AMP Futures / AMP Global Review - futures io
futures io



AMP Futures / AMP Global Review


Discussion in Brokers

Updated
      Top Posters
    1. looks_one mattz with 41 posts (72 thanks)
    2. looks_two Scalpguy with 31 posts (26 thanks)
    3. looks_3 Big Mike with 25 posts (68 thanks)
    4. looks_4 steve2222 with 21 posts (29 thanks)
      Best Posters
    1. looks_one Big Mike with 2.7 thanks per post
    2. looks_two kalalex with 2.1 thanks per post
    3. looks_3 mattz with 1.8 thanks per post
    4. looks_4 steve2222 with 1.4 thanks per post
    1. trending_up 226,132 views
    2. thumb_up 810 thanks given
    3. group 157 followers
    1. forum 572 posts
    2. attach_file 43 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

AMP Futures / AMP Global Review

(login for full post details)
  #401 (permalink)
 Kiks 
los angeles, ca/usa
 
Experience: Intermediate
Platform: Metatrader 5/CQG
Broker: AMP FUTURES/CQG
Trading: ES
 
Kiks's Avatar
 
Posts: 51 since Oct 2012
Thanks: 159 given, 33 received

According to TCPview, my terminal.exe is connected to AMP's ip 76.*.*.*.

Reply With Quote
The following user says Thank You to Kiks for this post:
 
(login for full post details)
  #402 (permalink)
 Kiks 
los angeles, ca/usa
 
Experience: Intermediate
Platform: Metatrader 5/CQG
Broker: AMP FUTURES/CQG
Trading: ES
 
Kiks's Avatar
 
Posts: 51 since Oct 2012
Thanks: 159 given, 33 received


Here is the ping and tracert from my colocated server to that IP address. I do not see any thing above 1 ms.

Reply With Quote
 
(login for full post details)
  #403 (permalink)
 Kiks 
los angeles, ca/usa
 
Experience: Intermediate
Platform: Metatrader 5/CQG
Broker: AMP FUTURES/CQG
Trading: ES
 
Kiks's Avatar
 
Posts: 51 since Oct 2012
Thanks: 159 given, 33 received

Here is a study done on how fast MT5's asynchronous trading really is. Very impressive.

https://www.mql5.com/en/articles/2635




Anyway, I do not think colocation is the problem in this MT5 problem. And certainly not MT5 or my program. In my estimation it is somewhere in their backoffice clearing system that is slowing the process.

That's my honest opinion.

I really wish they look into it.

Reply With Quote
 
(login for full post details)
  #404 (permalink)
 Kiks 
los angeles, ca/usa
 
Experience: Intermediate
Platform: Metatrader 5/CQG
Broker: AMP FUTURES/CQG
Trading: ES
 
Kiks's Avatar
 
Posts: 51 since Oct 2012
Thanks: 159 given, 33 received

Here is the metatrader 5 ecosystem infrastructure. One of these may be slowing down?
Just asking.


Reply With Quote
 
(login for full post details)
  #405 (permalink)
 TradeVersion 
Vienna, Austria
 
Experience: Intermediate
Platform: Sierra Chart, NinjaTrader
Trading: YM, NQ, ES, 6E
 
Posts: 3 since Apr 2011
Thanks: 0 given, 1 received

Hello traders,

I want switch from Interactive Brokers to a better futures broker and got a question to all the traders sitting in Europe.

How much are your (banking) fees when you wire Euros to your AMP account? I saw on their page that you can send them the amount in EUR, but at what rate do they convert it to USD?

And vice versa... How much does it cost you if you withdraw money from your AMP account that is held in USD? Does AMP send the money in USD or in EUR to your bank bank account? Are there any fees?

Thanks in advance

Reply With Quote
 
(login for full post details)
  #406 (permalink)
 MichaelH 
Munich Germany
 
Experience: Intermediate
Platform: NinjaTrader, MetaTrader
Broker: S5
Trading: DAX, ES
 
MichaelH's Avatar
 
Posts: 53 since Dec 2013
Thanks: 75 given, 43 received


TradeVersion View Post
Hello traders,

I want switch from Interactive Brokers to a better futures broker and got a question to all the traders sitting in Europe.

How much are your (banking) fees when you wire Euros to your AMP account? I saw on their page that you can send them the amount in EUR, but at what rate do they convert it to USD?

And vice versa... How much does it cost you if you withdraw money from your AMP account that is held in USD? Does AMP send the money in USD or in EUR to your bank bank account? Are there any fees?

Thanks in advance

I did open an AMP account in 2015 so maybe the info is outdated and you might wanna verify with AMP first.
Funding the account was free. I funded the account in EUR and this was basically the base currency of the account. So there was no conversion.

If you trade US markets for example a subcurrency is being created, in this case USD. If you run into negativ P/L on USD AMP converts that portion into EUR to clear your USD-P/L from time to time. If you have a positive PL the USD portion stays as it is and you need to request a conversion. In general conversions are done at the current daily spot rate. If you trade EU-markets there might also an USD component for fees.

So that is almost similar to multi-currency accounts on IB.

If you gonna withdraw money from your account you might need to convert the foreign currencies first.
Withdrawals have been charged with 25EUR in my case.

But in any case verify with AMP first because it might have changed in the meanwhile.

Hope that helps

Reply With Quote
The following user says Thank You to MichaelH for this post:
 
(login for full post details)
  #407 (permalink)
 TradeVersion 
Vienna, Austria
 
Experience: Intermediate
Platform: Sierra Chart, NinjaTrader
Trading: YM, NQ, ES, 6E
 
Posts: 3 since Apr 2011
Thanks: 0 given, 1 received


MichaelH View Post
I did open an AMP account in 2015 so maybe the info is outdated and you might wanna verify with AMP first.
Funding the account was free. I funded the account in EUR and this was basically the base currency of the account. So there was no conversion.

If you trade US markets for example a subcurrency is being created, in this case USD. If you run into negativ P/L on USD AMP converts that portion into EUR to clear your USD-P/L from time to time. If you have a positive PL the USD portion stays as it is and you need to request a conversion. In general conversions are done at the current daily spot rate. If you trade EU-markets there might also an USD component for fees.

So that is almost similar to multi-currency accounts on IB.

If you gonna withdraw money from your account you might need to convert the foreign currencies first.
Withdrawals have been charged with 25EUR in my case.

But in any case verify with AMP first because it might have changed in the meanwhile.

Hope that helps


Thank you very much!


You stated that there is an ongoing conversion if you fall into negative P/L... how does this affect your account statements? Are they listed there? Can they be easily read?


Can you manually convert EUR to USD on AMP like you can on IB?

Reply With Quote
 
(login for full post details)
  #408 (permalink)
 MichaelH 
Munich Germany
 
Experience: Intermediate
Platform: NinjaTrader, MetaTrader
Broker: S5
Trading: DAX, ES
 
MichaelH's Avatar
 
Posts: 53 since Dec 2013
Thanks: 75 given, 43 received


TradeVersion View Post
Thank you very much!


You stated that there is an ongoing conversion if you fall into negative P/L... how does this affect your account statements? Are they listed there? Can they be easily read?


Can you manually convert EUR to USD on AMP like you can on IB?

Well, of course its listed when a conversion takes place.
Easy to read: hmmm, needs definetly some diving into it but its understandable. They are providing the typical us future broker statements. I can read it, german tax authorities have problems with it. not sure what austria is expecting. Maybe you can ask AMP upfront for an example daily statement to see whats coming.

Manual conversion from EUR to USD should be no problem although i have not done it. You can request conversion via the portal. Usually its done on the same day.

Reply With Quote
 
(login for full post details)
  #409 (permalink)
 TradeVersion 
Vienna, Austria
 
Experience: Intermediate
Platform: Sierra Chart, NinjaTrader
Trading: YM, NQ, ES, 6E
 
Posts: 3 since Apr 2011
Thanks: 0 given, 1 received

Once again, thank you very much! I can't wait to send the Austrian tax authorities my tax returns. I also found an entry on the AMP forum that explains the conversion process in further detail:


Quoting 
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 balances 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.


Reply With Quote
The following user says Thank You to TradeVersion for this post:
 
(login for full post details)
  #410 (permalink)
 Opstar 
Wherever I want to be
 
Experience: Intermediate
Platform: NinjaTrader
Trading: FGBL CL
 
Posts: 93 since Jun 2015
Thanks: 179 given, 83 received

I've been asking to open an IRA account with AMP and on chat they just said I'll get you connected to the help desk. Afterwards they just sent me this automation response saying their reps are busy. I try emailing them but they never get back to me either, shows how much support I'll get if I do open an account with them.

Reply With Quote
The following user says Thank You to Opstar for this post:
 
(login for full post details)
  #411 (permalink)
 steve2222 
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
Posts: 1,888 since Sep 2009
Thanks: 3,355 given, 1,522 received


Opstar View Post
I've been asking to open an IRA account with AMP and on chat they just said I'll get you connected to the help desk. Afterwards they just sent me this automation response saying their reps are busy. I try emailing them but they never get back to me either, shows how much support I'll get if I do open an account with them.

try: trading@ampclearing.com and see if you can get hold of Dan the owner.

Prediction is very difficult, especially about the future - Niels Bohr, Danish Physicist
Reply With Quote
The following 2 users say Thank You to steve2222 for this post:
 
(login for full post details)
  #412 (permalink)
 Opstar 
Wherever I want to be
 
Experience: Intermediate
Platform: NinjaTrader
Trading: FGBL CL
 
Posts: 93 since Jun 2015
Thanks: 179 given, 83 received


steve2222 View Post
try: trading@ampclearing.com and see if you can get hold of Dan the owner.

Thanks, but I'm I would rather not bother. If I have issues getting a hold of them before making an account, I can't imagine what kind of nightmare might be awaiting when I have issues with a live account.

Reply With Quote
The following user says Thank You to Opstar for this post:
 
(login for full post details)
  #413 (permalink)
 mattz   is a Vendor
 
 
mattz's Avatar
 
Posts: 2,489 since Sep 2010
Thanks: 2,427 given, 3,758 received


Opstar View Post
Thanks, but I'm I would rather not bother. If I have issues getting a hold of them before making an account, I can't imagine what kind of nightmare might be awaiting when I have issues with a live account.

We would be more than happy to assist you with an account at AMP. We work with their account opening dept. and their trade desk. If you need help do not hesitate to ask.

Thanks,
Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
Reply With Quote
The following 3 users say Thank You to mattz for this post:
 
(login for full post details)
  #414 (permalink)
 redneck4Christ 
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
Posts: 76 since Apr 2019
Thanks: 827 given, 121 received

Dear fellow fio members,

I was in the process of signing up with AMP after seeing their YouTube video on Multicharts, but the following policy raised a red flag with me:

Applicable Rules and Regulations - The Account and each transaction therein shall be subject to the terms of this Agreement and to (a) all applicable laws and the regulations, rules, and orders (collectively, "regulations") of all regulatory and self-regulatory organizations having jurisdiction and (b) the constitution, by-laws, rules, regulations, orders, resolutions, interpretations and customs and usages (collectively, "rules") of the market and any associated clearing organization (each, an "exchange") on or subject to the rules of which such transaction is executed and/or cleared. The reference in the preceding sentence to exchange rules is solely for AMP's protection and AMP's failure to comply therewith shall not constitute a breach of this Agreement or relieve Customer of any obligation or responsibility under this Agreement. AMP shall not be liable to Customer as a result of any action by AMP, its officers, directors, employees, or agents to comply with any rule or regulation.

On one hand, this seems like typical legalese, but I find it pretty alarming. I hope to receive some feedback on this.

Thanks,

Jeff

Update: After this post, I reached out to Matt at OptimusFutures.com and I discussed Optimus' relationship to AMP as well as AMP's contract language. Matt explained that Optimus is an independent broker and AMP is one of the clearinghouses they use. Despite the fact that I am only an aspiring trader and a "little fish" at that, Matt was very cordial, professional, and thorough in discussing my concerns. I plan to sign up with Optimus.

