Closing Trades with FIFO.
OANDA must follow a forex regulatory policy on how you close your trades.
Starting May 30, 2011, OANDA is introducing “First In First Out” (FIFO ), a forex trading policy that complies with National Futures Association (NFA ) regulations. If you keep multiple open positions of the same size and same currency pair, this new trading policy may mean important changes to how you manage these trades.
What is FIFO and what does it mean to my trading?
In forex trading, FIFO is a requirement that you must close the first (or oldest) open trade when there are several open trades of the same pair and equal value.
What will happen when I try to close a trade?
You can tell which trades are oldest in the Trades table when you sort it by ticket number; the older trades have the lower ticket numbers.
You can still try to close any trade, but you will be warned if the oldest trade of the currency pair and unit size needs to be closed first. You will be given the option to close that oldest trade instead. Here is how the new interface works:
In the Trades table, you can still click any trade you want to close.
The trade ticket window appears, allowing you to modify or close the trade. (By default, it is set to close trades.)
When you click Submit:
If the trade is the oldest trade of the same currency pair and unit size, you receive a confirmation it was closed:
If the trade is not the oldest trade of the same currency pair and unit size, a message tells you the trade cannot be closed. You are given a choice to either close the oldest trade instead, or to cancel the request.
What is the NFA?
The National Futures Association (NFA) is an independent organization that regulates the U. S. futures industry. By law, all U. S. forex dealers must be registered Retail Foreign Exchange Dealer (RFED) with the U. S. Commodity Futures Trading Commission (CFTC). RFEDs must also be Forex Dealer Members (FDMs) of the National Futures Association. OANDA’s registration number with the NFA is 0325821.
First In First Out (FIFO) Examples.
Example 1 — Multiple Open Trades of the same pair with the same number of units.
In this example of four open trades, you can only close ticket 1234567890. It is the oldest trade (First In) of four trades all having the same size: 10,000 units. If you try to close any of the other three tickets, you will be prompted instead to close the oldest ticket, 1234567890.
Example 2 — Multiple Open Trades of the same pair with differing number of units.
In this example of four open trades, you have the choice of closing tickets 1234567890 or 1234567891. Ticket 1234567890 is the oldest (First In) 5,000-unit trade. Ticket 1234567891 is the oldest 10,000-unit trade. If you try to close either of the other two tickets, you will be prompted to close the older ticket first.
The Commodity Futures Trading Commission (CFTC) limits leverage available to retail forex traders in the United States to 50:1 on major currency pairs and 20:1 for all others. OANDA Asia Pacific offers maximum leverage of 50:1 on FX products and limits to leverage offered on CFDs apply. Maximum leverage for OANDA Canada clients is determined by IIROC and is subject to change. For more information refer to our regulatory and financial compliance section.
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Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks. Refer to our legal section here.
Financial spread betting is only available to OANDA Europe Ltd customers who reside in the UK or Republic of Ireland. CFDs, MT4 hedging capabilities and leverage ratios exceeding 50:1 are not available to US residents. The information on this site is not directed at residents of countries where its distribution, or use by any person, would be contrary to local law or regulation.
OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association. No: 0325821. Please refer to the NFA's FOREX INVESTOR ALERT where appropriate.
OANDA (Canada) Corporation ULC accounts are available to anyone with a Canadian bank account. OANDA (Canada) Corporation ULC is regulated by the Investment Industry Regulatory Organization of Canada (IIROC), which includes IIROC's online advisor check database (IIROC AdvisorReport), and customer accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of coverage is available upon request or at cipf. ca.
OANDA Europe Limited is a company registered in England number 7110087, and has its registered office at Floor 9a, Tower 42, 25 Old Broad St, London EC2N 1HQ. It is authorised and regulated by the Financial Conduct Authority, No: 542574.
OANDA Asia Pacific Pte Ltd (Co. Reg. No 200704926K) holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore and is also licenced by the International Enterprise Singapore.
