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AMP Futures / AMP Global Review

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  #101 (permalink)
ranger64
Bangkok, Thailand
 
 
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Bogan View Post
I was about to post the same observation.
And they didn't give me this link when I inquired about commissions by email.


This is what I was quoted for ES by email:
NT CQG: $3.84 + $0.20 CQG TRF = $4.04 r/t
NT Rithmic: $3.34 + $0.50 Rithmic TRF = $3.84 r/t
NT TT: $3.54 r/t
Static DOM is included on TT and cannot be excluded. For CQG and Rithmic static DOM is extra $0.20 r/t.

This is consistently 2 cents more per r/t than what the calc says (for volume tiered <1,000 Contracts), but looks like it does account for Rithmic routing fee.

this seems to make sense. its exactly what i come up with reading the calculator and adding 0.01 per side for 2014 (higher cme fees).

Edit: see post above (#102 by MoH), saw it after i wrote mine, so we have the detailed phone quote and the consistent email quote, which means the calculator is correct if you add the 0.01 cent for 2014

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  #102 (permalink)
 trendwaves 
Market Wizard
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MoscowOnHudson View Post
Hi,

<snip>

- Ninja/Rithmic: $3,82 + $0,02 CME incease = $3,84 (apparently the clearing fee is discounted for Rithmic by $0.50 according to my statement, but the Rithmic fee is $0.50/rt, so it evens out, but there is no CQG $0.20 routing fee for round-trip, so it's a net of -$0,20. I trade EUREX and was warned on Friday it's coming soon, but not available yet. Really hope it's launched imminently, because I trade a lot on FESX. Hope AMP is listening here... the Australian colleague above also said he wants this, so it's not only me.


Again, the rates above are from my statement, so I can confirm they are correct after speaking to my broker, but will contact him with a few other questions soon.

Hope this helps!

The AMP broker I spoke with on Thursday (3 days ago) told me the Rithmic fee of 0.25 / side is added to the base commission. Your saying the broker you spoke with said the Rithmic fee is being added and then subtracted back out ?

Just to clarify what your saying, this past week you actually connected to the AMP Rithmic servers and placed live trades on the Rithmic server and your statement confirms this $3.84 RT rate ? I also assume you opened a new Rithmic account at AMP within the last few days, since the option has only been available this past week ?

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  #103 (permalink)
MoscowOnHudson
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Yes, on Friday since Ninja 7.0.1000.19 came out with a built-in adapter for Rithmic Ninja AMP or other FCMs that offer such a product.

It's not subtracted out as you mentioned above... what I am saying is that with CQG on my statement for 1 round-turn the clearing fee was $1,00 + $0,20 CQG fee, so look at this as +$1,20 in addition to the NFA and exchange fees and broker's commission (which for me is the same on all my accounts -- indeed it would be kind of dumb for the broker to charge me different broker commissions rates since I am the same customer.). Don't forget that the CME exchange fee increased from $2,28 to $2,30 for the ES as of Jan 1.

So on Rithmic the clearing fee is $0,50 + $0,50 Rithmic fee = $1,00 round-turn..

On Ninja TT it is a clearing fee of $0,50 + I had no choice but to pay the $0,20 Static DOM fee due to the built-in patent, so look at this as $0,50 + $0,20 for the DOM, although it's no really an apples to apples comparison.

Overall cost, though, if including all fees plus the amounts listed above on Ninja/CQG w/o the DOM on my statement was $4,04 as of the New Year with the CME fees, then on my other account I had TT and it was $3,54 (with the DOM obviously). Rithmic/AMP was $3,84 on Friday's statement (no Static DOM), as I stated.

At AMP, it's one datafeed per account/subaccount, so I divided up my account into several and did free internal transfers to test out each technology. I just don't like that the TT Ninja combo doesn't have historical data, so even at the lower cost and free EUREX data, I "can't" really analyse the market from it, so I prefer executing with CQG even due to the slightly higher cost.

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  #104 (permalink)
 trendwaves 
Market Wizard
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MoscowOnHudson View Post
Yes, on Friday since Ninja 7.0.1000.19 came out with a built-in adapter for Rithmic Ninja AMP or other FCMs that offer such a product.

It's not subtracted out as you mentioned above... what I am saying is that with CQG on my statement for 1 round-turn the clearing fee was $1,00 + $0,20 CQG fee, so look at this as +$1,20 in addition to the NFA and exchange fees and broker's commission (which for me is the same on all my accounts -- indeed it would be kind of dumb for the broker to charge me different broker commissions rates since I am the same customer.). Don't forget that the CME exchange fee increased from $2,28 to $2,30 for the ES as of Jan 1.

So on Rithmic the clearing fee is $0,50 + $0,50 Rithmic fee = $1,00 round-turn..

On Ninja TT it is a clearing fee of $0,50 + I had no choice but to pay the $0,20 Static DOM fee due to the built-in patent, so look at this as $0,50 + $0,20 for the DOM, although it's no really an apples to apples comparison.

Overall cost, though, if including all fees plus the amounts listed above on Ninja/CQG w/o the DOM on my statement was $4,04 as of the New Year with the CME fees, then on my other account I had TT and it was $3,54 (with the DOM obviously). Rithmic/AMP was $3,84 on Friday's statement (no Static DOM), as I stated.

At AMP, it's one datafeed per account/subaccount, so I divided up my account into several and did free internal transfers to test out each technology. I just don't like that the TT Ninja combo doesn't have historical data, so even at the lower cost and free EUREX data, I "can't" really analyse the market from it, so I prefer executing with CQG even due to the slightly higher cost.


Thank you so much for taking time to clarify this information. I will take your Friday Statement of $3.84 as fact and go forward from there. Perhaps I simply mis-understood what the AMP broker I spoke with on Thursday was trying to tell me.

I will go up thread to my post about commission costs and correct my math using your numbers, so as not to confuse everyone.

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  #105 (permalink)
 energetic 
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Amp seem to be the alternative to mirus for me.
can anyone confirm me CQG provide free history data?

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  #106 (permalink)
shanemcdonald28
new york
 
 
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energetic View Post
Amp seem to be the alternative to mirus for me.
can anyone confirm me CQG provide free history data?

yes cqg has historical tick data. I just loaded 300 day tick chart with 10,000 tick resolution to verify it.

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  #107 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
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shanemcdonald28 View Post
yes cqg has historical tick data.


confirmed confirmation ...

2= ... should be true


...sometimes


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  #108 (permalink)
 trendwaves 
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Can anyone confirm the new AMP/Rithmic server also provides historical tick data for NinjaTrader charts ?

ES, NQ, TF, YM, CL ?

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  #109 (permalink)
 energetic 
hk
 
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great. Thanks to reply and confirmation.

tderrick View Post
confirmed confirmation ...

2= ... should be true


...sometimes


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  #110 (permalink)
 steve2222 
Auckland, New Zealand
 
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trendwaves View Post
Can anyone confirm the new AMP/Rithmic server also provides historical tick data for NinjaTrader charts ?



ES, NQ, TF, YM, CL ?


For NT, historical data comes from NT servers when using Rithmic just like it did with NT/ZF/Mirus.
For

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  #111 (permalink)
 santino 
barcelona (Spain)
 
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trendwaves View Post
Be careful with that cost calculator for Rithmic at AMP. The calculator is not including the 0.25 cent/side Rithmic data fee. So for Rithmic you will need to add in 0.25 cent to the quote generated by the calculator. The data fee for CQG is 0.10 cent/side, so using CQG you save 30 cents per RT over Rithmic with Amp.

For comparison:

AMP using Rithimic / Ninja Direct for ES, NQ, TF = 1.91 / side + 0.25 / side (data fee) = 4.32 / RT

AMP using Rithimic / Ninja Direct for ES, NQ, TF, YM = 1.91 / side (routing fee waived) = $ 3.84 / RT <--- corrected per subsequent clarification in postings below.

AMP using CQG / Ninja Direct for ES, NQ, TF, YM = 1.91 / side + 0.10 / side (routing fee) = $ 4.04 / RT



AMP using Rithmic /Ninja Direct for.......? Are you sure? or you mean Ninja Standart? I think only CQG /Ninja Direct is avalaible just now

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  #112 (permalink)
 trendwaves 
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santino View Post
AMP using Rithmic /Ninja Direct for.......? Are you sure? or you mean Ninja Standart? I think only CQG /Ninja Direct is avalaible just now

For clarification, I am simply trying to sort through my possible options with respect to being forced to move my trading from Mirus to a yet to be determined new home. I don't have an account with AMP, but am giving them equal consideration along with several other broker options. The threads on futures.io (formerly BMT) have been a tremendous help in my learning curve with respect to brokers and technologies that I have never worked with in the past.

My statement was based solely on the AMP Cost Calculator which does give the choice of NinjaTrader Direct or Standard Editions when I select Rithmic as the Data Feed. I had always selected Direct just to keep things simple (since it is Free). When I select Standard on the calculator the commission rate remains the same at $1.91. My assumption is in either case, Direct or Standard, the commission rate should be the same (not including TT Static DOM credits for the Standard Edition). So, No I am not sure if NinjaTrader Direct Edition is available for the new AMP/Rithmic Data Feed.

I spoke on the phone with an AMP broker on Tuesday, and was told to call back in a few days because they didn't have any information on the AMP/Rithmic technology being released when I tried to ask some specific questions about it. I called back on Thursday and was apparently given wrong information, which I posted up thread and had to later retract based on more accurate information provided here by several knowledgeable AMP clients posting here. Maybe the AMP brokers should read this thread before answering any more questions on the phone

AMP Cost Calculator

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  #113 (permalink)
 Bogan 
Australia
 
 
Posts: 48 since Feb 2011


MoscowOnHudson View Post
I just don't like that the TT Ninja combo doesn't have historical data, so even at the lower cost and free EUREX data, I "can't" really analyse the market from it, so I prefer executing with CQG even due to the slightly higher cost.

