Regulator profile · US
NFA — National Futures Association
Tracked byBrokerlist Editorial · Independent review teamUpdated
The National Futures Association (NFA) is the United States futures industry's self-regulatory organisation, designated by CFTC under Section 17 of the Commodity Exchange Act. NFA membership is mandatory for retail FX dealers (RFEDs), Futures Commission Merchants (FCMs), Introducing Brokers (IBs), Commodity Pool Operators and Commodity Trading Advisors operating in US derivatives markets.
Brokers in United States accepting residents under NFA- Jurisdiction
- United States (federal SRO designated by CFTC).
- Founded
- 1982
- Mandate
- Established as a self-regulatory organisation under Section 17 of the Commodity Exchange Act, designated by CFTC in 1982. NFA writes and enforces compliance rules (NFA Compliance Rules 2-X), monthly capital and segregation reporting, AML programmes, and arbitration of customer disputes. Operates the BASIC public registry of member firms and associated persons.
- Consumer protection
- NFA Compliance and Enforcement programmes supplement CFTC oversight. Member-level capital adequacy enforced via monthly NFA reporting (RFEDs minimum USD 20 million net capital post-Dodd-Frank). Customer-funds segregation enforced via daily NFA reconciliations. No NFA-administered compensation fund — customer protection relies on segregation rules and bankruptcy-court protections.
- Retail leverage caps
- NFA Compliance Rule 2-30 implements CFTC's 1:50 (major pairs) / 1:20 (minor and exotic pairs) retail leverage caps. NFA also enforces FIFO closing-order rules and the no-hedging-same-pair restriction. Mandatory disclosure rules require performance and risk warnings in member firm advertising.
- Public register
- NFA's BASIC system is the public registry combining CFTC registration status, NFA membership, and full disciplinary history for member firms and associated persons. Search by NFA ID, firm name or individual name. This is the most authoritative single-source US-side broker verification. Open register ↗
- Dispute resolution
- NFA Arbitration Program — binding arbitration for disputes between members or between members and customers, up to USD 350,000. Mandatory pre-dispute arbitration clauses are standard in NFA-member account agreements. NFA Member Mediation is a non-binding alternative for amicable resolution.
- Editor notes
- NFA membership is the operational gateway for retail FX in the US — the combination of CFTC registration plus NFA membership is what RFEDs need to legally onboard US residents. Foreign brokers cannot solicit US residents without this dual registration. Post-Dodd-Frank market consolidation has reduced the active US retail FX broker count to a handful of major firms.
Brokers we track with a NFA licence
No brokersNo tracked broker currently holds a NFA licence in our database.