Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
hello everyone just a newbie with a few questions :)
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.
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."
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.
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
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
...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
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)
