Amp Futures Complaint

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

  1. yc47ib


    FWIW, I used AMP futures' I-Systems before, actually several of them. At the end of the month, I found my bookkeeping numbers is very different from the statements AMP provides, obviously I should have more profits and less losses based on the Systems' published trades and results.

    I wrote to AMP several times, and called them too, all people I contacted following my arguments sympathized with me and said they will drill it down to see what went wrong. And then I waited, nothing happened, so I called again, and explained the whole problem again, same reaction and same promise, nothing happened. Then I decided to write this experience up with my data and their published data and timestamps etc., sent them the email, no response, sent to all the emails I have in my address book having AMP futures' domain name in it, no response whatsoever.

    That is the end of the story, and that is officially the end of my relationship with AMP, I pull all my other accounts from them too, and whenever someone asked me about AMP, I will just tell them this story, if they are close enough friends, I will also forward them the emails I wrote to AMP, with the data of course. Again, FWIW.
    #31     Jul 6, 2019
    acbana likes this.
  2. JigsawTrading

    JigsawTrading Sponsor

    As someone that knows the CEO of AMP fairly well, I can tell you that this sort of thing has bitten them before. You wouldn't beleive the sort of things an FCM is considered ultimately responsible for.

    I'd say the OP is in the majority as a trader that doesn't read all the terms and conditions - so it came as a shock. Still, I am sure he wouldn't expect AMP to put themselves at risk.
    #32     Jul 7, 2019
  3. tiddlywinks


    You shot yourself in the foot as far as I am concerned. I won't ever even consider Jigsaw now. If I was AMP, I would cease offering your platform.

    Where do get off speaking in a public forum about one of your distributors with your own notions of non-formal problems, mistakes, wrong-doing or policy.

    There is no "perfect" FCM or brokerage, problems will and do occur...
    But you, you are real piece of work. I hope AMP and your other distributors, especially those that you know "fairly well" #dropJigsaw
    #33     Jul 7, 2019
    acbana likes this.
  4. JigsawTrading

    JigsawTrading Sponsor

    Well - it's just as well AMP won't mind, isn't it?

    What the OP is doing is against the rules. Often, it's the FCMs that get the shaft when a customer breaks rules they agreed not to break. I could give you a list of things that AMP and other FCMs have been held accountable for, even though they had (nor could have had) no control or knowledge of the situation.

    As for me "getting off" - please do calm down. I am not going into details but I can tell you these are not my "notions" of issues. It's just a fact that the buck stops at the FCM. The OP is upset that AMP won't do business with him - but given they could be held responsible for losses, they have no choice.

    And they have had issues before - all FCMs have.

    Not only can FCMs be held responsible for their direct customers but also the customers of their IBs too. Imagine an IB giving advice to a customer, customer loses money, FCM ends up re-imbursing the loss. What did the FCM do to 'deserve' the penatly? Well - they took on the risk of being an FCM...
    Last edited: Jul 7, 2019
    #34     Jul 7, 2019
  5. AMP_Global

    AMP_Global ET Sponsor

    Hello All. Not sure where this is going, but the original concern is simple.

    @acbana - this is true, if you are trading someone else's trading account, this requires a POA. There was NO POA on the AMP account, and AMP compliance did the proper action and disabled the trading accounts.

    At AMP we support all levels of traders, from Beginners up to 20+ years experience. We have a 24 hour "Multi-lingual" customer support team. We always do our best to get any of our customers help request completed as soon as possible, so you can get back to focusing on the markets. So please, if you have any questions about trading account setups, any restrictions, required documents, margins, anything....please do not hesitate to ask.

    @yc47ib - this topic is new and please PM your AMP account number. We will research all historical communications and find out where any explanations/trade logs are missing. The iSystems trading solution, to AMP is just like any of our other 40+ available trading platforms, except it has trading strategies built into it that you can enable/disable on your own. >> Trading Logic - All the trades execution via iSystems are executed into each of the individual trading accounts directly (NOT executed as BLOCK orders) - so the orders filled on each individual account are directly executed on the exchanges and reported into your trading account statement at night. PM your AMP account number and we will fully engage iSystems to get your required answers.

    Thank you all for your engagement to try to help @acbana understand why AMP compliance had to take this action. We will continue to help @yc47ib directly

    Happy Trading!
    #35     Jul 7, 2019
    JigsawTrading and steve2222 like this.
  6. acbana



    Trading another person's account is just the story.

    Eliminating the profit from my open trade when I asked you to close it because I cannot close using my iPhone, for me, my simple word for you is, you are cheating.

    Wether it was your system or MT5 bug, you have to be responsible for your action.

    Let's grow up!

    Don't point your finger to another people. Solve the problem that I have highlighted, so it won't happen again to other new traders.

    You didn't address the problem, you have just focus on my created horor story that I have traded other person's account.

    The main problem here, there's profit, but you never credited it!
    #36     Jul 8, 2019
  7. destriero


    acbana, it's not the broker's responsibility when you lose cell service. AMP is not at fault if you incur the inconvenience of making a phone call. Trade with a limit order next time. Market orders are "not held."

    You were required to sign a regulatory document stating that nobody else has in interest in the account. Either you or the individual whom opened the account.

    I've had to contact my FCM regarding an "adjustment" perhaps three times in nearly 25 years.

    Man up, or fvck off.
    Last edited: Jul 8, 2019
    #37     Jul 8, 2019
  8. acbana



    I called them too and they asked me to wait in the line for more than 30 minutes after they transferred my call to another number. But nobody pick-up the phone.
    #38     Jul 9, 2019
  9. Overnight


    Look at it this way...

    Your account could have been that much in debit and they would have let you go with no loss?

    Let's grow up, count your blessings, and move on.

    Stop trading on a bloody phone. Invest in a trading PC if you are serious about it.
    #39     Jul 9, 2019
    riskbiscuit likes this.
  10. I fully agree. If you are planning on trading futures going forward invest in a PC and use your phone as a secondary. Also if you will be trading a friend's account or helping a friend with his account, make sure to have POA on the account...These brokers only seem to be following regulations that are already set by the NFA, FINRA, SEC, etc....
    #40     Jul 10, 2019