Hello traders,

I want switch from Interactive Brokers to a better futures broker and got a question to all the traders sitting in Europe.

How much are your (banking) fees when you wire Euros to your AMP account? I saw on their page that you can send them the amount in EUR, but at what rate do they convert it to USD?

And vice versa... How much does it cost you if you withdraw money from your AMP account that is held in USD? Does AMP send the money in USD or in EUR to your bank bank account? Are there any fees?

Thanks in advance

I did open an AMP account in 2015 so maybe the info is outdated and you might wanna verify with AMP first.
Funding the account was free. I funded the account in EUR and this was basically the base currency of the account. So there was no conversion.

If you trade US markets for example a subcurrency is being created, in this case USD. If you run into negativ P/L on USD AMP converts that portion into EUR to clear your USD-P/L from time to time. If you have a positive PL the USD portion stays as it is and you need to request a conversion. In general conversions are done at the current daily spot rate. If you trade EU-markets there might also an USD component for fees.

So that is almost similar to multi-currency accounts on IB.

If you gonna withdraw money from your account you might need to convert the foreign currencies first.
Withdrawals have been charged with 25EUR in my case.

But in any case verify with AMP first because it might have changed in the meanwhile.

Hope that helps

Thank you very much!


You stated that there is an ongoing conversion if you fall into negative P/L... how does this affect your account statements? Are they listed there? Can they be easily read?


Can you manually convert EUR to USD on AMP like you can on IB?

Explanation of the AMP currency conversion process and requirements:

What is the reason for currency conversions?

AMP has 10 different currencies available for funding a trading account: USD, EUR, GBP, CHF, CAD, AUD, HKD, JPY, NZD, SGD. This allows our customers from around the world deposit in their preferred currency. When a customer deposits in any of these currencies, the account’s “Base Currency” will be the funded currency type.

Trading P&L is always calculated in the currency of the exchange. For example all US exchange traded contracts P&L settles in USD. If a customer funds the trading account in USD and trades only US markets there'll be no currency conversions required, because the account base currency is USD and all the trading P&L is also USD.

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

These examples will hold true for all 10 available deposit currencies.

When does AMP process currency conversions?

1) Once a month, AMP covers all currency debit balances in our customer accounts, usually during the 3rd full week of the month. For example, if your base account balance in USD is 40,000.00 and your P/L balance in EUR is -10,000.00, AMP will convert an equivalent amount of USD to cover the negative EUR trading P/L. AMP does the conversions at prevailing bank rates for the time of the transaction. You will see these entries detailed on the daily statement as “FX Debit Balance Conversion.” If all currency balances are positive, (base account & trading p/l) there is no currency conversion required.

2) When a customer is withdrawing the account balance. If there is any trading P&L, in a different currency than the base account currency, it will need to be converted before the funds are released. For example, customer is withdrawing account balance. The account base currency is USD, but there were EUREX trades – p/l either positive or negative in EUR, the EUR P&L will need to be converted to USD in order to withdraw the full USD balance.

AMP has customers from over 100 countries around the world, the ability for us to accept multiple currencies for deposit we have found to be very useful for our customers. As always, our customers are the boss of their accounts and full control of all process. At any time our customers can request a currency conversion to any of the 10 available currencies of their choice. We are fully set up to manage multiple currencies per account - and will process any request to set up our customers account currency preferences.