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hello everyone just a newbie with a few questions :)
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hello everyone just a newbie with a few questions :)

  #21 (permalink)
Trading for Fun
Boston, MA
 
Futures Experience: Intermediate
Platform: Sierra Chart
Broker/Data: Interactive Brokers, AMP/CQG
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steve2222 View Post
Thought AMP was the same as IB now ie 40 Yen.

I think @mattz at Optimus is offering it as well so he can confirm comms.

EDIT: now with AMP 15 April email extract confirming price reduction

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Unfortunately, their claim that they have matched IB's commission is completely false. IB's commission can be seen here:

Fixed commission:
https://www.interactivebrokers.com/en/index.php?f=commission&p=futures1

Tiered commission:
https://www.interactivebrokers.com/en/index.php?f=commission&p=futures2

As you can see, the maximum that IB charges is 80 yen (40 yen each way), and prices get cheaper with higher volume. AMP at BEST is 80 yen, with no benefits to people who trade higher volume. And their 80 yen commission is only applicable to accounts with a $10K minimum balance. We're not talking about minimum deposit here - we are talking about cash in your account, it must be $10K - anything less, and they will be charging you 80 yen + $0.50 (or 40 yen + $0.25 each way). This is flat out inconsistent with their claim that they are matching IB's commission.

In short, IB is cheaper, no matter how you look at it. With IB, if you have a $3K account, let's say, you will be charged maximum 80 yen roundtrip. AMP will charge you 70% more (80 yen + $0.50). That's ridiculous. AMP is being dishonest, when they say they are matching IB's low commissions, and we should call them out on this.


Last edited by mangolassi; April 24th, 2016 at 07:02 PM.
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  #22 (permalink)
Determined
Lexington KY/USA
 
Futures Experience: Beginner
Platform: SC,TastyWorks,ToS
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FWIW, I have VERY little experience with AMP and none with IB (and VERY little experience trading):

I didn't think I could open an account with IB with less $10K?

AMP doesn't say, in either email, that they're cheaper than or matching IB, they state that "The Price for trading is very inexpensive, now one of the cheapest available markets/contract at AMP. Base Cost is only 40 YEN per side/contract."

HTH

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  #23 (permalink)
Trading for Fun
Boston, MA
 
Futures Experience: Intermediate
Platform: Sierra Chart
Broker/Data: Interactive Brokers, AMP/CQG
Favorite Futures: N225M (Osaka), ES
 
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LDog View Post
FWIW, I have VERY little experience with AMP and none with IB (and VERY little experience trading):

I didn't think I could open an account with IB with less $10K?

AMP doesn't say, in either email, that they're cheaper than or matching IB, they state that "The Price for trading is very inexpensive, now one of the cheapest available markets/contract at AMP. Base Cost is only 40 YEN per side/contract."

HTH

Indeed, IB's minimum deposit requirement is $10K - but that is to activate the account (of course if you are 25 years old or younger, it is only $3K). You can trade on margin as long you have a minimum of $2K in your account. AMP has, in email, confirmed to me that they are claiming to match IB's commission. I have shown them that their claim is invalid on various points. I am currently in an email exchange with them, and will post it in a new thread shortly after the discussion is complete.


Last edited by mangolassi; April 24th, 2016 at 07:02 PM.
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  #24 (permalink)
Just a boy
Auckland, New Zealand
 
Futures Experience: Beginner
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mangolassi View Post
AMP has, ............. I am currently in an email exchange with them, and will post it in a new thread shortly after the discussion is complete.

@mangolassi

You could just throw AMP's response in this thread (https://futures.io/index-futures-trading/34178-osaka-nikkei-225-mini-index-futures-6.html) given we are just talking about commission for the miniNikkei and this thread already contains discussion on that.


Last edited by steve2222; April 25th, 2016 at 09:28 AM. Reason: speeling
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  #25 (permalink)
Trading for Fun
Boston, MA
 
Futures Experience: Intermediate
Platform: Sierra Chart
Broker/Data: Interactive Brokers, AMP/CQG
Favorite Futures: N225M (Osaka), ES
 
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steve2222 View Post
@mangolassi

You could just throw AMP's response in this thread (https://futures.io/index-futures-trading/34178-osaka-nikkei-225-mini-index-futures-6.html) given we are just talking about commission for the miniNikkei and this thread already contains discussion on that.

Hey, I posted on that thread. Seems like AMP will match IB exactly, but they require an initial funding of at least $10K.

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  #26 (permalink)
Elite Member
Chicago, IL
 
Futures Experience: None
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mangolassi View Post
Hey, I posted on that thread. Seems like AMP will match IB exactly, but they require an initial funding of at least $10K.

Daughter woke us up and now I can't sleep... So I'll post.......

I will just add this small comparison between AMP and IB. I had AMP in the past and I currently have IB. I opened the AMP account and move $40k to it. A few weeks later I was moving over another $40k to AMP. I received a call from AMP which I thought was odd and caused me to worry a bit. They called to ask if I knew I already had $40k in the account and I guy was very surprised about what I was doing. Needless to say I was a slightly confused by this and thought to myself "what you mean trading with $80k is so odd???"....lol.

AMP might of matched IB on this commission but IMO that is as close as AMP will ever get to being remotely like IB. Seems to me AMP tends to attract a certain customer and is used to that type and others types are foreign. Not sure.

Ron

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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