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AMP Futures / AMP Global Review
Started:March 6th, 2012 (04:24 PM) by kalalex Views / Replies:35,675 / 197
Last Reply:April 15th, 2014 (02:24 AM) Attachments:3

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AMP Futures / AMP Global Review

Old March 6th, 2012, 04:24 PM   #1 (permalink)
Elite Member
Cucamonga, CA
 
Trading Experience: Beginner
Platform: NinjaTrader
Broker/Data: Optimus & Rithmic
Favorite Instrument: TF
 
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Posts: 197 since Mar 2011
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AMP Futures / AMP Global Review

This is solely based on my experience.

One word. They suck.

First they overcharged commission than what they agreed and it took more than 2 weeks to refund that $2.
It took too many phone calls and emails to get my $2 back.

Talking about phone calls. They proudly announced that they have dedicated trading desk line. Half the time I called the line
it just doesn't connect. I can't know if it's the problem with phone line itself or understaff problem.

Talking about understaff,,,I read here on BMT that Dan, owner of AMP, talked down on Optimus of small staff. I don't know how he trains his staffs but it was never pleasant to talk to any of them. I don't know if they realize that they work in financial SERVICE industry. The way I see it those 3 or 4 employees at Optimus do way better job than how many they have at AMP.

Now this really pisses me off.
They started charging extra fee for CQG recently.
The contract I signed when I opened the account might give them the right to charge any extra they want without my consent but I think it's a common courtesy to at least notify customers.

So for me AMP's is -5 on 1 to 10 scale.

PS: Mike, if this posting is out of line of your forum policy you can delete, lock, or what ever you have to do to maintain your forum.


Last edited by Big Mike; March 6th, 2012 at 09:19 PM.
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Old March 6th, 2012, 09:25 PM   #2 (permalink)
Elite Member
Boca Raton
 
Trading Experience: Advanced
Platform: NinjaTrader, Multicharts, CQG, QST, SierraChart, TradeNavigator
Broker/Data: Optimus Trading Group/Rithmic
Favorite Instrument: Futures
 
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kalalex View Post
Talking about understaff,,,I read here on BMT that Dan, owner of AMP, talked down on Optimus of small staff. I don't know how he trains his staffs but it was never pleasant to talk to any of them. I don't know if they realize that they work in financial SERVICE industry. The way I see it those 3 or 4 employees at Optimus do way better job than how many they have at AMP.

The 3-4 employees that was made as a reference on the thread by my competitors was false. We are a staff of 6, and the employees of Optimus are truly (and I am proud to say) very customer oriented. As we have grown our client base and assets under management, I have made the strategic decision to hire people with specific expertise with the intention to help customers in areas of support(technology), development and administration. This approach has allowed me to maintain long term rapport with the existing clientele.

Matt from Optimus

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.

Last edited by mattz; March 6th, 2012 at 09:30 PM.
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Old March 6th, 2012, 09:29 PM   #3 (permalink)
Elite Member
Boca Raton
 
Trading Experience: Advanced
Platform: NinjaTrader, Multicharts, CQG, QST, SierraChart, TradeNavigator
Broker/Data: Optimus Trading Group/Rithmic
Favorite Instrument: Futures
 
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rafiqtrader View Post
I see on optimus web site they charge 30 cents per contract for rithmic on top of their commissions. My entire commissions at amp is cheaper than that...so I'd say amp is winning

rafiq
Amp customer

No we Don't! All commissions quoted are ALL IN Prices. I don't want to get into a "commission war" as technology, service and support may very between all brokerages. I am just asking you not be naive and realize that all technology feeds have a price, whether CQG or Rithmic (in our case)

Matt from Optimus

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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Old March 6th, 2012, 09:55 PM   #4 (permalink)
Elite Member
Toronto, Canada
 
Trading Experience: Advanced
Platform: NinjaTrader, MT4
Broker/Data: Amp/CQG, Citibank
Favorite Instrument: CL, GC, 6E, ES, TF, EURUSD, GBPJPY, AUDUSD
 
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kalalex View Post
...
They started charging extra fee for CQG recently. ...

I too have not had the best of experiences, but that's the (very) unfortunate norm when deal with the vast majority of today's world of call centers and the disconnected & removed folks who work in them.

But, there is not really a CQG fee that has been instigated, other than this one:

CQG provides streaming "Cash" Index Data for the $SP500 FROM the CBOE exchange, which was previously charged by the exchange $2.00 per month. Starting, March. 1st, 2012 - the new price is $5.00 per month. This price change was initiated by the CBOE Exchange- not by AMP nor CQG. The actual cost of the Cash Index Data is passed directly to the customer.


Also, Zenfire instigated a $25/month data feed, for customers deemed inactive (<40 trades/month) and <$400 in the account. Not completely unreasonable IMHO. Amp did actually convert a whole whack of customers from Zenfire to CQG data, which for now has no such similar charges.

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Old March 6th, 2012, 10:02 PM   #5 (permalink)
Elite Member
Auckland, New Zealand
 
Trading Experience: Beginner
Platform: NT, Sierra
Broker/Data: Mirus/Continuum & AMP/TT
Favorite Instrument: CL, ES, 6E, NQ
 
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Not correct re Mirus and ZF


Beljevina View Post

Also, Zenfire instigated a $25/month data feed, for customers deemed inactive (<40 trades/month) and <$400 in the account. Not completely unreasonable IMHO. Amp did actually convert a whole whack of customers from Zenfire to CQG data, which for now has no such similar charges.

This is not true, at least in my case with ZF via Mirus.

I only have to do 5 RT (not 40) per month to avoid the $25 fee and yes, Micro contract trades count.

