Table of Contents
Affiliate Disclosure
Affiliate Disclosure adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Top NFA Forex Brokers

US-based traders looking for a US Forex broker should always make sure that their broker is a member of the National Futures Association (NFA). This is a legal requirement for US Forex brokers and helps to provide an additional layer of security against potential fraud.

I have intensively researched the tight field of US NFA regulated brokers offering Forex trading to identify the best NFA Forex brokers listed below.

82% of retail CFD accounts lose money
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
One of the best platforms for CFD traders.
Trailing stop losses
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
NFA regulated broker
In-house research and excellent educational center
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Solid services + excellent currency converter

Best NFA Forex Brokers Comparison

Year Established
Execution Type(s)
Market MakerMarket MakerECN/STP, Market Maker, Matched Principal BrokerMarket MakerECN/STP, No Dealing Desk
Minimum Deposit
Average Trading Cost EUR/USD
1.3 pips1.1 pips0.9 pips0.9 pips0.2 pips ($2.00)
Average Trading Cost GBP/USD
1.7 pips1.3 pips1.3 pips1.4 pip0.4 pips ($4.00)
Average Trading Cost Gold
$0.34 $0.63 $0.30 $0.30 $0.17
Trading Platform(s)
Proprietary platform, Web-basedMetaTrader 4, MetaTrader 5, Proprietary platform, Trading ViewMetaTrader 4, Proprietary platformMetaTrader 4, Proprietary platformProprietary platform
Islamic Account
Negative Balance Protection


In Summary multi-asset and CFD broker

Plus500 is a global Forex broker founded in 2008. It maintains an excellent regulatory environment provided by the FCA in the UK, the CySEC in Cyprus, the ASIC in Australia, the FMA in New Zealand, the FSCA in South Africa, the FSA in Seychelles, and the MAS in Singapore. Plus500 offers traders a choice of more than 2,800 assets to trade, including nearly 900 options contracts, in a commission-free trading environment. This extremely wide range of choice can make Plus500 an appropriate choice for traders looking to pursue wide diversification of assets. Plus500 is licensed to offer CFDs through ASIC (AFSL #417727), and through the FMA (FSP #486026), for licensed CFDs in New Zealand. Plus500 trading services are also available in South Africa (Authorised Financial Services Provider #47546).

Read more on Plus500 »
5.0/5 in this category
Get Started
82% of retail CFD accounts lose money

Pros & Cons

  • Broad asset selection in equities and options
  • Free and unlimited demo account
  • Advanced free-of-charge analytical trading tools
  • Global and regulated fintech platform
  • Sub-standard trading platform without support for automated or social trading

In Summary Excellent trading conditions + NFA regulation was founded 20 years ago in 2001 in the United States. The forex broker is publicly listed under StoneX and is officially the biggest MT4 broker in the entire world as of early 2019. The company is regulated by the FCA (the United Kingdom’s Financial Conduct Authority) which is the main overseer of In addition to the FCA, IIROC (the Investment Industry Regulatory Organization of Canada), the ASIC (Australian Services and Investments Commission), the CFTC (US Commodity Futures Trading Commission), the company is regulated by CIMA (Cayman Islands Monetary Authority), and FSA, the (Japanese Financial Services Authority).

Read more on »
4.8/5 in this category

Pros & Cons

  • Lower minimum deposit
  • Islamic account available
  • Good reputation
  • Choice of account types
  • Withdrawal fee


In Summary Solid services + excellent currency converter
Read more on OANDA »
4.5/5 in this category

Pros & Cons

  • Excellent 28-tool MT4 upgrade package and outstanding trading tools
  • Trustworthy broker with more than 25 years of experience
  • Competitive pricing environment
  • Quality market commentary on the OANDA blog MarketPulse
  • Asset selection does not include equities

Does the CFTC Maintain a Forex Brokers list?

The CFTC, founded in 1974, is a trusted US regulator with oversight of the US derivatives markets. They include futures trading, swaps, and select options contracts. All US-based derivative brokers must register with the CFTC. While there is no CFTC Forex brokers list, the CFTC maintains a RED (Registration Deficient) list. It gives an overview of foreign entities operating without CFTC registration but offering products and services the CFTC believes require one.

Traders should avoid Forex brokers on the CFTC RED list. It increases the risks of fraud or scams. Inclusion on the RED list does not mean the entity violated any provision of the Commodity Exchange Act. The CFTC notes Forex as a sector with increased fraud complaints, together with cryptocurrencies, commodities, metals, and binary options.

