amp review

Discussion in 'Index Futures' started by ballsofgold, Jan 29, 2015.

  1. I live in Britain and I am having some difficulties sending the minimum payment of $500 to AMP to get an account set up before sending a larger amount to fund my trading

    When trading futures with AMP or for a firm who clear through AMP where are people sending their funds??

    http://www.ampclearing.com/funding_instructions.html

    I assume people based in USA send funds to the main USD wire account from the link above?:

    Are people NOT in the USA sending their money to this account or an alternative one ??
     
    Last edited: Jun 17, 2015
    #31     Jun 17, 2015
  2. AMP_Futures

    AMP_Futures ET Sponsor

    #32     Jun 17, 2015
  3. Ok I finally got this sorted. In the end it only took a few minutes from me sending the money from my UK account to AMP informing me they had received the funds in the US. Excellent!
     
    #33     Jun 18, 2015
  4. EPrado

    EPrado

    I moved my PA there (and so have a few of my friends who also have been trading for a long time). For me one of the huge factors was the ability to execute on TT (I've been trading on TT since 2000 as all of the firms/Hedge Funds I was at used only TT). Besides being the best execution software out there (in my opinion TT is so far ahead of all of the others), I was very familiar with it, so it was a must for me. One thing AMP has that others don't is a deal with TT where guys who don't do a ton of trading can just pay per contract instead of forking out the $1200-1500 for the X-Trader pro license that other firms charge. It's a nice option to have if you trade 1200 lots or less a month. They also offer like 60 other platforms.....but again for me it was TT or nothing.


    Commissions are pretty much in-line to a tiny bit lower than other firms I have seen out there.

    Some of the big differences I have seen/ my friends have mentioned:

    They don't play games when it comes to margin rates. It's right there on their site. While I don't go nuts using too much leverage, they do offer a decent amount for guys who day trade. Compared to other firms they are pretty generous. Nice for guys who have good risk management and know what they are doing. The last firm I had my PA with was beyond ridiculous. If a market had one or two big days they would overreact and change margins or refuse to honor what they had agreed upon. If the CME or another exchange increased the margin size then sure it's understandable, but in the times it happened at my last firm it was always overreaction from their risk managers.

    Setting up the account is beyond easy. Took me like 2 days to move my account and get going trading. AMP makes it very easy. Their platform set up is great.

    Their statements are sent each night, and have been correct since the beginning. No issues with mistakes/being charged for something I am not using. I saw on here one guy was pretty pissed about the 15.00 CME fee he got hit with a few times. That's definitely an exchange thing. It happened to me at my last firm. Once you get to the first of a new month the CME charges you. The brokerage has no control.

    Customer service. I had to call their help desk a few times in the beginning. I think the longest I waited was like 30 seconds. Their guys got things done very quick. Knew exactly how to fix things/answer my questions. Their tech/IT guys also are very on top of things. I actually emailed them with a question at like 9 at night (EDT), one of their guys replied within 10 minutes. I figured I would hear back the next day. Nice that they have guys around at night if need be.

    Anyways....a few trader friends of mine put me in touch with AMP. It was good hearing from other traders their thoughts. I'm just passing this on to you guys....
     
    #34     Jun 20, 2015
    VPhantom and Baron like this.
  5. EPrado thanks for your review. I'm in a really similar boat. Ex prop shop since 2004 , now going solo , always worked with TT. Had some issues getting money over but was my own fault/bad advice from my bank. When I finally got to bottom of it money sent from UK was in my USA USD account about ten mins later. Will be setting up my workstation Monday. The guys in IT have been great have a really good feeling about these guys. They have even added a number of Eurex products just to accommodate my range of markets. So far so good. I'm going on vacation on Tuesday but hope to be all set up Monday fingers crossed and start trading on my return from holiday.
     
    #35     Jun 20, 2015
  6. EPrado

    EPrado

    You're welcome man. Figured I'd pass the info on. I have tried some of the other platforms out there over the years, but TT is so much better than the ones I tried. I keep things pretty straightforwards...I trade futures outright. I've been using TT's OCO Trader Plug In for a while now. Some of their competitor's software that tried to replicate OCO Trader is pretty hilarious....and not in a good way. Some of my friends trade much more complex strategies and some of the things that TT can do in my opinion me are unbelievable.

    The IT guys at AMP are great. They know their stuff and get back to you right away. I use Esignal for charting and their IT guys were able to help me with a few things on that end, are familiar with Esignal.
     
    #36     Jun 20, 2015
  7. Llxa

    Llxa


    Ok now I am bit confused. So AMP does NOT clear trades? So how is AMP an FCM then? What is their role? Are they a stockbroker like Ameritrade but in Futures? So what does AMP do with a client's trades then?

    From a flow diagram, when client enters a trade:

    Client's trade ---> AMP ---> Exchanges ---> Clearing firm?

    Or

    Client's trade ---> AMP ---> Clearing firm ---> Exchange?

    So when a client trades with AMP, his/her trades are GUARANTEED to end up on the exchange?

    Any help is appreciated. Thanks
     
    #37     Jun 25, 2015
    cjbuckley4 likes this.
  8. tandh

    tandh

    Hmmm..... I've never been charged more than 3 dollars for CME data from IB.
     
    #38     Jul 5, 2015
  9. Ok here is a post that was posted back in 2010 containing a letter from Dan Culp announcing that AMP is now clearing trades themselves.

    So is AMP clearing trades by themselves or not? This guy announced back in 2010 that AMP is clearing trades through AMP Global Clearing and now in Jan. 30, 2015, AMP is saying it's not? Which version is correct?
     
    #39     Jul 16, 2015
  10. bump for reply to the above?
     
    #40     Aug 18, 2016