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Old March 6th, 2012, 10:13 PM   #6 (permalink)
Elite Member
Boca Raton
 
Trading Experience: Advanced
Platform: NinjaTrader, Multicharts, CQG, QST, SierraChart, TradeNavigator
Broker/Data: Optimus Trading Group/Rithmic
Favorite Instrument: Futures
 
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Posts: 844 since Sep 2010
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rafiqtrader View Post
Hi Matt, on the optimus web site it says "order routing fee per side $0.30" under ninjatrader on the compare platforms page. it also list routing fee per side for all the platforms..so i can only believe this will be charged on top of commissions. my amp commissions is .25 cents per side - that is why i said my commissions is lower than the cost of rithmic with you. are you cheaper?

Rafiq, I understand where you come from, but like I said, we don't charge it on top but part of a quoted commissions.
We discuss commissions with customers individually while I assure you that we give good rates as many of my customers would testify. I assure you that your 25 cents per side is not including the routing (data feed) quote as you pay that as well. Please reach out to me during business to discuss...like I said, I don't want to fill this thread with "commissions wars"...
There are enough customers to each party where an all in rate could be quoted.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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Old March 6th, 2012, 10:19 PM   #7 (permalink)
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Old March 6th, 2012, 10:24 PM   #8 (permalink)
Elite Member
Boca Raton
 
Trading Experience: Advanced
Platform: NinjaTrader, Multicharts, CQG, QST, SierraChart, TradeNavigator
Broker/Data: Optimus Trading Group/Rithmic
Favorite Instrument: Futures
 
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Posts: 844 since Sep 2010
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Big Mike View Post
Moderator Note


Please take Optimus questions to the Optimus thread, and leave this thread to discuss only AMP Futures or AMP Global.




Mike

Mike, a reference was made on the first post of this thread to Optimus, so I responded and questions came.
I will not post here any more replies to keep the forum in order.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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Old March 6th, 2012, 11:48 PM   #9 (permalink)
Elite Member
Cucamonga, CA
 
Trading Experience: Beginner
Platform: NinjaTrader
Broker/Data: Optimus & Rithmic
Favorite Instrument: TF
 
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Posts: 197 since Mar 2011
Thanks: 223 given, 113 received


Beljevina View Post
I too have not had the best of experiences, but that's the (very) unfortunate norm when deal with the vast majority of today's world of call centers and the disconnected & removed folks who work in them.

But, there is not really a CQG fee that has been instigated, other than this one:

CQG provides streaming "Cash" Index Data for the $SP500 FROM the CBOE exchange, which was previously charged by the exchange $2.00 per month. Starting, March. 1st, 2012 - the new price is $5.00 per month. This price change was initiated by the CBOE Exchange- not by AMP nor CQG. The actual cost of the Cash Index Data is passed directly to the customer.


Also, Zenfire instigated a $25/month data feed, for customers deemed inactive (<40 trades/month) and <$400 in the account. Not completely unreasonable IMHO. Amp did actually convert a whole whack of customers from Zenfire to CQG data, which for now has no such similar charges.

Beljevina,

If you didn't get hit with 20cents extra per round with a fee title of CQG TRF then lucky for you but then the guy I talked to at AMP lied to me again.
He said they've been taking up the cost but couldn't any more so began charging the fee from the 1st of March to all customers.
I also confirmed with an IB that clears through AMP. Their customers got hit with the fees and the brokers at the IB were furious because they didn't even get notified,,,,and had to do lots of explanations or make excuses to their customers.

Also for those zenfire to CQG converts,,,,a whole whack of them as you put :-),,,,that's whack of more $$$ for AMP if they can keep them and still charge $0.2 per round turn.


But my point with the thread is not about who's cheaper.
It was about principle, integrity, courtesy or maybe common sense.


Last edited by kalalex; March 6th, 2012 at 11:56 PM.
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Old March 8th, 2012, 01:58 PM   #10 (permalink)
Elite Member
Toronto, Canada
 
Trading Experience: Advanced
Platform: NinjaTrader, MT4
Broker/Data: Amp/CQG, Citibank
Favorite Instrument: CL, GC, 6E, ES, TF, EURUSD, GBPJPY, AUDUSD
 
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Posts: 283 since Sep 2010
Thanks: 326 given, 337 received



kalalex View Post
Beljevina,

If you didn't get hit with 20cents extra per round with a fee title of CQG TRF then lucky for you but then the guy I talked to at AMP lied to me again.
He said they've been taking up the cost but couldn't any more so began charging the fee from the 1st of March to all customers.
I also confirmed with an IB that clears through AMP. Their customers got hit with the fees and the brokers at the IB were furious because they didn't even get notified,,,,and had to do lots of explanations or make excuses to their customers.

Also for those zenfire to CQG converts,,,,a whole whack of them as you put :-),,,,that's whack of more $$$ for AMP if they can keep them and still charge $0.2 per round turn.


But my point with the thread is not about who's cheaper.
It was about principle, integrity, courtesy or maybe common sense.

You're right. I checked my statements, and it appears as of March that 20 cent fee is there. I didn't catch it, as it 1 fee in a list of 5, per RT. Kudos on proving the point that they've given no notification of this to anyone AFAIK. I do read what they e-mail me, and, there's been a slight improvement of stuff coming along intermittently, to give the impression that they are keeping me up to date on pricing changes. Obviously they do so selectively, which is pretty much in line with what (little & purposefully selectively I'd say) they choose to send out to their customers. +1 for obvious inconsistency on their part. I completely agree with your focus on principle, integrity, courtesy: unfortunately, that is sorely lacking everywhere I look these days - yes, it's extremely upsetting, but I channel my energies into being a better trader and hopefully making more in the process.

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