residency declaration violates the broker's terms and likely US law.
What does NFA dispute arbitration cover?: NFA arbitration handles disputes between members and customers up to $1 million; awards are binding. The process is faster and cheaper than US court litigation. Common disputes involve order execution disputes, margin calls and unauthorised trading. The NFA also runs a separate disciplinary track for member misconduct.
What about CFDs — why aren't they offered in the US?: Dodd-Frank Title VII effectively prohibits OTC CFDs for US retail because they fall under "swap" regulation requiring central clearing. The economic equivalent is exchange-listed futures (CME, ICE) or single-stock options on US securities exchanges. US residents wanting CFD-like exposure use those instruments instead.