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AMP Futures / AMP Global Review
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AMP Futures / AMP Global Review

  #301 (permalink)
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Is AMP in serious trouble ?

What do you think guys is it time to close the AMP account (if you have one) or what a hell is going in there ?

Please see the attached PDF document dated July, 2nd 2015 about NFA Complaining them. There are several problems in the firm currently.

More information about this case can be found from NFA site as follows,
https://www.nfa.futures.org/basicnet/Case.aspx?entityid=0412490&case=15BCC00024&contrib=NFA

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AMP Futures / AMP Global Review-nfa_complaing_amp.pdf  
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  #302 (permalink)
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COMPLAINT:



On July 2, 2015, NFA issued a Complaint charging Amp and Culp with failure to diligently supervise Amp's operations to ensure they complied with regulatory requirements.



ANSWER:



On August 19, 2015, Amp and Culp filed an Answer to the Complaint in which they denied the material allegations contained therein.



DECISION:



On September 17, 2015, pursuant to a settlement offer received from Amp and Culp, Amp was ordered to pay a $25,000 fine.

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  #303 (permalink)
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Scalpguy View Post
What do you think guys is it time to close the AMP account (if you have one) or what a hell is going in there ?

Please see the attached PDF document dated July, 2nd 2015 about NFA Complaining them. There are several problems in the firm currently.

I posted that info months ago on July 7th. I certainly wouldn't go anywhere near AMP personally.

https://futures.io/brokers-data-feeds/18384-amp-futures-amp-global-review-27.html#post502783

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  #304 (permalink)
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I am surprised that AMP was only fined $25,000 for what they were doing.

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  #305 (permalink)
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Scalpguy View Post
What do you think guys is it time to close the AMP account (if you have one) or what a hell is going in there ?

Please see the attached PDF document dated July, 2nd 2015 about NFA Complaining them. There are several problems in the firm currently.

More information about this case can be found from NFA site as follows,
https://www.nfa.futures.org/basicnet/Case.aspx?entityid=0412490&case=15BCC00024&contrib=NFA

Let me put this in context.

First a disclaimer. Couple of months ago I was looking for a discount futures broker. So, read this entire thread and decided to open an account with AMP. I did not have any issues with AMP as of date.

You are looking at the complaint. Complaints have allegations which may or may not be true. Anyone can file a complaint. Allegations in the complaint are not deemed true unless a judge/jury or appropriate authority rules on them.

AMP alleged several wrong doings on the part of BMT in its complaint, but the judge dismissed complaint. So, those allegations in the complaint are just allegations, nothing more. In the same way, the allegations in NFA's complaint against AMP are just allegations because NFA agreed to settle for minuscule charge. We should not read too much into that complaint when NFA itself dropped most of the charges.

I saw this NFA complaint, AMP response and the settlement before opening an account with them. Personally, I think if NFA's charges had any solid proof, NFA would not have settled so easily. That just my opinion.

Also, I looked at several other futures brokers record with NFA. To my surprise most of them had violations and paid much higher penalty including some big names.

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  #306 (permalink)
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Well I have a bit experience with them. I probably dont undestand a bit this bussiness (well I have heard is only about encourage people to trade) but I had some expectations about futures with them and I can tell as a member of the betatester group of the Bookmap Veloxpro platform.

-For me, was a bit weird the problems I had for to setup platform (TT) with them. I did about 5 or 6 request to help to setup it.
-They also didnt gave me the IP for guardian the first time. (how im gonna trade if I have nothing to conect TT with?)
-After wining 90% the trades and double my account in 2 weeks, I did a withdrawal request. After that I lost 90% of my trades wichs finally become in a big lost. That makes me to think that win or loose doesnt depends on you. (probably would have any relationship with the "pay for order flow").
- After that loss, I become a debt with CME but I could trade again after a refund. (wich I think that is a good point for AMP, not only bad things)
- In this new stage, some issues become to the account like some orders that I didnt deployed appeared in my platform (wich is weird, probably someone was buying them but they appeared to me, and added to my losses). I request to AMP the CME log, to review them, but it never were sended to me.
- Finally and in conclusion I can say that if a retail dont undestand what is behind this bussines, maybe due to the pay for orderflow; or something I never could understand (i.eg only one guy beated citadel). What make my think that is almost impossible to make money with a 500$-700$ account.

