Retail Foreign Exchange Dealer (RFED)

An RFED is an individual or organization which acts, or offers to act, as a counter-party 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, counter-party or person acting in concert with the offeror or counter-party on a similar basis.

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

All RFEDs must be Members of NFA in order to conduct business with the public. Additionally, an RFED is required to have at least one principal that is also an approved Forex Associated Person.

An RFED is required to file the following:

• A completed online Form 7-R (includes NFA membership sections)
• Compliance requirements for applicants
• A non-refundable application fee of $500
• Retail Foreign Exchange Dealer Membership Dues of $50,000

An RFED is required to file the following for its Principals, Associated Persons and Forex Associated Persons

• A completed online Form 8-R
• Fingerprint Cards
• Proficiency Requirements
• A non refundable Principal Application Fee of $85.00*
• A non refundable Associated Person Application Fee of $85.00*

*An application fee 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. In addition, only one application fee is required if the individual is filing an application as both an Associated Person and Principal.