Looking for a prop firm in India

Discussion in 'Prop Firms' started by scalperok, Oct 8, 2019.

  1. scalperok

    scalperok

    Dear traders, please let me know if someone knows relieable proprietary trading firms in India ( preferably Mumbai) to open an account with to trade U.S. stocks
     
  2. traderjo

    traderjo

    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
     
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  3. traderjo

    traderjo

    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?
     
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  4. scalperok

    scalperok

    Thank you for information!
     
  5. 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.
     
  6. traderjo

    traderjo

    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,
     
  7. 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.
     
  8. traderjo

    traderjo

    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?