Compare the 5 best NFA regulated forex brokers in 2024

This guide helps you choose the best forex brokers regulated by the National Futures Association. Read on the learn which platforms our experts ranked the best.
By:
Updated: Aug 5, 2023
Listen

Our trading experts have investigated, tested, and reviewed the best NFA regulated forex brokers and you can find which platforms are ranked the best on this page. Read on to learn what NFA regulation means and how to choose the best broker for your needs.

Best 5 NFA regulated brokers overall

Copy link to section
  1. eToro: Best for beginners, copy-trading & demo-account
  2. Plus500: Best for international CFD trading*

What are the best NFA regulated brokers?

Copy link to section

You can find the best NFA regulated brokers below to trade forex. Click on any of the links to open an account in a few minutes, or continue scrolling to learn more about each platform.

Sort by:

1
Min. Deposit
$ 100
Best offer
User Score
9.9
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Start Trading
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card, Wire Transfer
Full Regulations:
CySEC, FCA

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

2
Min. Deposit
$ 100
Best offer
User Score
9.9
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
Start Trading
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card, Visa, Mastercard, American Express, Trustly, Apple Pay, Google Pay, Discover, Bank Transfer: SEPA, Bank Transfer: FPS, skrill
Full Regulations:
ASIC, FCA, FSA, MAS, CySEC #250/14

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

3
Min. Deposit
$ 0
Best offer
User Score
8.0
Open a free account in minutes
Go global with fee-free foreign exchange
Finance tracking made simple
Start Trading
Payment Methods:
Debit Card, Credit Card
Full Regulations:

Top 5 NFA regulated forex brokers, reviewed

Copy link to section

1. eToro. Best for beginners, copy-trading & demo-account

Copy link to section

0% commission

Fees

$100

Minimum deposit

4,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided
Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: eToro charges a fee on currency CFD trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.

Highlights

Visit eToro eToro Review

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

2. Plus500. Best for international CFD trading*

Copy link to section

From 0.08%

Fees

$100

Minimum deposit

3,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Free demo account for every user Secure broker, licensed by top-tier regulators Wide variety of CFDs to trade Several good risk management tools
No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to CFDs on over 60 forex pairs with leverage up to 30:1. 

Plus500 has something for all types of forex trader, no matter what level of experience. Its zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit plus500.com.

The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% and varies depending on the instrument. Additional fees include overnight funding which is dependent on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Visit Plus500 Plus500 Review

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

What is an NFA regulated broker?

Copy link to section

It’s a broker that is regulated by the National Futures Association (NFA) in the United States. The NFA is an independent organisation that oversees and governs the forex industry in the U.S. Its main objective is to protect traders and investors. 

Brokers operating in the U.S. must meet specific requirements and comply with NFA rules and regulations. Some of these requirements include holding a minimum of $20,000,000 in capital, providing transparent pricing and execution, and ensuring the safety of client funds. 

Benefits of using an NFA regulated forex broker

Copy link to section

Using a forex broker regulated by the National Futures Association has many benefits. Here are a few of the main ones. 

  • Security. NFA regulated forex brokers must comply with strict rules and regulations which are in place to protect traders and investors. These regulations can give traders greater confidence that the broker is operating fairly and transparently. 
  • Segregated client funds. One of the key benefits of NFA regulation is the requirement for brokers to keep clients’ funds in a different account than their own. This means in the event of a broker facing financial difficulties, it won’t be able to use clients’ funds to sustain its business operation. 
  • Transparent pricing and execution. A forex broker regulated by the National Futures Association is required to provide transparent pricing and execution. This makes it very difficult for a broker to manipulate prices or orders and gives traders confidence that their trades will be executed promptly and efficiently.
  • Dispute resolution. The NFA offers a dispute resolution process that aims to help resolve issues in a fair and impartial manner. If you ever have a problem with a forex broker in the United States, the NFA will help resolve the issue fairly. 

How to check if a forex broker is regulated by the NFA

Copy link to section

You can check if a forex broker is regulated by the NFA very easily; the process takes just a few minutes, and here’s how to do it:

Step 1. Go to the NFA’s website

Copy link to section

Visit the NFA’s official website, where you can look up any broker to check its status. 

