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Is Amp at risk of going under?


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Is Amp at risk of going under?

  #1 (permalink)
SosTrader
Fremont
 
Posts: 3 since Sep 2019
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I read that Amp started closing big trader accounts because they didn't have enough money to let them trade. They blamed risk department but the guy made it very clear he was doing nothing wrong, and trading from his retirement account for more than 5 years with amp. They refused to speak with him or give him any explanation and it all seems really concerning.

I was going to open a new account with them this month but when I read this it really comes me because some are saying don't give amp your money, you'd be crazy to give them money and all this and I was going to transfer my td Ameritrade account to them with well over 300k because it's my retirement! Now I think I would be foolish to follow through with my plan, but I'm not sure even transferring 30k is safe?

I thought brokers money was guaranteed and didn't know it could be lost? Also the person I read said that amp was one of the worst capitalize brokers and be careful. I know about futures markets but apparently a lot to learn about brokers.

Some advice please? Thank you in advance for giving me direction

Here is the link I read

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  #2 (permalink)
SosTrader
Fremont
 
Posts: 3 since Sep 2019
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Let me try that again

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  #3 (permalink)
SosTrader
Fremont
 
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It won't let me?

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  #4 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
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You need five posts before you can share links.

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  #5 (permalink)
 
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 jakobe 
Atlanta, Georgia
 
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I’m pretty sure I know of the thread you’re talking about.
It is concerning, however none of us will know 100% the truth of the story. That trader could have been engaging in some illicit activity that obviously AMP nor the individual would ever divulge.

I come from the banking world. We would close accounts down (they still do) with ZERO explanation. They don't have to give you any info either. It is a "business" decision. That is all the former client would ever hear.


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  #6 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
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jakobe View Post
I’m pretty sure I know of the thread you’re talking about.
It is concerning, however none of us will know 100% the truth of the story. That trader could have been engaging in some illicit activity that obviously AMP nor the individual would ever divulge.

I come from the banking world. We would close accounts down (they still do) with ZERO explanation. They don't have to give you any info either. It is a "business" decision. That is all the former client would ever hear.


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Can you link it?

Mike

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  #7 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
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SosTrader View Post
I read that Amp started closing big trader accounts because they didn't have enough money to let them trade. They blamed risk department but the guy made it very clear he was doing nothing wrong, and trading from his retirement account for more than 5 years with amp. They refused to speak with him or give him any explanation and it all seems really concerning.

I was going to open a new account with them this month but when I read this it really comes me because some are saying don't give amp your money, you'd be crazy to give them money and all this and I was going to transfer my td Ameritrade account to them with well over 300k because it's my retirement! Now I think I would be foolish to follow through with my plan, but I'm not sure even transferring 30k is safe?

I thought brokers money was guaranteed and didn't know it could be lost? Also the person I read said that amp was one of the worst capitalize brokers and be careful. I know about futures markets but apparently a lot to learn about brokers.

Some advice please? Thank you in advance for giving me direction

Here is the link I read

You can find the CFTC report here:



It lists the capital requirements and excess net capital for each FCM.

I personally would strongly advise you against AMP. I've read enough horror stories of them on the forum, and I strongly dislike how (in my opinion) they actively mislead customers with regards to their commission structure, by slipping in a "clearing fee" and acting like its normal.

Of course, the fact that they sued the community a few years back (and lost in court) also doesn't help my opinion of them, but regardless a lot of members here do use them.

That said, they cater to new traders with small accounts. With the type of money you are talking about, I would strongly recommend you look at Interactive Brokers (IKBR). I use them personally. They offer a sweep program that automatically sweeps excess funds into an insured account at the end of each day, otherwise you need to understand that there is NO INSURANCE for funds deposited at an FCM.

You have only the trust in the FCM's accounting practices to save you. And don't let them tell you "of course it's safe! Our funds are segregated!". That will NOT save you, just look no further than the last several industry blow-ups where customers lost everything (everyone remember PFG Best).

Firms HAVE, WILL, and DO hide things from their accountants and the CFTC. The only smart thing to do is to accept this as fact, and try to protect yourself knowing ahead of time that such things exist.

Mike

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  #8 (permalink)
 
jakobe's Avatar
 jakobe 
Atlanta, Georgia
 
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Big Mike View Post
Can you link it?

Mike

Here is the thread I believe OP was referring to.
https://www.elitetrader.com/et/threads/amp-how-could-you.345103/

EDIT: I'm not allowed to post a link?
I have PM'd you it.

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  #9 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,322 since Jun 2009
Thanks Given: 33,143
Thanks Received: 101,476


jakobe View Post
Here is the thread I believe OP was referring to.
https://www.elitetrader.com/et/threads/amp-how-could-you.345103/

EDIT: I'm not allowed to post a link?
I have PM'd you it.

Try again, I am having a lot of problems this morning with our link system.

Mike

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  #10 (permalink)
 
jakobe's Avatar
 jakobe 
Atlanta, Georgia
 
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@Big Mike

testing 1 . 2 . 3 ...

https://www.elitetrader.com/et/threads/amp-how-could-you.345103/

EDIT: Nothing.
Here is it with spaces to beat out the filter in case anyone wants to view it.

h ttp s:// ww w. el itetrader.com/et/threads/amp-how-could-you.345103/

EDIT 2: There it is. Link issue resolved.

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