The National Futures Association (NFA) is the regulatory authority in the USA. Probably the most well-known authority worldwide due to the restrictions imposed to regulated Forex Brokers and the importance it holds as the watchdog and protector for the USA traders. - There are strict procedures that must be followed by the NFA regulated Forex Brokers such as limitations on the leverage offered and orders placing by their clients (FIFO rule). The capital requirements for the Forex Brokers need to be at least $20,000,000 in order to cover their liabilities towards their clients. They need to report on a weekly basis their clients’ balances to NFA. The NFA uses the info provided by the regulated Brokers and announces the figures on their website in order to offer a transparent environment for all USA traders.