Series 34 — Retail Off-Exchange Forex Examination Guide

Series 34 is the retail off-exchange forex route. It is not a broad futures exam and not a securities exam. Its centre of gravity is forex terminology, trading calculations, forex risk, market concepts, participants, and regulatory requirements for retail forex activity.

The current exam configuration uses 40 scored questions and 60 minutes. The biggest blocks are forex regulatory requirements, market concepts and participants, and definitions and terminology. Do not let the smaller calculation and risk blocks disappear; they are smaller, but they are easy to lose under time pressure if you do not practise them.

Where Series 34 fits

What this guide is for

Use this guide when you need the retail-forex lane specifically. The strongest candidates keep forex calculations, market structure, and regulatory requirements connected. The weaker candidates memorise terms without recognising the retail-client risk and regulatory logic behind them.

In this section

• Definitions and Terminology
  Learn how Series 34 tests retail forex quotation conventions, bid/ask spreads, mark-ups, counterparties, security deposits, spot and forward rates, pips, cross rates, rollovers, parity, and swaps.
• Forex Trading Calculations
  Learn how Series 34 tests cross rates, transaction-rate calculations, leverage, margin, netting, return calculations, pip values, profit and loss, and transaction costs.
• Risks Associated with Forex Trading
  Learn how Series 34 tests market, exchange-rate, interest-rate, credit, liquidity, operational, settlement, country, sovereign, and integrated retail forex risk.
• Forex Market Concepts, Theories, Economic Factors, and Participants
  Learn how Series 34 tests balance of payments, central banks, inflation, interest rates, parity, economic indicators, institutions, settlement systems, participants, and currency outlook interpretation.
• Forex Regulatory Requirements
  Learn how Series 34 tests retail forex regulatory requirements, close-outs, re-quoting, registration, security deposits, customer funds, KYC, loss guarantees, conflicts, disclosures, confirmations, statements, bunched orders, electronic systems, funding restrictions, and promotional material.
• Series 34 Study Plan — 30, 60, and 90 Day Retail Forex Prep
  Build a Series 34 study plan around retail forex terminology, calculations, risk, market concepts, participants, and regulatory requirements.
• Series 34 Cheat Sheet — Retail Forex Terms, Calculations, Risk, and Rules
  Quick-reference Series 34 cheat sheet for retail off-exchange forex terminology, calculations, market concepts, risk, and regulation.
• Series 34 FAQ — Route Fit, Format, and Retail Forex Study Questions
  Common questions about the NFA Series 34 Retail Off-Exchange Forex Examination, including route fit, format, and study priorities.
• Series 34 Resources — Official Sources, Retail Forex Route Checks, and Practice
  Series 34 resource guide with official FINRA/NFA source checks, retail-forex route guidance, and exact web practice links.