OANDA Australia Pty Ltd  is regulated by the Australian Securities and Investments Commission ASIC (ABN 26 152 088 349, AFSL No. 412981) and is the issuer of the products and/or services on this website. It's important for you to consider the current Financial Service Guide (FSG), Product Disclosure Statement ('PDS'), Account Terms and any other relevant OANDA documents before making any financial investment decisions. These documents can be found here.
OANDA Japan Co., Ltd. First Type I Financial Instruments Business Director of the Kanto Local Financial Bureau (Kin-sho) No. 2137 Institute Financial Futures Association subscriber number 1571.

NFA registered Forex brokers.
The National Futures Association (NFA) is a self-regulatory organization reporting to the U. S. Commodity Futures Trading Commission (CFTC) . The NFA focuses on overseeing and regulating the U. S. futures industry, and forex brokers, such as Forex and Oanda choose to register with it for their U. S. operations.
NFA’s main scopes of operations are fraud and abuse prevention, handling dispute resolution and drafting regulatory frameworks. NFA-registered brokers are obliged to maintain a net capital of at least $20 million to guarantee customers’ positions, which makes them extra safe to invest with.
Brokers that are registered with the NFA have to comply with an extensive set of rules. Unfortunately these rules are often limiting from traders' prospective but there is no way aroud them.
The most important NFA rules concern trading strategies, leverage and hedging:
- The FIFO Rule: The FIFO (first in, first out) policy requires traders to close their oldest trades first whenever they have more than one position open on the same currency pair. Brokers who are not registered in the USA or with the NFA are not obliged to obey the FIFO rule.
- Hedging is also not allowed in the USA and NFA-authorized brokers are to prevent it.
- The third major difference between U. S. brokers and the ones registered in other parts of the world is the leverage requirement . NFA mandates brokers to offer a leverage of up to 1:50, whereas European and other brokers can offer you leverage as high as they want (some brokers would go as high as 1:2000).
Below is a list of NFA/CFTC registered forex brokers.
NFA registered Forex brokers.
Related News.
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In a surprising twist of regulatory fate, FXCM – the largest US retail forex broker – got banned from doing business there and was fined $7 million by the CFTC, all in the fateful afternoon of February 6, 2017. The reason: misleading customers and regulators. Read more.
US forex traders to have greater transparency with respect to execution data.
The National Futures Association (NFA), the self-regulatory organization overseeing the activities of the US forex brokers, said its new rules on disclosure of transaction data have been approved by the Commodity Futures Trading Commission (CFTC) and will come into effect as of March 31, 2017. Read more.
NFA orders US forex brokers to raise margin requirements for GBPUSD.
The US National Futures Association (NFA), the self-regulatory organization overseeing the activities of the US forex brokers, said it is raising the required minimum security deposit for transactions with the GBP from 2% to 5%. Read more.
NFA fines FXDD $500,000 for inadequate anti-money laundering program.
National Futures Association (NFA) has fined New York firm FXDirectDealer LLC $500,000 for inadequate anti-money laundering program and failure to supervise. The fine comes seven months after FXDD US retail forex acccounts were acquired by FXCM. Read more.
ILQ to compensate its US clients over forex hedging.
Institutional Liquidity (ILQ) LLC, an ex-US forex broker, which terminated operations in April 2014, has agreed with NFA to compensate all their former US clients who have suffered losses due to hedging. Hedging is prohibited in US. Read more.
Forex Industry News.
Latest forex brokers.
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Nfa forex registration

The National Futures Association or NFA is an independent non-profit regulatory organization serving the financial derivatives industry in the United States. It is not a trade association and does not operate in any markets.
Financial derivatives markets covered by the NFA include the exchange traded futures industry, the retail over the counter foreign exchange market, and the over the counter derivatives market.
As a non-profit, the NFA is financed by membership dues and fees and operates at no cost to the U. S. taxpayer. Membership in the NFA is mandatory, which ensures that all participants in U. S. futures exchanges and the retail forex market are held to the same standards.
