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Attachments: FTMO.com - Funding for serious traders
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FTMO.com - Funding for serious traders

Quoting bubincka
{quote} Hi dexi, thank you for your reply. Understood, I receive a compensation from the prop firm in exchange of a service. However the point is: how do I pay taxes on these bank transfers to my current account ? Is this "service" considered an independent activity or do I need to open and operate a company ? Again, something is coming out, nevertheless is difficult to find info on this argument. Best regards, Bubincka
You can do both, the majority of people are doing it as independent contractors and must handle their taxes according to the laws of their country.
If you incorporate as company you'll have to let FTMO know beforehand and provide them with all the details.

That was already aswered by their representative here.
Quoting Takisd
{quote} I'm not sure if you are being ironic or not. If someone is giving you 0 spread during rollover, you are being booked so hard its laughable. On FTMO the spreads are fixed from before and fine, averaging around .2 on eur/usd, only instrument the spread is poor on is oil, I am about to remove it from my trading list because of it.
I am also getting spreads around 0.2 on EURUSD (Challenge Account), which is good enough for me.
NB. Spreads where higher last night due to Labor Day holiday in the U/

Attached Image
Always read Post #1
Quoting bubincka
{quote} Hi dexi, ...
At the start of the Challenge you can choose between person and company under Billing Info.

In Germany, anyone can register a trade or business as self employed (cost ~20 €). And write invoices. A private person is not allowed to do that.

"how do I pay taxes on these bank transfers to my current account ?"
What do you mean? At the end of the year in your tax return after deduction of your costs and expenses.
Or do you mean VAT in your Bill?

@crypotsurf
What is your country?
If you do not break the rules, but fail to reach the profit target on time, will you have unlimited chances to try again and again without any additional payment, as long as you continue not to break the rules?
Quoting Nathan.Fx
If you do not break the rules, but fail to reach the profit target on time, will you have unlimited chances to try again and again without any additional payment, as long as you continue not to break the rules?
as long as you have some profit, if you're negative no free challenge.

btw, my spread has remained shit.
market structure is all you need. check my thread
Quoting Takisd
{quote} I'm not sure if you are being ironic or not. If someone is giving you 0 spread during rollover, you are being booked so hard its laughable. On FTMO the spreads are fixed from before and fine, averaging around .2 on eur/usd, only instrument the spread is poor on is oil, I am about to remove it from my trading list because of it.
i dont know what being booked means mate. also i;ve sent you a message, i see you are from greece and i wanted some info for are taxes here
market structure is all you need. check my thread
Quoting bubincka
{quote} Hi dexi, thank you for your reply. Understood, I receive a compensation from the prop firm in exchange of a service. However the point is: how do I pay taxes on these bank transfers to my current account ? Is this "service" considered an independent activity or do I need to open and operate a company ? Again, something is coming out, nevertheless is difficult to find info on this argument. Best regards, Bubincka
Ciao. La tua domanda è più che legittima ed è molto importante. Un tema (tra l'altro) di cui non si parla mai. Effettivamente, come hai correttamente specificato in un tuo post precedente, la tassazione e gestione contabile di un conto privato di trading, è un'altra cosa.
Sono un paio di mesi che giro in cerca di informazioni su tutte queste aziende Prop e attualmente ho iniziato con due di loro (non FTMO). Non ho ancora ottenuto un pagamento, ma la cosa comunque certa e -pare- comune a tutte queste aziende se serie, è che bisogna inviare una "fattura" che giustifichi il pagamento di un loro importo.

Un'altra cosa curiosa -che non fa altro che creare confusione- è che normalmente queste aziende accettano solo individui privati e nessun'altra figura giuridica. Visto che In Italia (almeno fino a poco tempo fa) si poteva avere redditi non tassabili solo fino a 5000€, mi domando anch'io come possano essere inquadrati questi ricavi.

Per finire, lascia perdere il commercialista. Non ha la più pallida idea di come comportarsi, visto che il software automatico che usano per compilare la dichiarazione dei redditi non è specifico o non ha voci per i redditi da trading o provenienti da queste aziende prop. Già sbagliano spesso e volentieri a gestire il più comune dei redditi, figurati questo che è estremamente raro. Vuoi perché sono poche le persone che fanno trading, vuoi perché di queste poche, solo una minoranza risicata ha un utile annuo, vuoi perché di questo sparuto numero di persone, la stragrande parte, trova il modo di non dichiarare nulla o quasi.

