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AMP Futures / AMP Global Review

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  #531 (permalink)
Toronto, Canada
 
Experience: Advanced
Platform: NinjaTrader, MT4
Broker: Amp/CQG, Citibank
Trading: CL, GC, 6E, ES, TF, EURUSD, GBPJPY, AUDUSD
 
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kremat0r View Post
I submit two withdrawals, one gets released at 6.07.2020 second at 7.07.2020, both of them did not come to my bank account till today.

In meantime something happen and my money goes back to my AMP account but with lower amount ( some money disappear?) around 600eur less. ...

Of course I spend twice 30$ for withdrawal process.Thnaks

I'm not sure if you have withdrawn from Amp before, or if this is the first time. FWIW, I have seen it take 3 and 4 days for monies to get from USA/Canada, and get deposited into a European bank account. My guess is there are additional processes and delays on the European side. Some months back, was there not a EU directive that was impacting money wiring?

You said one of the withdrawals went back to Amp, and you got 600 EUR less? I don't want to ask how big the withdrawal was, but is it possible it was somehow due to currency conversion? I am assuming you sent a EURs deposit to fund your trading account, but, usually trading profits are in USD. If you are withdrawing USD, it is usually best to have it wired to a USD currency bank account, so you don't get impacted by the very poor buy rate conversion that banks usually have. Is it possible the 600EUR less is due to the currency conversion that banks do, and if there was a problem, the spread between the buy and sell rate could maybe explain this?

I wire USD from their Harris BMO originating bank, into a Canadian Bank USD account, and beyond the $30 AMP charge, there is also either a $10 USD (or $18 USD?) amount that I believe my receiving bank takes.

FWIW I have been with Amp for 10+ years, and not had a withdrawal problem, other than bank holidays here in Canada, and thus having to wait longer. As an example, if I get a wire request in by 1pm EST, it is almost always in my Canadian bank by 4pm. Victor was the individual who worked in the Amp Treasury department. I've had him respond to my emails when I had questions - hopefully you can contact him. Do let us know how it works out.

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  #532 (permalink)
Prague, Czechia
 
Experience: Intermediate
Platform: Sierra Chart
Broker: Sierra Data
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I think its solved, im on trip, i will check it and post it.

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  #533 (permalink)
New York City + NY/United States
 
 
Posts: 223 since Sep 2018
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Any updates on this? How did they respond?

I'm in the process of funding a new AMP account, and very interested in what happened.

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?


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  #534 (permalink)
Washington
 
Experience: Advanced
Platform: NinjaTrader
Broker: NinjaTrader
Trading: ES, NQ
 
Posts: 57 since Dec 2009
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Scalpguy View Post
I don't remember where I read this number (it was an article somewhere in the cyber space) but if you think AMP is full of retail traders and average retail trader account size is for example 5k then their 66M segregated assets gives you something about that level. Several thousand accounts in anyway.

From what I can calculate, if the average retail trader with AMP has a 5K account then 66M divided by 5K would be around 13,200 accounts. That seems like a very large number of accounts for a small brokerage like AMP. Of course, there are most likely a lot of accounts bigger than 5K and also smaller than 5K.

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  #535 (permalink)
Helsinki, Finland
 
Experience: Advanced
Platform: SC, TWS, Rithmic on Linux
Broker: InteractiveBrokers, AMP/CQG,
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Dasani View Post
From what I can calculate, if the average retail trader with AMP has a 5K account then 66M divided by 5K would be around 13,200 accounts. That seems like a very large number of accounts for a small brokerage like AMP. Of course, there are most likely a lot of accounts bigger than 5K and also smaller than 5K.

You could be right or wrong. We are doing a guessing game here but I think it's more like thousands than hundreds in anyway.

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  #536 (permalink)
La Massana, Andorra
 
 
Posts: 23 since Jul 2020
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I cannot figure out if Eurex can be managed to be tradeable (order routing, not data) with the setup SierraChart + TT FIX + Denali. Iím being bounced back & forth on the question, whether yes or no, waiting for clarification. Anyone ?

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  #537 (permalink)
Washington
 
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Scalpguy View Post
You could be right or wrong. We are doing a guessing game here but I think it's more like thousands than hundreds in anyway.

I agree. Either one of us could be wrong because all we are doing is playing a guessing game.

