Yes, it's about account minimums not being met. My bad. But why should the age of the account holder matter? That is what caught my eye.
AMP Futures Reviews and Suggestions
- Thread starter gaussian
- Start date
Yes, it's about account minimums not being met. My bad. But why should the age of the account holder matter? That is what caught my eye.
I filled out an application with AMP 3 weeks ago and still waiting to fund my account. Rude lady in new accounts keeps telling me to wait for an email. I've responded to every email received. This back and forth has been going on for 3 weeks.
So I opened an account with Tradovate and commission free membership. I've probably saved thousands since I do very heavy volume (several thousand contracts a month). I pay 1.29 per side which is 2.58 RT.
I think the Tradovate commission free structure is the future of active futures trading. Anyone that does heavy volume can save a tremendous amount of money. And if you lease a CME seat which I plan on doing soon then the savings are even more incredible.
So I opened an account with Tradovate and commission free membership. I've probably saved thousands since I do very heavy volume (several thousand contracts a month). I pay 1.29 per side which is 2.58 RT.
I think the Tradovate commission free structure is the future of active futures trading. Anyone that does heavy volume can save a tremendous amount of money. And if you lease a CME seat which I plan on doing soon then the savings are even more incredible.
Thanks for the reviews so far guys it has been very informative. It seems AMP is very reputable.
I wonder if @AMP_Global would like to chime in about this.
It was already linked to you - it is far less than I remember it being ($10 now). However, you also have to pay for data - and you will if you want a good feed. This quickly adds up on a future option trade that might only net a few hundred a month. Of course, I could just get better at trading future options but hey...im working on it.
I am not intending to target Optimus for anything. I just don't understand the value add of going with them since they clear through AMP. If the answer is "they have 4 FCMs to clear through so in theory you get better pricing" that is useful knowledge.
I wonder if @AMP_Global would like to chime in about this.
It was already linked to you - it is far less than I remember it being ($10 now). However, you also have to pay for data - and you will if you want a good feed. This quickly adds up on a future option trade that might only net a few hundred a month. Of course, I could just get better at trading future options but hey...im working on it.
I am not intending to target Optimus for anything. I just don't understand the value add of going with them since they clear through AMP. If the answer is "they have 4 FCMs to clear through so in theory you get better pricing" that is useful knowledge.
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For /ES, AMP charges me $2.05 per contract (Exchange $1.18, NFA $0.02 Clearing $0.5, CQG TRF $0.1, Commission $0.25) while TDA would charge me $3.45 (Exchange $1.18, NFA $0.02, Commission $2.25). For round-trip trade, it's $4.1 vs. $6.9. That means total /ES trading cost of TDA is 68% more expensive than AMP. For micro /ES (/MES), AMP charges me $0.78 ($0.39 x 2) while TDA gives no discount at all ($6.9). Although AMP is one of the smallest, trading with U.S. brokers is very safe anyway because of this reason: https://www.elitetrader.com/et/threads/ampfutures.322820/#post-4687083
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AMP Global uses CQG API. I never had any issues with data feed and I've been with them for several years. I had issues due to a power outage. I was trading live and when I called them they quickly got me out of my position and then the help agent was able to get on my PC and resolve the problem. He also went out of his way and gave me some helpful tips. I am very happy with their service, cheap commissions and low margins. No hidden fees. One of AMP Global's advantages is it's tight regulation and they are well established. In my opinion they are probably the safest. I have no problem recommending them.
Not meaning to sound condescending or anything of the sort, you do know that one account is opened at one FCM. The brokerage may OFFER several FCMs but accounts only have access to one FCM... 4 FCMs needs 4 accounts. And each FCM has different commissions, policys etc.
HTH
No I didn't know that - it's a fair criticism. I had figured them (who I assume are introducing brokers) to be able to choose a place to clear with that would provide them the best liquidity.
It seems the reason you go with an introducing broker over going directly to an FCM is customer service since introducing brokers act like stock brokers for the futures market...basically.
Cool! So yea, the brokerage is a customer-facing firm that provides customer and account servicing plus other end-customer oriented functions. The FCM provides the money handling, other account-based services, trade clearing, and certain back-office/admin services.
FCMs face the brokerage, the exchange venues, and some clients directly.
The brokerage can be an IB (Introducing Broker) or a GIB (Guaranteed Introducing Broker). A GIB means an FCM is guaranteeing the minimum financial requirements for a brokerage. Many times this manifests as an exclusivity with that FCM. Depending on the targeted clientele, this is not a bad sign or arrangement!! OTOH, an IB meets minimum financial requirements and may choose to do business with one or more FCMs... if the brokerage is acceptable to the FCM. Is IB or GIB better? Having immediate access to more than one FCM may expedite account transfers in an FCM default/closure event. But the brokerage will also be strained in many ways in such a situation, so maybe not. The best practice is to have FCM diversification BEFORE such an event occurs.
