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Anyway, I do not think colocation is the problem in this MT5 problem. And certainly not MT5 or my program. In my estimation it is somewhere in their backoffice clearing system that is slowing the process.
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?
I did open an AMP account in 2015 so maybe the info is outdated and you might wanna verify with AMP first.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.
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?
Well, of course its listed when a conversion takes place.
Easy to read: hmmm, needs definetly some diving into it but its understandable. They are providing the typical us future broker statements. I can read it, german tax authorities have problems with it. not sure what austria is expecting. Maybe you can ask AMP upfront for an example daily statement to see whats coming.
Manual conversion from EUR to USD should be no problem although i have not done it. You can request conversion via the portal. Usually its done on the same day.
Once again, thank you very much! I can't wait to send the Austrian tax authorities my tax returns. I also found an entry on the AMP forum that explains the conversion process in further detail:
I've been asking to open an IRA account with AMP and on chat they just said I'll get you connected to the help desk. Afterwards they just sent me this automation response saying their reps are busy. I try emailing them but they never get back to me either, shows how much support I'll get if I do open an account with them.