NFA & CFTC
Brokers & RegulationThe US regulators (CFTC federal agency, NFA self-regulator) whose strict rules include a 50:1 leverage cap and a ban on CFDs for retail clients.
The Commodity Futures Trading Commission (CFTC) is the US federal agency overseeing derivatives markets including forex, while the National Futures Association (NFA) is the industry self-regulatory body that registers and monitors individual forex dealers and brokers operating in the US. Together they impose some of the strictest retail conditions globally, including a leverage cap of 50:1 on major pairs, no hedging on the same instrument, and a ban on CFDs for US retail clients entirely.
Because of these restrictions, most international CFD brokers don't accept US retail clients, and US traders are largely limited to NFA-registered forex dealers or exchange-traded futures instead.