What is AMP futures doing with Correction Charges ?

Discussion in 'Index Futures' started by 221bazookas, Aug 9, 2018.

  1. Is this a regulated outfit ??

    In my 2nd day trading for the first time through AMP, after my closing my 3rd trade, 2 hours later, I get a $29.10 usd " Correction Charge ", reducing my $125.00 profit to $ 95.90 usd

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    immediately I take a screen pic and write support desk asking an explanation, Im attaching the email string, this is there new charge:

    " Here is a support article explaining - https://support.ampglobal.com/hc/en...xplanation-of-Synchronization-in-MetaTrader-5
    after reading, please let us know if you have any questions
     
  2. I wonder if this is enough to file a complaint with NFA and CFTC ?
     
  3. I was able to get through with Jeff @ amp nite desk, he explained to me that this is NOT a charge but a calculation logic assessment. The fact that it reads "Correction charge" made me jump the gun. Appreciate AMP nite desks help!
     
  4. AMP_Global

    AMP_Global ET Sponsor

    yes, this is fully explained in the support article. It is a local platform "MT5" real-time account balance sync with CQG.

    Difference: Since you are trading on the Regulated Exchanges, such as CME and EUREX vs. most other MT5 brokers (where you are trading a CFD > Secondary Market created by a liquidity provider) where your trades are processing locally on your brokers MT5 server.

    Using AMP's MT5 - to trade Exchange-Traded Futures there is constant communication between you "the trader", the Exchange you are trading "CME". This communication between the exchange and you is provided by CQG.

    As stated in the article, The terminology is admittedly not the best. Since all the Futures trades are being executed on the exchange, there are no trade "corrections". We have request to remove "corrections" from the label in order to avoid any confusion, but we were told since this function is an automated function in MT5 > it is hard-coded, unable to change the function label name.

    Everyone, please take the time read the support article, it should do a good job explaining this [synchronization] activity.

    https://support.ampglobal.com/hc/en...xplanation-of-Synchronization-in-MetaTrader-5
     
  5. SteveH

    SteveH

    Is the $29.10 the transaction fees for the 3 roundtrip 1 contract trades then? If so, that's kinda pricey.
     
    wrbtrader likes this.
  6. AMP is kinda dodgey, at least they were in the past. What ever happened with their big lawsuit against Big Mikes?