What's the difference between the two if you would like to start one of them? To start a CTA there is a $750 registration fee. But for a CPO, there is only a $200 registration fee. Could I do the same things as a CPO that a CTA does? Thanks.
A CTA manages individual accounts that belong to others. A CPO manages a single account that is a pool of money from others. You need to have the appropriate registration for what you want to do - one cannot do what the other does. Many have both registrations and run a pool as well as managed accounts.
The NFA site can give the most comprehensive answer, however the short version is to pass the series 3 and register with the NFA. To actually start working as a CPO, you'll also need to form an entity and get some docs together.
No SEC registration needed.....The NFA and CFTC will be the regulation body. 100% better to deal with than the NASD and Equity as I have dealt with both sides the last 5 years. Go the CFTC route if you can.
I think you are wrong. Check NFA membership fees here: http://www.nfa.futures.org/registration/nfa_membership.asp