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Generic Trade

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www.generictrade.com..
Category: Brokers

Generic Trade is a discount brokerage firm specializing in online futures and options trading.  It offers the latest technology with unparalleled speed, reliability and functionality, provided by a cutting edge trading infrastructure.  All accounts regardless of size or volume are 59¢ commission per trade.  For more information and a free $50,000 simulated trading account, visit the company website.

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Day trader paradise
After my difficult experience trying to get things going with eTrade for futures, I decided to go to someone that specialized. I'm happy with eTrade, but they really don't seem to want futures business. I first went to Interactive Brokers after receiving a mailer, but I had a real hard time trying to figure out the total costs, since I trade about 50-100 index a day and with the tier and all I had a hard time. I applied anyways, but the account never got opened due to a bunch of complications. I heard Generic Trade has servers at the exchange and has good fees. After going to the site, I figured it all out really fast and was actually trading the next day. I really like these guys. The platform for my computer was easy to learn and fast as &^%. They don't have brokers, so if you need that kind of thing you might be disappointed, but I'm happy since I don't get any calls. They do options too, but I can't speak to that since I only day trade ES and NQ (mini and micro). They have no minimum so you can do what I did and try them out with some micros.

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Efficient
I have been trading stocks and futures for over 20 years and certainly much has changed. I guess I'm happy to say that I've changed too. Back in the day I relied on my brokers for everything and they relied on me for the commissions. It all seemed fine cause that's the way it was. Then eTrade came around and I realized that there was a better way. I get most of what I need for free online and I certainly don't need the advice these 'brokers' have given me over the years, so eTrade was awesome. That was about 10 years ago and at that point I was hoping to find an 'online' solution for futures since they didn't handle them back then. Enter Interactive brokers - hurray. Now I was set - low rates and no one to bother me. Well, things changed. I still have accounts at both of those places and do like them, but not only have they both been nickel and diming me, but the solicitations do not end. Also, IB's tech stinks and their margins have gone haywire. I decided to look around and about 5 years ago I found Generic Trade. It was like going from the old broker to eTrade! I filled out the online forms on a Sunday, wired on Monday and was trading later that day. There have been a few hiccups over the years, but I have to say that they handled each one quickly and efficiently. They are TOTALLY hands off, but when I need something, they are there 24 hours a day. I found this site cause one of my friends sent me a link for one of our favorite movies, so I decided to do a review (Office Space is awesome) and figured since this is an investment site I'd check out Generic. I was surprised to see some of the lukewarm (or worse) response. All I can say I guess is that if they aren't the competition or disgruntled employee or something, maybe they were kind of new to trading futures. It has similarities to stocks, but really is very, very different and these guys are not setup to hold hands. Who knows, maybe I am just lucky. Anyways, if you were a fan of eTrade back in the day and want the modern, more efficient equivalent for futures, I'd say to give these guys a shot.

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Traderlover Rahway, NJ

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Atrocious (nothing like I've ever seen before)
Customer service is one of the most important things to look for in an online broker. Due to the low commission structure, Generic Trade's customer service really is atrocious (nothing like I've ever seen before). When asking a question about the wording of their policy, I was met with the response "you should note that we are a deep discount brokerage firm and do not offer any educational services". I was then charged $74 and denied intra-day margin (even though the intra-day margin requirement is $0), and told it was because I asked about the policy. This is just one of the many incidences over the past 2 week account opening process. TD Ameritrade's (Think or Swim) trading platform is top-notch and I have spoken with reps at Trade Station who have been nothing but a delight thus far.

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Jomo Flushing, NY

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true to its name
They are pretty generic but they get the job done. Costs are kept down but don't expect many features. Though its generic it is quality it is not a fly by night operation.

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Elliot2000 Chicago, IL

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Investment advisor opinion
I’ve had a successful career as an investment advisor; mainly for friends, family and myself. So, as such I’ve had many accounts of all types through the years. I can say this about Generic Trade – I don’t think I’ve seen a more basic website (no blogs, contract info, advice, newsletters, etc.), easier to use platform, faster account setup or quicker filled orders. Also, I’ve never received a lower commission rate without me asking and proving my trading history. The downloaded platform has the tools needed for day trading, but is certainly not very complex; so if you need advanced auto strategies or want to program yourself, you are out of luck. For my needs however, I found it easy to learn and navigate; also a very fast acting platform. So, if you don’t need any help and are looking to day trade in a professional trading environment, I would highly recommend them.

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Stuffedtrader Bristol, UK

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Decent..
Not really much to brag about with this service.. If average is what you are looking for.. You have found it..

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Great Execution - Great Platform - little else
I've been trading for about 4 1/2 years - mostly e-Mini's and currencies (tried the Bund, but a bit 'random' for my taste). Been to too many firms in that time for one reason or another, but mostly due to unexpected fees and one platform stability issue. I was referred to www.generictrade.com by a friend and was skeptical at first since I'd not heard of them (they've only been around for about a year or so) and opened with a very small account to see if it was worthwhile. I applied, wired and traded the same day - all went well. Now, 30 days into it I moved my main account over and trade about 130-200 contracts/day. I can do a bit better than their 59 cent commission, but I've found that in the past when I thought I would pay less, I was hit but all kinds of creatively named fees. Not to mention when I take a break from trading not getting hit with the 'you shouldn't be taking a break from trading' fee.

-R. Spaulding

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Recommended broker
competitive rate and decent margins, without having to go through all of the hassle trying to convince someone that I'm going to trade enough to 'deserve' it

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Dheny PONTIANAK, Kalimantan Barat

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I'm impressed
I've been trading for about 10 years and just found these guys. I have to say, I was really surprised. The rate is really low, but what is different is that when I started trading they didn't nickel and dime me to death with fees or have brokers call to get me to work with them. It's just what it says on the site, really fast connections, great platform and phenomenal rates. I've traded about 80-100 a day for a couple of months now and I give them full marks! If you are looking for advice or education though, this is not your place. They are helpful, but pretty much assume you know what you are doing, which is fine by me!

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Justatrader Newark, Nj

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Just what I was looking for
I haven't been with them too long, but so far they have given me exactly what I wanted in a brokerage firm.

I just wanted a fast platform (and execution) with a competitive rate and decent margins, without having to go through all of the hassle trying to convince someone that I'm going to trade enough to 'deserve' it. Also, I have never set up an account that quickly in my life! From the time I found them online to the time they sent me an account number, it was about an hour.

I don't usually want to speak with anyone, but when I had a question about the platform, they were very helpful.

So far everything is great and I can't recommend them enough, but if I have an issue you better believe I'll be back to give all of the details.

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2 of 3 people have found this review helpful.
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Displaying 1-10 of 10 Total Reviews
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