Is it legal to trade securities through an international prop firm as a sub contractor and how do u file your taxes At the end of the year?
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Reliable International Firms?
- Thread starter EvOTraderV2
- Start date
Quote from Algomaspur:
Is it legal to trade securities through an international prop firm as a sub contractor and how do u file your taxes At the end of the year?
your account PnL (propreports or tradereporting or Iboss or whoever) + a 1099ES form that your accountant can help you fill out.
It is legal, but you don't have the same oversight over the accounts so your deposits aren't as protected as they would be with a US broker-dealer.
Thank you very much I appreciate it
They use prop report and they give u a username password to access it
Quote from EvOTraderV2:
According to what I've read, the regulatory climate for prop traders is going to wreak havoc on trading firms.
Why is it going to wreak havoc on Trading Firms? Just because they have to get a credit line? Is WTS going to pass along the cost to the traders? Can you be more specific?
What is the name of the firm? I am very interested to know.
Thanks
Thanks
Quote from Algomaspur:
I have filled out all of my subcontractor paperwork with an international prop firm I am the U.S question is this is it legal to trade this way? Also what tax forms do I use when filing my taxes at the end of the year. Thanks for your feedback on this?
Quote from EvOTraderV2:
your account PnL (propreports or tradereporting or Iboss or whoever) + a 1099ES form that your accountant can help you fill out.
It is legal, but you don't have the same oversight over the accounts so your deposits aren't as protected as they would be with a US broker-dealer.
Sorry, I meant 1040ES**
Stay away from Nonko. I had a lengthy discussion to open an account asking for references with Wedbush and Lek, they refused, there are no names or addresses to confirm they exist in any physical way, or who the registered managing directors, or where any of the alleged account managers are physically.
They bank in Belize, which if you're looking to flush your money down the toilet that country is, hey, wire away.
They bank in Belize, which if you're looking to flush your money down the toilet that country is, hey, wire away.
Quote from EvOTraderV2:
unregistered prop-firms don't generally clear directly through clearing, they go through larger prop-firms. Such is the case in the US where most firms now clear through WTS. Belize is in the Caribbean but their financial industry is regulated by IFSC and other international regulatory bodies that have some level of oversight.
I'm not interested in Nonko. It seems like they've been plagiarizing as well.
http://www.nonkotrading.com/advantages/prop-vs-retail/[/ur
Yeah, I said this earlier. They don't have 4 clearing-level accounts. That's a bunch of Hogwash. They are with a WTS branch (only WTS has fusion. they own it) and also looks like they have DAS so they are probably using two brokers but 4 clearing accounts? LOL. How could a small company handle that type of business? Even the largest prop firms have just one or two clearing accounts.
Quote from MBlair:
Stay away from Nonko. I had a lengthy discussion to open an account asking for references with Wedbush and Lek, they refused, there are no names or addresses to confirm they exist in any physical way, or who the registered managing directors, or where any of the alleged account managers are physically.
They bank in Belize, which if you're looking to flush your money down the toilet that country is, hey, wire away.
Quote from EvOTraderV2:
unregistered prop-firms don't generally clear directly through clearing, they go through larger prop-firms. Such is the case in the US where most firms now clear through WTS. Belize is in the Caribbean but their financial industry is regulated by IFSC and other international regulatory bodies that have some level of oversight.
I'm not interested in Nonko. It seems like they've been plagiarizing as well.
http://www.nonkotrading.com/advantages/prop-vs-retail/[/ur [/B][/QUOTE]
I asked them if they were with WTS and they refused to answer.
Red flag or what.
Red flag or what.
Quote from EvOTraderV2:
Yeah, I said this earlier. They don't have 4 clearing-level accounts. That's a bunch of Hogwash. They are with a WTS branch (only WTS has fusion. they own it) and also looks like they have DAS so they are probably using two brokers but 4 clearing accounts? LOL. How could a small company handle that type of business? Even the largest prop firms have just one or two clearing accounts.