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Tier 1
National Futures Association (NFA)
United States Regulator
"The NFA is the industry-wide, self-regulatory organization for the U.S. derivatives industry. It enforces unique, strict rules (FIFO, No Hedging) that differ significantly from European/Australian standards."
About NFA
The National Futures Association (NFA) is the industry-wide, self-regulatory organization for the U.S. derivatives industry, designated by the CFTC. Founded in 1982, the NFA strives to safeguard the integrity of the derivatives markets, protect investors, and ensure Members meet their regulatory responsibilities.
Key Investor Protections
- Extremely High Capital Requirements: Brokers must maintain at least $20 million in adjusted net capital (global highest).
- FIFO Rule (First In, First Out): Traders must close the oldest trades first in the same pair; no selective closing.
- No Hedging: Buying and selling the same pair simultaneously is prohibited (orders offset each other).
- Detailed Reporting: Brokers must submit daily reports on capital and trade data.
Max Leverage
Capped at 50:1 for major currency pairs and 20:1 for minors. Crypto derivatives are highly restricted.
Safety Rating
High
Pros
- Massive capital requirements ($20M+) ensure financial stability.
- Rigorous auditing and transparent disciplinary history.
- Strict regulatory oversight prevents common broker malpractices.
Cons
- Very restrictive trading rules (FIFO, No Hedging) limit certain strategies.
- No government compensation scheme (SIPC protects securities, not spot forex).
- Strict FATCA compliance makes it difficult for non-US residents to open accounts.
Top Brokers Regulated by NFA
FC
8.17
FOREX.com
USA
Min Deposit$100
OA
8.24
OANDA
USA
Min Deposit$0
IB
1.49
Interactive Brokers
USA
Min Deposit$0
FC
8.17
FOREX.com
USA
Min Deposit$100
OA
8.24
OANDA
USA
Min Deposit$0
IB
1.49
Interactive Brokers
USA
Min Deposit$0
FC
8.17
FOREX.com
USA
Min Deposit$100
OA
8.24
OANDA
USA
Min Deposit$0
IB
1.49
Interactive Brokers
USA
Min Deposit$0