But you do get some backfill when using X_Trader, right?

trendwaves View Post
Can anyone confirm the new AMP/Rithmic server also provides historical tick data for NinjaTrader charts ?

Rithmic does not provide any tick backfill, there is simply no functionality for that in their API (though they provide minute bars for active contracts). So if you get any tick backfill on Rithmic with NT, it must be coming from NT, as Steve2222 says.

santino View Post
I think only CQG /Ninja Direct is avalaible just now

This is my understanding too.

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  #114 (permalink)
 tradersimon 
London
 
Experience: Advanced
Platform: NinjaTrader, Metatrader, MarketDelta
Broker: AMP/CQG
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First day live on AMP. No complaints whatsoever.

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  #115 (permalink)
 Koepisch 
@ Germany
 
Experience: Beginner
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Broker: Mirus Futures/Zen-Fire
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Hello,

i want to know if AMP (Clearing) provide a good customer portal with common features like trade history, downloadable statements, some statistics, withdrawel mgmt and such stuff? Can anybody make some anonymised screenshots of that. I haven't seen one post about that topic so far. So the question is whats "good". My Definition: RCG very very poor - Velocity excellent. I hope AMP is in between.

Thanks Koepisch

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  #116 (permalink)
 Tasker_182 
Cedar Rapids, iowa
 
Experience: Intermediate
Platform: Ninjatrader
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Koepisch View Post
Hello,

i want to know if AMP (Clearing) provide a good customer portal with common features like trade history, downloadable statements, some statistics, withdrawel mgmt and such stuff? Can anybody make some anonymised screenshots of that. I haven't seen one post about that topic so far. So the question is whats "good". My Definition: RCG very very poor - Velocity excellent. I hope AMP is in between.

Thanks Koepisch

I think i already posted about this somewhere, regardless, the portal is low in content. Sorry no screenshots. There is no trading history, there are no downloadable statements. It is pretty bare.
You can reconfigure your account/platform/data feed as they have many choices.
You can create sub accounts.
You can perform withdrawal requests.
You can transfer funds to FXCM.

Regardless of the portal, I automatically get daily trade statements, monthly trade statements and tax statement e-mailed to me.

"Money is better than poverty, if only for financial reasons." - Woody Allen
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  #117 (permalink)
shanemcdonald28
new york
 
 
Posts: 355 since Mar 2012
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Concerning AMP
no the trade history and account activity will be in pdf format sent daily, monthly.
I cannot view these things in the portal.
Only overview of balances in trading account, but no online viewing of detailed activity.

It is the same for me at Vision financial.
not much in the client portal. that is not through a broker though.

These things don't matter to me. The statements are emailed to me without a glitch and that's fine.
PDF on the computer, print a hard copy and file.

Trade history detailed reports I find to be dependent on the platform.

With Sierra chart and TT amp, I cant even see my account balance from within the platform ! what in the hell is that ?
Ridiculous if you ask me.

Ninja ? all details readily available and also with Multicharts.

I would think these things should be viewable easily in an online portal also.
My main clearing account is at TD Ameritrade and the account information available at every level is unbeatable.

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  #118 (permalink)
 Koepisch 
@ Germany
 
Experience: Beginner
Platform: NinjaTrader
Broker: Mirus Futures/Zen-Fire
Trading: FDAX
 
Posts: 522 since Nov 2011
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Can anybody confirm that if you are using Ninjatrader with CQG (and AMP of course) the datafeed / execution is routed to the CQG server in london? As i know the broker have to set the NEW cqg server ip manually via license or ??? .

Thanks Koepisch

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  #119 (permalink)
 patidar 
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Concerning AMP,

watch your commisions,fees that they charge. What they say and what they do is two different things.

In the past they were charging me RT of 6.57 for CL trading, they never gave me a refund for the

'miscalculation' and I just let if go. I was new then with them and wasnt trading that much.,so the amountwas not large.

Its the principle! and law.

BEWARE,as I watch daily what they do.

Their customer service has improved drastically for the better though,with the chat box etc.

Might also be the fallout of Mirus and they are grabbing customers along with Corzine fiasco
few years ago. So its good for all.

I see they have been banned here, dont want to know the soap opera....sick of soap operas at all levels in life,could care less.

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  #120 (permalink)
 Tasker_182 
Cedar Rapids, iowa
 
Experience: Intermediate
Platform: Ninjatrader
Broker: Ninjatrader - Continuum
Trading: 6E, TF, 6J
 
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patidar View Post
Concerning AMP,

watch your commisions,fees that they charge. What they say and what they do is two different things.

In the past they were charging me RT of 6.57 for CL trading, they never gave me a refund for the

'miscalculation' and I just let if go. I was new then with them and wasnt trading that much.,so the amountwas not large.

Its the principle! and law.

BEWARE,as I watch daily what they do.

Their customer service has improved drastically for the better though,with the chat box etc.

Might also be the fallout of Mirus and they are grabbing customers along with Corzine fiasco
few years ago. So its good for all.

I see they have been banned here, dont want to know the soap opera....sick of soap operas at all levels in life,could care less.


Doesn't matter who your broker is, always watch your daily statements, it is a "job requirement" according to my boss (who is ME!).

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  #121 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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I saw some cats asking about this around the forum. I inquired about it not so long ago and this was
their response.



How to establish data diversification with NinjaTrader at AMP.

Each account can be set up only on one data connection. To set up multiple data connections into a
single copy of Ninjatrader is an easy process.

In order to achieve dual data connection, all you would need to do is set up a subaccount - transfer a minimum of $500 into the new sub-account. Once the new subaccount has been established, you will be able to select CQG, Rithmic or AMP/TTnet as the data feed.

Then, you can e-mail sales@NinjaTrader.com your NinjaTrader license key - and upgrade it to the multi-broker version. This will allow you to have multiple data connections at the same time.

Log into your customer portal: https://portal.ampclearing.com/account/login.aspx

Under your "Accounts" tab select sub-account – then follow the wizard to complete the internal funds transfer to the new sub-account.

If you need any assistance, please call the 24 hour help desk: 312 893 6400 ext. 1 or email support@ampfutures.com

________


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  #122 (permalink)
ranger64
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you only need 100 usd in the subaccount for data.

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  #123 (permalink)
 Anagami 
Market Wizard
Cancun, Mexico
 
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I just spoke with a customer service rep at AMP.

ABSOLUTELY HORRIBLE. Felt like talking to a total idiot who doesn't know anything. He didn't really answer any of my questions.

No way I am depositing any money with them.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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  #124 (permalink)
 patidar 
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there is one guy there in the funding/new accts depart. He is a joke. Blithering idiot comes to mind. I have no idea what he is doing there.



Has a accent from somewhere,nothing against accents but this guys is heavy. If its him...RUN..........FAST.


Max on tech support is cool,there is a Dave there on the chatbox...good guys.


Trade desk is hit or miss. I can see it being a stressful job,I cut them slack big time. TS's trade desk was the same.

Like working for ATC at a tower at any busy airport.

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  #125 (permalink)
 Joseph Connors 
Colorado Springs, CO USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Amp Futures. CQG
Trading: Futures
 
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Anagami View Post
I just spoke with a customer service rep at AMP.

ABSOLUTELY HORRIBLE. Felt like talking to a total idiot who doesn't know anything. He didn't really answer any of my questions.

No way I am depositing any money with them.

Ok. Can you be more specific about how this guy was "a total idiot". What kind of questions were you asking?

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  #126 (permalink)
 Anagami 
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The problem wasn't the accent. The problem was transparency. He wasn't answering any questions I asked him clearly. Everything he said was tentative OR he was answering questions that I WASN'T asking him.

I will give you one example. I asked him about calculating day trading margins if you have an account in another currency. He said the margins are posted. I pointed out to him that those are in US dollars and asked him what the margins are OR how they calculate them for accounts in other currencies. He kept dodging the question and said that they have 'their own calculations'. When I asked him what they were, he had no answer for me. Finally, he admitted he had no clue about that.

And that wasn't the only question that went that way.

Crap service and no transparency.

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  #127 (permalink)
 slickiam 
Tomsk, Russia
 
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Anagami View Post
The problem wasn't the accent. The problem was transparency. He wasn't answering any questions I asked him clearly. Everything he said was tentative OR he was answering questions that I WASN'T asking him.

I will give you one example. I asked him about calculating day trading margins if you have an account in another currency. He said the margins are posted. I pointed out to him that those are in US dollars and asked him what the margins are OR how they calculate them for accounts in other currencies. He kept dodging the question and said that they have 'their own calculations'. When I asked him what they were, he had no answer for me. Finally, he admitted he had no clue about that.

And that wasn't the only question that went that way.

Crap service and no transparency.

I agree. Try to ask a question to any person from AMP and they will bring a lot of pain for your mind.
They are absolutely ignorant.

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 patidar 
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Anagami View Post
The problem wasn't the accent. The problem was transparency. He wasn't answering any questions I asked him clearly. Everything he said was tentative OR he was answering questions that I WASN'T asking him.

I will give you one example. I asked him about calculating day trading margins if you have an account in another currency. He said the margins are posted. I pointed out to him that those are in US dollars and asked him what the margins are OR how they calculate them for accounts in other currencies. He kept dodging the question and said that they have 'their own calculations'. When I asked him what they were, he had no answer for me. Finally, he admitted he had no clue about that.

And that wasn't the only question that went that way.

Crap service and no transparency.

If I was on his position the question would be answered as the currency value conversion based on that day or whenever time period that you want. What is so hard about that? Yes,its does show lack of quick wit of a obvious simple question. Does not give confidence and one loses prospective customers fast .

ps they are a discount broker. 1 plus 1 does not equal 2. FYI

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paulg
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Anagami View Post
The problem wasn't the accent. The problem was transparency. He wasn't answering any questions I asked him clearly. Everything he said was tentative OR he was answering questions that I WASN'T asking him.