Before opening a trading account with a broker, it is best to double-check if the broker operates with all the necessary registrations and licenses. The CFTC RED list offers one tool to avoid potentially fraudulent trading environments, but the CFTC also has a link to the NFA BASIC database. It lists the registration of market participants, their financial information, and the disciplinary or regulatory history.

How the NFA Regulates Brokers

The National Futures Association is not a government regulatory body but a self-regulatory organization (SRO) for derivatives in the US. Despite not being a regulator, membership is mandatory for many market participants and required for all market participants dealing in swaps. Therefore, all US-based Forex brokers should list membership with the NFA on their website. NFA brokers pay membership and assessment fees, which is how the NFA funds operations. It counts more than 4,000 member firms and 55,000 associates, with its headquarters in Chicago, the US hub for commodities and futures trading, with a representative office in New York.

NFA members must adhere to well-communicated standards, and the NFA ensures that US futures markets and the retail Forex market also operate under uniform standards. The aim is ensuring the safety, security, and transparency of the derivatives marketplace across the US for all market participants, from retail to professional.

NFA Forex Regulations

The most important NFA rules impacting Forex traders using NFA brokers are:

  • Maximum leverage of 50:1 on Forex, lowered to 30:1 for some less liquid currency pairs (exotics).
  • FIFO (first in, first out) rule – if traders have multiple positions open in the same Forex currency pair or cross, the positions can only be closed in the same order as which they were opened.
  • Hedging is prohibited.
  • Regulated brokers must hold a minimum of $20 million to ensure customer protection.

NFA regulated Forex brokers, in theory, ensure fair market practices to all clients, but that does not guarantee the absence of fraud. It does reduce the likeliness of it, but the biggest ones in history occurred under the watch of the NFA, together with the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Despite such occasional shortcomings, US-based traders should always trade with one of the NFA-regulated Forex brokers, as there is significantly more upside in doing so than not.

Pros and Cons of NFA Regulated Brokers

The main advantages of using an NFA regulated broker are:

  • Access to a regulatory channel to resolve disputes with your broker without needing to resort to litigation.
  • Knowing your broker is highly regulated and well-capitalized, and properly segregating client accounts.
  • Knowing that your broker has a reputation to protect.
  • They may provide US tax-friendly accounting.

The main disadvantages of using an NFA regulated broker are:

  • Cap on Forex leverage at 50:1, although this should be more than enough leverage for anyone’s needs.
  • FIFO rule, but this can be avoided by slightly varying the position sizes.
  • Lack of access to CFDs and certain other assets, although CFD are not efficient vehicles for US persons anyway.

NFA Broker Check

Traders can locate the existence of NFA membership on the bottom of the homepage of a broker and then conduct an NFA broker check. The NFA allows visitors to check the status of all members via its search tool BASIC. Entering the name of a firm or individual in question will return any available information from the NFA database. It also includes regulatory action from the NFA and CFTC with complete details. The NFA also provides the monthly updates Futures Commission Merchant (FCM) financial data reports, offering information about the required net capital and the adjusted net capital of member firms. The “File a Complaint” button allows traders to report malpractice or fraudulent activity to the NFA, which it then must investigate.

Retail Forex traders in the US have a limited choice of brokers, and it is illegal under US law for non-NFA regulated brokers outside the US (where the trading environment is more competitive) to open accounts for US persons. Note that it is not illegal to be the person opening the account in this case.

Trading with NFA Forex brokers will limit the risk of fraud and notably increase the security of their deposits. Therefore, all US traders should conduct an NFA broker check using BASIC before opening a trading account.

Final Thoughts

US persons – especially US residents – wishing to trade Forex, face a choice between using an NFA regulated broker, or using an offshore broker outside the US which is not regulated. It is not illegal to use an offshore broker, but very few Forex brokers outside the US will now accept a US person as a client for fear of getting into trouble with US authorities, so traders wishing to go offshore are likely to find they have limited choice and may find problematic issues even with brokers where they are able to open an account. For these reasons, and as US regulations are not as restrictive as they are often claimed to be, it will usually make sense for a US Forex trader to open an account with an NFA regulated broker.

You might also be interested in reviewing the below top brokers:


What is NFA in Forex?


NFA stands for the National Futures Association, a non-governmental regulatory organization in the USA. Membership of the NFA is obligatory for any Forex broker within to operate within the USA.

Is regulated by NFA?

expand.png has been a member of the National Futures Association (NFA # 0339826) since 2004.

Is a SEF an NFA member?


SEFs (swap execution facilities) do not have to be NFA members in the USA, but they may contract with the NFA to receive a regulatory service.

Huzefa Hamid
About Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.