Negli ultimi anni ho trovato solo alcune informazioni e un servizio on-line (che non ho mai testato) ma che mi è sembrato il più attendibile possibile perché specializzato in questo campo. Potresti dare un'occhiata ed eventualmente contattarli per avere maggiori info al riguardo. Io non sono in nessun modo legato a loro e non traggo nessun guadagno dal fare loro pubblicità... quindi...

Per quello che mi riguarda, aspetto prima di avere un reddito da dichiarare e poi affronterò il problema. Se riesci però ad avere delle informazioni certe al riguardo prima di me, ti sarei grato se vorrai condividerle. Ti auguro il meglio.

https://www.assistenzabrokers.it/ass...e-brokers.html
https://trading-blog.assistenzabroke...-con-il-fisco/
https://trading-blog.assistenzabroke...zione-redditi/

Hello. Your question is more than legitimate and it is very important. A theme (among other things) that is never talked about. Indeed, as you correctly specified in a previous post, the taxation and accounting management of a private trading account is something else.
I have been looking for information on all these Prop companies for a couple of months and currently I have started with two of them (not FTMO). I haven't gotten a payment yet, but the thing that is certain and common to all these serious companies is that you have to send an "invoice" that justifies the payment of their amount.
Another curious thing - which does nothing but create confusion - is that normally these companies only accept private individuals and no other legal figure. Since in Italy (at least until recently) it was possible to have non-taxable income only up to € 5,000, I too wonder how these revenues can be framed.
Finally, forget the accountant. They have no idea what to do, as the automated software they use to fill out their tax returns is not specific or has no entries for trading income or income from these prop companies. Already they often and willingly fail to manage the most common of income, imagine this which is extremely rare. You want because there are few people who trade, you want because of these few a small minority has an annual profit, or because of this small number of people, the vast part, finds a way to not declare anything or almost anything.
In recent years I have only found some information and an online service (which I have never tested) but which seemed to me as reliable as possible because it specializes in this field. You could take a look and possibly contact them for more info about it. I am in no way related to them and I do not make any gains from advertising them ... so ...
As far as I'm concerned, I first wait until I have an income to declare and then I will address the problem. However, if you manage to have certain information about it before me, I would be grateful if you would like to share it. I wish you the best.
I've seen things you people wouldn't believe
Quoting bubincka
Hi all, I'm new here and recently I'm evaluating some prop firms to before committing to one and trying to find out which one suits best my trading style. I see there's plenty of information on accounts rules however it's hard for me finding good information on tax payments for fees received by prop trading firms. I live in Italy where profits on your own forex account are taxed by 26% yearly and you can offset your losses up to four years back. Is there any funded trader here from Italy or at least living in Europe who could tell if they pay tax...

Screenshot from another prop firm. May apply to FTMO if that helps.
Attached Image (click to enlarge)
Click to Enlarge Name: _20200908_191804.jpg Size: 108 KB
Oil spread between 4 and 5 ticks during normal market hours when the actual market is at 1 tick. Someone is making a killing per contract on oil at ftmo.
Quoting Cryptosurf
{quote} You are paid as (self employed) independent private contractor. You will provide an invoice to FTMO with a calculation on the split. A tax pro in your area would be the best to consult. My CPA/Tax Pro advised me on the best way to handle. Cheers
Hi Cryptosurf,

thanks for your reply.

Unfortunately I'm an employee therefore I can't act as an independent private contractor.

I need a local tax consultant opinion to understand if I can do it and how.

I found strange that this issue is so undervalued and apparently unknown to the majority of fellow traders here.

Best regards and Green Pips,
Bubincka
Porta itineris dicitur longissima esse
Quoting Koop
{quote} Screenshot from another prop firm. May apply to FTMO if that helps. {image}
Hi Koop,

Thank you.

That's the exact point.