I will give you one example. I asked him about calculating day trading margins if you have an account in another currency. He said the margins are posted. I pointed out to him that those are in US dollars and asked him what the margins are OR how they calculate them for accounts in other currencies. He kept dodging the question and said that they have 'their own calculations'. When I asked him what they were, he had no answer for me. Finally, he admitted he had no clue about that.

And that wasn't the only question that went that way.

Crap service and no transparency.


Did you ever try to calculate your baht vs usd?
Broker will use the official NY fix to calculate the equivalent in $ of your funds. So your statement and the intraday funds available for trading and margins are virtually converted so you can trade US or EUR or whatever instruments you trade. So approx . USD 1000.00 = BAHT 32915.20 in this moment. But I don't know the official 'fix' yesterday that will be used for the current sessions after the P&L are being calculated in your account.
That's all.

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 tderrick 
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Anagami View Post


Crap service and no transparency.


A blanket statement like that from one encounter with one soldier is ludicrous at best

Your questions were highly specialized. You should have asked for a specialist.

Good day sir.

A happy AMP customer


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 tderrick 
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slickiam View Post
I agree. Try to ask a question to any person from AMP and they will bring a lot of pain for your mind.
They are absolutely ignorant.


Ridiculous...


see previous post


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  #132 (permalink)
 patidar 
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tderrick View Post
Ridiculous...


see previous post

I agree TD, I have been with them for 2 years. Besides my commision issue which I have noted for all,no problems at all.

One incident,one bad apple is not a barometer of the whole.

If you have a alterior motive for bashing them please say that issue. Blanket statements

like ones made above shows me something else....

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 patidar 
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patidar View Post
I agree TD, I have been with them for 2 years. Besides my commision issue which I have noted for all,no problems at all.

One incident,one bad apple is not a barometer of the whole.

If you have a alterior motive for bashing them please say that issue. Blanket statements

like ones made above shows me something else....


'
He said the margins are posted. I pointed out to him that those are in US dollars and asked him what the margins are OR how they calculate them for accounts in other currencies. He kept dodging the question and said that they have 'their own calculations'. When I asked him what they were, he had no answer for me. Finally, he admitted he had no clue about that.'

There is no merit to this statement Anagami, I think you have fabricated this.
They would have told you we will get back to you with a answer or hand it off to someone else who has a answer.

The answer is so rudimentary,its silly. Even the question has no merit being a Foreign trader you know the
answer and how its derived,so why even ask them something naive like that?


BTW, AMP and all brokers in the USA are regulated and are required by law to provide service that is under the jurisdiction of these bylaws.
Vast majority abide by them.

Yes we have had the PFT,Global fiascos and many others.

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 supermht 
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I was with them 2 years ago, it is the worst customer service I 've seen. from attitude and knowledge, horrible

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 patidar 
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'Sometimes you just cant win.' -David Gilmor(PF)



Yes they may have Sucked,they have Unsucked now. That is the point.

Heck look at Mirus futures,top of the line reputation and service for years(btw they were my broker before I switched
2 years ago)...they are almost have gone to a no nothing in a few months in the customer service department.

I am out, there seems to be some 'essues' with AMP on this board previously. I dont want to open up those scabs.

I totally respect your opinions and totally understand where you are coming from. Been there done that with others.

Caveat emptor still holds true.

Alot of times these brokers dont have our interests as their primary goal. Duh.



https://www.xe.com/currencyconverter/

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 tderrick 
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patidar View Post
'

The answer is so rudimentary,its silly. Even the question has no merit being a Foreign trader you know the
answer and how its derived,so why even ask them something naive like that?



Wow, I thought the question was specialized. ... shows how much I know about that subject


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 patidar 
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TD ,I asked a similar question to AMP a few weeks ago.

It was asked on the chatbox and Dave after investigating came back within a few minutes with a answer.

It had to do with having a NRI account and trading from India. A data question and how I could transfer the
money back and forth.

Yes,it can be a intricate question. I do apologise, I was saying the conversion question is quick and whatever
fees incurred should be told to the client instantly. I presume Angami was looking for just that ,mine was a little
involved and patiently waited for a answer and got a answer that I was happy with.



Ya next.



Broker/Data: Two cans on a string <<<<<<<<<<<< my new broker if AMP flames out.

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 Tasker_182 
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A lot of people bash Amp and have done so for quite some time and others, like myself, have been with them for a while and wondered about the things we read. I can only go by my own experience and report that i've never had a problem that wasn't quickly and correctly resolved. Yes they make mistakes, yes they can miscommunicate, but i suspect that happens to everyone at one point.

That said, if you are the kind of person that needs your hand held every step of the way, and you treat every answer/response with undue suspicion and hostility, then you might be better off with a more touchy-feely (small) kinda firm like the one that has recently been bashed so much for having great customer service but then dropped the ball big time, oopsie... (Sorry that was rather mean but the point is customer service isn't everything).

Look, smaller firms want your business way more than Amp, thats just how it is, that's their (smaller firms) way of getting in the game, and the smaller firms will give you that "personal" service to make you "feel' good but they can be limited in what they offer. Amp on the other hand offers reasonable rates and great flexibility in datafeeds/platforms. In the last couple of years they have evolved their on-line support tech and it has been great when i needed it (not often). So for me Amp meets my needs.

So if you were at that one firm, here is a recording that may be of some help BrokerRecording.7z

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 supermht 
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yes, that is your own experience, not all client's, I heard a lot bad reviews about their customer service too, and of course, I am one of them.

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 NinjaTrader  NinjaTrader is an official Site Sponsor
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AMP customer service team has grown rapidly over the past two years to keep up with the increased NinjaTrader users. All of the help desk agents are fully trained to technically support the NinjaTrader platform. Over the past few weeks there has been multiple data connections added and the AMP customer service team has worked even on weekends to help the NinjaTrader users get back to trading quickly. AMP Customers Service is available 24 hours per day starting Sunday at 4:45pm CST until Friday at 5:00pm CST via Phone or Live Chat. If you have any questions, requiring higher than level I support - please e-mail the AMP help desk managers directly: HDM@ampclearing.com

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 tderrick 
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supermht View Post
yes, that is your own experience, not all client's, I heard a lot bad reviews about their customer service too, and of course, I am one of them.


sigh...

The Trading Desk is always manned.
My orders are always filled lightening quick.
The Data is solid.

If you want a baby sitter, smaller shops are your bag as was mentioned above.

These cats live in Chicago. There is a certain edge to the mindset that not all will dig.

The haters are getting under my skin


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 supermht 
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tderrick View Post
sigh...

The Trading Desk is always manned.
My orders are always filled lightening quick.
The Data is solid.

If you want a baby sitter, smaller shops are your bag as was mentioned above.

These cats live in Chicago. There is a certain edge to the mindset that not all will dig.

The haters are getting under my skin

it is not about hater or bash, just a bad experience.. so far

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 cory 
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Tasker_182 View Post
A lot of people bash Amp and have done so for quite some time and others, like myself, have been with them for a while and wondered about the things we read. I can only go by my own experience and report that i've never had a problem that wasn't quickly and correctly resolved. Yes they make mistakes, yes they can miscommunicate, but i suspect that happens to everyone at one point.

..

Well said but haters are going to hate any way.

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 Big Mike 
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tderrick View Post
A blanket statement like that from one encounter with one soldier is ludicrous at best
Good day sir.


tderrick View Post
Ridiculous...


tderrick View Post
sigh...

If you want a baby sitter, smaller shops are your bag as was mentioned above.

The haters are getting under my skin

@tderrick,

I really don't appreciate your replies. You have established you are a extremely happy customer with AMP. Others have established they have received poor service or are unhappy with AMP.

Everyone is free to share their experiences on futures.io (formerly BMT), good or bad, so long as they are based on actual experiences.

Stop badgering people just because they don't share your views and be open to the fact that some people may have experiences different than your own.

Mike

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 tderrick 
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Anagami View Post
The problem wasn't the accent. The problem was transparency. He wasn't answering any questions I asked him clearly. Everything he said was tentative OR he was answering questions that I WASN'T asking him.

I will give you one example. I asked him about calculating day trading margins if you have an account in another currency. He said the margins are posted. I pointed out to him that those are in US dollars and asked him what the margins are OR how they calculate them for accounts in other currencies. He kept dodging the question and said that they have 'their own calculations'. When I asked him what they were, he had no answer for me. Finally, he admitted he had no clue about that.

And that wasn't the only question that went that way.

Crap service and no transparency.


I'm not sure this is what you were after, but there is a wealth of information at AMP on tap for any willing
to spend the time searching or ask the right people.

________________________


Explanation of the AMP currency conversion process and requirements:

What is the reason for currency conversions?

AMP has 10 different currencies available for funding a trading account: USD, EUR, GBP, CHF, CAD, AUD, HKD, JPY, NZD, SGD. This allows our customers from around the world deposit in their preferred currency. When a customer deposits in any of these currencies, the account’s “Base Currency” will be the funded currency type.

Trading P&L is always calculated in the currency of the exchange. For example all US exchange traded contracts P&L settles in USD. If a customer funds the trading account in USD and trades only US markets there'll be no currency conversions required, because the account base currency is USD and all the trading P&L is also USD.

If a customer funds the trading account with USD and trades European markets, the account base currency will be USD and the trading P&L will be in EUR. Because the trading P&L is different than the account base currency, on the trade statements - there will be 3 balances displayed on the bottom:

1) USD account balance (base deposit)

2) EUR trading P&L

3) Final USD account balance using an estimated EUR to USD conversion rate

An opposite example:

If a customer funds the trading account with EUR and trades US markets, the account base currency will be EUR and the trading P&L will be and USD. Because the trading P&L is different than the account base currency, on the statements - there will again be 3 ounces displayed on the bottom:

1) EUR account balance (base deposit)

2) USD trading P&L

3) Final USD account balance using an estimated USD to EUR conversion rate

These examples will hold true for all 10 available deposit currencies.

