We are talking here about misleading advertising claims and the amount of pass-through fees to trade one ES contract. Nothing else. Interactive Brokers charges exactly $1.18 in pass-through fees plus commission. Advantage Futures charges exactly $1.18 in pass-through fees plus commission. TD Ameritrade charges exactly $1.18 in pass-through fees plus commission. Etcetera. Now we have AMP, who also charges exactly $1.18 in pass-through fees plus commission. But then they turn around and move the commission from the commission column to the fee column. Then they claim "Commission FREE trades." And then they charge you an extra thousand bucks a year for doing it. And, most importantly, they expect not to be called out on it! That's all we are saying here; we are just trying to clarify this fee structure as we have never encountered anything like it before. But don't worry; we'll leave it at that. This unpleasant clarification process has now been a guarded success so we won't continue to challenge AMP by posting to this thread anymore. And you can trust what we say.
I am sorry you feel this way....so for any other readers, lets just keep it simple. Go to https://portal.ampclearing.com/account/commissionquote.aspx The total cost that is displayed after selecting your platform preferences will be the total cost (ALL-IN - all cost included) you will see on your AMP statement.
I am with you, free is free by paying your yearly grand. I am sure all brokers own their own seats at exchanges, so they actually paying great deal less that most think to exchanges, the commissions are really the gravy. The pass thru, they making big bucks. http://www.apexfutures.com/our-low-rates/futures-commissions/cme-membership/ Unless the exchanges has some regulation that is different than individual, they can be paying .19cents RT on over 7500 lots.
$300/month cost (as of January 2016, for current rates click here) 3 month minimum term No minimum trade requirements Emini S&P futures exchange fee is: $0.92/rt for 0 – 75 RTs/day Suddenly, it's apparent these brokers are making a KILLING !!! WTF does "IOM" stand for ? I really hate all of these market acronymns....especially when I don't understand them...LOL.
These are CME member pricing - if you become a CME member these reduced exchange fees will be applied to your trading account. CME Exchange Fees per contract (Detailed by each Member Type or Non-Members): http://www.cmegroup.com/company/clearing-fees.html For clarity, If you are a member - AMP will charge and pay the CME member exchange fees. If you are NOT a member - AMP will charge and pay the CME non-member exchange fees. There is NO profit generated for AMP by per contract exchange fee - it is purely a pass-through cost. There are a few types of CME memberships available: Corporate: http://www.cmegroup.com/company/membership/corporate.html Individual: http://www.cmegroup.com/company/membership/individual.html International Incentive Programs: http://www.cmegroup.com/company/membership/international-incentives.html Here is the membership pricing: http://www.cmegroup.com/company/membership/membership-and-lease-pricing.html If you would like assistance or have any questions regarding CME memberships, please email trading@ampclearing.com and we will help.
So, for $1k a year, this Amp will change the name of their charges from "commissions" to "fees"? One does learn important information about the ethics of certain sponsors by browsing this site. And that’s a valuable service. But is false advertising allowed here? Are there no ethical standards for vendors? Is there any legitimate way Amp could rename their charges from commissions to fees, declare and advertise that they charge no commissions, and then also maintain that they have no clue that this is a deceptive advertising tactic? And, as an aside, if that’s not enough, the Amp site says exchange maintenance margins for ES = $4,500. This is yet another falsehood. WTF? This Amp broker is really a piece of work.
ok, one more time... Here is an explanation of AMP's Current 3 Pricing Options: 1) AMP Flat - Account Min. $10'000 - lowest default pricing rate 2) AMP Tiered - if account less than $10'000 = AMP Flat + $0.25 commissions with volume tiers 3) $1K - Annual Fee - No Account Minimums = AMP Flat. This will be good for active customers that have less than $10'000 account balance. So if your beginning account balance is less than $10'000 and you prefer the $1K upfront pricing - the AMP Tiered $0.25 per contract commission is removed. Go to https://portal.ampclearing.com/account/commissionquote.aspx The total cost that is displayed after selecting your platform preferences will be the total cost (ALL-IN - all cost included) you will see on your AMP statement. ------------------------------------------------------------------------------------------- Exchange Margins are the same for all firms...AMP's default day trade margins for ES is $400 per contract. Here is the full list of AMP's Margins: https://www.ampfutures.com/trading-info/margins/ If you have any specific questions, please PM or email trading@ampfutures.com
Ah, I see you recognized the error of your ways and changed at least one part of your site. That was fast. Glad I was able to help you with that. You still have a ways to go but there may be redemption for you yet, Amp. Keep up that good, honest work. And peace be with you.