AMP Futures Review 2022: Best Trading platform

AMP futures GLOBAL CLEARING LLC – AMP GLOBAL (USA) is authorised as a Futures Clearing Merchant “FCM” regulated by the National Futures Association and the Commodity Futures Trading Commission, with license no. 0412490. Headquarters: 221 N. LaSalle Street, 25th Floor, Chicago, IL 60601 USA and is authorised as a Cypriot Investment Firm “CIF” regulated by the Cyprus Securities and Exchange Commission, with license no. 360/18. Headquarters: Kaminion Street 1, 2nd Floor, Agios Athanasios 4100, Limassol.

It is a broker based out in the US that provides the maximum number of trading platforms for the traders, around 60. The firm was founded in 2009 and happens to be regulated by the NFA (National Futures Association). The firm also has a legal body based out in the European Union called the AMP Global. This firm provides Forex, futures and CFD trading and also, is regulated by the (CFTC) Commodity Futures Trading Commission. In this AMP futures review, we will focus on the US subsidiary of the broker and the services it provides.

Trading Fees:

As a default setting, The pricing structure of each account is based on the Volume-tiered pricing structure. If the traders want to switch to the flat-rate of structure then they need to notify the company via Email. In the mail, they have to provide the account number and the requested price structure.

It is a thing to appreciate that the broker provides a fee calculator. This takes all the cost that is applicable and will put them into one number

Futures fees:

The broker has low fees when it comes to the futures contracts. So low, that it beats the biggest of competitions by a Goliath difference. For the E-Mini Stocks and mutual funds futures contracts, the broker asks for a fee of mere $.9. To put it under contrast, Optimus Trader asks for $5 for the same service.

The information provided above is only the clearing fee and the commission that AMP charges. These do not include the exchange, route fees or the NFA. The same fee is charged for futures and options.

Non-Trading Fees:

The broker for non trading fees, maintains a handsome average. There is no withdrawal, ACH or inactivity fees. But the Wire transactions come with a fee of $30 per transaction. The traders can use more than 55 trading platforms with the broker.

AMP Futures has average non-trading fees. There is no inactivity, deposit or ACH withdrawal fee. On the other hand, wire withdrawals come with a high $30 fee per transaction.

You can use more than 60 trading platforms at AMP Futures. Not all of these services are free. The Sierra chart package, for example, charges around $20 per day.

Account Opening Process:

While bearing no minimum balance, the account opening process is a bit complicated with AMP futures.  The different account types are provided on the basis of the ownership an individual might have.

  • Individual Account: The individual account is owned by a person.
  • Joint- The account is owned by more than two individuals.
  • Corporate/Partnership/LLC: This type of account is owned by a legal body or entity.
  • The customers hailing from the USA can select the IRA accounts. These have specific tax advantages over others.

What are the steps to open an account?

The process to open an account with the broker is completely digital . However, the process is a bit complex. Let’s have a look at all the steps involved in the account opening process.

  • Select the type of account and read the risk disclosure agreement.
  • Enter the personal information in terms of country of residence, the name and E-Mail. Here the traders will have to choose a username and set a password for them.
  • Then, the traders have to fill a form out that asks for access to the financial status, like the net worth, for example.
  • After this, the broker asks the traders to fill a survey that leads to the clear deduction of the investment experience.
  • in the disclosure agreements, after reading them, click on the disclosure statements.
  • Provide the broker with a proof of identity.
  • After this, the credential verification process begins. From here, the broker verifies the proof of identity as well as the proof of identity.

Once All these steps are completed, the traders receive confirmation Emails with the respective credentials.

Deposit and Withdrawal:

There are two reasons that make the deposit and withdrawal of funds from the broker important. If the traders keep the base currency of the trading account and the bank account the same, then there is no need to pay any conversion fee. Traders can also save up on this fee by opening a multi currency bank account with a digital bank. These banks offer accounts in a number of currencies with better rates of currency exchange. Also, they don’t need any bank transfer fee as well.

Opening an account will not take more than a few minutes from the phone. The broker does not charge any fee for the deposit. However, there may be a chance where the intermediate bank will charge some fee if an international transfer is in the picture. The residents of the United States of America can use checks as an ACH to deposit their funds. A bank transfer can take a lot of days while a payment made via a Credit or a debit card is reflected instantly. The traders can deposit money only from the bank accounts that have their name on them.

The wire transfers from banks took a day to process. The traders can withdraw their money from their trading accounts via the following steps.

  • log in to the AMP Account.
  • click on banking and then click on “Withdraw Requests”
  • Add the location and the preferred methods of withdrawal.
  • Enter the desired amount for the withdrawal.

Trading Platforms:

This broker review talks about the company’s indigenous trading platform, The MultiCharts.NET. IF the traders feel that the platform is not at par with their requirements, then they can choose from more than 60 platforms that they are provided for trading.  However, a lot of those charge a monthly fee. The multicharts.NET is available only in english.

The AMP Futures desktop trading platform is one of the best out there for novice traders. It may however be difficult for the traders to move through the platform however. The platform has a plethora  of tools like the Advanced charting and the tools required for backtesting.

One other fact that took our eye was that the platform was just more than comfortable. It allows the traders to set their own workplace. The design however, looked out dated and the complexity makes it hard for the traders to work around it sometimes.

Tradable Assets:

Futures and options for trading. However, the instruments provided under these two sections are impressive and cut out maximum competition there and then.

Customer support:

With the broker, there is an option for a fast live chat. This comes in as an advantage for a lot of traders since the first few questions that they might ask, are already fitted in as automated responses. The phone support took a little more time to connect, but the received answers were relevant. The turnaround for e-mails was also quick and the received answers were quick as well. The only thing that was missing was a 24*7 Support.

Education and research material:

The traders can learn via the broker in the following ways

  • Demo account
  • tutorial videos for platforms
  • educational videos in general perspective as well
  • Webinars
  • Educational articles based on quality content.

AS a team of researchers, the broker impressed us with a plethora of range when it came to how to use the trading platforms. There are content based articles about futures trading as well. The broker also impresses the traders with an option to trade with a demo account. 

Security And Regulations:

The broker was established back in 2009 and the long track record it has tells a lot about authenticity. AMP Futures is completely regulated by the  US Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). The services of the broker are majorly recommended for advanced gtraders because futures and CFD trading are risky trading instruments with a lot of instances where the traders rapidly lose money because of the wrong use of leverage.

Conclusion:

Overall the brokerage firm offers best trading conditions and features. Most importantly the broker is regulated and authorised. You can trade various financial products from different markets like forex, stocks, indices, commodities, etc. The trading platform is the best and easy to use. 

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