Just curious what people who are on AMP think about it. On their website/around the web there are considerable mixed reviews. I was considering moving the cash I have stored in TDA over to AMP to try out their platform because they have a fairly good integration with tradingview. You might wonder why I would want to move away from TDA? The margining for futures and futures options is NUTS. They offer (at least to me) absolutely no relief for day trades (which I do infrequently) and their overnight/spread margin is the absolute maximum allowed. Worse - they do not offer relief on exchange listed spreads. I have an account with IB but I am not a fan of their account inactivity fee. I do not trade daily, I tend to trade swings on the weekly and I hold trades for a while (my futures options plays tend to be 3 weeks to a month) and eating the difference on commission and monthly inactivity really eats into my rather small profits (I have a small 10K account I trade with right now - after paying off student loans I can finally focus on dumping money into it to get more capital). Some questions: 1. If there is an API - is it any good? I don't plan to automate trading but I would like to be able to fire signals for myself using broker data. 2. How is customer service? 3. What hidden fees are there? There are numerous complains on the web about hidden fees/commission structures/etc that aren't discussed relative to their normal discount broker status. 4. Is there a FINRA brokercheck equivalent for a futures broker? How can I objectively establish AMP (or a competitor) as safe for my money? 5. If you do not like AMP - what broker would you suggest for an account of around 10,000 to trade MES/ags/softs (options on ags and softs, outrights on MES)? I see Optimus Futures around here but I really do not understand what value they provide over AMP since they clear through them anyway - perhaps we could get Optimus and AMP to get in a fight in this thread ;D Thanks!
I've been with AMP for over 5 years... 1. No experience with APIs. 2. Hit and miss on the quality, but you can get that with any broker. As for speed to queries they are lightning quick. 3. No hidden fees on futures. So WYSIWIG on their all-in cost calculator tool. But that is all I trade, so I do not know about their options fees. 4. As I said, 5+ years, so I would have noticed a problem with my money being "safe". I don't know what exactly a FINRA check is, but as they are a FCM, they are regulated by the CFTC. #4 on the list. https://www.cftc.gov/sites/default/files/sites/default/files/idc/groups/public/@requestsandactions/documents/ifdocs/07 - FCM Webpage Update - July 2019.pdf 5. N/A (And we don't entice sponsors to get into fights with each other here, lol!) In the end, they are a safe and cost-efficient choice for futures. (And they do not have an account inactivity fee, BTW.)
I never knew IB had inactivity fees, have to check it out. Do you have a link? I was considering them for my stock transactions. My experiences with AMP are only positive, only have been with them for a year now so the other guys will know more.
I believe most complaints about AMP charges are from customers who checked the $300 margins box with their data request. AMP charges extra for the added risk, and it is not included in their commission schedule. I did not request the $300 margin. My statements appear accurate to me. The trade desk answers the phone in one or two rings. Some help is great, some is not so great. I called them a couple of times lately due to TT outages ( TT's fault). You can automate with AMP, in fact, they have an automation dept. Optimus has 4 FCMs if I recall correctly. AMP is one of them.
https://www.interactivebrokers.com/en/index.php?f=4969 Geez, they even charge you a fee if you are under 25YO. WTF
So for an individual account it is a maximum of $10 if commission was 0, if you have paid over $10 in commission there is no more fee. Seems reasonable to me.
It looks like you are talking about the inactivity fee for account holders under 25, it seems to be $3 and for other individual accounts $10. I see no fee for just being under 25YO?
AMP/Sierrachart/CQG About 5 years with AMP. About 10 years using SC. API is dependent on which feed you use. I do not use API. Sierrachart provides programming capabilities for automation. Customer service is fast! An english speaking person actually answers the phone or IM chat! Honestly, the only time I needed CS was during setup and all went fine. I have IM'd a few times since with only relatively simple questions and got immediate answers. FREE ACH (withdraw) is a great thing!! Intraday margins available anytime the market is open (with exception of accounting period between RTH session closing and ATH openings (dependent on instrument)) Speaking of intraday margins... they are stable, with rare exception! I had an account with OEC before AMP... those guys (OEC) changed margins with every blip of volatility. They wanted and marketed to day traders but then on the first sign of volatility they withdrew the money making opportunity for those day traders. It sucked! Of course, exchange margins change and FCMs are required to adjust accordingly. AMP intraday margins are stable, with rare exception. Not that I care about it, AMP liquidation policy is very friendly compared to other brokers. AMP gives you all the rope needed to hang yourself before they will pronounce you dead! Matt Z at Optimus seems to be a standup guy. For me the choice between AMP or Optimus is geographic. Being born and bred in Midwest, West coast now, I have no interest in East Coast brokerage.