If they were capital gains, then it would have been easy (and favourable), instead they're are a "sort of" compensation/payment for your trading and for this reason difficult to classify in a category of income, at least in Italy.

Best regards and Green Pips,
Bubincka
Porta itineris dicitur longissima esse
Quoting tradista
{quote} You can do both, the majority of people are doing it as independent contractors and must handle their taxes according to the laws of their country. If you incorporate as company you'll have to let FTMO know beforehand and provide them with all the details. That was already aswered by their representative here.
Hi tradista,

Thank you for your reply.

It holds the same I answered to Cryptosurf.

Best regards,
Bubincka
Porta itineris dicitur longissima esse
Quoting bubincka
{quote} Hi Koop, Thank you. That's the exact point. If they were capital gains, then it would have been easy (and favourable), instead they're are a "sort of" compensation/payment for your trading and for this reason difficult to classify in a category of income, at least in Italy. Best regards and Green Pips, Bubincka

If you are successful and know you can handle it long term, you should open a sole proprietor company to lower your tax burden and run expenses through it. Your accountant can show you how, alternatively, open a LLC in san marino.
Quoting Trader-IT
{quote} Ciao. La tua domanda è più che legittima ed è molto importante. Un tema (tra l'altro) di cui non si parla mai. Effettivamente, come hai correttamente specificato in un tuo post precedente, la tassazione e gestione contabile di un conto privato di trading, è un'altra cosa. Sono un paio di mesi che giro in cerca di informazioni su tutte queste aziende Prop e attualmente ho iniziato con due di loro (non FTMO). Non ho ancora ottenuto un pagamento, ma la cosa comunque certa e -pare- comune a tutte queste aziende se serie, è che bisogna inviare...
Ciao Trader-IT,

Ti ringrazio molto per la tua risposta, almeno non sono l'unico italiano con questo problema.

Certamente se troverò una soluzione la pubblicherò su FF perché credo possa interessare a molti e perché è importante.

Uniamo le forze, ti invito a continuare le ricerche.

Bubincka
Porta itineris dicitur longissima esse
Quoting nikosk0
hi, i sent a contact form i also posted on the latest youtube video of yours dear FTMO fix your spread, this is getting ridiculous, after london close the GBPUSD spread got to 7 pips, eurusd at 2 pips now they are both at 1 pip just before london open. THIS IS ABSURD + commition? you want us to fail or what? i am on a funded acount + passing the second challenge but with this spread my 1m trades are gone, i cant go below 15m to trade, so i get less setups. i was geting 2-3 setups a day and now i barelly get 1 good setup. get ic markets raw acount...

Good to hear!

so what was the actual issue?
If somebody is making challenge must be careful with web limits. Values are taking wrong. I have more 1300€ difference ( and in theory I reached limit when is not true ). I made captures and send them but this is a surprise for me
Try don't lose pants never...
BtB Auto Pips This Week: 482
Quoting braintheboss
If somebody is making challenge must be careful with web limits. Values are taking wrong. I have more 1300€ difference ( and in theory I reached limit when is not true ). I made captures and send them but this is a surprise for me
Had it rectified for me. One of the staff then said "the limits are built to be extremes so best to stay far away from them". Hes probably right, i adjusted my stop strategy to be more price trailing now so that i dont go near it.
Quoting Takisd
{quote} Had it rectified for me. One of the staff then said "the limits are built to be extremes so best to stay far away from them". Hes probably right, i adjusted my stop strategy to be more price trailing now so that i dont go near it.
In my case I was at extreme when I made captures ( trades chart too ). Then it's impossible I had 1300€ difference. I have enough marging...
Try don't lose pants never...
BtB Auto Pips This Week: 482
Quoting braintheboss
{quote} In my case I was at extreme when I made captures ( trades chart too ). Then it's impossible I had 1300€ difference. I have enough marging...
Do you mean the Metrix ? Mine updates once per day. I really hope they fix the issues.
Quoting Phenotype
{quote} Do you mean the Metrix ? Mine updates once per day. I really hope they fix the issues.
Yes. Web metrix. Mine update regularly but max daily is wrong since this evening
Try don't lose pants never...
BtB Auto Pips This Week: 482
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