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Is Amp at risk of going under?


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Is Amp at risk of going under?

  #1 (permalink)
Fremont
 
 
Posts: 3 since Sep 2019
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Is Amp at risk of going under?

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)
Fremont
 
 
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Let me try that again

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

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  #4 (permalink)
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  #5 (permalink)
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Iím pretty sure I know of the thread youíre 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)
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jakobe View Post
Iím pretty sure I know of the thread youíre 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?

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  #7 (permalink)
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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)
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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)
Site Administrator
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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)
Atlanta, Georgia
 
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Posts: 85 since Sep 2016
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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.


Last edited by jakobe; May 23rd, 2020 at 12:41 PM.
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