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  #307 (permalink)
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Delawer View Post
Well I have a bit experience with them. I probably dont undestand a bit this bussiness (well I have heard is only about encourage people to trade) but I had some expectations about futures with them and I can tell as a member of the betatester group of the Bookmap Veloxpro platform.

-For me, was a bit weird the problems I had for to setup platform (TT) with them. I did about 5 or 6 request to help to setup it.
-They also didnt gave me the IP for guardian the first time. (how im gonna trade if I have nothing to conect TT with?)
-After wining 90% the trades and double my account in 2 weeks, I did a withdrawal request. After that I lost 90% of my trades wichs finally become in a big lost. That makes me to think that win or loose doesnt depends on you. (probably would have any relationship with the "pay for order flow").
- After that loss, I become a debt with CME but I could trade again after a refund. (wich I think that is a good point for AMP, not only bad things)
- In this new stage, some issues become to the account like some orders that I didnt deployed appeared in my platform (wich is weird, probably someone was buying them but they appeared to me, and added to my losses). I request to AMP the CME log, to review them, but it never were sended to me.
- Finally and in conclusion I can say that if a retail dont undestand what is behind this bussines, maybe due to the pay for orderflow; or something I never could understand (i.eg only one guy beated citadel). What make my think that is almost impossible to make money with a 500$-700$ account.

You seem to be accusing AMP and/or CME of influencing whether your trades win or loose. On top of that you are testing some beta product and accusing AMP of passing on someone else's losses to your account. Most probably the anomalies you saw are from the beta platform.

Sorry pal, you are absolutely not making any sense. You should not be trading at all and not certainly with $500 account.

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  #308 (permalink)
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cogito View Post
You seem to be accusing AMP and/or CME of influencing whether your trades win or loose. On top of that you are testing some beta product and accusing AMP of passing on someone else's losses to your account. Most probably the anomalies you saw are from the beta platform.

Sorry pal, you are absolutely not making any sense. You should not be trading at all and not certainly with $500 account.

Im not trying to annoying or blame anything. Is only a review, I also comment good points, and even in other forums of executions. I wasnt really hard (for instance sometimes after I switched off and relog, some orders I never deployed were there and dont think is a platform problem). All the review is TRUE. Obviously there are some thoughs, couse this is a broker review thread, and appart from te fatcs, there are some thoughs that are other trades wich have to judge by themselves.
Dont take it to the personal side.

Im now trying IQFeed will post futher review.

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  #309 (permalink)
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cogito View Post
Let me put this in context.

First a disclaimer. Couple of months ago I was looking for a discount futures broker. So, read this entire thread and decided to open an account with AMP. I did not have any issues with AMP as of date.

You are looking at the complaint. Complaints have allegations which may or may not be true. Anyone can file a complaint. Allegations in the complaint are not deemed true unless a judge/jury or appropriate authority rules on them...

Thanks for the context

Now I understand how those complaints basically are working.

Ive been their customer some years now and I have not had any major technical issues with them (first I was on CQG and now on Rithmic) but been little a bit worrying all the time because they are so small. Company capital seems to be only few millions so anything unexpected may take them out of business and quick... or is there any other funds backing up their business ?!? Would like to see their balance sheet.

Here in Finland every company (ltd or corp no matter is it public or not) must reveal their income statement and balance sheets so everybody can get a little a bit better picture how the company is performing and doing their busines. How is it in the US can I view their balance sheets (even they are not a public company) ? Any requlations from NFA or others in this ?


Last edited by Scalpguy; November 14th, 2015 at 06:35 PM.
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  #310 (permalink)
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Scalpguy View Post
Thanks for the context

Now I understand how those complaints basically are working.

Ive been their customer some years now and I have not had any major technical issues with them (first I was on CQG and now on Rithmic)

May I ask what made you switch from CQG to Rithmic?
What advantages with Rithmic?



Scalpguy View Post

Company capital seems to be only few millions so anything unexpected may take them out of business and quick... or is there any other funds backing up their business ?!? Would like to see their balance sheet.

Not sure how our monies are protected with futures traders. @mattz can you shed some light on this subject?

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