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

AMP Futures allows clients to fund their trading accounts in 12 different currencies: USD, EUR, GBP, CHF, PLN, AED, CAD, AUD, HKD, JPY, NZD, and SGD. The currency you deposit becomes your account's "Base Currency."

When you trade on markets that use a different currency than your base currency, your profits and losses (P&L) will be in that market's currency. For example, if your base currency is USD and you trade on a European market, your P&L will be in EUR. This means your account will show balances in both currencies.

When Does AMP Convert Currencies?

1. Monthly Conversion: During the third full week of each month, AMP reviews accounts with negative balances in any currency. If you have a negative balance (e.g., you owe EUR) and a positive balance in your base currency (e.g., USD), AMP will convert enough of your base currency to cover the negative balance. This ensures your account doesn't have outstanding debts in any currency. These conversions are done at current bank rates and will appear on your daily statement as "FX Debit Balance Conversion." If all your currency balances are positive, no conversion is needed.

2. Withdrawal Requests: When you request to withdraw funds, AMP will convert any P&L in a different currency back to your base currency before releasing the funds. For instance, if your base currency is USD but you've earned profits in EUR from European trades, AMP will convert those EUR profits to USD before processing your withdrawal.

If you prefer to convert currencies at a different time, you can request a conversion through the AMP Client Portal. This allows you to manage your currency balances according to your own preferences.

For detailed instructions on processing a currency conversion, refer to AMP's guide: Steps to Process Foreign Currency Conversion.

Additional Explanation of the AMP currency conversion process and requirements:

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 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, a customer is withdrawing the 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 Futures has customers from over 100+ countries around the world, and the ability for us to accept multiple currencies for deposits we have found to be very useful for our customers. As always, our customers are the boss of their accounts and have full control of all processes. At any time our customers can request a currency conversion to any of the 12 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 customer's account currency preferences.