Ok, I'm not a professional; I run a couple million of family money at IB, and that's it. But recently two friends from a foreign country (Australia) asked if I could trade some capital for them, in my main account. They would simply transfer the money to me (as opposed to me running it in an IB account under their name opened in Australia.) Legally, what problems or paperwork might I have? Should I put the money in my pool, which I suspect will create tax headaches for me. Or insist they open IB accounts and give me the right to trade. Are they trying to launder money through me? They don't seem like the type, and the amount were talking about here is a pittance (About 100K AU).
If an investor is a non-U.S. citizen ...
- Thread starter UVXY20
- Start date
Robert Morse
Sponsor
IB has a option that every trade you make on your own account will be executed on other accounts as well.
You can set it according to total equity of each account, like if you put 10% of your own account in one trade, it will put 10% of their own account.
I think up to 5 accounts following you.
Don't ever accept money from others to your own account, if there is other ways to do it !
You can set it according to total equity of each account, like if you put 10% of your own account in one trade, it will put 10% of their own account.
I think up to 5 accounts following you.
Don't ever accept money from others to your own account, if there is other ways to do it !