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AMP Futures / AMP Global Review
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AMP Futures / AMP Global Review

  #231 (permalink)
Elite Member
Hong Kong
 
Futures Experience: Beginner
Platform: Jforex, MetaTrader4, NinjaTrader, MultiCharts, Sierra Chart
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met68 View Post
AMP is getting more bizarre by the minute.

So apart from blocking my account for trading, I have spoken to the AMP support team about why my overnight spread position last Thursday was treated completely differently just a day later, resulting in a forced liquidation of part of the spread (or rather one leg of the spread). The support team tell me, that they cannot tell me, but that I need to contact trading@ampclearing.com, which seems to be the e-mail address of Dan Culp, who I think is the AMP President.

But I have not heard back from him.

In the meantime, I am finding that an other internal transfer has happened between my two accounts. But this transfer was not requested by me and both accounts are flat and have plenty of funds. So this is now the second time, AMP have transferred funds between my accounts without instruction from me to do so. And when I last requested such a transfer, the requested transfer did not happen.

I am glad to be getting out, as the rate of random AMP actions relating to my accounts is increasing at an alarming rate. They are clearly out-of-control now.

Time I think for me to get a solicitor involved, given the various things that have happened these last few days.

I almost held my spread positions overnight too, fortunately I asked Amp about their overnight margin requirement ahead of time! On Amp's margin requirement page, they clearly stated that the overnight margin is set by CME, but when I showed them CME's margin discount on certain overnight spread, they simply told me that they don't honor those discount! Thus in Amp, spread or no spread, the margin requirements are the same.

Recently, for the first time, I noticed 2 undisclosed charges on my statement, emailed them to clarify, and as usual, I haven't received any reply. Having unexplained charges on my financial statement is where I draw the line, I can no longer trust this broker, and I'm leaving very soon.

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  #232 (permalink)
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cologne, europe
 
Futures Experience: Intermediate
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CFuture's Avatar
 
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Does this mean you got a margin call based on AMPīs publicly announced overnight margins?

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  #233 (permalink)
Elite Member
Hong Kong
 
Futures Experience: Beginner
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CFuture View Post
Does this mean you got a margin call based on AMPīs publicly announced overnight margins?

It's not really a "call", since nobody would try to contact/warn you, Amp's system would just liquidate your account if you don't meet the margins published on their website, regardless of what's on CME's website.

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  #234 (permalink)
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Houston, Texas
 
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Wow AMP

Just thought I would post a note regarding AMP.
Just initiated a phone call from me to them as an inquiry and received an utmost disrespectful response from whomever the phone person was at the time. Meaning the F u and many other non-mentionables.
WOW
just wanted to post it as-is(was not expecting that, but WOW)


p.s.
I understand many have had relationships with them for long time(and f so geez louise) Instruct one how should deal with such!
Thanks in advance

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  #235 (permalink)
Trading Apprentice
Calgary, Alberta
 
Futures Experience: Advanced
Platform: SR, TWS
Favorite Futures: CL, GC
 
Posts: 29 since Jan 2012
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I have had an account with AMP for around 8 months. If you need help with your platform, deal with the platform provider and not directly with AMP customer service (as they will not be of much assistance). If you have a funding issue you will need to email their funding department as, in my experience, they do not seem to respond to anything via phone. The 'clearing fee' that many people on this forum seem to take issue with is included in the RT rates which to my knowledge are some of the cheapest retail rates in the industry. I have had issues with incorrect billing of platform fees to my account, but after emailing the mistake it is corrected within 48 hours.

I guess this is not a good review or a bad review. If you are someone that requires a lot of assistance and find yourself calling a broker's customer service line regularly, then I would suggest going elsewhere. If you are already comfortable with trading futures and have patience with minor issues then I believe AMP may work for you... having said that, I have not had a 'major issue' and can not comment on how it would be handled.

Amp really is a bit of a mystery. Advertising the ultra low commissions and margins is what brings them most of the individuals brand new to trading - new traders would require the most customer service which is what most people on this forum complain about when referring to AMP.

If this company could get their customer service on par with others in the industry they would likely be one of the best options!

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  #236 (permalink)
 Vendor: www.traderwerks.com 
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loonietrader View Post
The 'clearing fee' that many people on this forum seem to take issue with is included in the RT rates which to my knowledge are some of the cheapest retail rates in the industry.

No it is not included which makes their rates higher. I have posted parts of my statement showing the $1.00 clearing fee in addition to the comms.



loonietrader View Post
I have had issues with incorrect billing of platform fees to my account, but after emailing the mistake it is corrected within 48 hours.

You are lucky. When I had problem, they never resolved anything.


loonietrader View Post
Amp really is a bit of a mystery. Advertising the ultra low commissions and margins is what brings them most of the individuals brand new to trading - new traders would require the most customer service which is what most people on this forum complain about when referring to AMP.

They make money until the new trader blows out or until the new trader moves on to a better broker. IMHO, they live on churning traders.


loonietrader View Post

If this company could get their customer service on par with others in the industry they would likely be one of the best options!

If it has not happened now, it probably never will.

Math. A gateway drug to reality.
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  #237 (permalink)
Trading Apprentice
Calgary, Alberta
 
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Favorite Futures: CL, GC
 
Posts: 29 since Jan 2012
Thanks: 7 given, 14 received

HI traderwerks,

Can you re-post your statement showing Amp's $1 Clearing fee is in addition to all other commission charges? I am unable to find them on the site.

On my daily statements from AMP I see only the following info regarding commission charges:

Total Commission and Fees: $XX.XX

Which is the broken down by:

Exchange: $XX.XX
NFA: $XX.XX
Clearing Client: $XX.XX
Rithmic TRF: :$XX.XX

Exchange + NFA + Clearing Client + Rithmic TRF (in my case) = Total Commission and Fees

In my case that is $3.94 per contract RT for CL and GC. There are no other additional fees indicated.

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  #238 (permalink)
 Vendor: www.traderwerks.com 
Taipei Taiwan
 
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Platform: NinjaTrader
Broker/Data: Optimus
Favorite Futures: TW
 
Posts: 693 since Jun 2009
Thanks: 440 given, 437 received


loonietrader View Post
HI traderwerks,

Can you re-post your statement showing Amp's $1 Clearing fee is in addition to all other commission charges? I am unable to find them on the site.

On my daily statements from AMP I see only the following info regarding commission charges:

Total Commission and Fees: $XX.XX

Which is the broken down by:

Exchange: $XX.XX
NFA: $XX.XX
Clearing Client: $XX.XX
Rithmic TRF: :$XX.XX

Exchange + NFA + Clearing Client + Rithmic TRF (in my case) = Total Commission and Fees

In my case that is $3.94 per contract RT for CL and GC. There are no other additional fees indicated.

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This was trading the ES from a year ago I believe so maybe the format has changed. I had a line for commission.

 
Code
Exchange: $XX.XX
NFA: $XX.XX
Clearing Client: $XX.XX
CQG TRF: :$XX.XX
Commission: $XX.XX  <- I have this line
So I have a $1.00 per R/T clearing fee. What did they charge you for 'Clearing Client' ?

Math. A gateway drug to reality.
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  #239 (permalink)
Trading Apprentice
Calgary, Alberta
 
Futures Experience: Advanced
Platform: SR, TWS
Favorite Futures: CL, GC
 
Posts: 29 since Jan 2012
Thanks: 7 given, 14 received

0.50 per contract RT on GC and CL (included in Total Comm).

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  #240 (permalink)
Trading Apprentice
Toronto/Ontario
 
Futures Experience: Intermediate
Platform: Turbo, Ninja, MT
Favorite Futures: ES, GC, CL, FDAX
 
Posts: 33 since Mar 2010
Thanks: 0 given, 1 received



traderwerks View Post
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This was trading the ES from a year ago I believe so maybe the format has changed. I had a line for commission.

 
Code
Exchange: $XX.XX
NFA: $XX.XX
Clearing Client: $XX.XX
CQG TRF: :$XX.XX
Commission: $XX.XX  <- I have this line
So I have a $1.00 per R/T clearing fee. What did they charge you for 'Clearing Client' ?

You dont have the current statement to show that fee?

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