Meanwhile, I received the following reply from AMP:

We all have to abide by the rules - you as well as us. However, that language is there so that you can certify that AMP will not be liable to you "as a result of any action by AMP, its officers, directors, employees, or agents to comply with any rule or regulation".
You are well within your rights to decline to be bound by this clause.
Thank you,
Compliance Department

Reply With Quote
The following 2 users say Thank You to redneck4Christ for this post:
 
(login for full post details)
  #415 (permalink)
 JonnyBoy 
Market Wizard
Montreal, Quebec
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: Kinetick
Trading: ES
 
JonnyBoy's Avatar
 
Posts: 1,559 since Apr 2012
Thanks: 706 given, 3,737 received


redneck4Christ View Post
Dear fellow fio members,

I was in the process of signing up with AMP after seeing their YouTube video on Multicharts, but the following policy raised a red flag with me:

Applicable Rules and Regulations - The Account and each transaction therein shall be subject to the terms of this Agreement and to (a) all applicable laws and the regulations, rules, and orders (collectively, "regulations") of all regulatory and self-regulatory organizations having jurisdiction and (b) the constitution, by-laws, rules, regulations, orders, resolutions, interpretations and customs and usages (collectively, "rules") of the market and any associated clearing organization (each, an "exchange") on or subject to the rules of which such transaction is executed and/or cleared. The reference in the preceding sentence to exchange rules is solely for AMP's protection and AMP's failure to comply therewith shall not constitute a breach of this Agreement or relieve Customer of any obligation or responsibility under this Agreement. AMP shall not be liable to Customer as a result of any action by AMP, its officers, directors, employees, or agents to comply with any rule or regulation.

On one hand, this seems like typical legalese, but I find it pretty alarming. I hope to receive some feedback on this.

Thanks,

Jeff

Update: After this post, I reached out to Matt at OptimusFutures.com and I discussed Optimus' relationship to AMP as well as AMP's contract language. Matt explained that Optimus is an independent broker and AMP is one of the clearinghouses they use. Despite the fact that I am only an aspiring trader and a "little fish" at that, Matt was very cordial, professional, and thorough in discussing my concerns. I plan to sign up with Optimus.

Meanwhile, I received the following reply from AMP:

We all have to abide by the rules - you as well as us. However, that language is there so that you can certify that AMP will not be liable to you "as a result of any action by AMP, its officers, directors, employees, or agents to comply with any rule or regulation".
You are well within your rights to decline to be bound by this clause.
Thank you,
Compliance Department

Yeah, avoid AMP. Use Matt. Simple.

--------------------------------------------------------
- Trade what you see. Invest in what you believe -
--------------------------------------------------------
Reply With Quote
The following user says Thank You to JonnyBoy for this post:
 
(login for full post details)
  #416 (permalink)
 mich 
Ontario, Canada
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Interactive Brokers
Trading: NQ, 6E
 
Posts: 8 since Jun 2009
Thanks: 21 given, 2 received

run...

Reply With Quote
The following user says Thank You to mich for this post:
 
(login for full post details)
  #417 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,004 since Jun 2009
Thanks: 32,468 given, 98,269 received

Interesting that Amp says they have to follow rules, when it's my opinion that it's a wonder how they get away with their commission calculator not showing the actual costs? How can they declare an all-in fee by web, phone, or email, that is not inclusive of their so called "clearing fee" and then pretend that such a fee is commonplace with all brokers and therefore somehow excluded as a cost.

Or am I wrong and they don't do these things? Please tell me if so and I'll happily stand corrected. My comment above is based on what others have told me or shared.

It seems they do this without consequence from the NFA, how do you imagine that is? Genuinely asking.


Sent using the futures.io mobile app

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #418 (permalink)
 Scalpguy 
Helsinki, Finland
 
Experience: Advanced
Platform: SC and TWS
Broker: IB and AMP/CQG
Trading: ES
 
Scalpguy's Avatar
 
Posts: 202 since Jul 2010
Thanks: 15 given, 150 received

I've been a customer of AMP something about 8 years now and traded a lot of positions with them. Not a single issue what I remember. Btw. The Commission calculator gives the correct numbers for me. Be sure your parameters are right. So after my experiences no need to switch right now

It takes nothing to be a Pig
Reply With Quote
The following 3 users say Thank You to Scalpguy for this post:
 
(login for full post details)
  #419 (permalink)
canoekoh
Chicago, IL
 
 
Posts: 64 since May 2018
Thanks: 53 given, 83 received

i have found their commissions calculator to be 100% accurate so not exactly sure what mike is talking about.

Reply With Quote
The following 3 users say Thank You to canoekoh for this post:
 
(login for full post details)
  #420 (permalink)
 kiwi 
Gold Coast
 
Experience: Advanced
Platform: Sierra Chart
Trading: Futures and Forex
 
Posts: 25 since Aug 2010
Thanks: 12 given, 55 received

I joined AMP recently after over 10 years with IB (IB opened & Australian branch & became less loveable).

The commissions (amp cqg, free sierra chart) have been what I expected and lower than IB's were for what I trade. Customer service levels have suited me - but I don't like hand holding or paying for it.

So, satisfied

Reply With Quote
The following 2 users say Thank You to kiwi for this post:
 
(login for full post details)
  #421 (permalink)
 redneck4Christ 
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
Posts: 76 since Apr 2019
Thanks: 827 given, 121 received

4/9/19: Applied for AMP account
One of my last questions was about trading experience. I checked "None".

Reply from AMP: "Thank you for registering with the AMP Trader Portal. A representative will be contacting you regarding your account soon."

4/16/19: Received phone call from Johnny at AMP asking how my trial with MultiCharts was going. I let him know that it was going OK but I was still waiting for AMP to get back to me. He said he would have somebody get back to me.

4/17/10 from AMP New Accounts Manager: "Hello, Thank you for the inquiry.

- Please reply back to this email in details, What type of consulting is your business, What you do exactly? ( send email: newaccounts@ampclearing.com)"

I explained and got this reply a few minutes later: "Hello, Thank you for the email.

Please answer to the questions below:

- Please reply back to this email, who has access to email address [2.r.1.n.christ@gmail.com ]? Is there anyone else also who can access this email?"

My reply 2 minutes later: "It is possible for my wife to access this email address, but she rarely, if ever, does."

More than a week after my initial application and my MultiCharts trial started, I finally get my review from AMP and find out I have to now apply for a joint account. I did the application the next morning.


4/22/19: Finally, I get this: "Account is opened for Jeff O'Neal (xxxxxx)
Simply follow the funding instruction provided in the link below." At the link, 3 options are given: Wire, ACH, Check


This is the explanation for "Wire": "Wire transfer is the fastest way of funding your AMP trading account. For (Non-USD) Wires the Correspondent Bank charges an Intermediary Fee ranging from 10.00 – 20.00. This is not an AMP fee, 100% no benefit to AMP for this Intermediary Fee. This is charged by the Correspondent Bank before your deposit reaches the AMP account. AMP will deposit the final amount received into your AMP Trading Account."

The ACH is not what you get from other institutions and agencies. AMP does not facilitate the ACH. Rather they provide this info for you to work it out:

"ACH details: AMP Global Clearing, LLC Customer Segregated Funds via ACH.
AMP Global Clearing, LLC Customer Segregated Funds
221 N. LaSalle St.
25th Floor
Chicago, IL 60601

*ACH deposits will be made available in 3-5 business days after an ACH is received."

...and for checks:

"We only accept checks drawn from U.S. Banks
We accept personal checks
All personal checks will be held 5 business days to clear
We do not accept cashier’s checks, money orders, third party, or traveler’s checks
Include your AMP trading account number in the Memo Section of the Check"

I'm in no hurry to start trading as I am taking the Earn2Trade and Jigsaw Trading courses, so when given funding choices that involve spending $10 to $20 for wire transfer and no charge for the other methods, the choice seems like a no-brainer.

I contacted my credit union about the ACH and this was their reply: "You can do an electronic transfer through Bill Pay, but usually unless it sends it directly to a financial institution or merchant (such as PGE, Comcast, etc) it will actually mail out a check. This is still a good option because everything is scheduled by you online and you would have full record of the transaction. When you enter the information through Bill Pay, you would enter the numbers provided by them on their ACH field.

We can do an ACH internally, but only to other financial institutions, not to merchants. The ACH option is typically something companies themselves have enabled through their websites, and where can pay them directly using card or banking information."

In the past, my Billpayer service has recognized vendors that are capable of receiving electronic payments and my payments are completed in 3 days or less. So I set up a payment to AMP on 4/22/19.

5/1/19: I noticed I had no data feed from AMP and sent them a message asking about it. This was their reply: "Once live account is funded with minimum of $100 – you will get streaming, continual access to both live and demo.

Here is the link to the funding instructions:"

5/13/19: Still waiting for AMP to accept the funding payment they likely have had in their possession for at least a week.


I'm still in no hurry since Earn2Trade has provided me a data feed, I have accounts with Schwwab and Ameritrade, and I am still learning and practicing. But my disenchantment with AMP grows by the day.

Reply With Quote
The following user says Thank You to redneck4Christ for this post:
 
(login for full post details)
  #422 (permalink)
 mattz   is a Vendor
 
 
mattz's Avatar
 
Posts: 2,489 since Sep 2010
Thanks: 2,427 given, 3,758 received


redneck4Christ View Post
4/9/19:

5/13/19: Still waiting for AMP to accept the funding payment they likely have had in their possession for at least a week.

Jeff, since you opened your account utilizing Optimus Futures as your IB, I feel a sense of responsibility as far as your experience.

Let me start by saying that for the last 48 hours I have been in touch with AMP's Treasury, and sadly there was never a deposit from your organization through the method you chose to deposit.

Just like all regulated FCMs, AMP would process any customer funds deposit the same business day received. Even a bill paycheck, would be submitted for processing the same business day it is received. AMP offers three types of funding methods, Bank Wire Transfer, ACH, and Check. Depending on your desired speed of access to these funds in your trading account is your choice.

Second, all the procedures you had to go through as far as account opening is due to regulations, and the effort to protect your account. Any additional information where clarification is necessary may add extra time to the account opening.

I was hoping that our phone conversation would shed some light on the process that FCMs have to go through and an entire team reached out to help you out.

To resolve this, I would be more than happy to make a conference call with your financial institution that debited your account. I am here to assist you with the procedure.

Thank you,
Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
Reply With Quote
The following 3 users say Thank You to mattz for this post:
 
(login for full post details)
  #423 (permalink)
 redneck4Christ 
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
Posts: 76 since Apr 2019
Thanks: 827 given, 121 received


Quoting 
To resolve this, I would be more than happy to make a conference call with your financial institution that debited your account. I am here to assist you with the procedure.

Thank you,
Matt Z
Optimus Futures

Matt, you have been great to deal with throughout this experience with AMP. I appreciate all the time you have spent working with me on this and guiding me through the process. I recommend Optimus very highly.

I appreciate your offer but as I indicated in my email to you and AMP, I called my Billpayer service yesterday morning. They verified the check was sent and should have been there around the 1st of May, but their records do not show that the check has been deposited. They said they would contact AMP to try to locate my payment and to work with AMP to set up electronic payments. They told me this may take up to two days.

In going back over this transaction, I now understand several things I had no clue about on the initial pass. The funding link for AMP comes up with an account number. Thinking that account number was unique to me, that is the account number I entered on my Billpayer service. But that number that AMP labels an "account number" would more properly be considered a routing number. The account number unique to me was certainly not on the check sent to AMP.

But in this is another illustration of the concerns I have with the handling of matters like this. I sent an email to AMP describing this issue of the "account numbers". In that email I gave the two account numbers (their funding account number and my individual account number) to AMP. The next morning I received an email reply to my prior email to AMP and in their reply they asked for my account number. Since I cc'd you and I applied to AMP through Optimus, you were able to provide the account number I had emailed to AMP yesterday. Wait a minute, I thought I was supposed to be the old forgetful guy!

Reply With Quote
The following 3 users say Thank You to redneck4Christ for this post:
 
(login for full post details)
  #424 (permalink)
 mattz   is a Vendor
 
 
mattz's Avatar
 
Posts: 2,489 since Sep 2010
Thanks: 2,427 given, 3,758 received


redneck4Christ View Post
Matt, you have been great to deal with throughout this experience with AMP. I appreciate all the time you have spent working with me on this and guiding me through the process. I recommend Optimus very highly.

I appreciate the kind words.

