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AMP Futures and Mirus (NinjaTrader Brokerage as of June 30 2014), which one is better
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AMP Futures and Mirus (NinjaTrader Brokerage as of June 30 2014), which one is better

  #261 (permalink)
Elite Member
Amherst, New York
 
Futures Experience: Advanced
Platform: NinjaTrader
Favorite Futures: ES, 6E
 
Posts: 75 since Jun 2010
Thanks: 13 given, 14 received

AMP

Yes, every trade is on the exchange...

Yes, AMP is heavily regulated...

Yes, AMP is one of the only FCM with no regulator action against it by the NFA
or CFTC....


Do some research...

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  #262 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NinjaTrader, MT4
Broker/Data: Amp/CQG, Citibank
Favorite Futures: CL, GC, 6E, ES, TF, EURUSD, GBPJPY, AUDUSD
 
Beljevina's Avatar
 
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NW27 View Post
With some brokers you connect to your account via the internet, nominate a amount and do a wire transfer, all yourself no broker interaction required . Funds transferred next day.
My current broker requires paper forms to be filled out and faxed off, a week or two later you may receive a cheque that takes another 3 days to clear.

I'm not sure if you're still looking for an answer/confirmation to this.

I am with Amp. Usually, if I request today, before noon, I will receive funds in my bank account by the next day. It is all done online, through the customer portal. If they have a question, (ie., drawing from the USD or CAD side of my account, and I have not specified) I will receive a quick phone call or get the question via email.

Note I am in Canada, and there is a 1 hour time difference. I deal with one of the major Canadian banks. I mention this, because it often comes down to internal processes along the chain of events and process owners, involved in the lifespan of a wire transfer: one depends on it to be initiated ASAP from the sender (usually AMP does this by mid-Chicago afternoon). I assume it then instantly or overnight hits my Canadian bank, who I depend on to have someone being in place, on the job, and on the lookout to post it to my end-user bank account. I mention these details, because if a bank doesn't have someone checking for wire transfer completion at the right time of day (or daily), if a intermediary bank is involved that you may or may not know about, and when one factors in time zones (ie., Australia), and any other bank linkages that may or may not be there, there can be hurdles to getting the money this quickly. Yes, Canada is considered international, but I can't judge how quickly one would get a transfer to Europe or farther - I have seen it take longer to those destinations (just bank to bank wires), for reasons I can speculate about. (I think the Amp wire fee is $50 or so ... a bit of a bummer IMO)

And, you can also request a check be mailed, through the customer portal. This has taken 2 weeks for me in the past. There is no charge for a check request.

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  #263 (permalink)
Elite Member
Newcastle, Australia
 
Futures Experience: Intermediate
Platform: Multicharts 8 - Full Version
Broker/Data: IB
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Hi
Thanks for the detailed answer , exactly what I was looking for.
Neil

Sent from my GT-I9100T using Tapatalk 2

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  #264 (permalink)
Elite Member
San Antonio, Texas
 
Futures Experience: Intermediate
Platform: NinjaTrader, MT4
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Posts: 29 since Sep 2011
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Mirus - Online form & same day wire transfer

With Mirus, there is also an online form to request a wire transfer. When I've done it before 11 AM CST, I've always had the funds back in my bank account same day.

Granted, I'm in the US & have Bank of America, which probably is closer to wherever the center of the fed's wire transfer system is. Still, I find that absolutely amazing.

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  #265 (permalink)
Elite Member
San Antonio, Texas
 
Futures Experience: Intermediate
Platform: NinjaTrader, MT4
Favorite Futures: Currency Futures
 
Posts: 29 since Sep 2011
Thanks: 3 given, 14 received


Quoting 
I've had the email not acknowledged with AMP, too, but got them on the phone fine.

The other day, I had a little problem with a trade not posting to my RCG portal. I emailed Mirus & had a response back within 10 minutes.

After what I saw at Amp, for that I'll kiss their feet, wax their cars,...

Knowing there's somebody on the other end who'll answer expeditiously and won't hang up on you whether it's an email to them, or a frenzied phone call to their trade hotline is priceless.

Don't have that at Amp.

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  #266 (permalink)
 Vendor: www.traderwerks.com 
Taipei Taiwan
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Optimus
Favorite Futures: TW
 
Posts: 693 since Jun 2009
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traderjcf View Post
Yes, every trade is on the exchange...

Yes, AMP is heavily regulated...

Yes, AMP is one of the only FCM with no regulator action against it by the NFA
or CFTC....


Do some research...

They have only been an FCM since 2010. Not fair to compare to a firm like Crossland that has been around since 1987, or Dorman that has been around since 1983.

Math. A gateway drug to reality.
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  #267 (permalink)
Elite Member
Amherst, New York
 
Futures Experience: Advanced
Platform: NinjaTrader
Favorite Futures: ES, 6E
 
Posts: 75 since Jun 2010
Thanks: 13 given, 14 received

AMP experience

It's good enough for me...maybe people should have to submit proof that they have actually had an account at the broker they happen to be commenting on/bashing

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  #268 (permalink)
Trading Apprentice
Edmonton, Alberta
 
