Payment Methods for Indian Prop Traders — Complete Guide

Paying Evaluation Fees — Best Methods for Indian Traders

Paying a prop firm evaluation fee from India is straightforward. All methods below are legal and work within RBI guidelines. Choose based on your preference for speed, convenience, and fees.

1. Debit & Credit Card (Simplest Option)

The easiest way to pay prop firm evaluation fees. Most Indian banks issue Visa/Mastercard debit and credit cards that work for international payments out of the box.

• Fee: 1–3.5% forex markup depending on your bank, plus GST on the markup
• Speed: Instant
• Works with: All major prop firms (Lucid Trading, Topstep, Apex, etc.)
• Banks with low forex markup: Niyo Global (0%), Fi (1.5%), HDFC (2%), ICICI (3.5%)

2. Red Dot Pay — Crypto Card (Best Rates)

Red Dot Pay is a crypto-powered payment card that lets you pay for international services using your crypto balance. It works like a regular Visa/Mastercard but converts your crypto at competitive rates — often better than traditional bank forex markups.

• How it works: Load USDT or other crypto onto your Red Dot Pay card → use it like a normal debit card at checkout on any prop firm website
• Fee: Typically 1–2% (lower than most Indian bank forex markups)
• Speed: Instant
• Advantage: No bank forex markup, no LRS TCS on the transaction (since you're spending crypto, not remitting INR), and works globally without any bank-level restrictions
• Best for: Traders who already hold USDT/USDC and want the cheapest way to pay evaluation fees

3. Direct Crypto Payment (Cheapest Method)

Some prop firms accept direct cryptocurrency payments — typically USDT (Tether) on popular networks like TRC-20 or ERC-20.

• How it works: Select crypto payment at checkout → send USDT from your wallet (WazirX, CoinDCX, Binance, or any external wallet) to the firm's wallet address
• Fee: Network gas fee only (₹10–₹50 on TRC-20, ₹200–₹500 on ERC-20)
• Speed: 1–5 minutes depending on network
• Advantage: Zero forex markup, zero bank involvement, no international transaction flags
• Best for: Traders who already hold crypto and want the absolute cheapest payment method

Paying Fees — Quick Comparison

For a ₹5,400 Lucid Trading evaluation fee, the difference between methods is minimal — about ₹50–₹150. Use whichever is most convenient. For larger purchases (₹15,000+ evaluations), crypto or Red Dot Pay saves you meaningfully on forex markup.

Receiving Payouts — How Indian Prop Traders Get Paid

This is the more important part — getting your money out. All payout methods below are 100% legal and safe for Indian residents. Each has different advantages depending on payout size and how quickly you need the funds.

1. WorkMarket — Used by Lucid Trading

Lucid Trading pays its traders through WorkMarket, a US-based freelance payment platform owned by ADP (one of the world's largest payroll companies). This is the same platform used by major corporations to pay international contractors.

• How it works: Lucid processes your payout through WorkMarket → you receive payment as an independent contractor → funds are deposited to your linked bank account or payment method
• Speed: Fast — Lucid advertises 15-minute payouts
• Legal status: Fully legal. WorkMarket is a licensed payment platform. Your income is classified as contractor/freelance income — the same as any Indian freelancer receiving payment from a US client
• Tax note: WorkMarket payouts should be declared as business/professional income in your ITR. See our tax guide

2. Rise — Global Contractor Payouts

Rise is a global contractor payment platform used by several prop firms to pay international traders. It's designed specifically for cross-border payouts to freelancers and contractors.

• How it works: The prop firm sends your payout via Rise → you create a Rise account → link your Indian bank account → receive INR directly
• Speed: 1–3 business days typically
• Fee: Competitive exchange rates with low conversion fees
• Legal status: Fully legal. Rise is a licensed global payments company. Funds arrive as inward remittance from a recognized payment processor
• Advantage: Clean paper trail — Rise provides proper invoices and payment receipts that make ITR filing straightforward

3. Direct Bank Transfer (ACH/Wire)

Some prop firms can send payouts directly to your Indian bank account via international wire or ACH transfer. This is the most traditional method and completely above board.

• How it works: Provide your bank account details (IFSC, account number, bank name, SWIFT code) → firm sends USD wire → your bank converts to INR and credits your account
• Speed: 2–5 business days
• Fee: ₹500–₹1,500 receiving charges by your bank + bank's exchange rate spread (1–2%)
• Legal status: 100% legal under FEMA as inward remittance for services rendered

Direct Bank Transfer — Step by Step

1. Before your first payout: Visit your bank branch or call customer care. Inform them you'll be receiving international remittances under purpose code P1006 for professional services
2. Share your details with the prop firm: Account number, IFSC code, bank name & branch, SWIFT/BIC code (find this on your bank's website or cheque book)
3. When the transfer arrives: Your bank's forex department may call to confirm the purpose. Simply state: "Payment for professional trading services from a US-based company"
4. Provide documentation if asked: Your prop firm agreement/contract and a payout receipt/invoice
5. Money credits: After forex conversion, INR is credited to your savings account

Receiving Payouts — Quick Comparison

Which Prop Firm Pays How?

LRS Compliance for Outgoing Payments

When you pay evaluation fees to a prop firm using your bank's debit card or a direct bank transfer, the transaction falls under RBI's Liberalized Remittance Scheme (LRS). Key points:

• Annual limit: $250,000 per financial year — more than enough for prop firm fees
• TCS (Tax Collected at Source): 20% TCS on LRS remittances exceeding ₹7 lakh/year. For a ₹5,400 prop firm fee, this won't apply. TCS is refundable when you file your ITR.
• Crypto payments: Paying via Red Dot Pay or direct USDT doesn't trigger LRS TCS since you're spending crypto, not remitting INR through the banking system
• Documentation: Keep the prop firm invoice, payment confirmation, and bank/card statement

Common Issues Indian Traders Face

Bank Declining International Card Payment

Enable international transactions in your net banking or mobile app. Most private banks (HDFC, ICICI, Kotak, Axis) have a toggle in settings. PSU banks may require a branch visit. Alternatively, use Red Dot Pay or direct crypto to bypass bank restrictions entirely.

Bank Asking Questions About Incoming Foreign Transfer

This is normal compliance procedure, not a problem. Simply provide: purpose code P1006, the prop firm's name and country, your agreement/contract with the firm, and a brief explanation that it's payment for professional trading services. Banks process thousands of freelancer payments daily — this is routine.

Delays in Receiving Wire Transfers

If your wire transfer takes longer than 5 business days, contact your bank's forex department. Common causes: missing SWIFT code, incorrect beneficiary name, or the bank's compliance team needing additional documentation. Having purpose code P1006 ready and your prop firm agreement on hand resolves most delays within 24 hours.

Choosing Between Payout Methods

If your prop firm offers multiple payout options, here's a simple rule: use WorkMarket or Rise for speed and convenience. Use direct bank transfer for large payouts (above $5,000) where you want the cleanest possible paper trail for tax purposes.