You do have a unique account number, and when funds arrive at AMP, they get allocated directly to your account.
In your case, I am not familiar with BillPayer and how they issue the check. However, first it has to come to AMP, and then they allocate the funds by name. So somewhere details were filled out with Billpayer could cause this delay.

In an attempt to save the small wire fee where your funds could be applied the same day and platform and data feed received, here we are chasing a check that AMP did not receive, and we focused on details that are just time-consuming. Again, if you wish to get your rep from Billpayer on the phone, I would like to resolve this. Please PM me or email me, we captured enough real estate about this issue :-)

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
Reply With Quote
 
(login for full post details)
  #425 (permalink)
 redneck4Christ 
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
Posts: 76 since Apr 2019
Thanks: 827 given, 121 received


Quoting 
In an attempt to save the small wire fee where your funds could be applied the same day and platform and data feed received, here we are chasing a check that AMP did not receive, and we focused on details that are just time-consuming.

Matt Z

Matt,

I appreciate your straight-shooting manner and I hope you can appreciate that in me. I am posting this info to hopefully help others that are new to trading like I am. So I am continuing the thread despite your trying to take it offline.


I have attached a snapshot of the electronic payment online form I can use to pay for my Internet and CATV service. I can pay many other vendors in one or two days this way. This is my understanding about how ACH is supposed to work. How hard would it be for somebody like AMP, in the financial industry, to come up with something like this? Instead, AMP provides ACH info for their clients to devise their own way to send money to AMP this way.


You and I have had this conversation. AMP gave me 3 choices. I am in no hurry to start trading. One choice costs at least $10 to $20 and the other two are free. My credit union advised me to use the Billpayer route. That seems like a no-brainer to me.

I did not know that after AMP dropping the ball on my application, they would be right on time with stopping my data feed due to the delay in payment processing. But I now have a data feed from another source, so I am in no hurry to start paying for AMP's data feed.

Now, my concern is where is the $1,000 I sent to AMP over 3 weeks ago? You are concerned about things that are "time-consuming", but you want to go back over ground I have already covered by calling my Billpayer service again. They are researching the payment and told me it would be up to two days before they have an answer. If I call them with you on the phone, I can only imagine we would be told the same thing.


I can wait a couple of days now that I have alerted Billpayer and AMP about the check and the account number issue. And maybe my experience will help somebody else. I trust your assertions that AMP is a good clearing house but they could do a better job in this early going, unless one-off characters like me are just not worth much extra effort. And if that is the case, I understand.

Attached Thumbnails
Click image for larger version

Name:	ACH payment of cable ISP and TV service.png
Views:	135
Size:	40.5 KB
ID:	265759  
Reply With Quote
The following user says Thank You to redneck4Christ for this post:
 
(login for full post details)
  #426 (permalink)
 cory 
the coin hunter
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
 
cory's Avatar
 
Posts: 6,042 since Jun 2009
Thanks: 854 given, 7,910 received


Tixwiz View Post
Are there any profitable traders out there who use AMP and regularly withdraw funds? Could you please comment on your experiences with them, if withdrawals are paid and paid promptly, or if you have encountered any problems?

This post is not really to answer your question since yours is an old post. I was trying to repose to a post saying something to imply there is problem with AMP withdrawal process but now I couldn't find it. Since I just make a withdrawal from AMP I want to point out it takes one day for the fund to show up not instantaneously like PayPal

Attached Thumbnails
Click image for larger version

Name:	withdraw.png
Views:	149
Size:	123.5 KB
ID:	265777  
Reply With Quote
The following 3 users say Thank You to cory for this post:
 
(login for full post details)
  #427 (permalink)
 mattz   is a Vendor
 
 
mattz's Avatar
 
Posts: 2,489 since Sep 2010
Thanks: 2,427 given, 3,758 received


cory View Post
it takes one day for the fund to show up not instantaneously like PayPal

One day is reasonable because they have to check across risk, CME fees, platforms fees, etc.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
Reply With Quote
The following user says Thank You to mattz for this post:
 
(login for full post details)
  #428 (permalink)
 redneck4Christ 
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
Posts: 76 since Apr 2019
Thanks: 827 given, 121 received

Kiwi: "Avail yourself of support as something went seriously wrong betwixt account & bank & bank & account."

I got an email notification of a post by Kiwi, but I do not find it here.

Hopefully, I can bring this thread around to a lesson for somebody who has not yet run the AMP gauntlet. I'll give my take-aways up front for those who only read a few lines.

AMP and Billpayer are big, faceless firms focused on efficiency to extract profits from lean, focused services. They are not set up to handle glitches or anomalies like a $1,000 check without the particular identifying info on it they need to easily route it and credit it to an account.

AMP formally offers ACH but does not functionally facilitate it -- forget ACH unless you have a slam-bang way of facilitating it from your end. Write a check or wire transfer funds if the cost is justified in your situation.

Their disclaimer is their philosophy -- AMP will not take responsibility for or accommodate balls that are dropped by you or by them. If they drop the ball and delay the processing of your account application, it is up to you to hurry up and get funds to them if you want to use their data feed. A corollary to this is that AMP presents a façade of "AMP can do no wrong". If this sounds extreme or erroneous, do some research on this and Big Mike Trading forums. Use the keyword "lawsuit". I found this out AFTER I started this thread.

The perspective of some is $10 to $20 to wire transfer funds is chump change but $15 for a monthly data feed is an insurmountable mountain that only cash in AMP's hands will scale.

Many want to speak to this issue from experience and/or hindsight. They are not able to appreciate the perspective of the fellow who is new to this business. I did not have the benefit of knowing the nuances of how AMP does business and the pitfalls to avoid. Now I know a little more and I am flying it through the flak.

In the time I have been dinking around with AMP, trying to get an account approved and funded, I have started two different accounts with TD Ameritrade, rolled over an IRA, funded the other trading account, and I have been trading for several weeks. As to the notion of paying more for handholding, with TDA, I got a data feed and top notch software (not pared-down) when I opened my account, after reading posts on futures.io, I negotiated lower commissions on trades, and TDA was no bed of roses. TDA is just more forgiving to somebody new to this industry.

You might ask why bother with AMP, then? Good question. I use the Jigsaw DOM and I have to pay somebody for data to use Jigsaw. With AMP, I can use the data and trade right on the DOM. It is a marriage of convenience. I'm sleeping on the couch.

Based on what I now realize about AMP, I definitely would not attempt ACH for funding my account. But I would not wire transfer funds either. I would write a check with the info AMP requires to be put on the check, I would staple the check to a sheet of paper with my AMP account number written in big, bold letters, and I would mail it. I would only wire transfer funds if I had a compelling reason to justify the expense.

Seriously folks, how many $1,000 checks does AMP receive that are unaccounted for? If it is a lot, they should have figured out how to deal with it. Just telling me up front that lost checks are shredded -- try again, would be more efficient than trying to get AMP and Billpayer to talk to each other and figure it out. It would have saved me $25, too. If this is an unusual circumstance, then a single unaccounted for $1,000 check should stick out like a sore thumb.

After trying to get the AMP and Billpayer cats herded, to no avail, I finally had to spend $25 to cancel the lost check. $10 to $20 proved to be the cheaper and much faster route, but still not the wise choice for me. It was a cheap lesson I am sharing with futures.io -- forewarned is fore-armed.

After cancelling the check, I am still in no hurry to start trading, and I now have three other data providers, so I am in no hurry for the AMP data either. I wrote a $500 check, stapled it to 4 pages of emails with my account number handwritten in big bold red letters. I sent the check Friday, 5/17/19. Monday AMP emailed saying they had not received my check. Tuesday, AMP emailed saying they had received my check and it would be held for clearing for 5 - 7 business days. Waiting on AMP -- sounds like a theme for a song. I'll suggest it to Brad Paisley.

I also scheduled a Billpayer payment of $250. If/when it clears, I plan to trickle in small Billlpayer amounts every week or so to see if I can get Billpayer funding to go electronic.

Reply With Quote
 
(login for full post details)
  #429 (permalink)
 mattz   is a Vendor
 
 
mattz's Avatar
 
Posts: 2,489 since Sep 2010
Thanks: 2,427 given, 3,758 received


redneck4Christ View Post
Kiwi:
Seriously folks, how many $1,000 checks does AMP receive that are unaccounted for? If it is a lot, they should have figured out how to deal with it. Just telling me up front that lost checks are shredded -- try again, would be more efficient than trying to get AMP and Billpayer to talk to each other and figure it out. It would have saved me $25, too. If this is an unusual circumstance, then a single unaccounted for $1,000 check should stick out like a sore thumb.

To the traders on Futures.io,

I have been with AMP now for about 4-5 years, and we never had a customer who's funding was lost. Further, we dealt with customers who placed two digit funds on testing the wires or six figures, and all accounts and funds have been accounted and placed in customer's accounts. The customer above accuses AMP when the check from his company has never shown up. We did reach out his institution, and the one email provided bounced, and the other has yet to get back to me to resolve this. We suggested canceling the check to alleviate the customer from any potential loss of funds.

It is rare that I would come to the defense of any FCM in such an aggressive manner, but considering that Optimus Futures is the choice of IB, I followed this with AMP staff as well and aware of their efforts. The treasury of AMP has gone above and beyond to resolve this, and I genuinely feel bad that people who assisted in this specific case, are reflected here in rather a negative light.

I thought that once we receive the second check and treasury will inform him, all issues will be resolved. Instead, I see comments on waiting when all checks need time to clear as oppose to wires where a customer could be set up the same then it is received.

Sadly, Optimus Futures will have to remove itself from the equation at this point. Despite all my efforts to resolve this whether, by timely emails, phone calls, or any other means, our efforts come back to AMP in the form of accusations.

At Optimus Futures, we are privileged for every customer that comes to us. Customers face many choices, and this is why we appreciate it when they choose us. In return, we do our best to service customers fast and efficiently while always providing objective advice. But, I am also conscious of my staff's time, and I do not want to be in a situation where certain circumstances could take me away from my time, dedication and the focus I need to maintain for the sake of our trading and loyal customers, and the onboarding of new customers.

I appreciate everyone's understanding of this specific situation. Also, I want to wish the customer all the best in his trading journey, and let everyone know that he was a very cordial guy during our phone communications.

Thank you,
Matt Zimberg
CEO
Optimus Futures

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
Reply With Quote
The following 5 users say Thank You to mattz for this post:
 
(login for full post details)
  #430 (permalink)
 steve2222 
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
Posts: 1,888 since Sep 2009
Thanks: 3,355 given, 1,522 received

I must have been with AMP for over 10 years now.

I live in NZ (can I be further away from AMP HQ).

I have never had an issue transferring money to or from AMP. (Of course my transfers each way are Wire as ACH not available from/to NZ - but still never had an issue or delay).

My 2cents for some balance to the reviews/discussion.

Prediction is very difficult, especially about the future - Niels Bohr, Danish Physicist
Reply With Quote
The following 4 users say Thank You to steve2222 for this post:
 
(login for full post details)
  #431 (permalink)
 redneck4Christ 
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
Posts: 76 since Apr 2019
Thanks: 827 given, 121 received


mattz View Post
To the traders on Futures.io,

I have been with AMP now for about 4-5 years, and we never had a customer who's funding was lost. Further, we dealt with customers who placed two digit funds on testing the wires or six figures, and all accounts and funds have been accounted and placed in customer's accounts. The customer above accuses AMP when the check from his company has never shown up. We did reach out his institution, and the one email provided bounced, and the other has yet to get back to me to resolve this. We suggested canceling the check to alleviate the customer from any potential loss of funds.

It is rare that I would come to the defense of any FCM in such an aggressive manner, but considering that Optimus Futures is the choice of IB, I followed this with AMP staff as well and aware of their efforts. The treasury of AMP has gone above and beyond to resolve this, and I genuinely feel bad that people who assisted in this specific case, are reflected here in rather a negative light.

<snip>
Thank you,
Matt Zimberg
CEO
Optimus Futures


This is further illustration of the "AMP can do no wrong" attitude that is conveyed by AMP and anybody who represents them.

Matt and I both replied to an email from Billpayer Support that had this statement: "This e-mail is automatically generated. Please do not reply to this e-mail." It is no mystery why the emails bounced.

