Are forex prop firms legal in the US?
For live retail forex, the NFA says only certain regulated entities, including CFTC-registered FCMs and RFEDs that are NFA members, may act as the counterparty to off-exchange forex trades with U.S. retail customers. Evaluation-style prop firms sell simulated accounts instead, which is why most CFD-based firms exclude U.S. residents. This page lists firms that say they accept U.S. residents; it is not a legal opinion on any firm.