need advise from any Indian trader in FTMO /enfoid

N

nritrader

Hello trader community,

I am currently in India and looking to start an FTMO $100K challenge.
As you know, FEMA prohibits residents from depositing INR to trade
However, FTMO takes a refundable fee only for access to simulated data

FTMO also can wire to bank in India in INR , but any sum above a certain amount might freeze a bank account in India

I wanted to ask if any traders from India had issues during deposits of profits in their bank accounts in India ?
Can someone please advise me if they had steps taken before the deposit - like audit by Chartered Accountants ?


thanks
 
Last edited:
I did some search before , and saw
@traderjo mentioning that while this is simply outsourcing a contract the refundable fee for data feed is a "grey area"

I am getting an overseas entity to pay. But, I am not sure about issues with deposits and wanted advise from people who have experience.
 
i am frustrated all the time with paying programmers over there once i shipped a 3 thousand dollar laptop over as no value papers overnight fedex to get around their bullshit customs. lol

why is india so communist?
 
"i am frustrated all the time with paying programmers over there "
what exactly is your complaint ? paying for service like software development or sending physical sample etc?
If you are paying for services then where is the customs issue?
I have outsourced some engineering work to Indian company whose 99% clientele is from outside India .. they are perfectly legitimate.
Reason India has /had large customs duties is because back from 47 the country wanted to encourage manufacturing within i'ts borders .hence heavy customs duty on imported goods
Today you look at places like Indonesia and India both has cheaper labour but India has lot more inhouse manufacturing skill base and knowledge..as compared to Indonesia
Yes true that the import rules were close to being that of communist era but things changed 20-25 years ago.. but not just imports but Made in the country..
When the auto market opened up ,companies like Volvo and Toyota were encouraged not just to Import but to make in the country adding value
engineering is valued there not just trading of goods!
 
nritrader said:
Hello trader community,

I am currently in India and looking to start an FTMO $100K challenge.
As you know, FEMA prohibits residents from depositing INR to trade
However, FTMO takes a refundable fee only for access to simulated data

FTMO also can wire to bank in India in INR , but any sum above a certain amount might freeze a bank account in India

I wanted to ask if any traders from India had issues during deposits of profits in their bank accounts in India ?
Can someone please advise me if they had steps taken before the deposit - like audit by Chartered Accountants ?


thanks
More...
FTMO also can wire to bank in India in INR ,
Anybody can wire money from foreign currency to iNR tat is not big deal
the issue you need to sort with your tax depart is
- The test fee you pay which is linked with you providing trading skills would that be considered as if you are sending margin money to trade leveraged product overseas?
and
- The income you receive from FTMO how that will be treated ?
- By the way if you are confident of passing FTMO why not consider applying to work with India based offices of some of less known props like futures first?
 
nritrader said:
Hello trader community,

I am currently in India and looking to start an FTMO $100K challenge.
As you know, FEMA prohibits residents from depositing INR to trade
However, FTMO takes a refundable fee only for access to simulated data

FTMO also can wire to bank in India in INR , but any sum above a certain amount might freeze a bank account in India

I wanted to ask if any traders from India had issues during deposits of profits in their bank accounts in India ?
Can someone please advise me if they had steps taken before the deposit - like audit by Chartered Accountants ?


thanks
More...
by the way the "FTMO takes a refundable fee" is it the test fee? if so it is refundable only if you make profit!
 
nritrader said:
Hello trader community,

I am currently in India and looking to start an FTMO $100K challenge.
As you know, FEMA prohibits residents from depositing INR to trade
However, FTMO takes a refundable fee only for access to simulated data

FTMO also can wire to bank in India in INR , but any sum above a certain amount might freeze a bank account in India

I wanted to ask if any traders from India had issues during deposits of profits in their bank accounts in India ?
Can someone please advise me if they had steps taken before the deposit - like audit by Chartered Accountants ?


thanks
More...
Hey, its not illegal.
 
tom27 said:
Hey, its not illegal.
More...
the issue you need to sort with your tax depart is
- The test fee you pay which is linked with you providing trading skills would that be considered as if you are sending margin money to trade leveraged product overseas?
 
traderjo said:
the issue you need to sort with your tax depart is
- The test fee you pay which is linked with you providing trading skills would that be considered as if you are sending margin money to trade leveraged product overseas?
More...

The thing is the trading firms(most) give us sim accounts even while being funded(exception:Topstep), so you are basically paying someone to play a game.

Its basically free-lancing.
 
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