NFA: National Futures Association

The self-regulatory organisation for the US derivatives industry. Firms acting as retail foreign exchange dealers or futures commission merchants are generally required to be registered with the CFTC and be NFA Members.

Jurisdiction: United States. The register is the primary place to confirm an entity’s current status and permissions; this guide does not certify a broker or account.

Retail Foreign Exchange Dealer (RFED)

Category relevant to firms acting as counterparty to retail forex transactions in the US.

Futures Commission Merchant (FCM)

Accepts orders and customer funds for futures and certain other contracts.

Introducing Broker (IB)

Solicits or accepts orders but does not hold customer funds.

General description only. It does not imply that any particular broker holds any of these authorisations.

1. 1Locate the NFA ID in the firm’s documents.
2. 2Use the NFA’s BASIC system on the official website to view registration and membership status.
3. 3Review the disciplinary and regulatory actions sections of the record.
4. 4Confirm the registration category matches the activity being offered to you.

• Exact legal entity name and licence or registration number.
• Current licence or registration status and authorised activities.
• Retail or wholesale permissions where the register distinguishes them.
• Registered website, contact details and any authorised-representative relationship.

A licence belonging to one group entity does not automatically apply to every client, country, website or product offered under the same brand. Confirm the contracting entity and whether the listed permissions cover your client type and activity.

For a practical search sequence, read how to check if a broker is regulated and how to read a register entry.