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Futures vs CFD with AMP futures, Forex.com and Cityindex.co.uk
Several months ago i have created an AMP account and funded it. I have traded it several weeks. The thing i have seen was like never seen before. As soon as i execute a trade, 90% time, market went against me. This has never happened before last 3 years. I was stressed out a lot. I have sent them an email and basically it was the following email:
They have sent me some rude emails and basically said, they are not selling our identity. And I have asked one more thing, can anyone see our stop orders, limit orders, positions and etc. and tag them with a unique id? And they have terminated my account and asked me to withdraw money.
Forex.com and Cityindex did the same. Without any reply, they have closed my account. I have written this thread and wrote review about cityindex on trustpilot. Somehow they have removed it each time i posted a review.
After a few months, i wanted to give AMP a try and asked them if you re-activate my account, i would like to fund again.
They have accepted and i have funded with the minimum requirements. This time, the reason was to use rithmic data. However, they told me they will not re-activate the account and asked me to withdraw. I did and they have cut $30.00 transfer cost. I have also paid to my bank because of overseas trqansfer. This was not about money but i have sent them several emails and they have paid me that amount.
I can share more screenshots from my emails. These guys are not trusted.
Playing devil's advocate here: if you issue a statement to either an IB or a clearing firm that you forbid anyone to associate your own ID with your trades, you are essentially telling them that you disagree with their terms and conditions.
A broker must be able to see what trade was executed by whom, and they do so by their system pairing the ID they created to identify you when you registered with them with the trades you execute.
It would be tantamount to you telling FIO that you forbid the site owner to identify your account with your email, or your IP address, because you don't want to be tracked.
It would be chaos if brokers couldn't tell which trader traded what, don't you think?
Are you talking about selling order flow, like Robinhood does or most "retail" names like TDA, ThinkOrSwim, Schwab, etc.
Big firms like Two Sigma (who has an account here btw), Virtu, Citadel are buying that order flow. That's how these brokers above are able to offer free commissions. Of course they are not doing it out of the goodness of their hearts! Their doing it because they found a legal way to say it's free, when really it isn't.
You are still paying, just not a "commission". It's all marketing and perception. In fact, AMP does something similar. They lowered their "commissions" but then in return they have a "clearing fee". If you look at other broker quotes, you'll often not see this "clearing fee" but you'll see a higher "commission". What's important is to make sure you really understand your complete end-to-end cost per trade.
Now the thing is, with futures, you cannot sell order flow. There is another thread about this already on FIO here:
Hi
Im deciding between futures brokers and was filling out a new accnt form at AMP.
one of the disclaimers I was asked to sign dealt with payment for order flow - sending my futures trades to third parties.
This is exactly what I am NOT looking for. …
As for why AMP closed your account? Well, in my opinion and based on my knowledge from the forum, AMP is primarily interested in "rookie" traders that fund with low amounts of money, blow-up, and then continually fund their accounts again and again. It's my belief that is their main customer source/model.
They don't want "problem" customers who ask questions, because then you start costing them money. So my guess is, they decided to fire you as a customer, which is their right.
I don't know any of this for sure of course. But you can read a few hundred thousand posts on this forum and talk to dozens of brokers in the industry, and then you'll probably reach the same opinion as me.
They don't need to know my name. But let's say they tagged me as trader X. When i post or execute an order, if they are sharing like "Trader X posted or executed a limit or stop order with id ###" then we have zero chance to win as our hand is open. If we have a unique id and exchange our broker shares this id by matching our orders or trades, again, we don't have much probability of winning.
I have reached out to SEC and CME. CME required Tag50 from brokers. It's okay to know who we are. I don't think CME is sharing our information. SEC has sent me the following email:
From reading your posts here and in another thread on AMP, it seems to me that your concern is that someone will be able to track your individual trades, or in fact has done this, and then can trade against you. That is, someone specifically wants to take the opposite side of your trades, you individually, and that this is a reason why you have had losses.
In the other thread, you put it this way:
And here, you wrote:
Have I understood you correctly, that you are concerned that someone is tracking or can track your trades, and has used or can use the trades identified as yours to trade against you, and this is why you have experienced losses?
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
