To get a free funded forex account in India, the process is generally the same as in other countries, but there may be some regional specifics to consider. Forex trading in India is regulated by the Securities and Exchange Board of India (SEBI), and while trading with a funded account is legal, it is essential to be aware of any local regulatory constraints. Below are the general requirements for getting a free funded forex account, which are common across various proprietary trading firms or platforms:
1. Find a Funded Forex Program
First, identify a reliable platform or proprietary trading firm that offers free funded forex accounts. Some popular platforms that provide these opportunities globally include:
  • FTMO
  • The 5%ers
  • Earn2Trade
  • WinProFX
  • TopstepFX (primarily for futures, but forex too)
Ensure the platform allows traders from India and complies with international and local regulations.
2. Sign Up and Complete the Evaluation/Challenge
Most funded forex programs require you to pass an evaluation or a trading challenge to prove your skills. Here’s what you might need to do:
A. Register an Account:
  • Create an account on the platform offering the funded account program.
  • Provide your basic details (name, email, country, etc.).
B. Complete the Evaluation or Trading Challenge:
The challenge usually involves the following:
  • Demo Trading: You'll be required to trade a demo account where you must meet certain targets.Profit Targets: Platforms often set a profit goal (e.g., 10% or 20%) over a set period (typically 30 days). Risk Management: You need to follow strict risk management rules, such as not exceeding a certain percentage of drawdown (usually around 5-10%). Consistency: The challenge may require consistent performance over a number of trading days or weeks.
Note: These challenges typically cost an entry fee, but you do not risk your personal capital during the evaluation process. The goal is to prove that you can trade profitably while managing risk.
3. Adhere to Risk Management Rules
Risk management is a critical component of the evaluation process, and it’s essential to understand and follow the platform's specific rules. For example:
  • Max Drawdown: Most programs impose a limit on how much drawdown (loss from the peak balance) you can have on your account (e.g., no more than 5-10%).
  • Trade Size Limits: Many programs set maximum limits on the trade size you can take (e.g., 1% of your account balance per trade).
If you fail to follow the risk management rules, your evaluation may be disqualified, even if you hit the profit targets.
4. Pass the Evaluation and Get Funded
If you successfully meet the profit and risk management criteria, you will be granted access to a funded forex account. The platform will provide the capital for you to trade with, and you can start trading in real market conditions.
  • Profit Sharing: Once funded, you will keep a percentage of the profits (typically 50%-75%, depending on the program). The platform usually takes a share (e.g., 25%-50%) for providing the capital.
  • Account Size: The amount of capital you’re provided with will vary depending on the platform. Common starting amounts can range from $10,000 to $100,000 or more.
5. Verification and Documentation
As part of the registration and challenge process, you may be required to verify your identity and provide documentation, including:
  • ID Proof: A government-issued ID such as an Aadhaar card, passport, or driver’s license.
  • Proof of Address: A utility bill, bank statement, or any document that shows your name and address.
  • Bank Details: For receiving your share of profits, some platforms may require your bank details or PayPal account.
6. Payment for Evaluation (Entry Fee)
Most funded programs require an entry fee to participate in the evaluation. The fee varies based on the platform and the evaluation challenge. For example:
  • FTMO: Typically charges around $100-$200 for the evaluation.
  • The 5%ers: Offers a free trial or a discounted entry fee for initial evaluations.
  • Earn2Trade: Charges a fee for their Gauntlet evaluation process.
While the evaluation is not free, this is the standard procedure to access the funded account, and the risk is minimal since you're not using your own money.
7. Forex Trading Regulations in India
While the process is the same globally, it's important to understand that forex trading in India is regulated by SEBI, and only specific currency pairs are allowed to be traded on domestic exchanges. However, you can participate in offshore forex programs where firms offer global opportunities, including funded accounts.
  • Currency Pairs: SEBI restricts retail forex trading on certain currency pairs on Indian exchanges. So, when participating in funded forex programs with international firms, ensure they offer trading opportunities that comply with SEBI guidelines for Indian residents.
  • Tax Implications: Profits from forex trading are taxable in India. Make sure to report earnings from forex trading in your income tax returns. If you earn through a funded account, the profits you make are still taxable.
Conclusion:
To get a free funded forex account in India, you'll need to:
  1. Register on a platform that offers such programs (check that it’s available to Indian residents).
  2. Complete the evaluation by meeting profit targets and adhering to risk management rules.
  3. Provide required documentation for identity and address verification.
  4. Pay any entry fee for the evaluation, if applicable.
  5. Pass the challenge and get access to a funded account.
If you successfully pass the challenge, you'll trade using the platform’s funds and keep a portion of any profits generated. Be sure to choose a reputable platform, follow the rules carefully, and consider any regulatory requirements specific to India.
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