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Thanks, but I'm I would rather not bother. If I have issues getting a hold of them before making an account, I can't imagine what kind of nightmare might be awaiting when I have issues with a live account.
We would be more than happy to assist you with an account at AMP. We work with their account opening dept. and their trade desk. If you need help do not hesitate to ask.
Thanks,
Matt Z
Optimus Futures
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
I was in the process of signing up with AMP after seeing their YouTube video on Multicharts, but the following policy raised a red flag with me:
Applicable Rules and Regulations - The Account and each transaction therein shall be subject to the terms of this Agreement and to (a) all applicable laws and the regulations, rules, and orders (collectively, "regulations") of all regulatory and self-regulatory organizations having jurisdiction and (b) the constitution, by-laws, rules, regulations, orders, resolutions, interpretations and customs and usages (collectively, "rules") of the market and any associated clearing organization (each, an "exchange") on or subject to the rules of which such transaction is executed and/or cleared. The reference in the preceding sentence to exchange rules is solely for AMP's protection and AMP's failure to comply therewith shall not constitute a breach of this Agreement or relieve Customer of any obligation or responsibility under this Agreement. AMP shall not be liable to Customer as a result of any action by AMP, its officers, directors, employees, or agents to comply with any rule or regulation.
On one hand, this seems like typical legalese, but I find it pretty alarming. I hope to receive some feedback on this.
Thanks,
Jeff
Update: After this post, I reached out to Matt at OptimusFutures.com and I discussed Optimus' relationship to AMP as well as AMP's contract language. Matt explained that Optimus is an independent broker and AMP is one of the clearinghouses they use. Despite the fact that I am only an aspiring trader and a "little fish" at that, Matt was very cordial, professional, and thorough in discussing my concerns. I plan to sign up with Optimus.
Meanwhile, I received the following reply from AMP:
We all have to abide by the rules - you as well as us. However, that language is there so that you can certify that AMP will not be liable to you "as a result of any action by AMP, its officers, directors, employees, or agents to comply with any rule or regulation".
You are well within your rights to decline to be bound by this clause.
Thank you,
Compliance Department
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- Trade what you see. Invest in what you believe -
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Interesting that Amp says they have to follow rules, when it's my opinion that it's a wonder how they get away with their commission calculator not showing the actual costs? How can they declare an all-in fee by web, phone, or email, that is not inclusive of their so called "clearing fee" and then pretend that such a fee is commonplace with all brokers and therefore somehow excluded as a cost.
Or am I wrong and they don't do these things? Please tell me if so and I'll happily stand corrected. My comment above is based on what others have told me or shared.
It seems they do this without consequence from the NFA, how do you imagine that is? Genuinely asking.
I've been a customer of AMP something about 8 years now and traded a lot of positions with them. Not a single issue what I remember. Btw. The Commission calculator gives the correct numbers for me. Be sure your parameters are right. So after my experiences no need to switch right now
I joined AMP recently after over 10 years with IB (IB opened & Australian branch & became less loveable).
The commissions (amp cqg, free sierra chart) have been what I expected and lower than IB's were for what I trade. Customer service levels have suited me - but I don't like hand holding or paying for it.