Billpayer tried one time to call AMP and could not reach anybody to resolve this issue. Instead of trying again, Billpayer (BP) generated an email that had no reply capability. BP wanted me to facilitate a phone conference between AMP and BP. Based on what I had already learned about BP and AMP, I decided it would be easier to just cancel the check than to spend any more time trying to get AMP and BP to communicate directly. Matt asserted that he made the suggestion to cancel the check. If I saw or heard Matt's suggestion, I do not recall it. I decided to cancel the check after conferring with my credit union.


I appreciate Matt's efforts and advice throughout this ordeal. I understand that in light of AMP's aversion to any type of criticism, that Matt feels like he needs to distance himself from anybody who criticizes AMP. This only further bolsters my assertions about AMP.

Prominent on AMP's home page is this:

Why choose AMP?
No Monthly Inactivity Fees
$500 Account Minimum
$400 ES Day Trading Margins
Cheapest Futures Broker
Cutting Edge CQG Technology
Over 10+ Trading Platforms
Real-Time & Historical Charts
Cash Index & Market Internals
All Major Currencies Accepted
24 hour Support & Trade Desk
Direct Global Exchange Access
Choose from Multiple Data Feeds
Free Trading Platforms Available
Multiple Languages Support
Customer Service Guarantee

Most companies I deal with who are focused on good customer service invite constructive criticism and other feedback. Not so with AMP. AMP defines their customer service and defends it directly or by proxy like Optimus.

Knowing all of this, I am finally almost through the AMP gauntlet. I have contended with their "no hand-holding customer service" and I have learned some valuable lessons. I have also tried to pass these lessons along to others who may be as new to this as I am. Of course, people who have been with AMP for years find no value in this -- they are on the other side.

I'm sorry to see Matt and Optimus fall by the wayside. He is a great guy and obviously very loyal to close associates. Now I can work through the issue of losing my sponsoring broker and see if I will be able to keep my AMP account that is going into its 7th week of the application and funding process. As indicated before, it is a marriage of convenience and I am sleeping on the couch.

Reply With Quote
 
(login for full post details)
  #432 (permalink)
 mattz   is a Vendor
 
 
mattz's Avatar
 
Posts: 2,489 since Sep 2010
Thanks: 2,427 given, 3,758 received


redneck4Christ View Post


I appreciate Matt's efforts and advice throughout this ordeal. I understand that in light of AMP's aversion to any type of criticism, that Matt feels like he needs to distance himself from anybody who criticizes AMP. This only further bolsters my assertions about AMP.

I have been here for ten years, and many times did not "fly" to the defense of AMP when criticism was in place. I am genuinely offended at the idea that you suggest that I serve as a proxy. I do not regret coming to their defense in this specific case because they faced a situation that they did not have control over and did everything they could to help. I know this because I was in communication with them.

I would not survive for as long as we have if we did not listen to our customers and be open-minded to criticism. If anything, I have become a better listener over the years and enjoy the lengthy conversations I have with customers, at times, years after they have opened the account.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
Reply With Quote
The following 3 users say Thank You to mattz for this post:
 
(login for full post details)
  #433 (permalink)
4trading
Somewhere in, Texas
 
 
Posts: 17 since May 2010
Thanks: 19 given, 8 received

I assumed BillPay was an eCheck. I was wrong - at least with one of my financial institutions. The bank/credit union just writes a check on my account and physically mails it with snail mail.

I see how BillPay could be convenient for someone that still pays by check, but in the era of electronic payments, it is a bit archaic IMO.

The USPS is not exactly foolproof. My neighbor brings my mail incorrectly delivered to him about 6 to 12 times per year.

"Assumption is the mother of error."

P.S. I recently used BillPay also. Waiting, waiting, waiting...

Reply With Quote
The following user says Thank You to 4trading for this post:
 
(login for full post details)
  #434 (permalink)
 redneck4Christ 
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
Posts: 76 since Apr 2019
Thanks: 827 given, 121 received

I just received the "heave-ho" from AMP after a 6-week (as of today) application and funding debacle. The grim irony in this is that our divorce will not be final until another Billpayer check is received and cleared and the funds can be withdrawn from AMP.

Knowing Matt with Optimus, he will likely have something to say and I will try to let him have the last word rather than dragging out this debacle any more. I do want to frame my perspective on some of Matt's assertions and provide some more perspective about my experience:

Matt has asserted the check never arrived at AMP. He does not know this any more than I know whether the check left Billpayer (BP) or arrived at AMP. I can only remember one incident in 10 or more years of dealing with BP that they have messed up a check delivery and of course it was for several thousand dollars.

Matt openly took offense at me typifying him as an AMP proxy. If you look at his responses to me on this thread and to his responses on other threads where AMP is mentioned, the truth of that matter seems obvious. To add to that perception, this is the message I received from AMP this morning:

"Hello Jeff. We are in full agreement with IB-Optimus. This is NOT the type of relationship we have with our customers."

Obviously, Matt's aversion to me is the basis for AMP booting me and nothing in my direct communication with AMP precipitated this move. The M-W definition of proxy: “: the agency, function, or office of a deputy who acts as a substitute for another”.

Yesterday, I wrote an email to v.bahena@ampclearing.com and trading@ampfutures.com to tell AMP that I was orphaned by Matt at Optimus. I received a reply from Matt at Optimus that started off with “Jeff, This is not true.” Matt’s reply email address was: “From: AMP trading@ampfutures.com

Matt made a lot of assertions about all the help he was providing and all that AMP was doing on my behalf but, at the time it was happening, I did not have any specific information or assurance like this. And Matt did not guide me to the decision to cancel the check as he infers – I made that decision while discussing the matter with my credit union.

Bottom line from my perspective is to beware of AMP. They are generally competent and efficient but they and their IB, Optimus, are very thin-skinned. Despite what they may say in various ways, they do not want any criticism of anything about them. AMP defines their customer service, they pronounce it good, and they place it on the chip on their shoulder and dare anybody to knock it off. In my estimation, that kind of service (like that I have received) is more like what a cow receives from a bull. I shake the dust off my feet.

Reply With Quote
 
(login for full post details)
  #435 (permalink)
 mattz   is a Vendor
 
 
mattz's Avatar
 
Posts: 2,489 since Sep 2010
Thanks: 2,427 given, 3,758 received


redneck4Christ View Post

Yesterday, I wrote an email to v.bahena@ampclearing.com and trading@ampfutures.com to tell AMP that I was orphaned by Matt at Optimus. I received a reply from Matt at Optimus that started off with “Jeff, This is not true.” Matt’s reply email address was: “From: AMP trading@ampfutures.com

Jeff, as I explained to you in an email, AMP uses Zendesk for customer service. This software copies anyone who has been on the original email (thread) that it starts. Since you replied to the old thread, everyone who was on it got copied, and all replies from it will seem as if it came from AMP.

I do not have an email associated with AMP or any other clearing we are associated with.
All the best, and I hope you find a good home for your trading needs.

Matt Z
OptimusFutures

There is a substantial risk of loss in futures trading. Past perfrmance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
Reply With Quote
The following 2 users say Thank You to mattz for this post:
 
(login for full post details)
  #436 (permalink)
 bobwest 
Site Moderator
Sarasota FL
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
 
bobwest's Avatar
 
Posts: 6,448 since Jan 2013
Thanks: 48,906 given, 21,575 received

I don't know a thing directly about the merits here, and certainly do not want to weigh in on them. I am sorry things worked out as they did.

I will say that Matt has been here on this site for a long time, is well thought of, and has often been helpful to others. I have never done business with him or his firm and I have nothing at stake with it or him one way or another, but there have been members who have thanked him publicly here for his help with brokerage issues involving his FCM's. He does seem to have made an effort in this situation, which unfortunately did not work out well.

Again, I am not saying anyone is right or wrong here, but I do want to put in a word for Matt as I have known him, and I do believe he tried to make things right. I don't know what should have been done differently, and am not making any comment or taking any sides, just saying something about Matt.

Sorry things went the way they did, @redneck4Christ. There are other brokers and I am sure you will be able to get an account set up the way you want. Good luck with it.

Bob.

Visit my futures io Trade Journal Reply With Quote
The following 5 users say Thank You to bobwest for this post:
 
(login for full post details)
  #437 (permalink)
 redneck4Christ 
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
Posts: 76 since Apr 2019
Thanks: 827 given, 121 received


bobwest View Post
...

Again, I am not saying anyone is right or wrong here, but I do want to put in a word for Matt as I have known him, and I do believe he tried to make things right. I don't know what should have been done differently, and am not making any comment or taking any sides, just saying something about Matt.

Sorry things went the way they did, @redneck4Christ. There are other brokers and I am sure you will be able to get an account set up the way you want. Good luck with it.

Bob.

Thanks, Bob. I agree that Matt is a stand up guy and tried very diligently to help me. We had two great phone calls that engendered a lot of respect and amicable feelings for Matt. But I crossed a line with Matt in expressing my perspective and frustration with the mess I had a huge part in creating with AMP. Matt took exception and that did it for my relationship with OPTIMUS and AMP.

Hopefully, people will take away that I harbor no ill will for Matt or AMP. I'm glad I learned about their volatility at this point rather than a few years down the road on a more significant issue.

An ironic postscript is that all the hassle and confusion centered around my attempt to set up and ACH transfer of funds to AMP. Now I have a choice as soon as the two checks (one personal by snail-mail and the other by Billpayer) are cleared by AMP, wire transfer for $30 or...wait for it...ACH. Being a slow learner, I will opt for ACH.

Reply With Quote
The following 2 users say Thank You to redneck4Christ for this post:
 
(login for full post details)
  #438 (permalink)
 SMCJB 
Legendary Market Wizard
Houston, TX
 
Experience: Advanced
Platform: Trading Technologies
Broker: Primary Advantage Futures. Also ED&F and Tradestation
Trading: Primarily Energy but also a little GE, GC, SI & Bitcoin
 
Posts: 4,046 since Dec 2013
Thanks: 3,346 given, 7,993 received


bobwest View Post
I don't know a thing directly about the merits here, and certainly do not want to weigh in on them. I am sorry things worked out as they did.

I will say that Matt has been here on this site for a long time, is well thought of, and has often been helpful to others. I have never done business with him or his firm and I have nothing at stake with it or him one way or another, but there have been members who have thanked him publicly here for his help with brokerage issues involving his FCM's. He does seem to have made an effort in this situation, which unfortunately did not work out well.

Again, I am not saying anyone is right or wrong here, but I do want to put in a word for Matt as I have known him, and I do believe he tried to make things right. I don't know what should have been done differently, and am not making any comment or taking any sides, just saying something about Matt.

Sorry things went the way they did, @redneck4Christ. There are other brokers and I am sure you will be able to get an account set up the way you want. Good luck with it.

Bob.

Well said Bob. I also have known Matt for a long time and have several accounts spread out over 3 different FCMs with Optimus as an IB. The service Matt and his team provide on all of these is excellent.


redneck4Christ View Post
Hopefully, people will take away that I harbor no ill will for Matt or AMP.

I'm actually taking away the opposite. If you had no ill will you should have let it drop, but you keep trying to turn the knife.

Reply With Quote
The following 3 users say Thank You to SMCJB for this post:
 
(login for full post details)
  #439 (permalink)
 mattz   is a Vendor
 
 
mattz's Avatar
 
Posts: 2,489 since Sep 2010
Thanks: 2,427 given, 3,758 received


bobwest View Post
I don't know a thing directly about the merits here, and certainly do not want to weigh in on them. I am sorry things worked out as they did.

I will say that Matt has been here on this site for a long time, is well thought of, and has often been helpful to others. I have never done business with him or his firm and I have nothing at stake with it or him one way or another, but there have been members who have thanked him publicly here for his help with brokerage issues involving his FCM's. He does seem to have made an effort in this situation, which unfortunately did not work out well.

Again, I am not saying anyone is right or wrong here, but I do want to put in a word for Matt as I have known him, and I do believe he tried to make things right. I don't know what should have been done differently, and am not making any comment or taking any sides, just saying something about Matt.

Sorry things went the way they did, @redneck4Christ. There are other brokers and I am sure you will be able to get an account set up the way you want. Good luck with it.

Bob.

