Announcement

Collapse
No announcement yet.

Explanation of currency conversion process and requirements - Multi-Currency Accounts

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • #16
    Please comment this response from AMP support:

    "Not all fees are charged in EUR when trading EUREX products. You will see the transaction-based charges and the currency they are charged in on the statement. So, yes, as some transaction-based fees are charged in USD, you will generate a USD-balance.

    AMP may charge a conversion fee to cover if the debit amounts to more than 50.00 USD."


    This fee is not written anywhere!

    "For those traders only trading US exchanges and transacting only in domestic (US) currency there will never be a charge for this service. The same applies to traders always trading a foreign exchange and having all funds traded within that Reg. code."

    It looks it not true.

    Comment


    • #17
      Hi,

      Any explanation to this statement?? "

      AMP may charge a conversion fee to cover if the debit amounts to more than 50.00 USD."


      Comment


      • #18
        Here is a support article with explanation of the AMP currency conversion process and requirements:


        https://support.ampglobal.com/hc/en-...rency-Accounts


        After reading, please let us know if you have any additional questions.

        Comment


        • #19
          There's nothing wrote in the currency form about the $30 conversion fee.

          So to be clear:

          -If i request a currency conversion, i pay a $30 fee

          -If i have some small debit you do it automatically at the end of the month, with no fee?

          Click image for larger version

Name:	eur.png
Views:	113
Size:	66.4 KB
ID:	8933
          Attached Files

          Comment


          • #20
            Originally posted by AMP View Post
            Here is a support article with explanation of the AMP currency conversion process and requirements:


            https://support.ampglobal.com/hc/en-...rency-Accounts


            After reading, please let us know if you have any additional questions.
            AMP, you really think your customers are dump? Did you read my post above? Or you blindly response like others. I read it 20x times, I spoke with many customer representative. Even here in post #16 and #17 I asked to explain it in details, but

            NO ONE EXPLAIN IT!

            Another user above ask same question. Please answer it!

            1. -If i have some small debit you do it automatically at the end of the month, with no fee? Debit made only from trading fees, no debit from losses.

            2. Please explain this sentence "AMP may charge a conversion fee to cover if the debit amounts to more than 50.00 USD."" . I got it from some customer representative. So it "may" charge? It's so unclear!


            Sorry for pushing, but I'm trying to get this response from 2 weeks!! This should be clear for customers. I did everything to get this response. Please don't push me to write complain to NFA.
            Last edited by kremat0r; 05-20-2020, 01:30 AM.

            Comment


            • #21
              Simple explanation: If you have a USD base account deposit and you trade EUREX (EUR settled PnL and EUR Fees) - you will generate EUR PnL and Fees on your account. However, your base account currency is USD....so eventually you need to settle the EUR back to USD.

              Or the other way...if you have a EUR base account deposit and you trade CME (USD settled PnL and USD Fees) - you will generate USD PnL and Fees on your account.

              This allows our customers to fund their accounts with any of these 10 currencies - USD, EUR, GBP, CHF, CAD, AUD, HKD, JPY, NZD, SGD (and still trade any of the available exchanges around the world) regardless of currency.


              Comment


              • #22
                But i request a currency conversion from Banking -> Currency Conversion, will I be charged a $30 fee? It's not written there..

                If you do automatically at the end of the month to cover an eventual debit balance, you charge no fee it's a small amount? (under how much is considerated small?)

                Comment


                • #23
                  Originally posted by AMP View Post
                  Simple explanation: If you have a USD base account deposit and you trade EUREX (EUR settled PnL and EUR Fees) - you will generate EUR PnL and Fees on your account. However, your base account currency is USD....so eventually you need to settle the EUR back to USD.

                  Or the other way...if you have a EUR base account deposit and you trade CME (USD settled PnL and USD Fees) - you will generate USD PnL and Fees on your account.

                  This allows our customers to fund their accounts with any of these 10 currencies - USD, EUR, GBP, CHF, CAD, AUD, HKD, JPY, NZD, SGD (and still trade any of the available exchanges around the world) regardless of currency.

                  AMP this is clear, there will be some debit in EUR/USD depends of the situation, but what will happen with this debit?!

                  Imagine someone have only EUR on his account and he is trading only EUREX products, so he DOES NOT NEED USD on his account, but trading creates some debit in USD because of fees! No matter what, everyone will have debit in USD because of fees.

                  So imagine someone make 500trades in month anc creates let's say 200$ debit ONLY from fees.

                  What will happen?

