Amp Futures Complaint

Discussion in 'Retail Brokers' started by acbana, Jul 2, 2019.

  1. acbana

    acbana

    Me and my friend are new traders, if anyone ask. We both have an individual account. As a new trader we want to earn but we have bad experienced already with AMPFutures.
    I helped my friend to trade his MT5 account using his mobile phone on 1st of July 2019, we had a floating profit in our Long position (Asia time 7:00AM), hit already the target but it won't close the open trade. Contacted the help desk, they flattened it with 0 profit instead of almost $900.

    Then my friend received the below email messages to close our accounts.

    Sent: Monday, July 1, 2019 10:22:17 PM
    ------------------------------------------------

    Hello,


    A decision has been made not to continue a business relationship with you or the people whose accounts you are controlling. We know of one account you have taken control over. If there any more accounts that you are in control of, please refrain from logging into those as well.


    We hope you understand that we do not comment our decision and regret that we cannot give you any other positive message.


    Your trading account has been disabled, we will no longer accept any new trades for this accounts.


    Please follow these Steps for Submitting a Withdrawal for your full account balance.


    1. Go to Clients Portal: https://application.ampclearing.com/User/login.aspx


    2. Type in your Username / Password

    If you don’t remember your username/password, click on Forgot your username/password and follow the instructions.


    3. Once logged in, Click on Banking then Withdrawal Request on the left menu navigation.


    4. Select the Delivery Method and Location and follow the instructions


    Thank you,

    AMP Compliance
     
    Last edited by a moderator: Jul 2, 2019
    Times likes this.
  2. jharmon

    jharmon

    Must be more to this story.

    How many more "friends" do you have?
    How many "friends" does your friend help?
    How often do you trade?
    Are your trades coordinated across multiple accounts?
    Are you trying to circumvent professional trader fees?

    I guess you crossed a risk line that they just weren't willing to devote resources to investigate versus the commission they earn from you.

    Welcome to the free market.

    At least your trading name isn't Huawei.
     
    Last edited: Jul 2, 2019
    VPhantom, mm2mm and CaseyB like this.
  3. acbana

    acbana


    You are from AMPfutures. It is obvious.
    Read my post did I state friend or friends?
     
  4. As I understand it occasional program failures like the one you described are foreseen in the use of such trading programs (in terms and conditions that you agree to) and such failures are not actionable for lost of profit. Sorry - it has happened to me as well.
     
    acbana likes this.
  5. MattZ

    MattZ Sponsor

    You can not trade for your friend. If you used your friend's credentials to log in, any reasonable compliance officer would do what Shabeer did.
     
    faet, VPhantom, d08 and 5 others like this.
  6. acbana

    acbana

    Thanks, st-trader for matured reply :)
     
  7. acbana

    acbana

    I did not login for him MattZ and we are now in digital world, the ampfutures can see the ip address which device he and me used to open that trade, it is his iPhone and I just pressed for him the BUY Market button. and that's all. and am happy for him because it is in profit but unfortunately became losses
     
    Last edited: Jul 2, 2019
    MattZ likes this.
  8. MattZ

    MattZ Sponsor

    You can not do that. I am just trying to give you guidance that when it comes to FCM/IBs, we are highly regulated and although you acted with the best of intentions to help your friend, every transaction must happen by the account holder. These are also exchange rules.

    As you and your friend move on, make sure he makes his own decisions. If there are errors in execution, he could resolve it directly with the trading desk as you can not talk on his behalf UNLESS you have a POA.
     
    faet, VPhantom, riskbiscuit and 3 others like this.
  9. acbana

    acbana

    Thanks for the advised.
    Yes, he did talked to the trading desk but he mentioned my name. :)
    I think better go for joint account since we just exploring this world.
     
    CaseyB and MattZ like this.
  10. volpri

    volpri

    Um..let us see..YES! YOU did use the word friend...oh well...
     
    #10     Jul 2, 2019
    MarkBrown likes this.