When does AMP process currency conversions?

1) Once a month, AMP covers all currency debit balances in our customer accounts, usually during the 3rd full week of the month. For example, if your base account balance in USD is 40,000.00 and your P/L balance in EUR is -10,000.00, AMP will convert an equivalent amount of USD to cover the negative EUR trading P/L. AMP does the conversions at prevailing bank rates for the time of the transaction. You will see these entries detailed on the daily statement as “FX Debit Balance Conversion.” If all currency balances are positive, (base account & trading p/l) there is no currency conversion required.

2) When a customer is withdrawing the account balance. If there is any trading P&L, in a different currency than the base account currency, it will need to be converted before the funds are released. For example, customer is withdrawing account balance. The account base currency is USD, but there were EUREX trades – p/l either positive or negative in EUR, the EUR P&L will need to be converted to USD in order to withdraw the full USD balance.

AMP has customers from over 100 countries around the world, the ability for us to accept multiple currencies for deposit we have found to be very useful for our customers. As always, our customers are the boss of their accounts and full control of all process. At any time our customers can request a currency conversion to any of the 10 available currencies of their choice. We are fully set up to manage multiple currencies per account - and will process any request to set up our customers account currency preferences.

If you have any questions, please do not hesitate to e-mail funds@ampclearing.com

Happy Trading!


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 patidar 
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tderrick View Post
sigh...

The Trading Desk is always manned.
My orders are always filled lightening quick.
The Data is solid.

If you want a baby sitter, smaller shops are your bag as was mentioned above.

These cats live in Chicago. There is a certain edge to the mindset that not all will dig.

The haters are getting under my skin

+10,their margins and commsions are top end, for a discount/retail shop for the small guy where are
you going to get it??

Name one that can give you that for putting down $500 for a futures account. They let me trade with $1000 per Cl car,others are double if not triple.

Name me one. People come into this market and expect the World and everything handed to them on a silver platter.

What have you put down to deserve top service????!!

GS,JPM will not even talk to you unless you got some serious cash to put down to play Futures at their level. We all know the level they and others play at.

I am speculating here,most of us cant even pick up a phone to talk to them based on our liquid assets much less whine or bitch about service.

As Cory says hate will just fuel more hate.

If its unjustified,you will get a tongue lashing. 2 cents.


You that AMP disserved are welcome to your viewpoints, I being a happy customer will support them.
IF they or for that matter any other broker has sub performed in their duties will get their just dues.. I personally have no qualms about it.
Its fair.


There are atleast two sides to a issue and it needs to be BALANCED.


BTW this site is based in the USA,and we will observe the Democratic tradtion,it has served us well.

If I find something bad about AMP,I will report it.

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 tderrick 
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Big Mike View Post
@tderrick,

I really don't appreciate your replies. You have established you are a extremely happy customer with AMP. Others have established they have received poor service or are unhappy with AMP.

Everyone is free to share their experiences on futures.io (formerly BMT), good or bad, so long as they are based on actual experiences.

Stop badgering people just because they don't share your views and be open to the fact that some people may have experiences different than your own.

Mike


I just don't get it, Mike... I have never run across a rude or inept person in all the years I have been there.
It just pisses me off sometimes.

I will try to restrain myself in the future.


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  #148 (permalink)
 Big Mike 
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tderrick View Post
I just don' get it, Mike... I have never run across a rude or inept person in all the years I have been there.
It just pisses me off sometimes.

I will try to restrain myself in the future.

Uhm... what?

You should think back to the messages you sent me about AMP and what they were doing to you after you posted that you had CQG connection problems. I just re-read those messages just to remind myself that it was the same user (you).

It was quite clear by your messages that you had an extremely serious issue with Amp and the way they were treating you after you made your post on futures.io (formerly BMT).

I am glad you've had a complete 180 change of heart and you now love them and all that, but please appreciate that others may be experiencing today what you yourself experienced in the past. And hopefully they are not afraid of the repercussions of posting as you were.

Mike

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 addchild 
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patidar View Post
+10,their margins and commsions are top end, for a discount/retail shop for the small guy where are
you going to get it??

Name one that can give you that for putting down $500 for a futures account. They let me trade with $1000 per Cl car,others are double if not triple.

The entire purpose of that is to keep you trading, keep you at the desk. Any one who offers $500 margins really understands the game, but anyone who uses it likely doesn't.

.
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 tderrick 
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Big Mike View Post
Uhm... what?

You should think back to the messages you sent me about AMP and what they were doing to you after you posted that you had CQG connection problems. I just re-read those messages just to remind myself that it was the same user (you).

It was quite clear by your messages that you had an extremely serious issue with Amp and the way they were treating you after you made your post on futures.io (formerly BMT).

I am glad you've had a complete 180 change of heart and you now love them and all that, but please appreciate that others may be experiencing today what you yourself experienced in the past. And hopefully they are not afraid of the repercussions of posting as you were.

Mike

Yes, I know...... Dan was upset with me for raising hell about getting drops on CQG at the farm. I was trading
through an iPhone. We went through it all and I finally admitted that I shouldn't be accusing anyone of bad
data feeds when I'm trading through 3G. I posted all that stuff on one of those threads.

The key is ,we talked our way through it. He had my NT log and trace files gone through to see what was
going on. I'm fairly solid with computers, but I'm certainly no IT guy. He showed me the error of my ways
and I was man enough to admit I was an idiot for even trying such a fool harder venture.

CQG has been rock solid ever since I upped my game and got an office.

I'm sorry I pissed you off.


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 tderrick 
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addchild View Post
The entire purpose of that is to keep you trading, keep you at the desk. Any one who offers $500 margins really understands the game, but anyone who uses it likely doesn't.


I love that!!


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 tderrick 
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Uhm... what?

You should think back to the messages you sent me about AMP and what they were doing to you after you posted that you had CQG connection problems. I just re-read those messages just to remind myself that it was the same user (you).

It was quite clear by your messages that you had an extremely serious issue with Amp and the way they were treating you after you made your post on futures.io (formerly BMT).

I am glad you've had a complete 180 change of heart and you now love them and all that, but please appreciate that others may be experiencing today what you yourself experienced in the past. And hopefully they are not afraid of the repercussions of posting as you were.

Mike

I said I never ran across anyone rude or inept. I never mentioned anyone getting pissed off at me



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  #153 (permalink)
 Tasker_182 
Cedar Rapids, iowa
 
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tderrick View Post
Yes, I know...... Dan was upset with me for raising hell about getting drops on CQG at the farm. I was trading
through an iPhone. We went through it all and I finally admitted that I shouldn't be accusing anyone of bad
data feeds when I'm trading through 3G. I posted all that stuff on one of those threads.

The key is ,we talked our way through it. He had my NT log and trace files gone through to see what was
going on. I'm fairly solid with computers, but I'm certainly no IT guy. He showed me the error of my ways
and I was man enough to admit I was an idiot for even trying such a fool harder venture.

CQG has been rock solid ever since I upped my game and got an office.

I'm sorry I pissed you off.

Trading though an iPhone, that's like the dumbest thing ever (just thought you might like confirmation )
Great problem, great fix, great confess, great post!!

"Money is better than poverty, if only for financial reasons." - Woody Allen
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  #154 (permalink)
 tderrick 
Nashville, Tennessee
 
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Tasker_182 View Post
Trading though an iPhone, that's like the dumbest thing ever (just thought you might like confirmation )
!!


man, we all gotta start somewhere.... Live and learn



Aj

Sent from my iPhone using Tapatalk


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  #155 (permalink)
 djkiwi 
Mercer Island WA
 
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Depositing funds with AMP, like any other privately owned broker is a game of Russian roulette. You place your funds and hope you don't wake up one morning look at the news and find you have fallen victim to another MF Global or PFG Best.

We know from history with MF Global and PFG that the regulators are and continue to be useless so we have no confidence there. We also know that given the risks insurance companies won't offer coverage to futures brokers anytime soon, if ever. So where does that leave us?

Personally I use the following risk management techniques:

1. Limit the amount of cash available for "cash margin" in privately owned firms to 10% of net worth. If your net worth is $100k then you shouldn't have more than $10k in futures accounts.

2. Further spread the 10% around to two privately owned futures brokers so exposure to any one broker is 5%. If your net worth is only $10k and you deposit all of that with one broker then you are asking for trouble in my opinion.

My current losses from a failed firm is currently $0. As in Russian roulette I know that sooner or later I'm going to get shot. But when I do at least I've minimized the damage.

Reading through this thread I think some people are not seeing the big picture. Who cares whether AMP answer the phone after 2 rings or 10 rings, or the guy on the other end is rude, or they stiffed you $1 in commissions, or round trip commissions are 50 cents more than the next guy. Admittedly I've called AMP a few times about my account. Their customer service has been mixed but have no opinion either way.

The most important question is how safe is my capital?.

Is the owner stealing my funds (PFG) or hypothecating them in an egotistical sovereign bond bet (MF Global)? I can never know so need to take my own precautions by limiting my exposure to them or any other privately owned broker for that matter.

Protecting my capital is my own responsibility.

My preferred option is to limit funds with privately owned brokers in favor of publicly listed brokers. Preferred option is to use companies that allow excess cash to be swept to FDIC/SIPC insured accounts. However there are inherent risks with some publicly listed brokers as well as I pointed out in this thread:


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  #156 (permalink)
 patidar 
Pergatory
 
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tderrick View Post
man, we all gotta start somewhere.... Live and learn



Aj

Sent from my iPhone using Tapatalk




You crack me up TD and better yet you man up and admit it. This Buds for you! or being in Nashville, this moonshine is for you!

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  #157 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
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patidar View Post






You crack me up TD and better yet you man up and admit it. This Buds for you! or being in Nashville, this moonshine is for you!


