Independent funded trading oversight

Clear rules for firms that sell funded trading programs.

Network for Funded Accountability (NFA) reviews how funded trading firms write their rules, handle payouts, close accounts, and respond when a trader disputes a decision.

Our scope is deliberately narrow. We do not rate investment performance, recommend trading firms, or provide brokerage services.

Firms may voluntarily submit to review and ongoing reporting under the NFA Accountability Standards.

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What we actually review

We focus on the points where funded trading firms and traders most often disagree.

Trading Rules

We check whether prohibited strategies, consistency rules, drawdown calculations, and account restrictions are written clearly enough to be applied consistently.

Payout Handling

We review payout timelines, rejection reasons, documentation requirements, and whether firms follow the payout terms that were in force when a trader qualified.

Account Closures

When a funded account is terminated, we look for a specific rule, the relevant trading activity, and a documented decision process rather than a generic violation notice.

Complaint review

A trader complaint should be decided from records, not screenshots and opinions.

Decision review

When a trader disputes a payout denial or account closure

NFA requests the firm’s written decision, the rule in effect at the time, and the records used to support that decision. Reviews are limited to whether the firm followed its published rules and documented procedures.

Independent record-based review

Common review issuesPayouts

Account closures

Rule enforcement

Trading restrictions

Disclosure disputes

NFA Accountability Standards

The standards are written around decisions firms make every day.

RULE 2.4

No retroactive trading restrictions

A firm may not apply a newly introduced trading restriction to activity that took place before the rule was published.

RULE 3.1

Defined payout review periods

Firms must publish the normal review period for payout requests and identify any additional review before the deadline expires.

RULE 4.7

Specific account termination notices

A termination notice must identify the rule relied upon and the account activity that caused the decision.

RULE 6.2

Simulation must be disclosed

A simulated funded account may not be presented to customers as a live brokerage account or as direct access to firm capital.

Firm review process

Registration is not a badge purchased at checkout.

Application

The firm identifies its legal entity, operating jurisdictions, customer-facing brands, and current trading programs.

Rule Review

NFA staff review current terms, payout rules, account closure procedures, and material customer disclosures.

Operating Sample

A sample of recent payout and account decisions is checked against the firm’s published rules.

Public Record

Approved firms receive a registry record showing scope, review date, status, and any active conditions.

When we accept a complaint

NFA review is limited to disputes that can be tested against a firm’s published rules.

Payout decisions

A payout was denied, reduced, or delayed beyond the firm’s stated review period

The complaint must identify the account, payout request, and the rule or reason given by the firm.

Reviewable

Account actions

A funded account was closed or restricted for an alleged rule violation

NFA checks whether the cited rule existed at the time and whether the firm can document the activity behind its decision.

Reviewable

Outside scope

Trading losses, strategy performance, and dissatisfaction with clearly disclosed rules

NFA does not determine whether a trading program is profitable or whether a trader should have purchased an evaluation.

Not reviewed

NFA Regulator exists because funded trading programs sit in an unusual part of the market: customers pay for access to trading evaluations and simulated or funded accounts, while the most important commercial decisions are often made under firm-specific rules.

Network for Funded Accountability NFA Regulator is operated by Network for Funded Accountability, an independent private standards and review organization focused exclusively on funded trading programs. NFA is not a U.S. government agency, securities regulator, futures exchange, broker-dealer, or investment adviser, and is not affiliated with the National Futures Association. Registration reflects participation in NFA’s standards program and is not a government license.