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.
All registered RFEDs must be NFA Members.
Registration Requirements for RFEDs
To register and become an NFA Member:
- Designate a Security Manager in order to obtain secure access to NFA's Online Registration System (ORS)
- Complete online Form 7-R (which includes NFA membership sections)
- Satisfy compliance requirements for RFED applicants
- Complete online Annual Questionnaire
- Pay a non-refundable application fee of $500
- Pay non-refundable RFED membership dues
Registration Requirements for Principals and Associated Persons (AP) of RFEDs
- Complete online Form 8-R
- Submit fingerprint cards
- Satisfy proficiency requirements for each sole proprietor, AP and forex AP
- Pay non-refundable application fee of $85.00 for each principal and AP
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.