Retail Foreign Exchange Dealer (RFED)
Definition of 'Retail Foreign Exchange Dealer (RFED)'
- 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.
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
- 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*
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