I have been here for nearly a decade, and I appreciate your kind words as I do my best to help everyone and follow up with our clearing to expedite things. When things do not work out, it's merely a sign to move on and let everyone find a new path. I have learned that you can have great individuals, but circumstances that people view from different angles and cannot resolve them. Sometimes its' more indicative of the circumstances than the individuals.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
Reply With Quote
The following 4 users say Thank You to mattz for this post:
 
(login for full post details)
  #440 (permalink)
 redneck4Christ 
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
Posts: 76 since Apr 2019
Thanks: 827 given, 121 received

The day has final come. Funded at last. Oh, but wait, I had my account cancelled by AMP before I got out of the gate. Now I am ready to withdraw my funds and go to my TDA account that I set up, funded, and rolled an IRA into between the time I started my application with AMP and today when my account finally funded.

Now I have the choice to spend $30 to withdraw the current amount and another $30 to withdraw the next round of funds that are already on the way from Billpayer or to use ACH:

ACH (Next Day - 4pm CST Delivery): FREE
Wire (Domestic & International): 30.00

Hint: Look on this forum for the thread about domestic wire transfer through AMP.

Now what?

"The address on file is incomplete, please click Update Address below to change the address on file."

Checked address twice. Nothing to add.

Get on Live Chat. One person in the queue, me? But what is this?

"Customer Service: We apologize for keeping you waiting. Our operators are busy at the moment, please leave us a message with your email address and we'll get back to you shortly."

Another AMP oddity. My wife had to apply even though she has no desire to do any trading, because she has access to my email account. So I named the account with her and my name. But the names on the account turned out to be my first name & my first name then our last name. And the account user name turned out to be her user name. And the name that appears in the chat window is her name.

Reply With Quote
 
(login for full post details)
  #441 (permalink)
 redneck4Christ 
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
Posts: 76 since Apr 2019
Thanks: 827 given, 121 received

To their credit, AMP resolved the address issue pretty quickly and was responsive by email.

Reply With Quote
The following user says Thank You to redneck4Christ for this post:
 
(login for full post details)
  #442 (permalink)
 cory 
the coin hunter
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
 
cory's Avatar
 
Posts: 6,042 since Jun 2009
Thanks: 854 given, 7,910 received


redneck4Christ View Post
..rolled an IRA...

very few brokers specialize in handling IRA for future trading. I used to have it with Vison Future I think they are out of business now. Your best bet is to go with InteractiveBrokers.

Reply With Quote
The following 3 users say Thank You to cory for this post:
 
(login for full post details)
  #443 (permalink)
 redneck4Christ 
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
Posts: 76 since Apr 2019
Thanks: 827 given, 121 received


4trading View Post
I assumed BillPay was an eCheck. I was wrong - at least with one of my financial institutions. The bank/credit union just writes a check on my account and physically mails it with snail mail.

I see how BillPay could be convenient for someone that still pays by check, but in the era of electronic payments, it is a bit archaic IMO.

The USPS is not exactly foolproof. My neighbor brings my mail incorrectly delivered to him about 6 to 12 times per year.

"Assumption is the mother of error."

P.S. I recently used BillPay also. Waiting, waiting, waiting...


For many of my utilities and other payees, Billpayer is an eCheck because they have the capability to receive funds electronically. AMP does have that capability but does not facilitate eCheck anywhere close to as well as other places I have used Billpayer or eCheck payment. If I had to pay $30 (AMP's charge for wire transfer) for every bill payment, I couldn't afford very much after paying all my bills.

AMP's ACH method of removing funds from my account seemed to work pretty well. We'll see how well tomorrow when the funds are supposed to be in my account. But, it turns out, their ACH process for funding an account is not quite as good as tying a check to a rock and launching it east (from the Left Coast) with a trebuchet. I think I would have figured out sooner that the trebuchet didn't work and would have spent less time messing with it.

Reply With Quote
The following user says Thank You to redneck4Christ for this post:
 
(login for full post details)
  #444 (permalink)
 redneck4Christ 
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
Posts: 76 since Apr 2019
Thanks: 827 given, 121 received


cory View Post
very few brokers specialize in handling IRA for future trading. I used to have it with Vison Future I think they are out of business now. Your best bet is to go with InteractiveBrokers.

Mike may scold us for going of topic but I couldn't resist saying I THINK my IRA rollover to a self-directed TD Ameritrade account is going SWIMmingly.

Reply With Quote
 
(login for full post details)
  #445 (permalink)
 mattz   is a Vendor
 
 
mattz's Avatar
 
Posts: 2,489 since Sep 2010
Thanks: 2,427 given, 3,758 received


cory View Post
very few brokers specialize in handling IRA for future trading. I used to have it with Vison Future I think they are out of business now. Your best bet is to go with InteractiveBrokers.

Most of the time, it's a straight forward process if the broker/FCM has a relationship with the custodian. In our experience, Midland has been great, and they work with most FCMs (including AMP).

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
Reply With Quote
 
(login for full post details)
  #446 (permalink)
 SMCJB 
Legendary Market Wizard
Houston, TX
 
Experience: Advanced
Platform: Trading Technologies
Broker: Primary Advantage Futures. Also ED&F and Tradestation
Trading: Primarily Energy but also a little GE, GC, SI & Bitcoin
 
Posts: 4,046 since Dec 2013
Thanks: 3,346 given, 7,993 received


redneck4Christ View Post
For many of my utilities and other payees, Billpayer is an eCheck because they have the capability to receive funds electronically. AMP does have that capability but does not facilitate eCheck anywhere close to as well as other places I have used Billpayer or eCheck payment. If I had to pay $30 (AMP's charge for wire transfer) for every bill payment, I couldn't afford very much after paying all my bills.

AMP's ACH method of removing funds from my account seemed to work pretty well. We'll see how well tomorrow when the funds are supposed to be in my account. But, it turns out, their ACH process for funding an account is not quite as good as tying a check to a rock and launching it east (from the Left Coast) with a trebuchet. I think I would have figured out sooner that the trebuchet didn't work and would have spent less time messing with it.

I think Wire In, ACH Out is pretty standard. $30 may be a little high for a wire, but everybody charges $20+

Reply With Quote
The following 2 users say Thank You to SMCJB for this post:
 
(login for full post details)
  #447 (permalink)
 redneck4Christ 
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
Posts: 76 since Apr 2019
Thanks: 827 given, 121 received


SMCJB View Post
I think Wire In, ACH Out is pretty standard. $30 may be a little high for a wire, but everybody charges $20+

I am too new to electronic trading dispute this. TD Ameritrade and Schwab must be exceptions because with both of them, I funded using ACH and was up and trading in a day or two. Application, funding, trading in less than a week vs 6 weeks of fumbles and foibles on both sides (AMP and mine) and account canceled the day before funding was cleared. In my narrow view of the trading land, AMP was the odd funding labyrinth.

Reply With Quote
The following user says Thank You to redneck4Christ for this post:
 
(login for full post details)
  #448 (permalink)
Kalisto
Geneva, Switzerland
 
 
Posts: 64 since Dec 2015
Thanks: 74 given, 25 received

Is it possible to trade concurrently the Sierra Chart and MetaTrader 5 platforms ? Or will one of the two be read-only ?
Ideally, I would like to trade futures from SC but monitor the trades on MT5 where I’ll use a trade copier (mql script) to slave another MT5 CFD account. Can it be achieved ?

Reply With Quote
 
(login for full post details)
  #449 (permalink)
 mattz   is a Vendor
 
 
mattz's Avatar
 
Posts: 2,489 since Sep 2010
Thanks: 2,427 given, 3,758 received


NapoleonDynamite View Post
Is it possible to trade concurrently the Sierra Chart and MetaTrader 5 platforms ? Or will one of the two be read-only ?
Ideally, I would like to trade futures from SC but monitor the trades on MT5 where I’ll use a trade copier (mql script) to slave another MT5 CFD account. Can it be achieved?

Yes, it is possible to view MT5/Sierra via the same account. But, CQG charges an additional fee for the 2nd user, and additional data feed because you will need different credentials for each machine. However, to the best of my knowledge, you can later between the two while paying one fee (in case you do not need both at the same time).

MT5 could be connected also to a CFD broker, but why would you use a market maker to trade futures or vice versa? (rhetorical question) different quotes and markets (exchange versus a single market maker).

Thanks,
Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of futures results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
Reply With Quote
The following 3 users say Thank You to mattz for this post:
 
(login for full post details)
  #450 (permalink)
 dextrade 
Skokie
 
Experience: Intermediate
Platform: SierraCharts,
Trading: ES, CL, NQ
 
Posts: 12 since Apr 2019
Thanks: 6 given, 70 received

I wanted to share my experience this week while working in a pretty volatile market.
During peak times this week, fast moving market, i have noticed that few people i work with had issues with their data feeds and executions using GAIN and other feeds. It is really hard to point the finger at a data provider as there are other variables involved such as individual internet connections, software, hardware setups etc.

What i did want to reiterate is that my setup worked without a flaw, was getting great fills during those resource demanding moments. That really solidified my confidence with my my choices.

Thanks again to Matt at Optimus Futures and their team for helping me choose and streamline my feeds/software.

Jerry
Rithmic (connected to Aurora servers)
RTraderPro
Bookmap
SierraCharts.

Reply With Quote
The following 7 users say Thank You to dextrade for this post:
 
(login for full post details)
  #451 (permalink)
Kalisto
Geneva, Switzerland
 
 
Posts: 64 since Dec 2015
Thanks: 74 given, 25 received

Regarding CFDs at AMP Global in Cyprus, I’m not sure how they pull it. On the larger contract sizes of indices, it seems you get LMAX quotes from the order book, but with a thicker liquidity than LMAX at each levels, with commissions way below those of LMAX, almost commissions free.

Great conditions. Too bad, I wish they’d offer some other platform than MT5, like SierraChart. If really they work around LMAX and futures only, that should be doable. Matter of will.

Reply With Quote
 
(login for full post details)
  #452 (permalink)
Kalisto
Geneva, Switzerland
 
 
Posts: 64 since Dec 2015
Thanks: 74 given, 25 received

I already rent SierraChart’s own datafeed. Can it prevent me to subscribe to data at AMP or is it required for order routing ? Don’t want to pay twice.
Quality wise (like bid ask data accuracy), how does the datafeed provided through AMP compare against the SC one ?

Reply With Quote
 
(login for full post details)
  #453 (permalink)
 mattz   is a Vendor
 
 
mattz's Avatar
 
Posts: 2,489 since Sep 2010
Thanks: 2,427 given, 3,758 received


NapoleonDynamite View Post
I already rent SierraChart’s own datafeed. Can it prevent me to subscribe to data at AMP or is it required for order routing ? Don’t want to pay twice.
Quality wise (like bid ask data accuracy), how does the datafeed provided through AMP compare against the SC one ?

As you stated, you will need a data feed such as CQG, Rithmic, CTS, or TT for order routing. AMP provides all of them. These are the data that you need to compare against when you use the internal Sierra data.

There is nothing wrong with paying additional data feeds to Sierra if you are getting accurate reference points for your method.

I hope this helps.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
Reply With Quote
The following 2 users say Thank You to mattz for this post:
 
(login for full post details)
  #454 (permalink)
xbfut
Limassol, Cyprus
 
 
Posts: 17 since Sep 2019
Thanks: 4 given, 15 received

I had a negative experience with this broker even though a friend suggested them.

Communication was really not good. Furthermore, I cannot get a confirmation from their DPO to delete my personal data - major no when allowing EU clients to apply.

AVOID.

Reply With Quote
The following user says Thank You to xbfut for this post:
 
(login for full post details)
  #455 (permalink)
 Scalpguy 
Helsinki, Finland
 
Experience: Advanced
Platform: SC and TWS
Broker: IB and AMP/CQG
Trading: ES
 
Scalpguy's Avatar
 
Posts: 202 since Jul 2010
Thanks: 15 given, 150 received

I've been a customer something about 8-9 years and they have been just great. Nothing to complain. I come from Europe.