Futures Experience: Intermediate
Platform: Ninja
Favorite Futures: Crude
 
Posts: 22 since Feb 2011
Thanks: 0 given, 7 received

GREEDFORSUCCESS

It shows that you are an advanced trader so find your comments ????. There can be only 3 reasons why someone would take the time to be involved with this blog or any other. One they could be knocking someone because they are a competitor, two, they could be showing favoritism for someone because they are with that organization and thirdly which I hope is the best reason, is that people are geniune with their comments because of what they have experienced what they are writing about or wanting to really know what other peoples experience has been in similiar situations so that they would know how to proceed in the future, is it a one time error or is it a common experience. Read all the blogs and you will see there is common concerns about AMP.
As far as your comment about someone losing $9600, that was me and as far as proving it, am I suppose to post my real account showing my statements to everyone as well with the countless emails that were involved with Amp? Or the times I have tried reaching someone, in particular Dan the owner by phone or emails(and him not returning calls or emails) who knows me from him being my broker with another brokerage firm? All I got was one reply putting blame on someone else and them (Amp Futures) not even bothering to find out what happened. They could have attempted to find out what happened but didn't. Another experience back then (don't know now) but they didn't even have a direct number to the order desk, shouldn't one know something like this before deciding if this is someone you want to deal with?
Anyway GREEDFORSUCCESS, either you believe what I wrote or you don't, and I am NOT a liar. I can prove to you that I lost that money, but I am not spending all that time to dig up all the information just to prove that I am not a liar, pay me for my time and I will give you all that I have about this situation. Am I greedy because I am asking for the money, not me, but with your GREEDFORSUCCESS name, don't know how you will take this information.

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  #269 (permalink)
Trading Apprentice
Sofia Bulgaria
 
Futures Experience: Advanced
Platform: NinjaTrader
Favorite Futures: ES, CL
 
greedforsuccess's Avatar
 
Posts: 8 since Mar 2012
Thanks: 4 given, 2 received

Thank you Ilovetotrade for the reply.
My nickname is 4 years old, but don't take it for judgment. I just like how these words sound.

So let's proceed.
You said this:
"is that people are genuine with their comments because of what they have experienced what they are writing about or wanting to really know what other peoples experience has been in similar situations so that they would know how to proceed in the future, is it a one time error or is it a common experience. Read all the blogs and you will see there is common concerns about AMP."

I mean this too. That is why I ask all these questions.
I used to trade Forex and the Forex brokers can be real mean, but when you try to contact them everything is fine and problem is almost always and every time in your pc, in your internet connection and never in them. They are always very kind but the trading and the actual terms are not noticed in the contract when you decide to become their costumer.
For that reason I don't care if broker will not say me Hello. I need good terms of trading, good connection, good prices.
And because amp are regulated by CFTC and NFA I start wondering after I read all these stuff here, why there are so many complaints. And the mainly complaints are about costumer care and not about the trading which is for me the most important thing. I don't want to talk to my broker, I use my broker only to give me access to the exchange.

I read for problems with data providers, disconnections with CQG, Zen, yesterday I read for problems with IQFeed which claim to have "the fastest, most reliable data available. There is no better value than Telvent DTN!"

So as anyone can see problems can be in every provider but for me the last thing to discuss is the kindness of the broker.
And one of the first things is why broker which is regulated by CFTC and NFA can do such thing like you described.

I am not calling you a liar. But I am interesting how this could happen and if it did, did you call CFTC and NFA ? And what they said ?

I have two friends who use AMP and the only thing that was some kind of "not good" was the commissions to one of them because he has agreed to certain commissions but when he start to trade he received other, but that was fixed immediately.

Some people are happy to use AMP as their broker but other are not. And I am trying to see who are they. Because you know that for some people the reason why they lose money is everything somewhere else but in them.
And this is what I am trying to understand. Is the broker real reason for losing which is also very probably or the person himself, which is more probably.

Sorry for the long post. I had to say it

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  #270 (permalink)
Trading Apprentice
Edmonton, Alberta
 
Futures Experience: Intermediate
Platform: Ninja
Favorite Futures: Crude
 
Posts: 22 since Feb 2011
Thanks: 0 given, 7 received

GREEDFORSUCCESS


I am in Canada and yes I did contact the NFA and the Securities Division in the US but for a regulatory body to put muscle to their high words is another story, I realized I was wasting my time as the reaction and what they said I needed to do, it sounded to me that I was wasting their time. Here in Alberta, Canada, they would have assisted and helped me to make sure that the problem would have been looked into and solved. Maybe that is the reason that MOST brokerages, we cannot open accounts with in the US, not because Alberta doesn't want them, but because the US brokerage offices dont want to comply with Alberta's strict adherence to good rules. As far as the people in the brokerage offices goes, for me it is MOST important that they have integrity as EVERY one has challenges or problems that arise, so I want to be sure that they are there to fix these challenges. I tried in the Forex markets before, which apparently is not regulated, had an account at Gain Capital. I signed a contract where I was to be charged 5 PIPS for the British Pound and 3 PIPS for the Euro. Within 2 weeks, I was able to spot something was wrong when couldn't understand why my trades were filled but with a 5 & 3 PIP spread that account was losing money when my stops should have prevented it from such losses. After constant inquiries, finally (why they couldn't spot it right away or realize this is wrong) they said I agreed to a 15 & 13 PIP spread commission, unbelievable. They said they had the contract right in their hands, as if someone would agree to that. They faxed me the copy and I faxed them my copy and clearly a person could see it was tampered and put in at their end. As soon as I found out the Forex is not regulated, I stopped, threatened legal action for fraud, they offered me back the overcharged commission and amount lost. I took it but today regret that I didn't proceed with the lawsuit hopefully to stop them from doing it to others. Look at what the Wall Street boys did and not one is sitting behind bars today even though they made billions at the hands of the taxpayers. For me, it is way more important to deal with who are honest, have intergrity and are there for you when you need them. The one thing that Amp was good to me was I had the lowest commissions anywhere I have dealt with, on second thought, the lowest commissions cost me the most when taking the $96oo loss into account. Everyone has to decide for themselves, hopefully with true information not the BS that we are being fed by many today.

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