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I started checking brokers against NFA BASIC before signing anything and dodged a $2,300 account fee last week
Got burned back in March by a broker in Chicago who tacked on a $2,300 "account maintenance" charge that was buried in a 40 page agreement. Now before I sign with anyone I pull their name up on NFA BASIC and cross check it against the CFTC's revoked list, which takes about 90 seconds. Last week a guy who cold called me had two disclosure events from 2021 that he conveniently forgot to mention. If your broker gets weird when you ask for their NFA ID number, that tells you plenty. Has anyone found other public databases worth running names through?
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