I came across a platform where they fund you for trading forex abroad ftmo.com and you get a share of the profits
There is just an 100$ fees for applying for the demo trading and qualifying
Would this be considered legal in india
Not legal
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No money is remitted via our accounts they give us their own money to trade and we don’t have to bear the loss would it still be considered illegal?
@nithin sir
That’s how fraud starts in the very first place, when you are told things like this.
If these products would be so wonderful then all the traditional brokers and Zerodha, (which is the largest broker) would be providing all these products. But they aren’t. So what does that indicate to you ? (Don’t go that way).
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Like @Stonecold just mentioned above, if something seems too good to be true, it probably is. There is no easy money in this life. Best stay away from anyone offering you an easy way to make money.
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Does that mean platforms like octaFx and other similar platforms are also illegal ? it is little puzzling because they are registered in the currency segment with sebi. But they seem to allow trading in instruments not available on any of the exchanges regulated by sebi? can u shed some light on this?
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Their tweets are also confusing. Recently someone asked a similar question to their India specific Twitter handle, they replied as follows -
But when someone had asked the same question to their main Twitter a few months back, they replied -
Seems like they are being vague. says they are forex broker for 9 years. their license o sebi website shows validity from may 2020. so, they might be talking about they being a regular forex shop like the one we find in each airport. if that is the case, they and their operations might be legal. only their clients are involved in illegal activity.
Oh my god, that’s 100’s square kilometres of grey area 
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Have you tried it?
No, haven’t.
So how are you so sure it is not legal? They are listed on top of Deloitte awards: https://www2.deloitte.com/content/dam/Deloitte/ce/Documents/about-deloitte/ce-technology-fast-50-results-report-2019.pdf
BTW it is not easy money. The same risk is any other trading account and people need to qualify if you are a good trader and if they lose money.
I had tried asking them a question related to trading in cross currency pairs not allowed by RBI -
One of their users mentioned that they don’t allow it but their own response was confusing -
Given that they are registered with regulators in India, I didn’t understand why they weren’t able to share information regarding the ability to trade in cross-currency pairs which are not allowed by RBI. Even on their YouTube channel, checking recent videos specific to Indian users (like for example, this one, which is in Hindi), we can see they are opening recommending trading in currency pairs which are not allowed by RBI. Also, I am not able to understand when one registers with them, they are registering with their Indian entity (which is registered with SEBI) or their international entity. If Indian users are registering with their Indian entity and then trading in cross currency pairs that are not allowed by RBI, then it would likely be violation of the rules laid down by RBI. All in all, as you said, it looks like they are operating in some kind of regulatory grey area. Maybe, only someone from their legal/compliance team would be able to clarify doubts about this.
hmm… these are some European awards, right? I said it is not legal in India, do check out the blogpost, I have explained why they aren’t in India.
I understand that. Yes, it is not legal in India since there are regulations on USD pairs, etc. But since you are trading on their accounts and they split profits with your name outside the trading zone on the “IT services” invoice. Is there any cyber law yet that prevents people from doing that? Because even online betting is not banned because there are no strict cyber laws yet that govern people on spending on websites that are hosted outside India. There are two from your city as well: https://ftmo.com/en/new-ftmo-traders-share-their-trading-experience/ So are they in trouble already or that post is not legitimate?
Just needed to clarify the legal part because they are not registered in India and I don’t see any law that prevents people from doing so. Similarly, what if someone does trading with a person overseas who has an account with them and they split profits through their income channel. Enlighten me if something incorrect.
According to my understanding (but do consult a lawyer), I don’t see an issue if someone overseas gives access to his/her account and you trade on their behalf and they share the profits with you.