AMP futures - Question about fees on statements

L

LuserName

Hi guys, I've just signed up with AMP on a buddy's recommendation, this is my first live futures account. Recently, I've been seeing things about AMP sliding in some incorrect charges and some people mentioning concerns over their customer service. These seem to be 2 reoccurring themes when people have anything negative to say about them. I personally have not had any issues with them, and they've been very courteous over the last 8-9 months while I've been practicing using the demo accounts.

If you use or have used AMP, how has your experience with them been? Do I have any reason to be concerned or am I just being a little paranoid? If you've moved on from AMP, is there another broker that you would recommend that I can use NinjaTrader software with?


Thanks!
 
LuserName said:
is there another broker that you would recommend that I can use NinjaTrader software with?
Thanks!
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On the front page, right side column there is one other (only one other) that uses NT...ninja brokerage

Compare the two and see.
 
I to just started trading with AMP... coming from TradeStation it was a shock to see all the charges they have in addition to the commission charges. The only reason I came to AMP was the margins allowed on the CL contract (WTI) ~ also, be careful on selecting the $300.00 margins as the commissions go to $3.00 per side for EVERYTHING you trade... even contracts that are not covered by the $300.00 margins (my bad as I read right over that statement ("for all contracts on electronic markets")). I called and had the $300.00 margin selection revoked. Look at the image attached.

Screen Shot 2014-08-26 at 7.41.23 AM.png
 
solotraider said:
About your statement run... what's with the "clearing fee"? Based on your numbers, that adds $1 per r/t, making ES $5/per turn vs the 4.04 they claim.

https://portal.ampclearing.com/account/commissionquote.aspx
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EXACTLY! That "Clearing Fee" was .50¢ until I selected the $300.00 margin selection ~ they explained that the "Clearing Fee" went to $1.00. In my opinion it is a bait and switch ~ and if they do not lower my costs to what I am paying at TradeStation they will be losing me as a customer... I sure wish TradeStation would lower their margins on the CL contact (I tried to get them to lower the margin and they held firm).
 
RickAce said:
EXACTLY! That "Clearing Fee" was .50¢ until I selected the $300.00 margin selection ~ they explained that the "Clearing Fee" went to $1.00. In my opinion it is a bait and switch ~ and if they do not lower my costs to what I am paying at TradeStation they will be losing me as a customer... I sure wish TradeStation would lower their margins on the CL contact (I tried to get them to lower the margin and they held firm).
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So, what's up AMP? Why are you sneaking this fee on to statements? $5/rt for ES is no where near the cheapest NT broker like you claim!
 
@RickAce, I wanted to make sure you were able to get the answers you are looking for. I tried to reach out to you privately, with no response, so if you would like to have an AMP help desk manager contact you, please email HDM@ampclearing.com and they will contact you ASAP.

AMP currently offers our customers 3 Data Feeds: CQG, Rithmic and AMP/TTnet and over 40 different trading platforms. In order to clearly provide pricing for each of these data-feeds/platform combinations we created the AMP Cost Calculator. This allows you to select any of the available trading set ups and it provides a final "ALL-IN" price. Agreed it would be easier if we offered only 1 Trading Platform and 1 Data-Feed, but we prefer to offer our customers many choices.

Here is the link to our Cost Calculator:
https://portal.ampclearing.com/account/commissionquote.aspx

Visit our website to see all of our available trading platforms/data-feeds (All offer Free Real-Time Demo)

Available Today - Not any...Coming Soon Promises: http://www.ampfutures.com/

Once live account is funded with minimum of $500 – you will get streaming, continual access to both live and demo. No $25 Inactivity Fees!

AMP Futures #1 Focus is our Customers!

AMP Futures | www.ampfutures.com - AMP Clearing | www.ampclearing.com

Office Locations: Chicago | Los Angeles

800.560.1640 (Toll Free) | 312.893.6400 (Direct) Email: trading@ampclearing.com | Live Chat

The risk of trading can be substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance is not necessarily indicative of future results.
 
RickAce said:
EXACTLY! That "Clearing Fee" was .50¢ until I selected the $300.00 margin selection
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$300 margin. That is serious over leveraging. If you account was $3000 and you traded 10 contracts of ES using the full margin it would only take 24 ticks to wipe out your account lol. The ES can move 24 ticks in a heartbeat if there is unscheduled news, which is a certainty if you trade for any period of time. $300 margin on ES, suicidal imo.
 
solotraider said:
So, what's up AMP? Why are you sneaking this fee on to statements? $5/rt for ES is no where near the cheapest NT broker like you claim!
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They did it to me also. The clearing fee does not show up on their comms calculator.

The easiest way would be to add $1 R/T to the comms listed on their calculator.
 
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