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  #538 (permalink)
Prague, Czechia
 
Experience: Intermediate
Platform: Sierra Chart
Broker: Sierra Data
Trading: GBL
 
Posts: 26 since Jan 2019
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planetkill View Post
Any updates on this? How did they respond?

I'm in the process of funding a new AMP account, and very interested in what happened.


Hi,

Everything is good now. AMP withdraw all money and give me some "gift" because of waiting, so I'm really happy with AMP + Optimus which helps me in this case.

We assume problem occurred because of their bank in US not AMP directly, so no problems with AMP in overall.
After first withdrawal I got confirmation that everything was ok and withdrawal is released, but after few days I got email from AMP that there was a problem with bank name. It was same bank from deposit come from and numbers were correct.

Going short.

NO PROBLEMS WITH AMP
. I withdraw all money + AMP was really helpful in this stressful situation.
Thanks

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  #539 (permalink)
London UK
 
 
Posts: 27 since Mar 2017
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Hello all,

I'm positing this here so that it might help anyone else searching for an answer about AMP accounts and Transferwise.

I live in New Zealand and wanted to know whether I could fund my AMP U.S. account (not a Global account) with USD via ACH using Transferwise.

The answer from AMP is 'yes', and you can also withdraw from your AMP U.S. account using ACH to Transferwise.

This means a few things for non-US residents who have a AMP U.S. account:
You can use Transferwise's very competitive exchange rates to convert your currency to USD before funding your AMP U.S. account
You can avoid your bank's wire fee by using ACH to fund
You don't need to pay US$30 for each wire withdrawal from AMP
You can use Transferwise's exchange rates to convert your withdrawals to your own currency before transferring to your personal bank account.

All in all, it means $$ saved!

Cheers


The above quote was taken from another AMP thread on this site..

Am confused how you can use Transferwise to send to AMP . On the AMP funding instructions page it says you can use Transferwise but AMP wire/ACH payment instructions need you to use "for further credit to..your account name...your account number" . However Transferwise specifically say you cant do "for further credit to" instructions when making payments to yourself/someone else ?

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  #540 (permalink)
Site Moderator
Sarasota FL
 
Experience: Intermediate
Platform: Sierra Chart
Trading: ES, YM
 
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Posts: 5,807 since Jan 2013
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Etisan View Post
Hello all,

I'm positing this here so that it might help anyone else searching for an answer about AMP accounts and Transferwise.

I live in New Zealand and wanted to know whether I could fund my AMP U.S. account (not a Global account) with USD via ACH using Transferwise.

The answer from AMP is 'yes', and you can also withdraw from your AMP U.S. account using ACH to Transferwise.

This means a few things for non-US residents who have a AMP U.S. account:
You can use Transferwise's very competitive exchange rates to convert your currency to USD before funding your AMP U.S. account
You can avoid your bank's wire fee by using ACH to fund
You don't need to pay US$30 for each wire withdrawal from AMP
You can use Transferwise's exchange rates to convert your withdrawals to your own currency before transferring to your personal bank account.

All in all, it means $$ saved!

Cheers


The above quote was taken from another AMP thread on this site..

Am confused how you can use Transferwise to send to AMP . On the AMP funding instructions page it says you can use Transferwise but AMP wire/ACH payment instructions need you to use "for further credit to..your account name...your account number" . However Transferwise specifically say you cant do "for further credit to" instructions when making payments to yourself/someone else ?

Hi @Etisan,

Just as a technical note on using the forum, if you want to quote another member's post, even from another thread, you can go to the post and click the "Quote" button that is shown for every post. It will open the the Edit window, and insert their post into a new post in that thread (which I realize is not what you want in this case) for you to add to.

You can then simply copy the entire text, including the "Quote" and "/Quote" tags that are automatically inserted, and paste it into a new post in this thread, and add your comments here in this thread. The quoted material will show up in the current thread.

You probably already know about the Quote button, but this trick would let you quote a post from another thread and put the quoted material here.

With your post, I read it all the way almost to the end before I got to the line that said "The above quote was taken from another AMP thread on this site.." Up to that point, I thought that these were your own words and that you were reporting on your experience, which is not what you were intending to say at all. This would have made it clear.

I hope this is helpful in the future.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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