You are trying to save $30, for what? They are very few low commission brokers like AMP. CQG worked well and I have no issue with customer service at all. Other brokers will want you to trade ES for $1.5 with potentially losing a LOT of MONEY. Micros with AMPs commission is very attractive if you know what you are doing. I am taking a break from MES because I must focus on my family trust account. Later I will be back at AMP. It is unknown why the ACH only works outbound, but you can always just write them a check. I have tried a few others like Ninja trader (also cheap but NOT an FCM) but AMP is clearly better. EDIT; of course always use a stop loss with a broker like AMP. One thing they are missing is a mobile backup that IB, Schwab, TD Ameritrade all have.
I am looking at https://sierrafutures.stage5trading.com/ They offer Sierra chart which is a platform I have used on the past and really like it. RT in the micros such as MES MYM MNQ is .99 all included. A little more than RT with AMP. And sierra futures uses the sierra chart Denali feed which I hear is pretty good. Their margins for daytrading the micros I gotta call and find out. It isn’t the 30 bucks for wiring. I just can’t stand it when company offers a feature like ACH and you can’t get it to work and even they cannot get it to work for me. They ought not to advertise the darn service. I ain’t the only one. Lots have complained about it. If they can’t figure out ACH they out not to offer it.
Just make sure you deal with an FCM, not an introducing broker. I do not see the platform/quote data fee?
1. For withdrawal at AMP, you can use ACH, which I did may times without problem. 2. You can use billpay from your bank side to send fund to your AMP account, which I did successfully.But it may take 10 days. 3. For a push ACH from your bank side, I am not sure but you can try: From the money transfer set up at your bank account, put two zeros before the account number AMP provide to you.For example, if the account number is 1234567, write it as 001234567, then you will be able to complete the setup. I complete this setup at my bank, but did not try to send the fund yet. But I heard someone did it. So you can try to do this and send a small fund to test if this works.
hey after you get funds to amp help me figure out how to view your online balance the account portal is sparse at best.
Please explain why a trader should only deal with a FCM and the difference between them affecting trading. and how to tell if it is FCM or IB.
I didn’t want to use billpay from my online bank account as you never know they may mail AMP a physical check and it takes so long and I can do that anyway! I did try To create a transfer set from my bank account portal using AMP routing and account numbers. It still won’t work even after trying to add two zeros to AMP provided account as you said.
Ideally, you should only trade futures with large entities like, eTrade, Schwab etc. as your money is never as safe as with Vanguard, Fidelity etc..Sadly these large outfits NEVER give you a break on Micro contracts! These large outfits are always FCMs! An FCM is better financed and more in control according to the US Futures regulatory authorities. The IB (Introducing Broker) usually sells you the platform ($1000, in the case of Ninjatrader) and uses FCMs for execution and clearing. In theory, there is no big difference as the IB has no access to your funds, usually, it manages the platform only. BUT, I found no advantage in paying $1000 for Ninjatrader. (I never paid off the balance only the first payment.) The website should always note if the futures trader is FCM or not. I personally see no value using introducing brokers, but again I am on hiatus from futures trading anyway. Your funds with a futures broker are always more at risk than with an equity firm. Refco (a huge FCM) went broke and clients lost money, even so, there is(or supposed to be) some insurance of cash balances. https://nypost.com/2006/04/24/refcos-ruins-clients-cant-get-back-from-broken-broker/ P.S. I was a futures broker at Refco for a short time, long before this happened and I would have never imagined they would go broke!
After you complete the setup, your bank would send two small funds to your AMP account, and you need to identify those two items to verify your bank transfer setup. If you fail to complete the setup, then there must be errors in your setup process.
Since i am from the EU i did a ACH deposit via Transferwise to AMP Global to avoid fees. There were no issues at all, the money was send on a Friday and in my trading account on Monday.