Can I transfer my positions if the other broker uses another trading platform? For example, transferring trades from MT5 to MetaTrader 4?
Yes. We offer such option.
Can I transfer trades if my account with another broker is in a different currency?
Yes, they can. Reopening orders will only be done on accounts with USD as the base currency.
What should I do, if trading conditions in AMarkets and another broker are not in alignment with each other?
The request for transfer of orders is processed only in cases where account conditions of another broker are close enough to account conditions at AMarkets ( at least, the set of instruments for transfer should be available at AMarkets).
How many days will it take to process my request for orders transfer?
Such request will be processed within 2 working days after it has been received, but the Company will make sure to process it as fast as possible. In some cases, it may take more time.
How much should I deposit to my account? Why can it be less/more funds in the account of another broker?
The account should be funded with no less than 500 USD according to the agreement associated with this service. At the same time, the amount should be equal to or more than the required for maintaining margin requirements on reopened positions.
For example, at another broker, your balance is $ 10 000, unrealized losses – $2 000, and funds – $ 8 000. At the same time, there is an open position of 10 lots for USDJPY, with 1:500 leverage, and margin requirement of $ 2000. In this case, to reopen this position, you only have to fund your AMarkets account no less than $2 000 for its maintenance.
After depositing this amount, your balance will be $ 4 000 ($2000 – your equity, and $ 2 000 is the balance correction on loss with consideration of current market prices at the time of reopening), and the equity remains unchanged, $2000, but later it will change depending on the result of the current position.
In this case, it is worth noting that free margin is: 4000 (balance) minus 2000 ( margin) – 2000 (floating losses) = $ 0, accordingly, the amount of your deposit and current loss to the amount of the margin for the current open position is 100% ( Stop Out level in AMarkets is 20%) therefore, we recommend funding your account for a larger amount to reduce trading risks.
Can pending orders be transferred too?
Transferring orders to the Company only includes those market orders which a Client opened earlier while existing Sell Limit, Sell Stop, Buy Limit, and Buy Stop, as well as Stop Loss and Take Profit on open orders cannot be transferred, and the Client sets them himself.
If I closed a position at my broker, could I still use the service of reopening of orders in AMarkets?
Yes. This service is available even in the absence of open positions.
What is required to transfer orders?
- Register at www.amarkets.com to create a personal account.
- Complete the verification procedure in the Personal Area, by uploading the main page of your passport ( scanned copy or photo).
- Open a trading account with suitable trading conditions and fund it with a minimum of $500 by any convenient means.
- Send an email to AMarkets at email@example.com and to your personal account manager, requesting to transfer the trading account. In the subject, indicate: “Request for Transfer of Orders”. In the body, you should include the following information: “I, (Name, Surname), AMarkets wallet number, request transfer of my open orders to the trading account (state the number of your AMarkets trading account). I provide here the details from other company (username and investor password to the trading account, IP-address of broker’s server, and the numbers of markets orders to be transfered). I hereby, (indicate full name), also confirm that all conditions for the transfer of open orders have been fully explained to me; and I understand and fully accept all the conditions for the transfer of open orders to AMarkets.”
What will be the balance after reopening?
During the transfer of orders, the Client’s trading account balance is corrected according to the increased aggregate profits/losses on the orders subject to transfer, with consideration of current market price at the time of transfer. The level of funds (equity) at the time of positions’ reopening remains unchanged and equal to the amount the client had funded. But later on, it will change depending on the results of current positions.
When do trades go to the interbank market, if they are re-opened at the price opened earlier at another Company?
At the time of reopening, AMarkets automatically opens the client’s trades with a counterparty at the current market price, which further allows to fully avoid conflict of interests between the Company and the Client.