What regulations does one have to contend with when wanting to begin managing other people's accounts when trading Spot FX with an incentive fee built in?
I have read all sorts of conflicting information and have yet to see a very simple "how to" guide.
Essentially I believe I can land a few $10k+ accounts and would like to trade them while building up a track record. From the NFA site I gather that I can trade 15 people's accounts as long as the total $ in play is less than $400k before having to register them, no? With this would it be as simple as having someone open an account and then sign limited power of attorney?
Also, what limitations on advertising is there? Anyone who searches online for "managed forex accounts" has seen the myriad websites offering their services. But can an individual setup an LLC and do the same with SpotFX?
What I am really wanting to do is have a website that offers various traders educational services as well as managed accounts. Regardless of if I need it or not, I am prepping for the series 3 just for good measure. This is the one thing I have been the most confused about.
Anyone here gone through this type of setup at some point in their journey?
Any posts or PMs on the subject would be very greatly appreciated.
I have read all sorts of conflicting information and have yet to see a very simple "how to" guide.
Essentially I believe I can land a few $10k+ accounts and would like to trade them while building up a track record. From the NFA site I gather that I can trade 15 people's accounts as long as the total $ in play is less than $400k before having to register them, no? With this would it be as simple as having someone open an account and then sign limited power of attorney?
Also, what limitations on advertising is there? Anyone who searches online for "managed forex accounts" has seen the myriad websites offering their services. But can an individual setup an LLC and do the same with SpotFX?
What I am really wanting to do is have a website that offers various traders educational services as well as managed accounts. Regardless of if I need it or not, I am prepping for the series 3 just for good measure. This is the one thing I have been the most confused about.
Anyone here gone through this type of setup at some point in their journey?
Any posts or PMs on the subject would be very greatly appreciated.