Looking for a prop firm in India
- Thread starter scalperok
- Start date
When you say "Open an account" with a prop firm.. you mean to say
A) you want to deposit your own money and get high leverage etc a prop gives? or
B) you mean To get selected in prop firm based in India? (assumes no capital requirement from you and you get selected for your trading skills and use 100% of firm money)
First of all If you are a resident of India you can't trade leveraged instruments outside India legally s per RBI rules.
However you can try and do B) mentioned above
Some prop firms have offices in India which employ locals( perhaps small salary + performance comms) The Indian arm is purely for analysis and trading, The account would be held by the overseas entity
www.futuresfirst.com
also do a search on Indian foroums like www.traderji.com
Raghu this firm you are suggesting requires "Get the invoice to fund your account."
and trades outside India ,, how is this legal for a Indian resident?
Also no details on where they are etc?
What is your exp with them?
Thank you for information!
They are a Prop firm,not a broker dealer . Hence are not regulated by FINRA. They have Partnered with a US firm to provide US market access( just like introducing broker (IB) in forex market). Deposit is very less (start with 2K for a 50K equity trading account).
I was referred by an elite trader member and i have not faced any problem till now. Timely payout and good deal with leverage. Also they do not have a trading floor. kind of IB( introducing broker). I only joined them for leverage and deposit was less so did not worry.
Ok not a broker dealer and perhaps not base din USA
then
1) If they are an IB where does your money stays ? co mingled with this firm somewhere in the world
2)but if a firm is legit why there is no mention of where they are why hide?
any way what was the deposit and what leverage? was it Equity or Futures
and even if it is ALL Ok it is no good for Indian residents as the "Deposit" you send overseas for the purpose of trading on leveraged product can be interpreted as if you are trading a leveraged product outside India, obviously Indian residents can offer there trading skills to a overseas firm just like other work is outsourced to India, but as soon as you send a cent overseas and receive income RBI will and can check. Grey area indeed,
then
1) If they are an IB where does your money stays ? co mingled with this firm somewhere in the world
2)but if a firm is legit why there is no mention of where they are why hide?
any way what was the deposit and what leverage? was it Equity or Futures
and even if it is ALL Ok it is no good for Indian residents as the "Deposit" you send overseas for the purpose of trading on leveraged product can be interpreted as if you are trading a leveraged product outside India, obviously Indian residents can offer there trading skills to a overseas firm just like other work is outsourced to India, but as soon as you send a cent overseas and receive income RBI will and can check. Grey area indeed,
You have no idea Traderjo, how things work in india. and it is ok. don't worry about it. when you do some thing which you are not supposed to do in the first place, you find some loop holes in the system. this is one of them. Money sent for deposit is small so most trader do not worry about it because they open acc with some reference. As for location goes , you don't sell drugs at your home address.
I do know how things work in India.. just becasue people do it does not mean it becomes legal!
OP I hope is asking about legal ways. if you want to suggest illegal ways then that is up to you
any way I still wonder where the company you are suggested is based and regulated why they hide that info?
OP I hope is asking about legal ways. if you want to suggest illegal ways then that is up to you
any way I still wonder where the company you are suggested is based and regulated why they hide that info?
I do know how things work in India.. just becasue people do it does not mean it becomes legal!
OP I hope is asking about legal ways. if you want to suggest illegal ways then that is up to you
any way I still wonder where the company you are suggested is based and regulated why they hide that info?
I liked the way you addressed the question from multiple perspectives. I would like to know...is it legal that..an Indian, being in india, be hired (job as a trader) by a prop trading firm in USA for trading in EQUITY market of USA ? he would not be placing trade using his own money but using captial of the firm and earn by sharing profit. What are the implication in terms of FEMA, or the individual need to pass any exam to do this? Is this legal? It would be great if I can get some advice..this is confusing to me and so far I couldn't get the answer, I tried asking some tax consultants (CA) but they are also not clear.