...I'll take the shine


Aj

Sent from my iPhone using Tapatalk


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  #158 (permalink)
 Anagami 
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Cancun, Mexico
 
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Not sure why some of you are getting a hard-on because someone else had a crappy experience with AMP.

I merely shared my experience as it happened.

If that gives you high blood pressure, see your doctor.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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  #159 (permalink)
 patidar 
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Viagra is a hell of a drug Anagami.

I didn't know it was going to get this bad or I would not have said nothing. It really wasnt that big of a thing.
I learned via PM of the past also.

Ah so.

O well. No one died. That's a good thing.

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  #160 (permalink)
 tderrick 
Nashville, Tennessee
 
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Today we move on - Brothers in arms


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  #161 (permalink)
 tderrick 
Nashville, Tennessee
 
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This thread has become strangely quiet. ... they call me the thread killer...


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  #162 (permalink)
met68
Ragusa Italy
 
 
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I have tried to work with these clowns for a few months now, but it is of no use. I have not gotten a single platform/ data feed combo to work reliably with them. My main account is with IB, which I use with Sierrachart and MC.Net as a front end and these combos work really well. Now just need an other backup broker with tick-accurate data feed.

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  #163 (permalink)
 supermht 
Naperville IL
 
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met68 View Post
I have tried to work with these clowns for a few months now, but it is of no use. I have not gotten a single platform/ data feed combo to work reliably with them. My main account is with IB, which I use with Sierrachart and MC.Net as a front end and these combos work really well. Now just need an other backup broker with tick-accurate data feed.

AMP: junk is always junk, no wonder, especially when you talk to that Vietnamese guy...he is awful.

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  #164 (permalink)
 noyss 
Ibiza. Spain
 
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Hi,


I´ve just see this post. I only have to say that I´m AMP Customer for around one year or more. I confirm, Customer Service is not a very good service, I had some problems with agents who speaks my language (Spanish) but didn´t know nothing about the things I ask them and also sometimes are so late in responses. I prefer to speak with the chat service in English instead with my AMP agent.

Recently, I feel a better change and seems are a little more close to the customers, but is a Broker, which I´m not very happy with.

Watching that also want to denounce one of my fovourite forums is another step to get out of them...

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  #165 (permalink)
 edassery 
chicago. IL , USA
 
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Hello All,

I have an account with AMP, and I saw lot of bad comments/exp. about them here.. but I work with Johny Khek(AMP) and he is always helpful and reply to me or solve my issues with in minutes..i am not saying they are the best or any thing in that matter , and I don't agree with AMP law suit against Mike and futures.io (formerly BMT), this is one forum I feel fair and true to the benefit for all of us and I learned a lot from this forum than any thing else and Big Mike is doing a fantastic job to keep this forum true and good.. ..I sincerely hope they both reach in mutual understanding and get rid off these law suits..Just adding my experience with AMP and express my respect to futures.io (formerly BMT) and Big Mike
Thanks

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  #166 (permalink)
 quantismo 
Waco TX.
 
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I personally think this is the most upscale and legit trading forum in the business and to see any broker personally attack it shows me there not client oriented as they will likely loose many more clients that see this kind of activity as the small minded attempt of some sort of personal revenge it appears to be. I personally was about to apply for a account with this broker to test them but now I am very leary

Quantismo

PS.. I have live accounts with MB Trading, Mirus, Onanda, FXCM, TD Ameritrade, Scottrade, Trade King and each one of them don't go around suing forums for they show some class.

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  #167 (permalink)
 Peter 
Brisbane; Australia
 
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I am looking for an additional broker but AMP just dropped all the way from the top of my shortlist... to .... 'NO WAY'.

I didn't even read the detailed rationale for their decision to file lawsuit against BigMike.
To my opinion a company should just not throw it's weight around by filing frivolous lawsuits.
It proves that AMP's focus is not on the right things and therefore IMHO they can't be trusted with my money.

Brokers should spend their resources in making their company better. Engaging lawyers to attack internet forums is IMHO a definitive sign that the AMP company board has lost the plot.
Just think of the time and money wasted.....

If there are negative opinions about certain companies, readers are able to weigh these against the positive remarks. Even with the negative remarks in some posts, AMP was about to get my business as for my situation their global reach, multi-currency funding, costs, etc. outweighed the concerns about customer support (also expressed on other trading websites).
BigMike is the premier trading site and quite well moderated and balanced. Much more balanced than most other trading sites. I value the opinions of the contributors here, independent of their stance being pro or con.


The move of AMP to throw up a tantrum and file a lawsuit against a trading site because of opinions stated on a forum is IMHO a childish act. It does not fit with a solid organization with a mature approach to business. If a company focuses on that crap, they can't be focused on running their core business.

So .... no AMP for me. This kind of lawsuit behavior negates all and any positives.... as it proves a company to be immature in business dealings. Their focus is in the wrong place. No way I will trust them with my money.


And BTW.
I humbly submit that the best course of action for BigMike might be to give AMP their way.
I am all for defending the right of expression, but in this case I do wonder if it is worth the time and money. Why would you spend time defending the right of reader to talk about a company which does not want to be discussed??

Just delete EVERYTHING related to AMP on the site and let us discuss brokers which focus on brokerage.
Then amend the term 'AMP' in the spell checker so that 'AMP' will automatically change into: ...'this company that sues us when they do not agree with your post cannot be discussed on BigMike'.
I am sure AMP will be very happy that they won't get any attention anymore.....

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  #168 (permalink)
 tturner86 
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Portland, Oregon
 
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Peter View Post
I am looking for an additional broker but AMP just dropped all the way from the top of my shortlist... to .... 'NO WAY'.

I didn't even read the detailed rationale for their decision to file lawsuit against BigMike.
To my opinion a company should just not throw it's weight around by filing frivolous lawsuits.
It proves that AMP's focus is not on the right things and therefore IMHO they can't be trusted with my money.

Brokers should spend their resources in making their company better. Engaging lawyers to attack internet forums is IMHO a definitive sign that the AMP company board has lost the plot.
Just think of the time and money wasted.....

If there are negative opinions about certain companies, readers are able to weigh these against the positive remarks. Even with the negative remarks in some posts, AMP was about to get my business as for my situation their global reach, multi-currency funding, costs, etc. outweighed the concerns about customer support (also expressed on other trading websites).
BigMike is the premier trading site and quite well moderated and balanced. Much more balanced than most other trading sites. I value the opinions of the contributors here, independent of their stance being pro or con.


The move of AMP to throw up a tantrum and file a lawsuit against a trading site because of opinions stated on a forum is IMHO a childish act. It does not fit with a solid organization with a mature approach to business. If a company focuses on that crap, they can't be focused on running their core business.

So .... no AMP for me. This kind of lawsuit behavior negates all and any positives.... as it proves a company to be immature in business dealings. Their focus is in the wrong place. No way I will trust them with my money.


And BTW.
I humbly submit that the best course of action for BigMike might be to give AMP their way.
I am all for defending the right of expression, but in this case I do wonder if it is worth the time and money. Why would you spend time defending the right of reader to talk about a company which does not want to be discussed??

Just delete EVERYTHING related to AMP on the site and let us discuss brokers which focus on brokerage.
Then amend the term 'AMP' in the spell checker so that 'AMP' will automatically change into: ...'this company that sues us when they do not agree with your post cannot be discussed on BigMike'.
I am sure AMP will be very happy that they won't get any attention anymore.....

Because it sets a bad precedent that will stifle people ability to provide fair and honest reviews of their experiences with brokers, vendors, etc. Having looked at the citations in the forms provided by Mike, I would say the law is on his side. AMP is suing him for the actions of a third party, which he is protected from by law.

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  #169 (permalink)
 dstrader 
Chicago, USA
 
Experience: Advanced
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I have nothing but good experiences with AMP. I didn't have time to read all the details behind this lawsuit, but it really surprised me.

I hope things are solved in an amiable way. Maybe AMP should present their side against any criticisms here on futures.io (formerly BMT)F in a webinar in addition to their capabilities of course. In a way giving AMP also an open forum. I realize that some people go to forums only to criticize companies, never to say anything positive.

Btw, I also support Big Mike. This is the best and most trustworthy trading forum in the internet. Again, without knowing all the details, I'm guessing that there is some type of misunderstanding from AMP's part and some clarification may help solve this.

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  #170 (permalink)
 bobwest 
Site Moderator
Sarasota FL
 
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dstrader View Post
Maybe AMP should present their side against any criticisms here on futures.io (formerly BMT)F in a webinar in addition to their capabilities of course. In a way giving AMP also an open forum.

...

Again, without knowing all the details, I'm guessing that there is some type of misunderstanding from AMP's part and some clarification may help solve this.

Not to get too far into it, but there's been an extensive history with AMP on futures.io (formerly BMT), which you can search for. Eventually they got banned (search for details, if interested), and there's been legal stuff going on for awhile.

So you could say that they have had their forum, and I'm real sure that @Big Mike is not going to give them more.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #171 (permalink)
shanemcdonald28
new york
 
 
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I have had great service with AMP for a couple of years now.
Lawyers for AMP are just doing what they are supposed to do.

I would recommend AMP to anyone needing a no frills broker with good products at a good price.

Shane

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  #172 (permalink)
 Peter 
Brisbane; Australia
 
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shanemcdonald28 View Post
I have had great service with AMP for a couple of years now.
Lawyers for AMP are just doing what they are supposed to do.

I would recommend AMP to anyone needing a no frills broker with good products at a good price.

Shane

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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  #173 (permalink)
 Itchymoku 
Philadelphia
 
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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.

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
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  #174 (permalink)
 twodogtrading 
dallas
 
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Peter View Post
So .... no AMP for me. This kind of lawsuit behavior negates all and any positives.... as it proves a company to be immature in business dealings. Their focus is in the wrong place. No way I will trust them with my money.

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.

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  #175 (permalink)
 Tasker_182 
Cedar Rapids, iowa
 
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Peter View Post
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.

