NFA (US)

Also called: National Futures Association

National Futures Association — the US self-regulatory body for derivatives, including retail FX.

The NFA is the day-to-day regulator for US futures and retail FX brokers (which must also be registered with the CFTC). Membership is required for any firm offering retail FX in the US.

NFA rules: leverage capped at 50:1 majors / 20:1 minors, FIFO order matching (no same-pair hedging), and high minimum capital requirements that have driven most foreign brokers out of the US retail market.