Forex regulation in United States
This page explains the authorities and public records connected with retail forex and CFD activity in United States. Rules can depend on the product, legal entity, client type and location.
Regulatory overview
Only CFTC-registered, NFA-member dealers may serve US residents. CFDs are not permitted at all.
Authorities
Commodity Futures Trading Commission and National Futures AssociationAAACFTC/NFA · Tier one · Strongest assessed environmentRetail forex dealers must register with the CFTC and be NFA members, with capital requirements far above those elsewhere.Securities and Exchange Commission and FINRAAAASEC/FINRA · Tier one · Strongest assessed environmentRegulates securities broker-dealers in the United States, including those offering shares and options alongside forex.Financial Industry Regulatory AuthorityAAAFINRA · Tier one · Strongest assessed environmentSelf-regulatory organisation for US securities broker-dealers.Securities and Exchange CommissionAAASEC · Tier one · Strongest assessed environmentThe United States securities regulator.Commodity Futures Trading CommissionAAACFTC · Tier one · Strongest assessed environmentRegulates US derivatives markets, including retail forex dealers.National Futures AssociationAAANFA · Tier one · Strongest assessed environmentSelf-regulatory organisation for the US derivatives industry.
Broker records
| Broker | Authority | Licence | Status | |
|---|---|---|---|---|
 Plus500 9.0/10 | CFTC/NFA | Not confirmed | Review pending | View licence record |
 IG 8.5/10 | CFTC/NFA | Not confirmed | Review pending | View licence record |
 Webull 8.3/10 | CFTC/NFA | Not confirmed | Review pending | View licence record |
 Charles Schwab 8.2/10 | CFTC/NFA | Not confirmed | Review pending | View licence record |
 FOREX.com 8.2/10 | CFTC/NFA | 0339826 | Review pending | View licence record |
 Trading.com 8.0/10 | CFTC/NFA | 0516820 | Review pending | View licence record |
 OANDA 7.5/10 | CFTC/NFA | Not confirmed | Review pending | View licence record |
 eToro 9.0/10 | SEC/FINRA | CRD 298361 | Review pending | View licence record |
 Trade.com 8.0/10 | SEC/FINRA | CRD 316822 | Review pending | View licence record |
| Webull 8.3/10 | FINRA | Not confirmed | Review pending | View licence record |
| Charles Schwab 8.2/10 | FINRA | Not confirmed | Review pending | View licence record |
| Webull 8.3/10 | SEC | Not confirmed | Review pending | View licence record |
| Charles Schwab 8.2/10 | SEC | Not confirmed | Review pending | View licence record |
 tastyfx 7.7/10 | CFTC | Not confirmed | Review pending | View licence record |
| tastyfx 7.7/10 | NFA | Not confirmed | Review pending | View licence record |
Client protections
Under CFTC/NFA
- Client-money rules
- Applies in limited circumstances
- Capital requirements
- Confirmed
- Negative balance protection
- Required for eligible clients
- Leverage restrictions
- Applies to eligible retail clients
- Compensation scheme
- Not confirmed
- External dispute resolution
- Available subject to eligibility
- Risk disclosures
- Required for relevant firms
- Reporting or audit
- Required for relevant firms
Under SEC/FINRA
- Client-money rules
- Applies in limited circumstances
- Capital requirements
- Varies by licence
- Negative balance protection
- Not confirmed
- Leverage restrictions
- Not confirmed
- Compensation scheme
- Potentially available subject to eligibility
- External dispute resolution
- Not confirmed
- Risk disclosures
- Required for relevant firms
- Reporting or audit
- Required for relevant firms
Under FINRA
- Client-money rules
- Applies in limited circumstances
- Capital requirements
- Varies by licence
- Negative balance protection
- Not confirmed
- Leverage restrictions
- Not confirmed
- Compensation scheme
- Not confirmed
- External dispute resolution
- Not confirmed
- Risk disclosures
- Required for relevant firms
- Reporting or audit
- Required for relevant firms
Under SEC
- Client-money rules
- Applies in limited circumstances
- Capital requirements
- Varies by licence
- Negative balance protection
- Not confirmed
- Leverage restrictions
- Not confirmed
- Compensation scheme
- Not confirmed
- External dispute resolution
- Not confirmed
- Risk disclosures
- Required for relevant firms
- Reporting or audit
- Required for relevant firms
Under CFTC
- Client-money rules
- Applies in limited circumstances
- Capital requirements
- Varies by licence
- Negative balance protection
- Not confirmed
- Leverage restrictions
- Not confirmed
- Compensation scheme
- Not confirmed
- External dispute resolution
- Not confirmed
- Risk disclosures
- Required for relevant firms
- Reporting or audit
- Required for relevant firms
Under NFA
- Client-money rules
- Applies in limited circumstances
- Capital requirements
- Varies by licence
- Negative balance protection
- Not confirmed
- Leverage restrictions
- Not confirmed
- Compensation scheme
- Not confirmed
- External dispute resolution
- Not confirmed
- Risk disclosures
- Required for relevant firms
- Reporting or audit
- Required for relevant firms
Complaint routes
- CFTC/NFA: NFA arbitration. How to complain
Official warnings
No official warnings connected with United States are recorded.
Frequently asked questions
Is forex trading regulated in United States?
CFTC/NFA, SEC/FINRA, FINRA, SEC, CFTC, NFA are the authorities on record for United States. Only CFTC-registered, NFA-member dealers may serve US residents. CFDs are not permitted at all.
Does a foreign licence protect a trader in United States?
Only when the account is legally contracted with the licensed entity and the licence permits the relevant service. A broker brand may operate several entities, and the protections follow the entity that signs the account agreement, not the brand.