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
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  #176 (permalink)
 liquidcci 
Austin, TX
 
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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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  #177 (permalink)
 supermht 
Naperville IL
 
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liquidcci View Post
All I have to say I would personally never use a broker who would sue a trading message board. I mean really. Come on.

I agree with you,

a so called "good" brokerage sue a small forum website,

is that petty?

someday in the future, clients will become defendants too

one bad experience is enough to make me away it.

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  #178 (permalink)
 cory 
the coin hunter
virginia
 
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liquidcci View Post
All I have to say I would personally never use a broker who would sue a trading message board. I mean really. Come on.

He could have deleted all referencing to that broker and stop all mentioning of that broker by any forum member after he blocked that broker but we know it didn't happen that way.

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  #179 (permalink)
 GolfingGolfer 
London, London
 
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I do seem to remember multiple warnings before they were banned from the forum.

Not logical to censor all AMP discussions, most have been pretty well balanced.

Pre law suit I was positive towards AMP, now I am concerned about management. I will be moving my account.

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  #180 (permalink)
 dstrader 
Chicago, USA
 
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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...

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  #181 (permalink)
 Saroj 
Arcata, CA
 
Experience: Intermediate
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How about you all write Dan Culp (head of AMP) about how much you value futures.io (formerly BMT) and how much, as clients, you would appreciate it if they would drop their lawsuit against futures.io (formerly BMT). That might defuse the situation and save a lot of hassle and expense for Mike. I'm afraid if you drop AMP in protest it will just ramp up Culp's anger.

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  #182 (permalink)
 raefon72 
brisbane australia
 
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Hi Mike,

My opinion is you are wasting valuable resources and your limited time on this planet on a negative venture brought to you by incompetent people trying to cover their mistakes.

You have the Claim that is made against you. Copy and remove the post, put up the claim against you so everyone can see the type of people AMP are.

AMP should if they had any customer service skills, have taken a positive approach and put a representative on the job to satisfy and rectify any complaints made against them. This would have shown any potential customers what lengths they are willing to go to help and service their customer base.

My thoughts only.
Pnut.

I can't move faster than the markets.
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  #183 (permalink)
 Peter 
Brisbane; Australia
 
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As l like to form (and if needed amend) my opinions based on on facts, I spent some time over the weekend reading the PDF's attached to the lawsuit thread.

I am no legal expert, but as I read it AMP and it's owner Culp want $50.000 each for 12 counts (=$600.000 ) for defamation, loss of business, etc. related to remarks made by a new poster.

The thread was removed from BigMike as per a court injunction so you cannot find it on the site in its original form. However parts of the thread can be found in the attachment of AMP's claim PDF.
BTW per court injunction BigMike is apparently barred from saying anything on the matter during the legislation.

I will try to put things in perspective.
As mentioned, the post that started this AMP matter can be read in the PDF of the AMP complaint. The original poster, allegedly a former consultant to AMP, was IMHO emotionally ranting quite a bit and I think most readers would not even pay much attention to it. As a matter of fact the poster appears to have copped quite some flack from other readers/posters.
I don't think reasonable people would see defamation in the posts.... just a discourse and some debate. Not something that would swing your preference to one broker or another.

You don't see any reaction of AMP in the thread.
The reason for this is that AMP was banned from posting after misbehaving in the past. This is not the first time AMP has been threatening BigMike to get posts removed. Apparently they also threatened with legal actions before, trying to blackmail BigMike into submission.
How trustworthy is a company if it goes to these lengths to have negative opinions removed?


I read some remarks in this thread that BigMike should try to settle the matter amicably. However in the lawsuit thread BigMike states:
Quoting 
Unfortunately, attempts to settle this dispute have so far not produced a resolution.

Apparently Mike already tried to settle the dispute, but without success.


As I stated before:
the reason for me to not use AMP is their act of suing a website for unwelcome posts, as to my opinion it proves that AMP's management is not up to their task. I won't trust my money to a company and management that throws up tantrums like a 4 year old.
I dug a bit deeper in this case, hoping that I would find reasons to reconsider. I spent quite a lot of time trying to find a new second broker (keeping IB, but replace TDA and two other foreign ones). AMP has satisfied customers and great facilities. However I now know that posts from unhappy AMP customers were apparently filtered out at the different websites. Especially the EliteTraders website appears to be very biased pro-AMP....

I really wanted to go with AMP.
Alas, the digging only reconfirmed my stance and raised another concern. Why won't they settle? Do they need $600.000 from a court case or is it just blackmail?

I should have done some due diligence on their financial strength before even considering them.
How safe is AMP?? No good having low commissions and good facilities if they won't last and I need to shift again.

There may be some answers are here
Please do your own due diligence...... I won't say anything bad about AMP. I don't want to be sued
But look at the 'excess net capital numbers'....$818k in December. That is not a lot of money to buffer the unexpected ......Also as ratio to customer funds the 'excess net capital' is very low compared to other brokerages.
Also note that earlier in the year AMP's 'excess net capital' was about a million.... I will certainly have a look how this develops.... Looking at these numbers I find it even more bizarre that they would spend money on expensive lawyers for frivolous lawsuits.

And yes....I know ... client assets should be separated and most probably they are.
But then again... the folding of MFGlobal proved you can't be careful enough.

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  #184 (permalink)
 Peter 
Brisbane; Australia
 
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I thought I should use a separate post as many won't read to the end of my previous post about the 'AMP vs BigMike' lawsuit.

As mentioned I started to delve a bit deeper into the 'safety of your funds'-issue when selecting a broker. I think I forgot this boring subject when looking for the best deals and the greatest platforms. You may want to read the links yourself too.

In general the information about the safety of your fund is not easily found and if you can find information the language is so obfuscating that you need both a degree in decoding and bullshit detection.
I found a lot of interesting and readable links on this page: Futures Market Regulation
Especially read:
National Futures Association - Regulating the Futures Industry ,
Customer Segregated Funds - Protection for Your Money and
Is You Money Safe With a Commodity Broker. At least read this one.

With a futures broker your funds should be in a segregate account.... if everything is done correctly. Unfortunately history shows that this was not always the case. Just read up on MFGlobal and FPGBest. The (self)regulators have again been proven to be inadequate. (Where have we seen this before in the finance industry....)


Anyway, there are several issues if you are using a broker that just fell over. I think the issue of segregated funds is not even the most important one.
1. I think the biggest risk is that the site of your insolvent broker will unexpectedly go down and be frozen. If you have active trades on, you might not be able to close these and you will run huge risks. Also your trades will probably not be managed. With their servers frozen your stop losses might not work. Most probably the exchanges would not even allow the systems of the insolvent broker to trade until the receivers have stepped in.
Typically only after some time you will be allowed to go to your account and close positions.
The only way to mitigate this risk is having a second (back-up) broker where you can open a hedging position. However you will need quite an account to keep the hedge up and margin calls at bay, while your trade at the frozen account runs it course.
Therefore I think it is essential to have your back-up broker ready all the time. I will even regularly execute part of my trades at my back-up trader, just to make sure all works when I need it.
2. After the regulators have sorted out the mess, it will take still take time until you can wire out your money.
3. If you have MFGlobal or FPGBest situations where the brokers used/stole client funds it will obviously take a lot longer before things are sorted. And you won't get all your money back. Your funds are not guaranteed!!
Also realize that segregation under US regulation is about funds of US and foreign clients in the US, and US customers abroad. As far as I can see the funds of foreign clients that are used/traded outside the US do not fall under the segregation rules. So how does it work if I as Australian resident use a US broker to trade on the European markets???
As I read it those funds don't have to be kept segregated. Please correct me if you are sure that I am wrong.
BTW with Forex brokers it is even worse.... US regulations don't even give forex accounts segregated fund status. Clients with an insolvent US forex broker would be considered unsecured creditors, and be last in the line to receive any money. Better take a UK based forex broker, they have better regulation for Forex there.
4. You need to spend time finding a worthy replacement for your former broker.


It appears to me paramount that your broker is financially strong. I would strongly advise to keep an eye on the CFT website and especially the page about Financial Data for FCMs. You can download the data as Excel file and do some basic calculations on the ratio's of e.g. 'Adjusted Net Capital' and 'Excess Net Capital' related to the size of customer assets.
If you look at 'Adjusted Net Capital' AMP is at at about 5% as percentage of the size of customer assets. AMP is at the lower end but you also find Advantage and Cunningham at 5%. Vision (7%), Dorman (8%) and Crossland (12%) are clearly higher.
Of course ratio's don't tell everything.
With AMP I am mainly concerned about the absolute numbers. Their 'Adjusted Capital' is only 2.5 million dollar. And 'Excess Net Capital' (capital above required capital) is only just over a million dollar. That is not much buffer if you have a hick-up in your business. Or if some bills come due at the wrong time.
The 2.5 million puts AMP quite low on the list compared to typical competitor futures brokers. Advantage($24M), Cunningham ($4M), Vision ($35), Dorman ($11M) and Crossland ($10M) appear to have bigger buffers.

Also with the spreadsheets you can evaluate how certain Data Field/items change in time. As mentioned in the other post 'Excess Net Capital' dropped about 20% for AMP from November to December.
Edit: I found on the NFA site that in January 'Excess Net Capital' was back at a million.
Unfortunately, the data appear to be lagging quite a bit. And of course you will never know when/if the data that companies report to the CFT are actively audited.

The second site to visit regularly is the NFA site.
The site is not very transparent but you can dig a bit deeper into the financials of the brokers.

Anyway, good luck. For myself this was a good exercise in risk management. While focusing on trade risks I apparently forgot about the bigger picture.

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  #185 (permalink)
 Itchymoku 
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Peter View Post
I thought it was to put this in a separate post as many won't read to the end of my previous post about the 'AMP vs BigMike' lawsuit.

As mentioned I started to delve a bit deeper into the 'safety of your funds' side when selecting a broker.
You may want to read the links yourself too.

