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The US regulatory framework is deemed as one of the world’s strictest. US residents and citizens are only permitted to operate with CTFC and NFA regulated foreign exchange brokerages. Firms and individuals, who do not possess the relevant NFA and CTFC regulation, are not allowed to solicit or approach US citizens. This is why many websites (this site included) feature a warning to US visitors, alerting them of the fact that the sites content is not directed towards US residents.
The National Futures Association(NFA) is the industrywide, self-regulatory organization for the U.S. derivatives industry, providing innovative and effective regulatory programs.
The NFA also works with the Commodity Futures Trading Commission (CFTC). NFA strives every day to safeguard the integrity of the derivatives markets, protect investors and ensure Members meet their regulatory responsibilities.
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1. Safety of Client Funds：
Segregation of Customer Funds
(1) All customer funds for trading on designated contract markets (exchanges) must be kept apart ("segregated") from the futures commission merchant's (FCM's) own funds—this includes cash deposits and any securities or other property deposited by such customers to margin or guarantee futures trading.
(2) Segregated accounts must be titled for the benefit of the FCM's customers.
(3) Acknowledgements must be provided that would preclude a bank or clearinghouse from recognizing a right of offset against the account for the FCM's debts.
(4) Customer funds in segregation have a bankruptcy preference in the event COM of FCM insolvency.
2. Requirement on Forex Brokers' Reports：
Forex Daily Report; Forex Monthly Report; Forex Quarterly Report; Daily Trade Data Reports; Financial Reports (unaudited); Certified Financial Reports (audited); Anti-money laundering Reports; Net Capital Report; Chief Compliance Officer Report.
Generally speaking, NFA-regulated broker profile will be found at the BASIC page of NFA website. Try to find it and check if the broker profile published on NFA website will match the info from the broker website.
The detailed steps are as follow:
1. Find the NFA ID(preferred) or name of the forex broker, which you can get from the broker's website;
2. Enter the NFA ID or broker's name into the search bar on https://www.nfa.futures.org/basicnet/;
3. And you'll get the broker's profile on NFA website. At this time you will click the 'Activity Status' and check if the broker get Yes for 'Firm has commodity interest customers (this includes futures, options, forex, or swaps).' and Yes for 'Firm is soliciting customers' ;
4. If all the above steps have been done, don’t forget to check the most important information: check if the firm details published on NFA website matches the ones you’ll go to trade with, especially the website and email etc.
If no, please keep away the broker because it’s probably an unauthorized firm and your money will fall in danger.
When you have disputes with a NFA-regulated broker, you can proceed the following ways:
1st way: The recommended way is to contact the broker directly and discuss with them to find a solution.
2nd way: If you're not satisfied with the broker's solution, you can file an online complaint to NFA: https://www.nfa.futures.org/complaintnet/complaint.aspx.
3rd way: If the 2 ways above can't solve the dispute, the last way is to ask for arbitration service: https://www.nfa.futures.org/arbitration/index.html.
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