                  1. If the end of the month AMP will cover this debit automatically! without user request is there any additional fees for this currency conversion? (30$ more or less)


                  Please read our questions carefully. It really takes to long to answer this simple question...

                  Comment


                  • #24
                    yes, eventually the currency debit needs to be covered. Either if amount because too high, that causes risk of total account becoming debit due to estimated currency conversion or if customer request to close account/ withdrawal funds or during the periodic settlement of all accounts with negative currency balances.

                    Comment


                    • #25
                      So you need to change it on your website, because it creates misunderstanding and I'm thinking that if I have EUR and trades only EURex products this fee will never be apllied to me which is not true

                      So AMP you have one customer less and definitely I need to share it to my FB groups.

                      Comment


                      • #26
                        If a customer funds the trading account with USD and trades European markets, the account base currency will be USD and the trading P&L will be in EUR. Because the trading P&L is different than the account base currency, on the trade statements - there will be 3 balances displayed on the bottom:

                        1) USD account balance (base deposit)
                        2) EUR trading P&L
                        3) Final USD account balance using an estimated EUR to USD conversion rate

                        An opposite example:

                        If a customer funds the trading account with EUR and trades US markets, the account base currency will be EUR and the trading P&L will be and USD. Because the trading P&L is different than the account base currency, on the statements - there will again be 3 balances displayed on the bottom:

                        1) EUR account balance (base deposit)
                        2) USD trading P&L
                        3) Final USD account balance using an estimated USD to EUR conversion rate >> USD or EUR ??

                        Comment


                        • #27
                          Originally posted by CollinPalmer View Post
                          please let us know if this information was helpful to you. thanks
                          of course this info is crucial

                          Comment


                          • #28
                            If the customer funds account with EUR and trades European markets, the base currency will be EUR and P&L will be EUR, right?

                            But still this customer needs to deal with USD, because AMP have NFA and TT routing fees in USD, so no MATTER WHAT every customer needs to deal with USD, right?

                            So after some time it will generate a debit in USD, In my example I had 89 trades till now and I have debit of USD around -60USD.

                            Now there is a June, my debit was not converted.

                            Please tell me simple, because I asked it 1000xtimes...

                            1. What will happen with this debit in future?
                            2. When AMP will automatically cover it? Because May changed to June and I still have USD debit.
                            3. If customer WONT REQUEST for any currency conversion, only AMP will do it automatically is there any fees applied to it? (30$?)


                            I'm European trader, I don't care about USD, I dont want to deal with it. That's why I deposit EUR and I'm trading only European markets.

                            I trust you AMP, reading your website https://www.ampfutures.com/trading-info/account-fees/

                            where is written:
                            Code:
                            " For those traders only trading US exchanges and transacting only in domestic (US) currency there will never be a charge for this service. The same applies to traders always trading a foreign exchange and having all funds traded within that Reg. code."
                            So I'm trading everything with Reg, code and I'm worried that you will charge me 30$ if yes, believe me I will report it, because above statement telling something else.

                            Comment

                            Disclaimer: There is a risk of loss in trading futures, forex and options. Futures, forex and options trading are not appropriate for all investors. Only risk capital should be used when trading futures. All information is for educational use only and is not investment advice. Past performance is not indicative of future results.

                            This website is hosted and operated by AMP Global Clearing, LLC ("AMP"), which provides brokerage services to traders of futures and foreign exchange products. This website is intended for customer support, educational and informational purposes only and should NOT be viewed as a solicitation or recommendation of any product, service or trading strategy. No offer or solicitation to buy or sell derivative or futures products of any kind, or any type of trading or investment advice, recommendation or strategy, is made, given, or in any manner endorsed by AMP and the information made available on this Web site is NOT an offer or solicitation of any kind. The content and opinions expressed on this website are those of the authors and do not necessarily reflect the official policy or position of AMP.

                            All Users and Contributors along with their websites, products and services, are independent persons or companies that are in no manner affiliated with AMP. AMP is not responsible for, do not approve, recommend or endorse any User and/or Contributor Content referenced on this website and it’s your sole responsibility to evaluate All Content. Please be aware that any performance information provided by a user and/or contributor should be considered hypothetical.

                            HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

                            ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

                            AMP has NOT endorsed or recommended the use any product, services offered by any 3rd party User or Contributor on this forum. No person employed by, or associated with, AMP is authorized to provide any information about any 3rd party User or Contributor content. All specific brokerage related questions should be directed towards AMP.

                            Copyright © 2017. All rights reserved.

                            Working...
                            X