Step 2. Search for the broker

Copy link to section

Once on the NFA’s website homepage, click the blue button at the top right corner that says ‘BASIC’. Now search for the broker using either its name or NFA ID. 

Step 3. Check the results

Copy link to section

Now you can check the search results, which will let you know if the broker is regulated by the NFA and any disciplinary history it may have. 

How should I choose a NFA regulated FX platform?

Copy link to section

You should consider a few features when choosing an NFA regulated forex broker. What to look for will depend on what type of trader you are or your experience level. Here’s a quick look at how you should choose the best NFA regulated forex broker. 

Use a broker with an easy to use platform. 

Copy link to section

Forex brokers offer several options when it comes to trading platforms, so you’ll usually have a choice. Make sure you go with a broker with a platform that’s easy to use, has a range of tools and features, and is compatible with your hardware. 

Check the broker’s regulatory record. 

Copy link to section

Just because the NFA regulates a forex broker doesn’t mean you should trust it. You can check its regulatory history on the NFA website, which is a good way to determine if it has been in trouble. Stay away if you find a platform with a long history of issues. 

Consider spreads, commissions, and fees. 

Copy link to section

Look for a broker that offers competitive spreads, low commissions, and fees. Costs are unavoidable when trading forex, but it will help your profits to keep them down, so make sure you check what you’ll pay before signing up. 

Make sure the broker offers the markets you want. 

Copy link to section

Some forex brokers are limited in the markets they offer. Most will have the majors, but if you trade exotic pairs, you’ll need to find a platform that has them available. 

Use a secure broker. 

Copy link to section

Security is an important feature when trading, so make sure you use a broker who takes it seriously. Look for a broker that uses encryption to protect your personal and financial information. 

Should I use a NFA forex broker?

Copy link to section

If you are a resident of the United States, then using an NFA regulated forex broker is your only realistic option. While it is possible to use an offshore broker, the best way to trade forex from the U.S. is to go with a broker regulated by the National Futures Association. 

NFA regulations are in place to protect retail traders, and the requirements to become regulated are high, meaning only the best forex brokers make the cut. One such requirement is the minimum amount of $20,000,000 in capital. This is considerably higher than other regulators have set, meaning a broker to operate it legally needs a large amount of money behind it. 

Another benefit of using an NFA forex broker is the amount of leverage you can obtain. In the United States, it is possible to trade with 50:1, which is more than you can achieve with other regulatory bodies such as CySEC. The main negative is the inability to trade CFDs, which the NFA bans, so if you want to trade them, you’ll have to look elsewhere. 

Choose a NFA regulated forex broker

What are the risks of using a NFA broker?

Copy link to section

The main risk of using an NFA broker is losing your money, although this is largely down to your trading results instead of foul play on a broker’s part. Here are a few pros and cons of using an NFA forex trading broker.

Benefits

Copy link to section
  • You can trade with leverage
  • Your funds are kept in segregated accounts
  • There is a high capital requirement meaning on the best brokers obtain regulation
  • It is easy to find out if a broker has a clean regulatory history

Risks

Copy link to section

What are the fees for using a forex broker regulated by the NFA?

Copy link to section

The main fees you may incur include spreads, commissions, and payment charges. Spread is the difference between the buy and sell price of any currency pair, and depending on the type of broker you use, it can be very low, fixed, or variable. Some brokers charge commissions for facilitating a trade. 

Some trading platforms charge you when you deposit or withdraw money using certain payment methods. Other fees could be for advanced charting packages, signals, or a broker’s VPN service. 

Methodology: How did we choose the best NFA regulated forex platforms?

Copy link to section

Our forex experts tested each platform on this page and scored each one for several features. The testing included opening an account, depositing funds, placing a trade, and withdrawing funds. We also looked at various aspects of each platform, such as spreads, commissions, payment charges, and other fees. We also checked each one’s NFA regulatory status. 

Our evaluation was not solely based on our findings but also considered online reviews and research. You can find an in-depth analysis of each of the brokers we have included in our comparison guide. Our rankings are not influenced by any broker, however, we may receive a commission if you register an account using a link on this page. 

Please visit our full review process page for further information about our methodology

FAQs

Copy link to section
How do I find an NFA broker?
Are NFA regulated brokers safe?
What does NFA in forex stand for?


Sources & references
Risk disclaimer
Prash Raval
Financial Writer
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.