1Top-tier

CFTC / NFA regulated forex brokers

Commodity Futures Trading Commission & National Futures Association · 🇺🇸 United States

The Commodity Futures Trading Commission & National Futures Association (CFTC / NFA) is the financial regulator for United States, established in 1974. ForexLicenses.com classifies it as tier 1 (top-tier regulation). We currently match 34 brokers in our database to an CFTC / NFA licence.

In the United States, retail off-exchange forex can only be offered by firms registered with the CFTC as a Retail Foreign Exchange Dealer (RFED) or Futures Commission Merchant (FCM) and that are members of the National Futures Association. The regime is among the strictest anywhere: a US$20 million minimum net capital requirement, a ban on hedging, FIFO order rules and leverage caps. As a result only a handful of firms serve US retail forex clients. NFA's BASIC database shows every registered firm's NFA ID, regulatory actions and arbitration history, and the CFTC publishes a RED list of unregistered foreign entities.

Key rules for retail clients

Tier: Tier 1 — Top-tier regulation
Compensation: No compensation scheme for retail forex (SIPC does not cover spot FX)
Leverage: 50:1 on major FX pairs, 20:1 on other pairs
Negative balance protection: Not a regulatory requirement
Client money: Retail forex dealers must hold high capital (US$20m+) but retail FX funds are not segregated in the same way as futures
Complaints: NFA arbitration

Brokers licensed by the CFTC / NFA 34

Broker Licences on record Licence Score Actions

1 I IG Spread betting & CFD provider, since 1974 ASIC BaFin CFTC / NFA FCA FINMA JFSA+5 93Very strong Licences Visit site

2 P Plus500 Forex & CFD broker, since 2008 ASIC CFTC / NFA FCA MAS CySEC DFSA+4 92Very strong Licences Visit site

3 FC FOREX.com Forex & CFD broker, since 2001 ASIC CFTC / NFA CIRO FCA JFSA MAS+1 86Very strong Licences Visit site

4 IB Interactive Brokers Multi-asset broker, since 1978 ASIC CBI CFTC / NFA CIRO FCA JFSA+2 83Very strong Licences Visit site

5 O OANDA Forex & CFD broker, since 1996 ASIC CFTC / NFA CIRO FCA JFSA MAS+2 82Very strong Licences Visit site

6 M Marex Futures broker (FX futures), since 1987 CFTC / NFA FCA 71Strong Licences Visit site

7 CS Charles Schwab Multi-asset broker, since 1971 CFTC / NFA 65Strong Licences Visit site

8 SF StoneX Financial (FCM) Futures broker (FX futures), since 1924 CFTC / NFA 65Strong Licences Visit site

9 RF Robinhood Futures Futures broker (FX futures), since 2013 CFTC / NFA 61Moderate Licences Visit site

10 AI ADM Investor Services Futures broker (FX futures), since 1916 CFTC / NFA 60Moderate Licences Visit site

11 AF AMP Futures Futures broker (FX futures), since 1994 CFTC / NFA 60Moderate Licences Visit site

12 AF Advantage Futures Futures broker (FX futures), since 1997 CFTC / NFA 60Moderate Licences Visit site

13 CT Cannon Trading Futures broker (FX futures), since 1988 CFTC / NFA 60Moderate Licences Visit site

14 DT Discount Trading Futures broker (FX futures), since 1998 CFTC / NFA 60Moderate Licences Visit site

15 DT Dorman Trading Futures broker (FX futures), since 1990 CFTC / NFA 60Moderate Licences Visit site

16 EF E*TRADE Futures Futures broker (FX futures), since 1982 CFTC / NFA 60Moderate Licences Visit site

17 GT Generic Trade Futures broker (FX futures), since 2006 CFTC / NFA 60Moderate Licences Visit site

18 I Ironbeam Futures broker (FX futures), since 2003 CFTC / NFA 60Moderate Licences Visit site

19 N Nadex Futures broker (FX futures), since 2004 CFTC / NFA 60Moderate Licences

20 N NinjaTrader Futures broker (FX futures), since 2003 CFTC / NFA 60Moderate Licences Visit site

21 OF Optimus Futures Futures broker (FX futures), since 2004 CFTC / NFA 60Moderate Licences Visit site

22 PC Phillip Capital Inc. Futures broker (FX futures), since 1975 CFTC / NFA 60Moderate Licences Visit site

23 RF RJO Futures Futures broker (FX futures), since 1914 CFTC / NFA 60Moderate Licences Visit site

24 SF Straits Financial Futures broker (FX futures), since 2005 CFTC / NFA 60Moderate Licences Visit site

25 T TradeStation Futures broker (FX futures), since 1982 CFTC / NFA 60Moderate Licences Visit site

26 WF Wedbush Futures Futures broker (FX futures), since 1955 CFTC / NFA 60Moderate Licences Visit site

27 ZG Zaner Group Futures broker (FX futures), since 1981 CFTC / NFA 60Moderate Licences Visit site

28 WF Webull Futures Futures broker (FX futures), since 2017 CFTC / NFA 59Moderate Licences Visit site

29 E EdgeClear Futures broker (FX futures), since 2009 CFTC / NFA 58Moderate Licences Visit site

30 S5 Stage 5 Trading Futures broker (FX futures), since 2012 CFTC / NFA 57Moderate Licences Visit site

31 T Tradovate Futures broker (FX futures), since 2014 CFTC / NFA 56Moderate Licences Visit site

32 T tastytrade Futures broker (FX futures), since 2017 CFTC / NFA 54Moderate Licences Visit site

33 PU Plus500 US Futures broker (FX futures), since 2021 CFTC / NFA 52Moderate Licences Visit site

34 T tastyfx Forex & CFD broker, since 2021 CFTC / NFA 52Moderate Licences Visit site

Frequently asked questions

How do I check if a broker is CFTC / NFA regulated?

Search the firm's name or licence number on the CFTC / NFA official register (https://www.nfa.futures.org/BasicNet/), confirm the status is current and that the website domain you're using is listed, then check the CFTC / NFA warning list for clones.

Does the CFTC / NFA offer investor compensation?

No compensation scheme for retail forex (SIPC does not cover spot FX)

What leverage do CFTC / NFA-regulated brokers offer?

50:1 on major FX pairs, 20:1 on other pairs

Is negative balance protection required by the CFTC / NFA?

It is not a regulatory requirement under the CFTC / NFA, though some brokers offer it contractually.