It takes nothing to be a Pig
Reply With Quote
The following user says Thank You to Scalpguy for this post:
 
(login for full post details)
  #456 (permalink)
 westmalle 
Eindhoven The Netherlands
 
Experience: Intermediate
Platform: Sierra, NinjaTrader
Trading: TF NQ YM 6E ES
 
Posts: 50 since Mar 2013
Thanks: 55 given, 37 received

Here also from Europe. Only good experiences with AMP. When dealing with US based entities one must accept that US rulings are in place. I do recommend AMP (I have no interest in AMP; except being one of their customers).

Reply With Quote
The following 2 users say Thank You to westmalle for this post:
 
(login for full post details)
  #457 (permalink)
alcyone29
Singapore
 
 
Posts: 1 since Aug 2017
Thanks: 0 given, 1 received

Amp customer service is one of the worst I have encountered..

They keep asking me to re-upload my particulars on the platform.. which I uploaded a copy of my id and proof of address.. but after u upload, the file is not there.. so I send it to their new account email like the requested.. but no one acknowledged receipt.. live chat HELPDESK just ask me to wait for the next day every single day..

It’s been a month but account not yet opened.. really the worst

Reply With Quote
The following 5 users say Thank You to alcyone29 for this post:
 
(login for full post details)
  #458 (permalink)
Kalisto
Geneva, Switzerland
 
 
Posts: 64 since Dec 2015
Thanks: 74 given, 25 received

Wish AMP Global EU will eventually open up to the platform choice of AMP US so we can trade futures with a EU-based banking gateway for deposits/withdrawals, unlike with AMP US. ...or AMP US to take advantage of the funding options of AMP EU. No way I’m giving up on SC for MT5

Reply With Quote
 
(login for full post details)
  #459 (permalink)
 JonnyBoy 
Market Wizard
Montreal, Quebec
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: Kinetick
Trading: ES
 
JonnyBoy's Avatar
 
Posts: 1,559 since Apr 2012
Thanks: 706 given, 3,737 received


alcyone29 View Post
Amp customer service is one of the worst I have encountered..

They keep asking me to re-upload my particulars on the platform.. which I uploaded a copy of my id and proof of address.. but after u upload, the file is not there.. so I send it to their new account email like the requested.. but no one acknowledged receipt.. live chat HELPDESK just ask me to wait for the next day every single day..

It’s been a month but account not yet opened.. really the worst

Then vote with your feet and go somewhere else. AMP are the most casual, unprofessional and downright incompetent outfit I have ever had the displeasure of being involved with.

--------------------------------------------------------
- Trade what you see. Invest in what you believe -
--------------------------------------------------------
Reply With Quote
The following 3 users say Thank You to JonnyBoy for this post:
 
(login for full post details)
  #460 (permalink)
intothefuture
Orlando + FL/USA
 
 
Posts: 6 since Nov 2017
Thanks: 0 given, 4 received

I agree that their customer service is not great but it is a good value for what they provide.

Sent using the futures.io mobile app

Reply With Quote
The following 2 users say Thank You to intothefuture for this post:
 
(login for full post details)
  #461 (permalink)
 forgiven 
Fletcher NC
 
Experience: Intermediate
Platform: nijia trader
Broker: A.M.P. I.Q. ....C.Q.G.
Trading: ym es
 
forgiven's Avatar
 
Posts: 668 since Mar 2012
Thanks: 154 given, 396 received

i have used them on and of for 9 years . there is always some kind of problem that is a pain in the ass to fix. if your using CQG data for order execution and to run your charting ...the slippage is a lot more than the pennies you save on a round trip. quit looking for a bargain ...there not it ..

Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to forgiven for this post:
 
(login for full post details)
  #462 (permalink)
 josh 
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
josh's Avatar
 
Posts: 5,466 since Jan 2011
Thanks: 6,055 given, 14,517 received

I have used them for 6 months now, and have generally been satisfied with them. About 3-5 times I have experienced market data lagging; that is, the market moves fast, I place a limit to buy/sell, and am immediately filled even though the market appears to be far away from my entry. To be fair, others on a different data feed also experienced this lag. This was on CQG data, and I am unsure as to whether the issue would have occurred on the TT/Rithmic/CTS.

I would recommend them, overall. They are the only clearing firm I know of where I can get the mini nikkei and hang seng contracts.

Reply With Quote
 
(login for full post details)
  #463 (permalink)
 steve2222 
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
Posts: 1,888 since Sep 2009
Thanks: 3,355 given, 1,522 received


josh View Post
........ About 3-5 times I have experienced market data lagging; that is, the market moves fast, I place a limit to buy/sell, and am immediately filled even though the market appears to be far away from my entry. ........... This was on CQG data, ..........
I would recommend them, overall. They are the only clearing firm I know of where I can get the mini nikkei and hang seng contracts.

Hi Josh,
Was the data lag on the Nikkei or HKEX? Or what is it some other exchange?

I have not noticed any data lag with the HKEX in December and I live in New Zealand.

CQG feeding SC with AMP as broker.

Have been with AMP for probably at least 10 years now and I too would highly recommend.

Prediction is very difficult, especially about the future - Niels Bohr, Danish Physicist
Reply With Quote
 
(login for full post details)
  #464 (permalink)
 josh 
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
josh's Avatar
 
Posts: 5,466 since Jan 2011
Thanks: 6,055 given, 14,517 received


steve2222 View Post
Hi Josh,
Was the data lag on the Nikkei or HKEX? Or what is it some other exchange?

I have not noticed any data lag with the HKEX in December and I live in New Zealand.

CQG feeding SC with AMP as broker.

Have been with AMP for probably at least 10 years now and I too would highly recommend.

Hi Steve,
Same setup as you (CQG, SC, AMP) -- the data lag was CME data (ES). I have not had any data lag issues during the asia session at all.

Reply With Quote
The following 2 users say Thank You to josh for this post:
 
(login for full post details)
  #465 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, SC, ToS
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,135 since Jul 2011
Thanks: 2,388 given, 1,726 received

Same here. I've been with them for about seven years. And also saw a few of those occasional uncharacteristic lags during the past year otherwise it's been great. I hope it doesn't get worse becoming like the zenfire/downfall of mirus, fiasco.

Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to Cloudy for this post:
 
(login for full post details)
  #466 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, SC, ToS
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,135 since Jul 2011
Thanks: 2,388 given, 1,726 received

Anyone else get this notice from AMP?

https://support.ampglobal.com/hc/en-us/articles/360045232634-CME-Monthly-Data-Fee-Increase-Effective-April-1-2020


As a result my monthly data fees /w lvl 2 cme bundle went up to $31/month, $16 more per month from $15/month.

I haven't seen a mention of this increase on TDA or Ironbeam. Also, I checked the CME group site, and there
seems to be no mention unless I missed it. There was also a transaction fee increase on Feb. 1 where AMP said it
was also due to CME fee increases and passed along, here: https://support.ampglobal.com/hc/en-us/articles/360042763013-CME-Exchange-Fee-Increase-Effective-February-1-2020

Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to Cloudy for this post:
 
(login for full post details)
  #467 (permalink)
 ninjus 
Strat Enthusiast
Chiang Mai Thailand
 
Experience: Beginner
Platform: Seirra Chart
Broker: Optimus + Rithmic
Trading: MNQ
 
ninjus's Avatar
 
Posts: 722 since Jun 2017
Thanks: 1,163 given, 2,288 received


Cloudy View Post
Anyone else get this notice from AMP?

https://support.ampglobal.com/hc/en-us/articles/360045232634-CME-Monthly-Data-Fee-Increase-Effective-April-1-2020


As a result my monthly data fees /w lvl 2 cme bundle went up to $31/month, $16 more per month from $15/month.

I haven't seen a mention of this increase on TDA or Ironbeam. Also, I checked the CME group site, and there
seems to be no mention unless I missed it. There was also a transaction fee increase on Feb. 1 where AMP said it
was also due to CME fee increases and passed along, here: https://support.ampglobal.com/hc/en-us/articles/360042763013-CME-Exchange-Fee-Increase-Effective-February-1-2020

Yep mine came out at $30 this month.
That's some price jump.


Marcus Aurelius
"Not to assume it's impossible because you find it hard. But to recognize that if it's humanly possible, you can do it too"

Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to ninjus for this post:
 
(login for full post details)
  #468 (permalink)
 LDog 
Lexington KY/USA
 
Experience: Beginner
Platform: SC,TastyWorks,ToS
Broker: TDA, OANDA,AMP/CQG/SC
Trading: Looking for it/them
 
LDog's Avatar
 
Posts: 204 since Sep 2015
Thanks: 10,177 given, 326 received

I got an email from Infinity Futures the other day and couldn't find anything about it. But then got the AMP email and was not happy. Also per their email:

We sent a request to CME to delay their fee increase due to thiscoronavirus (COVID-19) current situation. They declined....

Unfortunately, we have to proceed with processing these increased CME Fees




I guess when they're the only game in town, we gotta pay the vig ...


Edit - I also found this on several other broker's sights, but haven't tracked it down on the CME site:


https://insigniafutures.com/cme-data-fees-price-increase/


https://www.cannontrading.com/tools/support-resistance-levels/cme-raising-their-monthly-data-fees-trading-levels-3-31-2020/


Reply With Quote
The following 2 users say Thank You to LDog for this post:
 
(login for full post details)
  #469 (permalink)
 cory 
the coin hunter
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
 
cory's Avatar
 
Posts: 6,042 since Jun 2009
Thanks: 854 given, 7,910 received


ninjus View Post
Yep mine came out at $30 this month.
That's some price jump.

$31 here long CME y’all

Reply With Quote
The following 3 users say Thank You to cory for this post:
 
(login for full post details)
  #470 (permalink)
 steve2222 
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
Posts: 1,888 since Sep 2009
Thanks: 3,355 given, 1,522 received


Cloudy View Post
Anyone else get this notice from AMP?

https://support.ampglobal.com/hc/en-us/articles/360045232634-CME-Monthly-Data-Fee-Increase-Effective-April-1-2020


As a result my monthly data fees /w lvl 2 cme bundle went up to $31/month, $16 more per month from $15/month.

I haven't seen a mention of this increase on TDA or Ironbeam. Also, I checked the CME group site, and there
seems to be no mention unless I missed it. There was also a transaction fee increase on Feb. 1 where AMP said it
was also due to CME fee increases and passed along, here: https://support.ampglobal.com/hc/en-us/articles/360042763013-CME-Exchange-Fee-Increase-Effective-February-1-2020

Attached is the official CME notice of fee increase

Prediction is very difficult, especially about the future - Niels Bohr, Danish Physicist
Attached Thumbnails
AMP Futures / AMP Global Review-mdla-cme-data-fee-schedule-5-apr-2020.pdf  
Reply With Quote
The following 4 users say Thank You to steve2222 for this post:
 
(login for full post details)
  #471 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,004 since Jun 2009
Thanks: 32,468 given, 98,269 received

Would you please create a thread just for this?
steve2222 View Post
Attached is the official CME notice of fee increase

Sent using the futures.io mobile app

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #472 (permalink)
 josh 
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
josh's Avatar
 
Posts: 5,466 since Jan 2011
Thanks: 6,055 given, 14,517 received

I am an AMP customer and have been generally happy, until recently, with the experience.

This morning I put on a trade. I tried to put in a stop order and was unable -- got a "REJECTED" message. After several attempts, I contacted the trade desk. This was the exchange:










I don't expect him to rub my feet and kiss my ass, but this matter-of-fact attitude just baffles me. Sure, it's a small position but I now start the day down 55 ticks from where I should have (tried to exit at +35 ticks, stopped out at -20 ticks).

This isn't AMP's fault directly but I had a similar experience when my Nikkei position couldn't close out a few weeks ago. The trade desk basically said, "eh, don't know what to do." Sorry, this is just not an acceptable attitude. Not once have they uttered the words "sorry for the inconvenience."

These systems should be reliable. The people at the trade desk should actually give a shit if you lose money because of their error. They're not, and they don't.

Any broker recommendations are welcome. I will lose Nikkei and HSI if I leave CQG but I don't really care, enough is enough.

This business is hard enough without my tech (CQG) and my broker (AMP) screwing me over.

Reply With Quote
The following 5 users say Thank You to josh for this post:
 
(login for full post details)
  #473 (permalink)
 redneck4Christ 
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, SC
Broker: Stage5,IronBeam/Rithmic, ToS
Trading: Emini ES & YM
 
Posts: 76 since Apr 2019
Thanks: 827 given, 121 received


josh View Post
I am an AMP customer and have been generally happy, until recently, with the experience.

