Retail Foreign Exchange Dealer (RFED) Registration

A retail foreign exchange dealer (RFED) is an entity that acts, or offers to act, as a counterparty to an off-exchange foreign currency transaction with a person who is not an eligible contract participant and the transaction is either:

  • a futures contract, an option on a futures contract or an option contract (except options traded on a securities exchange); or
  • offered or entered into, on a leveraged or margined basis, or financed by the offeror, counterparty or person acting in concert with the offeror or counterparty on a similar basis.  

Registration is required for RFEDs unless the individual or organization is exempt from registration as an RFED pursuant to Sections 2(c)(2)(B) or 2(c)(2)(C) of the Commodity Exchange Act.

All registered RFEDs must be NFA Members.

Registration Requirements for RFEDs

To register and become an NFA Member:

Registration Requirements for Principals and Associated Persons (AP) of RFEDs

An RFED is required to file the following for its principals, APs and Forex APs:

An application fee for principals and APs is not required if the individual is currently registered with the CFTC in any capacity or is listed as a principal of a current CFTC registrant. Only one application fee is required if the individual is filing an application as both an AP and Principal. One principal must be a forex AP.

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