Current membership in the NFA is 3,871 full members and 52,110 associates. As of April 30 th, of 2017, the NFA had just two retail foreign exchange dealers listed on their website. That very low number gives a clear indication of the success that U. S. regulatory agencies, including the NFA and the CTFC, have had in discouraging retail forex trading in the United States.
Background.
When the United States Congress established the Commodities Futures Trading Commission in 1974, the same legislation allowed for the creation of registered futures associations.
In 1982, the NFA began operations as a self-regulatory organization for the financial derivatives industry within the United States.
Location and Jurisdiction.
The NFA’s headquarters is located in Chicago, Illinois in the United States. In addition to its Chicago headquarters, the organization maintains an office in New York City, New York. The Association’s official website is situated at: nfa. futures. org.
The agency has jurisdiction on all persons and organizations that do business as futures professionals in the United States according to the Commodity Exchange Act. Therefore, all Commodity Trading Advisors or CTAs, Commodity Pool Operators or CPOs, Futures Commission Merchants or FCMs, Introducing Brokers or IBs, Swap dealers and Futures exchanges must be members of the NFA.
Responsibilities.
In addition to overseeing participants in the futures industry in the United States, the NFA is responsible for registration of, compliance of and arbitration among all companies and individuals conducting business in the futures markets. The agency has strict registration requirements and stringent rules of compliance, and it performs real-time surveillance of all U. S. futures markets.
In addition to its role as a regulator, the agency provides several resources, such as the Background Affiliation Status Information Center or BASIC, which is an open information source for members and the general investing public with data on its members. BASIC contains all CFTC registrations and NFA membership information, as well as futures related regulatory and non-regulatory actions.
The organization also has extensive investor information and a news center, which gives current information on NFA activities to the media, NFA members and other regulators. The news center also reports on speeches by NFA staff, as well as on enforcement and registration actions and rule submissions.
NFA in the News.
On May 2 nd , 2017, the NFA ordered Duet Asset Management Ltd, an NFA member commodity trading advisor and commodity pool operator located in London, England to pay a fine of $1 million. Here is the link to the NFA’s press release:
Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.

NFA brokers | NFA registered Forex brokers.
The full list of Forex brokers, who are registered with NFA:
Did we miss any Forex broker, who is a member of NFA?
Please suggest by adding a comment below.
National Futures Association (NFA) is the industry-wide self-regulatory organization for the U. S. futures industry. NFA's mission is to provide innovative regulatory programs and services that ensure futures industry integrity, protect market participants and help its Members meet their regulatory responsibilities. NFA's activities are overseen by the Commodity Futures Trading Commission (CFTC), the government agency responsible for regulating the U. S. futures industry.
When you trade with NFA broker, what does this mean to you as a trader?
- Serious businesses with transparent financial operations - these are companies who became members of the National Futures Association.
- NFA regulated brokers follow strict standards and procedures implemented by NFA, which ensures the safety of trader's assets.
- NFA regulated brokers cannot use client's funds to carry out their operation activities. They must back up all customer positions with their own capital or carry them over to the Interbank market. Thus NFA regulated brokers are companies with large and sufficient financial assets.
(Nowadays, NFA registered brokers are required to have net capital of no less than $15 000 000 to guarantee their client's positions. This minimum raises to $20 000 000 starting from May 19th, 2009).
- At the end of each week NFA registered Forex brokers report their account balances to the NFA. Each year these brokers are subject to comprehensive yearly audits.
- Forex brokers registered with NFA also have licensed and specially trained staff.
And of course, when comparing a regulated and a non-regulated broker, the regulated broker always wins!
BrokerGuru.
what's broker's website?
(Even Google has zero results for the word "francikatrade").
i want to know if francikatrade is registered.
BrokerGuru.
GainScope is not regulated with NFA.
(They might be an IB for FXDD), today however their website is down.
How about gainscope?
Yes, old regular brokers.
FXTM, Ava Trade & Insta forex are these regular brokers.