This morning I put on a trade. I tried to put in a stop order and was unable -- got a "REJECTED" message. After several attempts, I contacted the trade desk. This was the exchange:










I don't expect him to rub my feet and kiss my ass, but this matter-of-fact attitude just baffles me. Sure, it's a small position but I now start the day down 55 ticks from where I should have (tried to exit at +35 ticks, stopped out at -20 ticks).

This isn't AMP's fault directly but I had a similar experience when my Nikkei position couldn't close out a few weeks ago. The trade desk basically said, "eh, don't know what to do." Sorry, this is just not an acceptable attitude. Not once have they uttered the words "sorry for the inconvenience."

These systems should be reliable. The people at the trade desk should actually give a shit if you lose money because of their error. They're not, and they don't.

Any broker recommendations are welcome. I will lose Nikkei and HSI if I leave CQG but I don't really care, enough is enough.

This business is hard enough without my tech (CQG) and my broker (AMP) screwing me over.

I feel your pain, Brother. AMP probably saved me a lot of $$$ by banning me before I got started with them because they have the same attitude about processing payments to fund accounts.

I have had similar things happen on other accounts and I have had some good folks (Andrew with Tradovate, if I remember correctly) help me understand that on some software, like Jigsaw, each order you enter adds margin. So, you might be trading 3-lots with a 3 one-lot stops. That makes 6 lots to margin. Then when you enter an order to close, if your margin is running low or the broker's risk rules kick in, you can have an order rejected -- even an order to close your position.

This is totally absurd and needs to be changed.

Other brokers offer CQG data feeds and are actually customer service oriented. I recommend you talk to Byron Zook over at Stage 5 and/or Meagan at Discount. They have been very helpful and their rates are good as well.

God speed!

Reply With Quote
The following 2 users say Thank You to redneck4Christ for this post:
 
(login for full post details)
  #474 (permalink)
 josh 
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
josh's Avatar
 
Posts: 5,466 since Jan 2011
Thanks: 6,055 given, 14,517 received


redneck4Christ View Post
I have had similar things happen on other accounts and I have had some good folks (Andrew with Tradovate, if I remember correctly) help me understand that on some software, like Jigsaw, each order you enter adds margin. So, you might be trading 3-lots with a 3 one-lot stops. That makes 6 lots to margin. Then when you enter an order to close, if your margin is running low or the broker's risk rules kick in, you can have an order rejected -- even an order to close your position.

This is totally absurd and needs to be changed.


Thanks -- just to be clear, margin was not an issue at all here or in any other issues I've had from them. I have the margin to swing a few hundred contracts and couldn't put in a 1-lot, and the error message I received was generic enough that I knew it wasn't a margin issue.


And I do understand that mistakes happen, but I almost feel like in order to trade real size, I need a backup broker on standby to be able to hedge. Imagine I had put on a big order and just couldn't get out. It's very disconcerting and no effort was made by them to even care about the outcome. That's what bothers me most.

Reply With Quote
The following user says Thank You to josh for this post:
 
(login for full post details)
  #475 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,004 since Jun 2009
Thanks: 32,468 given, 98,269 received

@josh

Take a look at @Ironbeam, also a sponsor here -- but they offer CQG and have been in business a long time, cater to larger accounts. I suggest you start with a small account and then test out there emergency help desk multiple times before going all-in (good advice no matter where you end up).

I personally use IB, but no CQG there. I wouldn't feel comfortable leaving the amount of money you are describing anywhere else, personally. IB offers overnight market sweep.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #476 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,004 since Jun 2009
Thanks: 32,468 given, 98,269 received

@josh

Last, @Lightspeed is currently offering Elite Members a $10,000 rebate on commissions. They are soliciting larger accounts with this offer. For you to consider.

Both @Ironbeam and @Lightspeed have AMA's here on the site for you to interact directly with high levels managers.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #477 (permalink)
 steve2222 
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
Posts: 1,888 since Sep 2009
Thanks: 3,355 given, 1,522 received


josh View Post
.................

I don't expect him to rub my feet and kiss my ass, but this matter-of-fact attitude just baffles me. Sure, it's a small position but I now start the day down 55 ticks from where I should have (tried to exit at +35 ticks, stopped out at -20 ticks).

This isn't AMP's fault directly but I had a similar experience when my Nikkei position couldn't close out a few weeks ago. The trade desk basically said, "eh, don't know what to do." Sorry, this is just not an acceptable attitude. Not once have they uttered the words "sorry for the inconvenience."

These systems should be reliable. The people at the trade desk should actually give a shit if you lose money because of their error. They're not, and they don't.

Any broker recommendations are welcome. I will lose Nikkei and HSI if I leave CQG but I don't really care, enough is enough.

This business is hard enough without my tech (CQG) and my broker (AMP) screwing me over.

Hi Josh,

1/ what exchange was the issue with this time?

2/ I don't see what you achieve by changing to another broker with CQG? Sure, maybe another broker "will rub my feet and kiss my ass" but presumably they too (like AMP) will not have been able to do anything about the issue while CQG was having problems ie the new brokers attitude may or may not make you feel better, but you will still be down 55 ticks.

The systems should be reliable and we (you) should be in a position to get a definitive answer from CQG (via AMP) about what went wrong and what they are doing to mitigate this happening in the future.

The suggestion about having a backup broker for hedging in this sort of instance is a good one (as long as they offer the same access to exchanges). But you could possibly achieve something similar with AMP ie could they have given you immediate access to say the Rithmic feed (assuming they have the right exchanges) so you could put in place a hedge. Or alternatively for the future you could have a sub account with AMP with the ability to activate an alternative datafeed if such issue happens again for hedging purposes.

Prediction is very difficult, especially about the future - Niels Bohr, Danish Physicist
Reply With Quote
The following 2 users say Thank You to steve2222 for this post:
 
(login for full post details)
  #478 (permalink)
 josh 
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
josh's Avatar
 
Posts: 5,466 since Jan 2011
Thanks: 6,055 given, 14,517 received

Thanks for the suggestions @ Big Mike -- to be clear, I don't have a really huge account and I don't put all eggs in one basket, I was referring to day trade margin so it's nothing too substantial. Not something I'd want to lose either

@ steve2222 -- this was CME (a month ago it was TSE, and the issue was the clearing firm then)

I got a phone call a bit ago from someone at AMP who was very helpful. He addressed my concerns, and put me more at ease.

* he is going to address my concerns about the manner in which the trade desk handled the request (on multiple occasions)
* when I chatted to the trade desk I did not request that they close my position as I was able to get a stop in, but he verified that if I had needed to get flat immediately, they could have done so, despite CQG being down
* we discussed the possibility of a sub-account using Rithmic (which does not charge $20 a month unless logging in), just as steve2222 mentioned, and also about using SC's TT-routed feed. These both address the possibility of hedging, however, wouldn't work for Nikkei or HSI contracts in the event of an issue there, though a hedge using ES would likely do the trick in a jam
* he will keep me in the loop about the CQG issue -- I need to have confidence in order routing

He spent overall about 40 minutes with me on the phone. It was a very good demonstration of customer service; he heard my concerns, gave me a way to get in touch with him directly, and will address the concerns I had; I am much happier now. I don't need to be pampered, but definitely need to have concerns addressed and that has been accomplished. I will keep this thread up to date with any further developments.

Reply With Quote
The following 7 users say Thank You to josh for this post:
 
(login for full post details)
  #479 (permalink)
 steve2222 
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
Posts: 1,888 since Sep 2009
Thanks: 3,355 given, 1,522 received


josh View Post
.........................
* he will keep me in the loop about the CQG issue -- I need to have confidence in order routing

He spent overall about 40 minutes with me on the phone. It was a very good demonstration of customer service; he heard my concerns, gave me a way to get in touch with him directly, and will address the concerns I had; I am much happier now. I don't need to be pampered, but definitely need to have concerns addressed and that has been accomplished. I will keep this thread up to date with any further developments.

Sounds like a good phone call giving you a better level of comfort. Reassuring to hear that they could have made you flat if need be.

In the fullness of time I would be interested in the outcome of CQG's investigation of what went wrong - given I also use CQG>AMP.

Cheers

Prediction is very difficult, especially about the future - Niels Bohr, Danish Physicist
Reply With Quote
The following 3 users say Thank You to steve2222 for this post:
 
(login for full post details)
  #480 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,004 since Jun 2009
Thanks: 32,468 given, 98,269 received

Amp monitors this thread as well. Glad you had a good call, but always know you are ultimately responsible. That means if this happens again, it's your fault... Theirs too, but yours first and foremost.

First rule of trading

Sent using the futures.io mobile app

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #481 (permalink)
 casey44 
Flagstaff AZ/USA
 
Experience: Beginner
Platform: NT8
Trading: micros
 
casey44's Avatar
 
Posts: 199 since Jan 2010
Thanks: 3,133 given, 249 received

fwiw @josh, highly respected FT71 just started a brokerage, posting this on his facebook on
4.3.20, “The launch for my new futures brokerage went off beautifully. Tons of requests and a 20-hour day to make sure every single one is answered. Join us at edgeclear.com "
...facebook.com/futurestrader71/

https://edgeclear.com/about-us/

Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to casey44 for this post:
 
(login for full post details)
  #482 (permalink)
 Scalpguy 
Helsinki, Finland
 
Experience: Advanced
Platform: SC and TWS
Broker: IB and AMP/CQG
Trading: ES
 
Scalpguy's Avatar
 
Posts: 202 since Jul 2010
Thanks: 15 given, 150 received

SierraChart support says the following:

Notice: Users can experience disconnection issues and lagging market data when using CQG. This can cause risk with trading and there have been many reported incidents reported already. We recommend that new users or users trading the CME group of markets only use the Sierra Chart Order Routing service with Data instead of CQG if you just require CME/CBOT/NYMEX/COMEX trading only. Sierra Chart as of November 1, 2019, will only provide support to CQG users within our discretion. We are not able to help with data lagging issues, disconnection issues, or other types of data issues encountered.

Source: https://www.sierrachart.com/index.php?page=doc/CQGTrading.php

---

For me it sounds like CQG is not a very reliable platform. In this case a new broker will not help you.

But I have to say I don't know any broker who have had not problems. In some point they all have. Specially Interactive Brokers and it's awful customer service

For any reason those who cannot close their positions I recommend you to call the trade desk. They will close the positions for you. If they also are not able to do it then it's a bit different story.

---

Thank you very much for the info about the Futures71's brokerage. Going to check it.

It takes nothing to be a Pig
Reply With Quote
The following user says Thank You to Scalpguy for this post:
 
(login for full post details)
  #483 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,004 since Jun 2009
Thanks: 32,468 given, 98,269 received

I've been with IB for 20 years or so I think and never once needed customer service, FWIW. YMMV but I figured I'd mention it.

That said, I think Amp wants 12k for ES overnight margin, whereas IB wants 25k. Catering to different customers.

Sent using the futures.io mobile app

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following 5 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #484 (permalink)
 Scalpguy 
Helsinki, Finland
 
Experience: Advanced
Platform: SC and TWS
Broker: IB and AMP/CQG
Trading: ES
 
Scalpguy's Avatar
 
Posts: 202 since Jul 2010
Thanks: 15 given, 150 received


Big Mike View Post
I've been with IB for 20 years or so I think and never once needed customer service, FWIW. [/URL]

I also have been with them something about 15 years now so it doesn't change the fact that I have had many problems with them.

With AMP none. I have contacted their customer service something like 10 times within last 8 years but every time the problem has been me not them. So...

But as I said they all have problems in some point and I know the day will come for me too This is why I use brokers who have the lowest day trading margin requirements so I do not have to keep any funds in their accounts more than absolutely necessary.

Fortunately my strategies do not need overnight positions which has been a very good thing lately

btw. Mike thank you very much for the best trading forum. Keep going your good work !

