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AMP Futures / AMP Global Review

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  #511 (permalink)
Toronto Canada
 
 
Posts: 24 since May 2020
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Now YOU see it, now YOU don't , bravo!

Did the IT guys get an email or just a wink and a nod to get rid of that pesky column?

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  #512 (permalink)
round rock, tx
 
Experience: Beginner
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Posts: 9 since May 2011
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I started trading live on Friday, June 26, 2020, with AMP futures. On their commission portal calculator, I was supposed to be charged .78 per trade per contract all in for the MES. I was charged $2.75 per trade per contract, Overcharged $1.97 per contract per trade. I got my daily report Friday at 11:59 pm. The daily report that I received stated, at the bottom of the page, that if I have any issues with the daily report statement to contact them before the beginning of the next trading session. Not exercising my right to have issues corrected before the start of the next session will be deemed acceptance of the daily report. I contacted customer support on Sunday, June 28, 2020, at 16:45, the earliest the office was opened. I also sent multiple emails Saturday and Sunday to the commissions clearing office.

I spoke to a customer service rep, he could not help me and advised me to reach out to the commission statement desk via email. I sent an email to the commission statement desk at 17:00 CST Jun 28, 2020. We will see how long it takes to get my money refunded.

Has anyone else had any issues like this and were they corrected and how long did it take?

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  #513 (permalink)
Legendary Market Wizard
Calgary, Alberta
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: Kinetick
Trading: ES
 
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slagzone View Post
I started trading live on Friday, June 26, 2020, with AMP futures. On their commission portal calculator, I was supposed to be charged .78 per trade per contract all in for the MES. I was charged $2.75 per trade per contract, Overcharged $1.97 per contract per trade. I got my daily report Friday at 11:59 pm. The daily report that I received stated, at the bottom of the page, that if I have any issues with the daily report statement to contact them before the beginning of the next trading session. Not exercising my right to have issues corrected before the start of the next session will be deemed acceptance of the daily report. I contacted customer support on Sunday, June 28, 2020, at 16:45, the earliest the office was opened. I also sent multiple emails Saturday and Sunday to the commissions clearing office.

I spoke to a customer service rep, he could not help me and advised me to reach out to the commission statement desk via email. I sent an email to the commission statement desk at 17:00 CST Jun 28, 2020. We will see how long it takes to get my money refunded.

Has anyone else had any issues like this and were they corrected and how long did it take?

From AMP? Really? Surely not?

Okay, I am being factious here. This doesn't surprise me at all. If there was one word to describe and sum up AMP it is this, casual. Professional they are not. Of course this isn't a mistake IMO, I have heard (no evidence) that they do this A LOT with new traders. They just hope that you won't question it.

Of course, that is way too much for the e-micro so you need to get that sorted. Your ALL IN total round turn should be around $1.00 per contract. Don't believe that commission portal calculator that AMP have for a second.

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  #514 (permalink)
Helsinki, Finland
 
Experience: Advanced
Platform: SC, TWS, Rithmic on Linux
Broker: InteractiveBrokers, AMP/CQG,
Trading: ES
 
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JonnyBoy View Post
From AMP? Really? Surely not?

Okay, I am being factious here. This doesn't surprise me at all. If there was one word to describe and sum up AMP it is this, casual. Professional they are not. Of course this isn't a mistake IMO, I have heard (no evidence) that they do this A LOT with new traders. They just hope that you won't question it.

Of course, that is way too much for the e-micro so you need to get that sorted. Your ALL IN total round turn should be around $1.00 per contract. Don't believe that commission portal calculator that AMP have for a second.

For me the calculator works just fine showing exactly the right amount.

There is something about 10 000 customers around the world with AMP so if this would be a common practice why is it so hard to find people complaining it ?

It takes nothing to be a Pig
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  #515 (permalink)
Córdoba
 
 
Posts: 6 since Apr 2020
Thanks: 5 given, 6 received

Thanks for posting this! I just opened an account with them and this week I will be funding it. So after my first trade I'll mention this issue so then I don't have a surprise like you.
Good luck and let us know if they solved it.
slagzone View Post
I started trading live on Friday, June 26, 2020, with AMP futures. On their commission portal calculator, I was supposed to be charged .78 per trade per contract all in for the MES. I was charged $2.75 per trade per contract, Overcharged $1.97 per contract per trade. I got my daily report Friday at 11:59 pm. The daily report that I received stated, at the bottom of the page, that if I have any issues with the daily report statement to contact them before the beginning of the next trading session. Not exercising my right to have issues corrected before the start of the next session will be deemed acceptance of the daily report. I contacted customer support on Sunday, June 28, 2020, at 16:45, the earliest the office was opened. I also sent multiple emails Saturday and Sunday to the commissions clearing office.

I spoke to a customer service rep, he could not help me and advised me to reach out to the commission statement desk via email. I sent an email to the commission statement desk at 17:00 CST Jun 28, 2020. We will see how long it takes to get my money refunded.

Has anyone else had any issues like this and were they corrected and how long did it take?

Sent using the futures.io mobile app

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  #516 (permalink)
round rock, tx
 
Experience: Beginner
Platform: ninjatrader
Trading: oil, gold, euro
 
Posts: 9 since May 2011
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Scalpguy View Post
For me the calculator works just fine showing exactly the right amount.

There is something about 10 000 customers around the world with AMP so if this would be a common practice why is it so hard to find people complaining it ?

It's not the commission calculator, that works fine. It's the daily report you get after you are done trading. The commission calculator quoted me .78 per trade per contract for MES and on my daily report I was charged $2.75 per trade per contract.

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  #517 (permalink)
round rock, tx
 
Experience: Beginner
Platform: ninjatrader
Trading: oil, gold, euro
 
Posts: 9 since May 2011
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arielalejandro View Post
Thanks for posting this! I just opened an account with them and this week I will be funding it. So after my first trade I'll mention this issue so then I don't have a surprise like you.
Good luck and let us know if they solved it.

Sent using the futures.io mobile app

Really check that daily report you get at end of the day.

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  #518 (permalink)
Legendary Market Wizard
Calgary, Alberta
 
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Broker: Kinetick
Trading: ES
 
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Scalpguy View Post
For me the calculator works just fine showing exactly the right amount.

There is something about 10 000 customers around the world with AMP so if this would be a common practice why is it so hard to find people complaining it ?

10k customers world wide? Source of that "something" please.

Sent using the futures.io mobile app

--------------------------------------------------------
- Trade what you see. Invest in what you believe -
--------------------------------------------------------
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  #519 (permalink)
Washington
 
Experience: Advanced
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Broker: NinjaTrader
Trading: ES, NQ
 
Posts: 54 since Dec 2009
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JonnyBoy View Post
10k customers world wide? Source of that "something" please.

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I could be wrong, but I remember AMP as only having about 144 accounts which seems really low of course.

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  #520 (permalink)
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
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JonnyBoy View Post
Your ALL IN total round turn should be around $1.00 per contract.

To be explicit -- it depends on the data provider. The cost per R/T for flat-tier pricing is:

0.40 - Exchange
0.04 - NFA
0.10 - clearing
+ either: 0.20 for CQG, 0.50 for Rithmic, 0.60 for TT (+$50/month for TT)

So, on the flat tier it's either $0.74 for CQG, $1.04 for Rithmic, or $1.14 for TT. It's similar on the volume tier, depending on the volume of course, but for most traders here it will be 3-4 cents more per R/T. The point at which volume pricing becomes more advantageous is 8000 R/Ts.

The all-in cost calculator in AMP's site works well except for JPY and HKD based contracts, as it doesn't do the math correctly, FWIW.

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