In general the information about the safety of your fund is not easily found and written in an obfuscated language.
I found a lot of interesting and readable links on this page:[URL="http://commodities.about.com/od/marketregulations/a/Can-You-Trust-Your-Broker-After-The-Mf-Global-Scandal"]
Especially read:
National Futures Association - Regulating the Futures Industry ,
Customer Segregated Funds - Protection for Your Money and
Is You Money Safe With a Commodity Broker


Basically your funds should be in a segregate account.... if everything is done correctly. Unfortunately history shows that the regulators have been inadequate. Just read up on MFGlobal and FPGBest.

There are several issues if you are using a broker that just fell over. IMO the issue of segragated funds is not even the most important one.
1. IMHO the biggest risk is that the site of your insolvent broker will unexpectedly go down and be frozen. If you have active trades on, you might not be able to close these and you will run huge risks. Also your trades will probably not be managed. With their servers frozen your stop losses might not work.
Typically only after some time you will be allowed to go to your account and close positions.
The only way to mitigate this risk is having a second (back-up) broker where you can open a hedging position.... but you will need quite an account to keep the hedge up and margin calls at bay, while your trade at the frozen account runs it course.
2. After the regulators have sorted out the mess, it will take still take time until you can wire out your money.
3. If you have MFGlobal or FPGBest situations where the brokers 'misappropriated' client funds it will obviously take a lot longer before things are sorted. And you won't get all your money back.
BTW with Forex brokers it is even worse.... US regulations don't even give forex accounts segregated fund status. Clients with an insolvent US forex broker would be considered unsecured creditors, and be last in the line to receive and money.
4. You need to spend time finding a worthy replacement for your former broker.


It appears to me paramount that your broker is financially strong. I would strongly advise to keep an eye on the CFT website and especially the page about Financial Data for FCMs. You can download the data as Excel file and do some basic calculations on the ratio's of e.g. 'Excess Net Capital' related to the size of the company or size of customer funds.
If you look at AMP you will see that they are at the very lower end compared to their competitors.
Also you can evaluate how certain Data Field/items change in time. As mentioned in the other post 'Excess Net Capital' dropped about 20% for AMP from November to December.

Unfortunately, the data appear to be lagging quite a bit. And of course you will never know when/if the data that companies report to the CFT are actively audited.

I see where you're coming from, but honestly Excess Net Capital fluctuates from year to year. On Jan 31st 2011 it was 408,528 but then the next year on the same date in 2012 they had 837,837. When they started reporting back in June 30, 2010 they had Excess Net Capital of 101,647 with adjusted net cap at 1,101,647. That's a 800% change over a few years. Is that a good thing or a bad thing I don't know. It's volatile. How does it compare to other brokers that started during similar times? Why were they so successful back then and has anything changed? 2014 information would be handy. I think what everyone wants to know is what impact the lawsuit will have on amp or this forum if any.

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
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  #186 (permalink)
 Seahn 
New York, New Jersey/USA
 
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@Peter

I probably should not post this since I have no skin in the game (other than not wanting this forum to stop).

In my opinion posts like yours are probably why AMP decided to sue. Its clearly a thinly masked attempt to persuade others not to choose AMP by implying AMP is not financially sound. What "FACTS" do you have that "AMP Futures" is not a financially sound company?

It is common knowledge (or it should be) that we as traders are always at risk dealing with brokers. The only recourse we have is to spread our money around and not deposit more than margin requirements and drawdown into any one account.

Great trading.

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  #187 (permalink)
 tderrick 
Nashville, Tennessee
 
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This whole thing gives me an incredibly grand headache...


I yearn for times long past ...


AJ
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  #188 (permalink)
 Daytrader999 
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Well, in order to prevent further (possible) damage from futures.io (formerly BMT), IMHO we should stop any further discussions as well as posting of assumptions regarding AMP's policy of how to deal with public forums or how they might presumably be situated in regards to deposit insurance until the current lawsuit has been settled / terminated by court.

Therefore we should try to focus on the thread's originally topic again...which should be the continuation of reviewing AMP's core business (brokerage) as objective as possible...


Just my $0.02.

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #189 (permalink)
 bobwest 
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Daytrader999 View Post
Well, in order to prevent further (possible) damage from futures.io (formerly BMT), IMHO we should stop any further discussions as well as posting of assumptions regarding AMP's policy of how to deal with public forums or how they might presumably be situated in regards to deposit insurance until the current lawsuit has been settled / terminated by court.

Therefore we should try to focus on the thread's originally topic again...which should be the continuation of reviewing AMP's core business (brokerage) as objective as possible...


Just my $0.02.

Completely agree. The issues between futures.io (formerly BMT) and AMP are in the courts and will be settled there. I am on the futures.io (formerly BMT) side, but that is not of any relevance to the court case, and no one is going to ask me about it in court.

It's better if this thread stays on-topic, which is how AMP is providing brokerage service to traders with experience with it.

Bob.

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  #190 (permalink)
 Peter 
Brisbane; Australia
 
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Seahn View Post
@Peter

I probably should not post this since I have no skin in the game (other than not wanting this forum to stop).

In my opinion posts like yours are probably why AMP decided to sue. Its clearly a thinly masked attempt to persuade others not to choose AMP by implying AMP is not financially sound. What "FACTS" do you have that "AMP Futures" is not a financially sound company?

Thanks Seahn. I did not intend to imply anything. I tried to find facts. Also I most certainly don't want to write something that would put BM in further strife.
But as apparently the financial (due diligence) part of my posts is being construed as attack on AMP I will try to re-edit my posts somewhat.
In my posts I already mentioned that some other brokers have similar multiples as AMP. I explicitly will say that I do not want to imply that AMP is not 'safe' in the meaning that our funds would not be segregated or safe. I have to assume that all brokers adhere to the rules and that the financial regulators are now doing their job (after some earlier failures).
The only issue I have with AMP is that according to the limited public data mentioned before, their Net Excess Capital appears to be low compared to their competitors. IMHO that would make AMP 'continuity-wise' more vulnerable in case of downturns or unexpected expenditures.
For me 'continuity' is one of the most important aspects. It is not just the inconvenience of having to find a new broker. IMHO the effect of 'discontinuity' (e.g. a sudden break in availability in services of a broker) might be very costly.

Most of my second post was intended about due diligence. I was looking into this when looking for a second back-up (and/or dedicated futures) broker. BTW as it stands I will have to look for a new main broker too. For me IB has become unworkable as main broker (IB cancelled the margin facilities for Australian accounts for stock related activities due to some paperwork issues / procedures with the AU regulators). Earlier I had to 'enjoy' TDAmeritrade closing their Australian accounts. These experiences made me very wary about continuity.
The information in my post was intended to pertain to brokers in general and aspects related to due diligence and risk assessment.
As I was specifically looking at AMP as potential broker it ended up in the AMP thread.


Quoting 
It is common knowledge (or it should be) that we as traders are always at risk dealing with brokers. The only recourse we have is to spread our money around and not deposit more than margin requirements and drawdown into any one account.

I should be common knowledge, but I wonder if others are as risk-aware as you appear to be. I for sure was not.
E.g. I always left much more than margin requirements in my accounts. Not everybody lives in the US. International transfers are too slow to top-up accounts when needed in margin call emergencies.

Also, I only recently found that the US regulators may fine a US brokerage and e.g. order to repay customers.... but apparently such a verdict will only apply for US customers. This lack of jurisdiction over the interests of international customers might be common knowledge for others but it was not for me. I will have to spread my funds over other jurisdictions.

Anyway, I think it is time to go back to trading.

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  #191 (permalink)
 Chuck T 
Hannibal, Mo, USA
 
Experience: Intermediate
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For what it is worth, I have had a small account with AMP for over two years. I had an account with Howard Lender at DEEP DISCOUNT TRADING, whom I like and think is tops as a broker, but due to my personal internet issues, I needed server side orders to protect my little account in case I lost connectivity for a while. Unfortunately, I just couldn't make it work thru Howard. So, I moved my funds to my account at AMP. In making the move, Dan Culp talked with me, gave me his word on RT charges and well over a year later I have noticed no change except for the small bump from CME which was not AMP's fault.

CQG seems fine. Good data, good historical data, fine executions with normal slippage with market orders in the rush. Daily email statements when trades are made, monthly always. I wish the data portal was better regarding statement details and live trade clearing, but that is not a big deal to me. I really like Ninja Trader as a platform. I like not being on a performance treadmill. If i need to work on my strategies I don't have minimums to worry about if I don't live trade for a while. AMP provides a great data source with CQG for how I trade.

I hate this law suit! It really sickens me. But I don't know all the facts and can not fully understand what motivates it. We live in a fallen world.

For my part, I fear God too much to take advantage of anyone or try to extract money unjustly from people thru the court system. Better to work things out peacefully, privately and equitably. The real price tag for refusing to do so is too big as I understand it. Jesus said "Mt 12:36 I tell you, on the day of judgment people will give account for every careless word they speak". For my part, I have spoken lots of careless words. Those are the least of my concerns. I thank God for sending His Son to be the Savior of sinners like me. This world is not worth fighting over to me and I long for the promised day when the LORD sets all things right. Then "the meek (strength under control) shall inherit the earth" (Matthew 5:5; Psalm 37:11; Isa. 11:4).

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  #192 (permalink)
 BubbaZohn 
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Don't believe it productive to permit the details of spleen-venting by vendors or members.

And frankly, want no involvement in this dispute; just want tomorrow like it was yesterday.

Found a trader paradise at futures.io (formerly BMT). Have been a fan of Big Mike for what he started and has been able to nurture when so many others have failed. Believe my journey would have been much more painful without futures.io (formerly BMT), Gomi, Zondor, Fat Tails and so many others.

Have been a happy AMP client for over two years. Dan enabled me to get started with my little stash, Ninja, CQG, reliable infrastructure and good customer support.


