Free Series 3 Practice
Prepare for the Series 3 National Commodity Futures Examination with free, original practice questions. Cover futures fundamentals, margins and delivery, hedging, spreading, speculation, options on futures, and regulations — with explanations for every answer and a timed exam simulator.
The Series 3 exam qualifies individuals to sell commodity futures contracts and options on futures. It is administered through FINRA on behalf of the National Futures Association (NFA) and covers both market mechanics and the regulatory rules that apply to futures professionals.
This practice site models the Series 3 format with a 120-question length and a 150-minute timed simulation, using a 70% benchmark to indicate a passing-style result. The live exam is typically divided into a market knowledge section and a regulations section; confirm current structure and scoring with the NFA and FINRA.
The Series 3 is organized into the following topic areas. You can target any of them individually in practice mode.
Contract mechanics, the role of exchanges and clearinghouses, and how futures markets function.
Open Futures Basics study pageInitial and maintenance margin, marking to market, settlement, and the delivery process.
Open Margins, Settlement & Delivery study pageOrder types, account handling, and fundamental and technical analysis concepts.
Open Orders, Accounts & Analysis study pageUsing futures to offset price risk for producers, users, and portfolio managers.
Open Hedging study pageIntramarket and intermarket spreads, calendar spreads, and their risk characteristics.
Open Spreading study pageTaking directional positions, leverage, and the risk and reward profile of speculating.
Open Speculation study pageCalls, puts, premiums, and basic options strategies applied to futures contracts.
Open Options on Futures study pageNFA and CFTC rules, registration, disclosure, and prohibited conduct in futures markets.
Open Regulations study pageAssemble a targeted Series 3 practice quiz. Choose one of the eight topic areas or mix all of them, then select a length that suits your available time.
Simulate the pressure of exam day with the Series 3 timed exam simulator, which mirrors the full-length format and time limit.
A few original example questions. Start a practice quiz for the full experience with answer explanations.
Futures Basics
1. Which statement best describes a futures contract?
Futures Basics
2. Which feature is more commonly associated with a forward contract than with an exchange-traded futures contract?
Futures Basics
3. A trader who buys a futures contract is described as holding which position?
The Series 3, or National Commodity Futures Examination, qualifies individuals to sell commodity futures contracts and options on futures. It covers market mechanics as well as the regulations governing futures professionals.
The exam is administered through FINRA on behalf of the National Futures Association (NFA), which oversees registration for the futures industry.
This site models the Series 3 with 120 questions and a 150-minute time limit. The live exam is typically split into market knowledge and regulations sections. Confirm the current format with the NFA and FINRA.
No. All questions on this site are original and written for study only. This site is not affiliated with the NFA, CFTC, or FINRA and does not reproduce real exam content.
Use category practice to master each of the eight topic areas, review explanations for missed questions, and finish with the timed simulator to prepare for the pace of the real exam.
This is an independent educational resource. It is not affiliated with, endorsed by, or sponsored by the NFA, CFTC, or FINRA. All questions are original and intended for study only, and using this site does not guarantee any outcome on the actual Series 3 exam.