Brokerages, FCMs, and (applicable) employees, are registered with the NFA (National Futures Association)which itself is regulated by the CFTC. FCMs are also registered with and regulated by the various exchanges where the desired derivative products they wish to deal in are listed/traded. Exchanges set margins among other accounting and trading rules. FCMs set customer account policies, which software/data is acceptable, account requirements, fees, commissions, adjustments to margins, and what have you. Brokerages add their commissions too.
I likely missed a few things, and maybe didn't clarify a few things. If the above answers a few questions, and invokes a few other questions, than I think it's OK. It's been a long time since I thought about the basic infrastructure.
HTH
FCMs face the brokerage, the exchange venues, and some clients directly.
The brokerage can be an IB (Introducing Broker) or a GIB (Guaranteed Introducing Broker). A GIB means an FCM is guaranteeing the minimum financial requirements for a brokerage. Many times this manifests as an exclusivity with that FCM. Depending on the targeted clientele, this is not a bad sign or arrangement!! OTOH, an IB meets minimum financial requirements and may choose to do business with one or more FCMs... if the brokerage is acceptable to the FCM. Is IB or GIB better? Having immediate access to more than one FCM may expedite account transfers in an FCM default/closure event. But the brokerage will also be strained in many ways in such a situation, so maybe not. The best practice is to have FCM diversification BEFORE such an event occurs.
Brokerages, FCMs, and (applicable) employees, are registered with the NFA (National Futures Association)which itself is regulated by the CFTC. FCMs are also registered with and regulated by the various exchanges where the desired derivative products they wish to deal in are listed/traded. Exchanges set margins among other accounting and trading rules. FCMs set customer account policies, which software/data is acceptable, account requirements, fees, commissions, adjustments to margins, and what have you. Brokerages add their commissions too.
I likely missed a few things, and maybe didn't clarify a few things. If the above answers a few questions, and invokes a few other questions, than I think it's OK. It's been a long time since I thought about the basic infrastructure.
HTH
The plus points are they have a great selection of platforms to use.
Commissions are ok. Decent for a retail broker (but not great if doing minimal volume).
I find the customer service very hit and miss. They answer quickly but can be rude and abrupt and unable to answer several of my basic questions eg do they offer reduced margins for calendar spreads as a professional FCM would. And also I’ve asked them to add limits to a product that I’ve bizarrely got access to but no limits and they won’t reply to me.
Commissions are ok. Decent for a retail broker (but not great if doing minimal volume).
I find the customer service very hit and miss. They answer quickly but can be rude and abrupt and unable to answer several of my basic questions eg do they offer reduced margins for calendar spreads as a professional FCM would. And also I’ve asked them to add limits to a product that I’ve bizarrely got access to but no limits and they won’t reply to me.
AMPfutures: None better. Opened my account many years ago in Los Angeles Branch. Whether I keep large or meager funds their service, patience and courtesy are immaculate. They have several guys that send you an email with the right solution even before you finish your questions.
The ACH to withdraw funds is fast. My only complain is that technically the ACH to add funds does not work. They expect our bank to initiate them and no major Bank does that. Checks to add funds take an extra 5 business days to clear, hard to swallow on today's age.
They offer dozen of platforms. In the past I used Ninja and Meta5, good ones. I switched to Sierra Chart when the Micro ES was introduced. An unbelievable platform. With basic (excel type programming) is easy to write algorithms to paint your screen GREEN when the symbol start trending up and RED when reverses to downtrend. That way there is no excuse to click BUY or SELL for insecure people like me. Have the Market get you out with the profit target or the frequent stop loss or FLATTEN when you really get nervous. (Bill Williams, PHd. the creator of the fractals brainwashed us in the 1980's saying that "The Holy Grail" is doing what the Market wants). Sierra Chart is free on package 3.
Automated personal programming on Sierra Chart works decently on the paper trading (simulated mode), providing you leave your computer "on" all the time. (You may instruct the screen to turn off within minutes but the computer "never" to sleep).
Low commissions and no surprising fees. In my book, AMPfutures is a 5 star outfit.
The ACH to withdraw funds is fast. My only complain is that technically the ACH to add funds does not work. They expect our bank to initiate them and no major Bank does that. Checks to add funds take an extra 5 business days to clear, hard to swallow on today's age.
They offer dozen of platforms. In the past I used Ninja and Meta5, good ones. I switched to Sierra Chart when the Micro ES was introduced. An unbelievable platform. With basic (excel type programming) is easy to write algorithms to paint your screen GREEN when the symbol start trending up and RED when reverses to downtrend. That way there is no excuse to click BUY or SELL for insecure people like me. Have the Market get you out with the profit target or the frequent stop loss or FLATTEN when you really get nervous. (Bill Williams, PHd. the creator of the fractals brainwashed us in the 1980's saying that "The Holy Grail" is doing what the Market wants). Sierra Chart is free on package 3.
Automated personal programming on Sierra Chart works decently on the paper trading (simulated mode), providing you leave your computer "on" all the time. (You may instruct the screen to turn off within minutes but the computer "never" to sleep).
Low commissions and no surprising fees. In my book, AMPfutures is a 5 star outfit.