Simplistic view perhaps, but I want them both.

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  #193 (permalink)
 tderrick 
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BubbaZohn View Post
Don't believe it productive to permit the details of spleen-venting by vendors or members.

And frankly, want no involvement in this dispute; just want tomorrow like it was yesterday.

Found a trader paradise at futures.io (formerly BMT). Have been a fan of Big Mike for what he started and has been able to nurture when so many others have failed. Believe my journey would have been much more painful without futures.io (formerly BMT), Gomi, Zondor, Fat Tails and so many others.

Have been a happy AMP client for over two years. Dan enabled me to get started with my little stash, Ninja, CQG, reliable infrastructure and good customer support.


Simplistic view perhaps, but I want them both.


We are on the same page, baby.

Simply a sad set of circumstances.


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  #194 (permalink)
 jcvmw 
The Woodlands,Texas
 
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bobwest View Post
Completely agree. The issues between futures.io (formerly BMT) and AMP are in the courts and will be settled there. I am on the futures.io (formerly BMT) side, but that is not of any relevance to the court case, and no one is going to ask me about it in court.

It's better if this thread stays on-topic, which is how AMP is providing brokerage service to traders with experience with it.

Bob.

Well its there but its not. Its been brought to the open by this forum and I see no rebuttal just asking for money.??

I think what I see lowers the ideals I had for this forum and the one hypocrite that operates it!! I was suspended once from here because my son got on here and posted a link to what was termed by Big Mike as "pirated movies". I got on to my son and tried to explain to Big Mike with no recourse or understanding how a teenager can and will do stuff like this, but "Big Mike" has performed, what I would call a more dire and illegal activity, from what I see posted here and that's all we got. I am leaving this forum but I wanted to share my view before I did would come back if someone with integrity was COO.

Thanks very much,
JCW I'd rather be
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  #195 (permalink)
 bobc635 
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I cannot believe that these guys are taking this action against Big Mike. Big Mike provides a forum where all of us little guys can compare notes and get ideas help make us better traders. Better traders will help all brokerage houses. I dont know who is right or wrong about the software guy vs Amp and who is getting paid. We are all able to speak our mind and take responsibility for that. I applaud Big Mike for allowing everyone to say what is on their mind without censorship. If someone breaks the few rules of the site, they are exlcuded from the party. I have nothing but respect for Big Mike and I appreciate what he has provided for all of us.

When Zenfire blew up in December, I started the process of moving one of my accounts to AMP. I heard nothing from them for 2 weeks after submitting my paperwork. Another broker got me up in a few days on my other account, with excellent communications. So I cancelled the AMP account application and moved it to the responsive broker. Then an AMP guy called me and basically told me how stupid I was for not staying with AMP. He was actually yelling on the phone. If they were the last broker standing, I would stop trading futures before I opened an account with them. There was nothing that I liked about their customer service and this finalized my opinion of that company.



kalalex View Post
This is solely based on my experience.

One word. They suck.

First they overcharged commission than what they agreed and it took more than 2 weeks to refund that $2.
It took too many phone calls and emails to get my $2 back.

Talking about phone calls. They proudly announced that they have dedicated trading desk line. Half the time I called the line
it just doesn't connect. I can't know if it's the problem with phone line itself or understaff problem.

Talking about understaff,,,I read here on futures.io (formerly BMT) that Dan, owner of AMP, talked down on Optimus of small staff. I don't know how he trains his staffs but it was never pleasant to talk to any of them. I don't know if they realize that they work in financial SERVICE industry. The way I see it those 3 or 4 employees at Optimus do way better job than how many they have at AMP.

Now this really pisses me off.
They started charging extra fee for CQG recently.
The contract I signed when I opened the account might give them the right to charge any extra they want without my consent but I think it's a common courtesy to at least notify customers.

So for me AMP's is -5 on 1 to 10 scale.

PS: Mike, if this posting is out of line of your forum policy you can delete, lock, or what ever you have to do to maintain your forum.


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  #196 (permalink)
 podowitz 
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Saroj View Post
How about you all write Dan Culp (head of AMP) about how much you value futures.io (formerly BMT) and how much, as clients, you would appreciate it if they would drop their lawsuit against futures.io (formerly BMT). That might defuse the situation and save a lot of hassle and expense for Mike. I'm afraid if you drop AMP in protest it will just ramp up Culp's anger.

I agree somewhat in that I think dropping a service partner over such a matter may be precipitous. On the other hand, I don't much care about Culp's temper.

For me the bottom line is this: I have had good experience with AMP, and highly value futures.io (formerly BMT). I intend to write Culp, tell him that I do think his suit frivolous, and let him know that if he continues to prosecute it, doing so will prove to me the worst, not the best about AMP, likely causing me to cancel my business there. Cancelling in the context of, but not at all because of futures.io (formerly BMT) and Mike.

I hope reasoned people of like mind might consider doing the same. I also think that both Mike and Dan should tell the lawyers to back off and the two of them find a quiet place to literally sit down with one another and work the matter out. It just doesn't seem that complicated to me after having read the entire thread and the prior interactions between the two.

My Dad, uneducated but sage, said the two most important rules of a good relationship are these:
- always strive to be the first to apologize, and
- never go to bed mad.

C'mon, guys. Hasn't enough time been wasted, and too much good will spilled?

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  #197 (permalink)
 Joseph Connors 
Colorado Springs, CO USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Amp Futures. CQG
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podowitz View Post
I agree somewhat in that I think dropping a service partner over such a matter may be precipitous. On the other hand, I don't much care about Culp's temper.

For me the bottom line is this: I have had good experience with AMP, and highly value futures.io (formerly BMT). I intend to write Culp, tell him that I do think his suit frivolous, and let him know that if he continues to prosecute it, doing so will prove to me the worst, not the best about AMP, likely causing me to cancel my business there. Cancelling in the context of, but not at all because of futures.io (formerly BMT) and Mike.

I hope reasoned people of like mind might consider doing the same. I also think that both Mike and Dan should tell the lawyers to back off and the two of them find a quiet place to literally sit down with one another and work the matter out. It just doesn't seem that complicated to me after having read the entire thread and the prior interactions between the two.

My Dad, uneducated but sage, said the two most important rules of a good relationship are these:
- always strive to be the first to apologize, and
- never go to bed mad.

C'mon, guys. Hasn't enough time been wasted, and too much good will spilled?

I agree entirely!

PS: Your Dad is a very smart man!

Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent!
Calvin Coolidge
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  #198 (permalink)
 Itchymoku 
Philadelphia
 
Experience: None
Platform: corded black telephone
Trading: ticker tape
 
Posts: 2,893 since Apr 2012
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If had to choose another broker I wouldn't go back to amp partly out of respect for the forum, but also because suing a forum after the thread in question is removed is just overkill even if they did lose customers. It's like suing youtube for the comments people leave on your video. There are many other brokers out there it just takes a simple internet search for broker comparisons.

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
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  #199 (permalink)
 Righteous7 
Hong Kong
 
Experience: Beginner
Platform: Jforex, MetaTrader4, NinjaTrader, MultiCharts, Sierra Chart
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Posts: 38 since May 2013
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I've been with AMP futures since December of 2013, and I haven't been very happy with their service.

It seems to me that they would take as little time as possible to read and reply my emails. It's not uncommon for them to fully or partially ignore my questions/requests in the email. Most recent example would be my request to cancel "additional user subscription" ($10/month); they ignored my request the first time, when I found out a week later they still hasn't cancel my subscription, I emailed them again, then they finally cancelled it. As usual, they give no apology, and I have to pay the extra 1 week of subscription fee! Fortunately it's only a few dollars, but this is just one of the many times when I feel disrespected by AMP futures.

In contrast, whenever I emailed Mirus, DeepDiscountTrading, or Ninjatrader, they always reply my email very quickly and address my questions/requests thoroughly. (DeepDiscountTrading has absolutely the best service I've ever experienced in my life. If it wasn't because of their higher commission and the conflicts I had with Crossland, I would never leave DeepDiscountTrading!!)

The only reason why I'm still with AMP is due to their Ninjatrader+CQG data, and their low commission. (I live in Asia, and CQG data feed from Singapore is faster and more stable than others that I've tried.)

I sincerely hope AMP futures would spend some time reviewing how other top-service firms do business, otherwise I'd certainly switch broker as soon as I've found a decent alternative.

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  #200 (permalink)
 Jonson 
Russia, St.Petersburg
 
Experience: Advanced
Platform: NinjaTrader, CQG Desktop
Broker: NinjaTrader/CQG
Trading: Futures
 
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Righteous7 View Post
I've been with AMP futures since December of 2013, and I haven't been very happy with their service.

It seems to me that they would take as little time as possible to read and reply my emails. It's not uncommon for them to fully or partially ignore my questions/requests in the email. Most recent example would be my request to cancel "additional user subscription" ($10/month); they ignored my request the first time, when I found out a week later they still hasn't cancel my subscription, I emailed them again, then they finally cancelled it. As usual, they give no apology, and I have to pay the extra 1 week of subscription fee! Fortunately it's only a few dollars, but this is just one of the many times when I feel disrespected by AMP futures.

In contrast, whenever I emailed Mirus, DeepDiscountTrading, or Ninjatrader, they always reply my email very quickly and address my questions/requests thoroughly. (DeepDiscountTrading has absolutely the best service I've ever experienced in my life. If it wasn't because of their higher commission and the conflicts I had with Crossland, I would never leave DeepDiscountTrading!!)

The only reason why I'm still with AMP is due to their Ninjatrader+CQG data, and their low commission. (I live in Asia, and CQG data feed from Singapore is faster and more stable than others that I've tried.)

I sincerely hope AMP futures would spend some time reviewing how other top-service firms do business, otherwise I'd certainly switch broker as soon as I've found a decent alternative.

hey
try use a rithmic platform and connect gateway to Singapore

* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
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