I would think that AMP's management decides what their lawyers do, not the way around.
Any company that spends resources on suing websites as a way to suppress opinions stated on discussion forums has in the best case lost its plot. Corporate lawyers are very expensive. They should instead focus on bettering their services and core business.
I hope for the customers of AMP it is only a misguided management.
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I'm going to be completely honest here - I've been with amp for a couple of years before around 2011 and my experience with them has been relatively positive. I've dealt with two of their brokers who were both down to earth and easy to talk to. I've never had any problems with connection issues that wasn't related to my own internet. I've never encountered slippage trading faster moving futures that was greater than 1-2 ticks during regular levels of activity. Deposit and withdraw procedures were easy. Commission was around 6 dollars round trip I believe because I was only making a few trades every other week back then. So, the only bad thing about amp back then was their commission which I'm sure I could have negotiated If I was trading everyday. The good thing about amp is that you can open an account with 2000 dollars and the margins are relatively small. This is good because you don't have to risk having 5k or 10k in your futures broker account. I also believe it's a good thing to have as little as possible in your futures account in case something happens or you need the money for other purposes.
I'm not sure what Amp has said that was rude, but I do know half of the lawsuit is about a thread that was started by an one of their temp employees who claimed he didn't get compensated for some coding he did. The thread has been removed. I understand why amp would want this thread removed because it throws people off when they search for Amp reviews and find some crazy thread. When I researched reviews about amp that thread was the first thing that popped up on google. (granted asking any question about emini futures or indicators on google bigmiketrading.com will usually come up lol, we can say the trading world is small on the internet). Even still, If anyone read the thread in completion they would be able to draw their own conclusions that the thread wasn't about Amp's client relations but about one of their temp employee's experience working for them.
The problem is that most people who are going to join a brokerage that's strengths rely on low initial account balances and margins are usually people who won't sit there and read a whole thread or lawsuit before freaking out. They are also the same type of people that would join a forum just to bash a brokerage because of some obscure bad experience. The larger a brokerage gets the more complaints they're going to get like FXCM. But FXCM's rep on here handles the situations with the utmost respect responding positively to just about every response which I would have expected from AMP's reps. But then again I don't know what they said so I can't comment.
Last edited by Itchymoku; March 6th, 2014 at 12:05 PM.
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I'm right there. I use IB, and swing and position trade a lot of equities and equity options. IB's ES margin is high, and at times I don't have enough excess to margin a futures daytrade. I was looking at AMP to open a small account so I could put on an occasional futures trade. Downloaded the demos, etc - I was a true prospect, but I am of the exact sentiment expressed above. Sue my friend, and I really don't want to do business with you.
I can completely agree with that sentiment if ONLY it was a matter of expressing opinions.
Regrettably when some people state their opinions they tend to add their somewhat excessive emotional bias and from there their opinion, while initially valid (to them), becomes enhanced to character/business assassination which then contributes to business loss and therein lies the rub.
Anyway, just my opinion, freely expressed...
"Money is better than poverty, if only for financial reasons." - Woody Allen
All I have to say I would personally never use a broker who would sue a trading message board. I mean really. Come on.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
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Again, trying to put suggestions to solve this in an amiable way, maybe AMP could have a sticky thread here on futures.io (formerly BMT)F to answer any questions.
As I said I was surprised by this. AMP imho is a company that will do whatever/wherever to get you pleased if you put your request in a cordial way. And maybe that's why they got so upset if someone tried to damage their reputation.
I also feel that a lawsuit will damage AMP's more than Big Mike. Seems like lawyers doing what they to best...