Free Series 3 Practice Test Online

Official exam: NFA Series 3 (National Commodity Futures Examination)

Take a free Series 3 practice test online: a full 120-question paper with every answer explained, no sign-up, scored by topic. The full 480-question bank and the timed simulator are $14.99 for 30 days.

First published: September 12, 2026Bank updated: September 12, 2026Published by CertQuestUSA · review process

TL;DR

NFA Series 3 (National Commodity Futures Examination): a 480-question bank of original practice questions written to the published exam content outline, 4 full papers of 120 questions each with no repeats. These are not questions from the real exam.

Series 3 exam facts

Exam fee: $140
Questions: 120 scored questions in two parts
Time allowed: 2 hours 30 minutes
Passing score: 70% on each of the two parts
How to schedule: Enroll through FINRA, then book a Prometric test center. NFA exams must be taken in a test center, with limited exceptions for online testing.

Checked 15 October 2026. Source: FINRA Series 3 exam page. Fees and rules change, so confirm on the official page before you book. No official pass rate is published for this exam, so we do not print one. All securities exams

Take a full practice test free. 120 original practice questions built to the exam's domain weights, every answer explained, no sign-up required, with a domain-by-domain score at the end.

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4

full papers, no repeats

120

questions per paper

480

questions in the bank

What this exam covers

P1 Hedging Basis14%
P1 Margin Premiums Delivery13%
P1 Options Strategies8%
P1 Orders Accounts Analysis9%
P1 Speculating9%
P1 Spreading7%
P1 Theory Terminology10%
P2 Arbitration Discipline Cea6%
P2 Fcm Ib Cpo Cta10%
P2 Registration Conduct13%

5 original practice questions

A trader buys a put on soybean futures (5,000 bushels) with a $12.00 strike for 30 cents. The breakeven price and the maximum loss are:

A. $11.70 and $1,500

B. $12.30 and $1,500

C. $11.70 and unlimited

D. $12.00 and $1,500

Show answer and reasoning

Correct answer: A. $11.70 and $1,500

Long put breakeven = strike minus premium = $11.70; maximum loss = premium = $0.30 x 5,000 = $1,500.

B: $12.30 adds the premium, the call formula.
C: A long option's loss is limited to the premium.
D: $12.00 ignores the premium.

Source: NFA Study Outline Part 1: Option Speculating -- long put breakeven

A trader who is long futures and buys a put at the current price has created a position equivalent to a:

A. Long call

B. Short call

C. Long straddle

D. Short put

Show answer and reasoning

Correct answer: A. Long call

Long futures plus long put has limited downside and unlimited upside, the profile of a long call.

B: A short call has limited profit.
C: A straddle profits in both directions.
D: A short put has limited profit.

Source: NFA Study Outline Part 1: Synthetic Positions -- synthetic long call

Long futures combined with a short call is equivalent to a:

A. Long put

B. Short put

C. Long call

D. Short futures

Show answer and reasoning

Correct answer: B. Short put

The covered call has limited profit (premium plus any gain to the strike) and large downside, matching a short put.

A: A long put profits from declines; this position loses in declines.
C: A long call has unlimited upside; the short call caps upside here.
D: The position is net long the market.

Source: NFA Study Outline Part 1: Synthetic Positions -- synthetic short put

Which option would have a delta closest to 1.00?

A. A deep out-of-the-money call

B. An at-the-money call

C. A deep in-the-money call

D. An at-the-money put

Show answer and reasoning

Correct answer: C. A deep in-the-money call

Deep in-the-money calls move almost one for one with futures.

A: Deep out-of-the-money calls have deltas near zero.
B: At-the-money calls have deltas near 0.50.
D: Put deltas are negative; an at-the-money put is near minus 0.50.

Source: NFA Study Outline Part 1: Option Speculating -- delta by moneyness

After NFA serves a disciplinary Complaint, the respondent:

A. Must file an Answer within 30 days and may request a hearing before the CFTC

B. May file a written Answer admitting or denying the charges and is entitled to a hearing before a Hearing Panel

C. May file a motion to dismiss, but the Hearing Panel's decision is final and not appealable

D. Must pay a monetary fine within 20 days and is barred from NFA membership until the fine is paid

Show answer and reasoning

Correct answer: B. May file a written Answer admitting or denying the charges and is entitled to a hearing before a Hearing Panel

The respondent answers the charges and can present a defense at a hearing with counsel.

A: NFA Compliance Rule 3-6 requires an Answer within 20 days, and the disciplinary hearing is held before an NFA Hearing Panel rather than the CFTC.
C: An adverse Hearing Panel decision may be appealed to the NFA Appeals Committee, so it is not final and non-appealable.
D: A Complaint does not require immediate payment of a fine or impose an automatic NFA membership bar; penalties follow a Hearing Panel decision.

Source: NFA Compliance Rule 3-6 -- answer to complaint

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Frequently asked questions

Where can I take a free Series 3 practice test online?

Right here. CertQuestUSA's free Series 3 practice test online is a full 120-question practice paper built to the published content outline's domain weights, with every answer explained, with no sign-up and no credit card, and shows your score by topic at the end. The full 480-question bank, with every answer explained and cited to the exam sponsor's published content outline, is $14.99 for a 30-day pass that never renews.

How many questions are on the CertQuestUSA NFA Series 3 (National Commodity Futures Examination) practice test?

480 questions total, split into 4 full papers of 120 each with no repeats across papers.

What topics does the NFA Series 3 (National Commodity Futures Examination) test cover?

10 domains, with the heaviest weight on P1 Hedging Basis (14%), P1 Margin Premiums Delivery (13%), and P2 Registration Conduct (13%).

Is there a free NFA Series 3 (National Commodity Futures Examination) practice test?

Yes -- one full 120-question practice paper built to the exam's domain weights, free with no sign-up, with every answer explained and a domain-by-domain score at the end.