What about CMS servises.
BrokerGuru.
no, XM is not registered with NFA.
Are xm broker register with nfa.
BrokerGuru.
Alpari is an old broker, however they closed all international branches and now only have offshore offices in Belize and St. Vincent and the Grenadines.
Regulated accordingly: FSA St. Vincent & the Grenadines and IFSC Belize ( IFSC/60/301/TS/15).
What of alpari forex? Are they real company? who de registered with?
ikongm is closed for clients.
BrokerGuru.
bforex is a BVI broker with headquarters in Cyprus. They are not regulated by NFA.
is bforex broker member of NFA? please need info., thanks.
trader.
India forex trading brokers any one know can u list me.
BrokerGuru.
Yes, missed the comment.
Opteck is a broker from Belize. They are not registered with NFA in US.
Anybody home? boys.
How about optek?
BrokerGuru.
Yes, FXUM is regulated by ASIC in Australia.
Trading 212 is a trading name of Avus Capital UK Limited - registered with FCA UK (#609146).
Can u plz let me know about TRADING 212 platform? Can I proceed with them?
to me is not there business to regulate traders bases on there positions or their order types afterall the traders gain or loss his capital. nobodies business.
is Union Markets Limited (FXUM) registered?
BrokerGuru.
Online4x is Malaysian broker, it's not regulated in Malaysia.
It's not regulated by NFA in US either.
i want to know if online4x is registered or not.
BrokerGuru.
Orbex is not registered with NFA. The company is based in Cyprus and registered with CySEC.
Alpha Trading CM is registered with SIBA in Seychelles. They are not registered with NFA.
Whotrades is not a Forex broker, it's appears to be a social trading network.
What about whotrades.
What about alpha trading cm , are they registered.
what about my broker orbex, is it registered with NFA or not ?
BrokerGuru.
FXTM (ForexTime) is a Cyprus broker, not registered with NFA. FXTM is registered with CySEC in Cyprus.
MFI Forex is domiciled on Lagos Island, the broker is not regulated, and not registered with NFA.
HOW ABOUT MFI FOREX?
how about forextime?
BrokerGuru.
Trade65 is not registered with NFA. It's a binary options broker from Cyprus.
trader: yes, NFA remains to be the strictest Forex brokers regulator in the world.
How about Trade65? Registered or unregistered? PLease help me, registered already and deposit.
since the NFA started, trading is not easy to make money anymore.
BrokerGuru.
Capital pte Ltd. is not registered with NFA.
how about easy capital pte Ltd from Aus?
BrokerGuru.
IFOREX is a BVI broker, they are not regulated by NFA.
What about Iforex?
BrokerGuru.
SuperTradingOnline is a trading name of AFX Capital Markets - a broker from Cyprus, who is registered with CySEC (Licence No. 119/10).
Cyprus brokers don't require to be registered with NFA. The NFA is for US based brokers only.
We haven't heard of any safety issues with this broker.
can u check for me SUPERTRADINGONLINE - STO if they oky and regestered please.
BrokerGuru.
No, both aren't registered with NFA.
How about broker Hotforex??
BrokerGuru.
GKFX - UK based - registered with FSA UK.
ACM Gold - South Africa based - registered with FSB of South Africa, FSC of Mauritius.
Both don't require registration from NFA, as NFA is mandatory only for US based brokers.
is Acm Gold and GKfx registered.
BrokerGuru.
Only brokers in the United States require NFA regulation.
None of the 3 mentioned brokers is from the U. S.
HotForex is from Mauritius, registered with FSC of Mauritius.
LiteForex - Seychelles, registered with SIBA regulator.
PaxForex - BVI, not regulated.
What about Hotforex, Liteforex and Paxforex are they all registered and regulated?
BrokerGuru.
Forex Club used to be registered.
Lot of information is incorrect -- for example Forex Club is not at all registered with any regulatory body in USA -- it is only registered in Cyprus, still its name is being shown here as if it is registered with NFA.