It takes nothing to be a Pig
Reply With Quote
The following 7 users say Thank You to Scalpguy for this post:
 
(login for full post details)
  #485 (permalink)
 josh 
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
josh's Avatar
 
Posts: 5,466 since Jan 2011
Thanks: 6,055 given, 14,517 received

From AMP in an email just now:



Quoting 
(updated 1pm - Tuesday - April 21, 2020)

Due to certain anomalies affecting Crude Oil Futures, trading in the front month futures for Crude Oil and Mini-Crude, CLM20 and QMM20, have been set to Liquidating Trades Only. Any positions in CLM20 and QMM20, both long and short, are subject to liquidation.


This is an unprecedented times....YOU must trade responsible.
The event from yesterday could happen again...as of publishing this post, the June 2020 CL Contract is trading at 9.09. Within range of going negative again...and if happens again, this is unknown conditions and the ability to exit positions could become limited.


Reply With Quote
The following 2 users say Thank You to josh for this post:
 
(login for full post details)
  #486 (permalink)
 RDK91 
Antwerp
 
 
Posts: 454 since Jun 2016


josh View Post
From AMP in an email just now:

This was to be expected.

Other brokers are doing the same thing.

Reply With Quote
 
(login for full post details)
  #487 (permalink)
 Scalpguy 
Helsinki, Finland
 
Experience: Advanced
Platform: SC and TWS
Broker: IB and AMP/CQG
Trading: ES
 
Scalpguy's Avatar
 
Posts: 202 since Jul 2010
Thanks: 15 given, 150 received


RDK91 View Post
This was to be expected.

Other brokers are doing the same thing.

Those negative numbers and no buyers destroyed many accounts last monday so this is absolutely a right thing to do.

It takes nothing to be a Pig
Reply With Quote
The following user says Thank You to Scalpguy for this post:
 
(login for full post details)
  #488 (permalink)
 josh 
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
josh's Avatar
 
Posts: 5,466 since Jan 2011
Thanks: 6,055 given, 14,517 received


Scalpguy View Post
Those negative numbers and no buyers destroyed many accounts last monday so this is absolutely a right thing to do.


The right thing to do is not let anyone trade crude because some people didn't manage their risk? What if I were primarily a crude trader? I'd either not trade, or trade relatively illiquid back month contracts only?

Reply With Quote
 
(login for full post details)
  #489 (permalink)
 Scalpguy 
Helsinki, Finland
 
Experience: Advanced
Platform: SC and TWS
Broker: IB and AMP/CQG
Trading: ES
 
Scalpguy's Avatar
 
Posts: 202 since Jul 2010
Thanks: 15 given, 150 received


josh View Post
The right thing to do is not let anyone trade crude because some people didn't manage their risk? What if I were primarily a crude trader? I'd either not trade, or trade relatively illiquid back month contracts only?

I just see it too risky.

3500 ticks under one second is just too much to manage. Can easily happen again.

Better to stay away for awhile. Maybe it's a good point for a short vacation

It takes nothing to be a Pig
Reply With Quote
 
(login for full post details)
  #490 (permalink)
JollyBengali
Salt Lake City
 
 
Posts: 3 since Mar 2020
Thanks: 1 given, 3 received

I am brand new to future trading. I was trading currencies before so I was very familiar with MT4 so I was looking for a broker that offers MT5. I ended up choosing AMP. It took me only 4 business days from the day I applied for trading account to take my first trade. So I had a very good experience so far with AMP. Their customer portal is not very good though but I don't spend much time in there anyway.

Reply With Quote
The following user says Thank You to JollyBengali for this post:
 
(login for full post details)
  #491 (permalink)
futures trader
san diego, ca USA
 
 
Posts: 29 since May 2014
Thanks: 25 given, 20 received

AMP just can't seem to get out of it's own way as it reveals private email conversation with customer in public forum

https://www.elitetrader.com/et/threads/i-have-decided-to-put-a-significant-amount-of-my-money-with-amp.345379/page-3

Reply With Quote
The following user says Thank You to futures trader for this post:
 
(login for full post details)
  #492 (permalink)
futures trader
san diego, ca USA
 
 
Posts: 29 since May 2014
Thanks: 25 given, 20 received

Elitetrader moderator is going into posts from forum users and editing their remarks in ongoing AMP review thread. Mind you, not simply deleting comments, but making edits to them! AMP is a paid sponsor at elitetrader. Buyer beware.

Here is a thread started on reddit referencing the event.

https://www.reddit.com/r/Daytrading/comments/gtsk5r/do_not_trust_amp_futuresamp_global_or/

Reply With Quote
The following 3 users say Thank You to futures trader for this post:
 
(login for full post details)
  #493 (permalink)
 RT777 
Toronto Canada
 
 
Posts: 41 since May 2020


josh View Post
From AMP in an email just now:

I hope everyone here understands the ONLY reason AMP took this action on the 21st, is because THEY failed to support negative pricing and caused at least 8 traders to be trapped in positions they could not get out of on the the 20th.

This was not the action of a hero, it was simply a pathetic attempt to misrepresent the facts of what really happened.

Reply With Quote
 
(login for full post details)
  #494 (permalink)
 mattz   is a Vendor
 
 
mattz's Avatar
 
Posts: 2,489 since Sep 2010
Thanks: 2,427 given, 3,758 received

The support of negative prices is done through the technology FCMs use—my understanding through discussions that CQG, Rithmic, and TT is that they did support negative prices. You are more than welcome to confirm with them directly. They are independent ISV (independent software vendor).

According to Mr. Duffy head of the CME, there were less than 80 contracts traded at zero. Minute 1.25
https://www.cnbc.com/video/2020/04/22/cme-group-ceo-responds-to-requests-for-investigation.html
This means that when the price about to hit zero if you placed MKT, it could have been way in the negative already.

Once the price broke zero, the Bid-Ask has grown to dollars, not cents, and orders under such volatility may and do get rejected. Just because you see the price at X, does do not mean you will get X. You may get filled at X Minus 10 points if shorting at the market, or X+10 if long if placing MKT orders. Again, this is under very specific circumstances.

If you recall the Flash Crash of 2010, thee Bid-Ask was 12 points ($600), not the typical one tick you see.
I saw the same type of behavior on the ES Options during the meltdown of 2018.

My point is not to absolve brokers or FCM from their fiduciary duty. We have our roles, and we must comply with regulations and rules pertaining to us. However, Futures as an asset class can behave beyond the scope and control of the broker and the technology they carry. As an asset class, you are trading high leverage, global markets that go at times into harsh trading environments where you could potentially lose way beyond your initial investment. "Normal times" with less volatility make us at times "relaxed" about the asset class we trade. This year was a sober reminder of what happens when a global event shakes the market and how the Futures market behaves.

Thank you,
Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results. The placement of contingent orders by you or broker, or trading advisor, such as a “stop-loss” or “stop-limit” order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
Reply With Quote
The following 5 users say Thank You to mattz for this post:
 
(login for full post details)
  #495 (permalink)
 RT777 
Toronto Canada
 
 
Posts: 41 since May 2020


mattz View Post
The support of negative prices is done through the technology FCMs use—my understanding through discussions that CQG, Rithmic, and TT is that they did support negative prices. You are more than welcome to confirm with them directly. They are independent ISV (independent software vendor).

What you are asking me to do is ask the people responsible for the negligence in this situation, to tell me they weren't negligent? That's hilarious but I don't need any more proof than I already have that they have completely LIED to all their customers as a result of this event. Perhaps I should start a new thread so that I can post all the FACTS that I do have that tell the REAL NEWS.

If you choose to believe what you have been told, in my opinion, you have been clearly duped if you think they supported negative pricing.

This screen shot was taken a full 6 days after the event via CQG desktop. I also have lots more proof. Perhaps I should share it all in a new thread titled AMP Global Clearing - Oil Losses - Breach of Fiduciary Duty - 4/20/2020.


Reply With Quote
 
(login for full post details)
  #496 (permalink)
 mattz   is a Vendor
 
 
mattz's Avatar
 
Posts: 2,489 since Sep 2010
Thanks: 2,427 given, 3,758 received


RT777 View Post


Your image shows an exchange rejected order. I suggest contacting the exchange and match it with the time and sales logs that the broker could provide.

I did not come here to defend anyone. I am merely talking about and explaining the mechanics of Futures.
Orders entered below Zero could be rejected, or exited at prices that are not in one's favor.
I suggest that no one should attempt to trade in any conditions that they have not to seen before.

(pasted screenshot)


Thanks,
Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
Reply With Quote
The following 2 users say Thank You to mattz for this post:
 
(login for full post details)
  #497 (permalink)
 RT777 
Toronto Canada
 
 
Posts: 41 since May 2020


mattz View Post
Your image shows an exchange rejected order. I suggest contacting the exchange and match it with the time and sales logs that the broker could provide.

I did not come here to defend anyone. I am merely talking about and explaining the mechanics of Futures.
Orders entered below Zero could be rejected, or exited at prices that are not in one's favor.
I suggest that no one should attempt to trade in any conditions that they have not to seen before.

My post was not about the mechanics of the market at that time. THAT is a completely different topic that CFTC is investigating. Please don't confound the topic about support for negative pricing with concepts about the mechanics of futures.

I find it sad in that your possible explanation is as lame as the one AMP gave customers caught in their negligence. AMP/Dan also made the same point stating is was rejected by the exchange. Since when did demo orders get rejected by the exchange? THAT'S HILARIOUS.

Apparently you don't even have a basic understanding of how the pipeline works and where certain codes are generated. As a side note, I also have evidence that the exchange did NOT reject any orders at that time.

Reply With Quote
 
(login for full post details)
  #498 (permalink)
 bobwest 
Site Moderator
Sarasota FL
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
 
bobwest's Avatar
 
Posts: 6,448 since Jan 2013
Thanks: 48,906 given, 21,575 received


RT777 View Post
My post was not about the mechanics of the market at that time. THAT is a completely different topic that CFTC is investigating. Please don't confound the topic about support for negative pricing with concepts about the mechanics of futures.

I find it sad in that your possible explanation is as lame as the one AMP gave customers caught in their negligence. AMP/Dan also made the same point stating is was rejected by the exchange. Since when did demo orders get rejected by the exchange? THAT'S HILARIOUS.

Apparently you don't even have a basic understanding of how the pipeline works and where certain codes are generated. As a side note, I also have evidence that the exchange did NOT reject any orders at that time.

Hi @RT777,

It is important that this matter be discussed, and so all factual information and reasoned argument is welcome.

Whatever of a factual nature you can contribute will be welcomed for this reason, so this situation can be understood by the other traders here, and any risks can be assessed and taken into account.

What is not important is disparagement of other members. Refutation of their assertions of fact are fine, accompanied by factual evidence and reasoning of your own. Personal comments to the effect that they don't have a "basic understanding" of anything, particularly something that is intrinsic to their business ( @mattz is a broker) are not. All members are expected to be civil and essentially respectful of other members, even if they think they are dead wrong. Tell them where they are wrong, and have the facts when you do.

You are new here, and I have no reason to think you will not be a strong contributor. I have read your posts to date and think you will fit in just fine and will be a positive factor, as we all wish to be.

But please tone down the personal remarks. Give us some facts and we will eat it up, and members will be happy to have them.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to bobwest for this post:
 
(login for full post details)
  #499 (permalink)
 mattz   is a Vendor
 
 
mattz's Avatar
 
Posts: 2,489 since Sep 2010
Thanks: 2,427 given, 3,758 received

@bobwest Thank you as always trying to keep it civil. I tried to help while he is just busy insulting me.

When you place a price of -1.00 as his demo indicates while the market is 16, it would be out of Exchange daily limits whether live or demo.
His demo simply telling the rules of the exchange - not rejecting it because the order is price negative.


Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
Reply With Quote
The following user says Thank You to mattz for this post:
 
(login for full post details)
  #500 (permalink)
 bobwest 
Site Moderator
Sarasota FL
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
 
bobwest's Avatar
 
Posts: 6,448 since Jan 2013
Thanks: 48,906 given, 21,575 received

Oh, and one other thing.

Other forums allow rudeness and personal remarks between members. We do not, and the moderator team is absolutely hard-ass on the subject, and will be.

So play by the rules and add to the conversation and we will all benefit. It works a lot better this way.

Thanks.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to bobwest for this post:


futures io Trading Community Trading Reviews and Vendors Brokers > AMP Futures / AMP Global Review


Last Updated on April 11, 2021


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
 

Journal Challenge w/$1,800 in prizes!

April
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts