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

  #431 (permalink)
Vancouver, WA
 
Trading Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, IB
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mattz View Post
To the traders on Futures.io,

I have been with AMP now for about 4-5 years, and we never had a customer who's funding was lost. Further, we dealt with customers who placed two digit funds on testing the wires or six figures, and all accounts and funds have been accounted and placed in customer's accounts. The customer above accuses AMP when the check from his company has never shown up. We did reach out his institution, and the one email provided bounced, and the other has yet to get back to me to resolve this. We suggested canceling the check to alleviate the customer from any potential loss of funds.

It is rare that I would come to the defense of any FCM in such an aggressive manner, but considering that Optimus Futures is the choice of IB, I followed this with AMP staff as well and aware of their efforts. The treasury of AMP has gone above and beyond to resolve this, and I genuinely feel bad that people who assisted in this specific case, are reflected here in rather a negative light.

<snip>
Thank you,
Matt Zimberg
CEO
Optimus Futures


This is further illustration of the "AMP can do no wrong" attitude that is conveyed by AMP and anybody who represents them.

Matt and I both replied to an email from Billpayer Support that had this statement: "This e-mail is automatically generated. Please do not reply to this e-mail." It is no mystery why the emails bounced.

Billpayer tried one time to call AMP and could not reach anybody to resolve this issue. Instead of trying again, Billpayer (BP) generated an email that had no reply capability. BP wanted me to facilitate a phone conference between AMP and BP. Based on what I had already learned about BP and AMP, I decided it would be easier to just cancel the check than to spend any more time trying to get AMP and BP to communicate directly. Matt asserted that he made the suggestion to cancel the check. If I saw or heard Matt's suggestion, I do not recall it. I decided to cancel the check after conferring with my credit union.


I appreciate Matt's efforts and advice throughout this ordeal. I understand that in light of AMP's aversion to any type of criticism, that Matt feels like he needs to distance himself from anybody who criticizes AMP. This only further bolsters my assertions about AMP.

Prominent on AMP's home page is this:

Why choose AMP?
No Monthly Inactivity Fees
$500 Account Minimum
$400 ES Day Trading Margins
Cheapest Futures Broker
Cutting Edge CQG Technology
Over 10+ Trading Platforms
Real-Time & Historical Charts
Cash Index & Market Internals
All Major Currencies Accepted
24 hour Support & Trade Desk
Direct Global Exchange Access
Choose from Multiple Data Feeds
Free Trading Platforms Available
Multiple Languages Support
Customer Service Guarantee

Most companies I deal with who are focused on good customer service invite constructive criticism and other feedback. Not so with AMP. AMP defines their customer service and defends it directly or by proxy like Optimus.

Knowing all of this, I am finally almost through the AMP gauntlet. I have contended with their "no hand-holding customer service" and I have learned some valuable lessons. I have also tried to pass these lessons along to others who may be as new to this as I am. Of course, people who have been with AMP for years find no value in this -- they are on the other side.

I'm sorry to see Matt and Optimus fall by the wayside. He is a great guy and obviously very loyal to close associates. Now I can work through the issue of losing my sponsoring broker and see if I will be able to keep my AMP account that is going into its 7th week of the application and funding process. As indicated before, it is a marriage of convenience and I am sleeping on the couch.

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  #432 (permalink)
Market Wizard
Boca Raton
 
Trading Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
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Posts: 2,423 since Sep 2010
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redneck4Christ View Post


I appreciate Matt's efforts and advice throughout this ordeal. I understand that in light of AMP's aversion to any type of criticism, that Matt feels like he needs to distance himself from anybody who criticizes AMP. This only further bolsters my assertions about AMP.

I have been here for ten years, and many times did not "fly" to the defense of AMP when criticism was in place. I am genuinely offended at the idea that you suggest that I serve as a proxy. I do not regret coming to their defense in this specific case because they faced a situation that they did not have control over and did everything they could to help. I know this because I was in communication with them.

I would not survive for as long as we have if we did not listen to our customers and be open-minded to criticism. If anything, I have become a better listener over the years and enjoy the lengthy conversations I have with customers, at times, years after they have opened the account.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #433 (permalink)
Somewhere in, Texas
 
 
Posts: 17 since May 2010
Thanks: 19 given, 8 received


I assumed BillPay was an eCheck. I was wrong - at least with one of my financial institutions. The bank/credit union just writes a check on my account and physically mails it with snail mail.

I see how BillPay could be convenient for someone that still pays by check, but in the era of electronic payments, it is a bit archaic IMO.

The USPS is not exactly foolproof. My neighbor brings my mail incorrectly delivered to him about 6 to 12 times per year.

"Assumption is the mother of error."

P.S. I recently used BillPay also. Waiting, waiting, waiting...


Last edited by 4trading; May 26th, 2019 at 05:41 PM.
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  #434 (permalink)
Vancouver, WA
 
Trading Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, IB
Broker/Data: St5/IronBm/Rithmic, IB, ToS
Favorite Futures: Emini ES
 
Posts: 41 since Apr 2019
Thanks: 303 given, 56 received

It's Official -- Booted from AMP

I just received the "heave-ho" from AMP after a 6-week (as of today) application and funding debacle. The grim irony in this is that our divorce will not be final until another Billpayer check is received and cleared and the funds can be withdrawn from AMP.

Knowing Matt with Optimus, he will likely have something to say and I will try to let him have the last word rather than dragging out this debacle any more. I do want to frame my perspective on some of Matt's assertions and provide some more perspective about my experience:

Matt has asserted the check never arrived at AMP. He does not know this any more than I know whether the check left Billpayer (BP) or arrived at AMP. I can only remember one incident in 10 or more years of dealing with BP that they have messed up a check delivery and of course it was for several thousand dollars.

Matt openly took offense at me typifying him as an AMP proxy. If you look at his responses to me on this thread and to his responses on other threads where AMP is mentioned, the truth of that matter seems obvious. To add to that perception, this is the message I received from AMP this morning:

"Hello Jeff. We are in full agreement with IB-Optimus. This is NOT the type of relationship we have with our customers."

Obviously, Matt's aversion to me is the basis for AMP booting me and nothing in my direct communication with AMP precipitated this move. The M-W definition of proxy: “: the agency, function, or office of a deputy who acts as a substitute for another”.

Yesterday, I wrote an email to v.bahena@ampclearing.com and trading@ampfutures.com to tell AMP that I was orphaned by Matt at Optimus. I received a reply from Matt at Optimus that started off with “Jeff, This is not true.” Matt’s reply email address was: “From: AMP trading@ampfutures.com

Matt made a lot of assertions about all the help he was providing and all that AMP was doing on my behalf but, at the time it was happening, I did not have any specific information or assurance like this. And Matt did not guide me to the decision to cancel the check as he infers – I made that decision while discussing the matter with my credit union.

Bottom line from my perspective is to beware of AMP. They are generally competent and efficient but they and their IB, Optimus, are very thin-skinned. Despite what they may say in various ways, they do not want any criticism of anything about them. AMP defines their customer service, they pronounce it good, and they place it on the chip on their shoulder and dare anybody to knock it off. In my estimation, that kind of service (like that I have received) is more like what a cow receives from a bull. I shake the dust off my feet.

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  #435 (permalink)
Market Wizard
Boca Raton
 
Trading Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
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Posts: 2,423 since Sep 2010
Thanks: 2,348 given, 3,591 received


redneck4Christ View Post

Yesterday, I wrote an email to v.bahena@ampclearing.com and trading@ampfutures.com to tell AMP that I was orphaned by Matt at Optimus. I received a reply from Matt at Optimus that started off with “Jeff, This is not true.” Matt’s reply email address was: “From: AMP trading@ampfutures.com

Jeff, as I explained to you in an email, AMP uses Zendesk for customer service. This software copies anyone who has been on the original email (thread) that it starts. Since you replied to the old thread, everyone who was on it got copied, and all replies from it will seem as if it came from AMP.

I do not have an email associated with AMP or any other clearing we are associated with.
All the best, and I hope you find a good home for your trading needs.

Matt Z
OptimusFutures

There is a substantial risk of loss in futures trading. Past perfrmance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #436 (permalink)
Super Moderator
Sarasota FL
 
Trading Experience: Intermediate
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bobwest's Avatar
 
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I don't know a thing directly about the merits here, and certainly do not want to weigh in on them. I am sorry things worked out as they did.

I will say that Matt has been here on this site for a long time, is well thought of, and has often been helpful to others. I have never done business with him or his firm and I have nothing at stake with it or him one way or another, but there have been members who have thanked him publicly here for his help with brokerage issues involving his FCM's. He does seem to have made an effort in this situation, which unfortunately did not work out well.

Again, I am not saying anyone is right or wrong here, but I do want to put in a word for Matt as I have known him, and I do believe he tried to make things right. I don't know what should have been done differently, and am not making any comment or taking any sides, just saying something about Matt.

Sorry things went the way they did, @redneck4Christ. There are other brokers and I am sure you will be able to get an account set up the way you want. Good luck with it.

Bob.

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  #437 (permalink)
Vancouver, WA
 
Trading Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, IB
Broker/Data: St5/IronBm/Rithmic, IB, ToS
Favorite Futures: Emini ES
 
Posts: 41 since Apr 2019
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bobwest View Post
...

Again, I am not saying anyone is right or wrong here, but I do want to put in a word for Matt as I have known him, and I do believe he tried to make things right. I don't know what should have been done differently, and am not making any comment or taking any sides, just saying something about Matt.

Sorry things went the way they did, @redneck4Christ. There are other brokers and I am sure you will be able to get an account set up the way you want. Good luck with it.

Bob.

Thanks, Bob. I agree that Matt is a stand up guy and tried very diligently to help me. We had two great phone calls that engendered a lot of respect and amicable feelings for Matt. But I crossed a line with Matt in expressing my perspective and frustration with the mess I had a huge part in creating with AMP. Matt took exception and that did it for my relationship with OPTIMUS and AMP.

Hopefully, people will take away that I harbor no ill will for Matt or AMP. I'm glad I learned about their volatility at this point rather than a few years down the road on a more significant issue.

An ironic postscript is that all the hassle and confusion centered around my attempt to set up and ACH transfer of funds to AMP. Now I have a choice as soon as the two checks (one personal by snail-mail and the other by Billpayer) are cleared by AMP, wire transfer for $30 or...wait for it...ACH. Being a slow learner, I will opt for ACH.

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  #438 (permalink)
Legendary Market Wizard
Houston, TX
 
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bobwest View Post
I don't know a thing directly about the merits here, and certainly do not want to weigh in on them. I am sorry things worked out as they did.

I will say that Matt has been here on this site for a long time, is well thought of, and has often been helpful to others. I have never done business with him or his firm and I have nothing at stake with it or him one way or another, but there have been members who have thanked him publicly here for his help with brokerage issues involving his FCM's. He does seem to have made an effort in this situation, which unfortunately did not work out well.

Again, I am not saying anyone is right or wrong here, but I do want to put in a word for Matt as I have known him, and I do believe he tried to make things right. I don't know what should have been done differently, and am not making any comment or taking any sides, just saying something about Matt.

Sorry things went the way they did, @redneck4Christ. There are other brokers and I am sure you will be able to get an account set up the way you want. Good luck with it.

Bob.

Well said Bob. I also have known Matt for a long time and have several accounts spread out over 3 different FCMs with Optimus as an IB. The service Matt and his team provide on all of these is excellent.


redneck4Christ View Post
Hopefully, people will take away that I harbor no ill will for Matt or AMP.

I'm actually taking away the opposite. If you had no ill will you should have let it drop, but you keep trying to turn the knife.

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  #439 (permalink)
Market Wizard
Boca Raton
 
Trading Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
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Posts: 2,423 since Sep 2010
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bobwest View Post
I don't know a thing directly about the merits here, and certainly do not want to weigh in on them. I am sorry things worked out as they did.

I will say that Matt has been here on this site for a long time, is well thought of, and has often been helpful to others. I have never done business with him or his firm and I have nothing at stake with it or him one way or another, but there have been members who have thanked him publicly here for his help with brokerage issues involving his FCM's. He does seem to have made an effort in this situation, which unfortunately did not work out well.

Again, I am not saying anyone is right or wrong here, but I do want to put in a word for Matt as I have known him, and I do believe he tried to make things right. I don't know what should have been done differently, and am not making any comment or taking any sides, just saying something about Matt.

Sorry things went the way they did, @redneck4Christ. There are other brokers and I am sure you will be able to get an account set up the way you want. Good luck with it.

Bob.

I have been here for nearly a decade, and I appreciate your kind words as I do my best to help everyone and follow up with our clearing to expedite things. When things do not work out, it's merely a sign to move on and let everyone find a new path. I have learned that you can have great individuals, but circumstances that people view from different angles and cannot resolve them. Sometimes its' more indicative of the circumstances than the individuals.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #440 (permalink)
Vancouver, WA
 
Trading Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, IB
Broker/Data: St5/IronBm/Rithmic, IB, ToS
Favorite Futures: Emini ES
 
Posts: 41 since Apr 2019
Thanks: 303 given, 56 received

Waiting on AMP


The day has final come. Funded at last. Oh, but wait, I had my account cancelled by AMP before I got out of the gate. Now I am ready to withdraw my funds and go to my TDA account that I set up, funded, and rolled an IRA into between the time I started my application with AMP and today when my account finally funded.

Now I have the choice to spend $30 to withdraw the current amount and another $30 to withdraw the next round of funds that are already on the way from Billpayer or to use ACH:

ACH (Next Day - 4pm CST Delivery): FREE
Wire (Domestic & International): 30.00

Hint: Look on this forum for the thread about domestic wire transfer through AMP.

Now what?

"The address on file is incomplete, please click Update Address below to change the address on file."

Checked address twice. Nothing to add.

Get on Live Chat. One person in the queue, me? But what is this?

"Customer Service: We apologize for keeping you waiting. Our operators are busy at the moment, please leave us a message with your email address and we'll get back to you shortly."

Another AMP oddity. My wife had to apply even though she has no desire to do any trading, because she has access to my email account. So I named the account with her and my name. But the names on the account turned out to be my first name & my first name then our last name. And the account user name turned out to be her user name. And the name that appears in the chat window is her name.


Last edited by redneck4Christ; May 29th, 2019 at 10:45 AM. Reason: More info to add
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