Most account types may be opened, including individual, joint, partnership, corporate, trust and IRAs.
No promotion offers at this time.
Pros: You can at least trade
They are very inconsistent about their trading policies. For example despite advertising $0 commission you cannot actually start an account without a unstated deposit minimum. Little inconsistencies like this are enough to know a company is shady about its business model.
Pros: Very professional, no nonsense, love the platforms
I just started trading futures, so I don't really have a direct comparison, but I have had some online stock accounts and by comparison, these guys are definitely more accessible and have been most helpful. I am lucky to be working with a personal mentor who knows futures very well and she answers most of my questions, but on the occasion that I have contacted Generic for guidance, they have pointed me in the right direction. As for trading performance, it seems good to me and my mentor is very pleased. I was also told that this is about the cheapest I can pay for everything, so I really don't have any cons to offer.
Pros: none that I can see
I really wanted to use Generic Trade for order execution ONLY. I have all of my own charting software all set up and working fine so all I was looking for is a basic DOM that I could place orders with and pay low fees for doing so.
After 24 hours of trading on their free demo simulator it's clear that something fishy is going on. I went to bed flat and woke up with a long position of 2 contracts that was losing money. All of my orders were for 5 contracts so where did this 2 contract order come from? Several other times I found positions that I didn't open myself. Finally, I saw with my own eyes as it filled orders at 1196.00 when the actual price hadn't gone below 1197.2. That happened three or four times so obviously I can't risk opening an account and trading live when others above have complained about the same thing on their live accounts. I don't believe it's a coincidence!!
Their premium trading platform also doesn't give time/date stamps for the orders so I can't tell one order from another on the orders book.
I also noticed that all of the glowing reviews above are from traders who have been trading 25 years or 15 years.. Most of the good reviews start out very similarly, anyways.
Appreciate all the posts. Looking for a low cost broker and finding Generic interesting.
However, after browsing their website, still unable to tell. So, exactly how low their trading costs are? Can any trader currently with them post the rates here -- total cost for a round trip (commissions + fees) for below contracts, NOT including that $59 platform fee:
NQ, TF, CL, GC, ZB, 6E & ZC
by Missy J.,
Pros: Great service, can't beat the fees and lover the platform
Cons: None really - maybe auto trading would be nice?
I used to be a broker in the Yen pit and been a housewife since the pit closed. I trade mostly eminis with Generic Trade and opened my account about a year ago. The reason I'm writing this review is because of a problem I had and what happened after that. I opened about a year ago and no issues, then yesterday my platform froze and it cost me a bundle. I was really, really upset. I called them up and demanded that they tell me what was going on. He said they hadn’t had any reports of issues and that really set me off. The whole time he started going through one thing after another of what I may have done wrong. I hung up and put in a request to close the account. Later that day I found out my son had been making changes to our router firewall and that is what screwed me up. I felt terrible – I think I may have been a bit unlady like. I called back and apologized. Throughout my tirade the rep I spoke to did not get ruffled at all and just kept trying to find solutions for me. When I called back he said no problem, this kind of thing happens pretty regularly, but he did say people don’t usually call back to apologize. So I told him I’d do so online as well. These guys are real professionals and if you are a serious trader, you should give them a try. Tell them Missy sent you - actually you might not want to do that:)
by Yuri G.,
Pros: Great software, great infrastructure, simple fees
Cons: Only futures and options
I used to trade professionally (part of a fund) and am now retired. Since I don't have an interest in buying my own servers, but wanted to trade at a firm that has all of their own technology (handling the data, software and hardware) with co-located high end servers. In other words I wanted a place where pros go to trade. In truth I found 2 - Advantage and Generic Trade. Since Generic has an integrated system (handles data and front end), I went with them. I am quite pleased. No stalling during high volume days/times and even though I am not using a VPN to go direct to my own server, this system really flies. For what service I've needed, it has been quick and helpful. If you just want to day trade and don't need much but a fast setup -I'd go with them. Been there about a year.
Pros: low commissions, fees
Cons: disastrous web platform, customer service is quick but useless
have over 20 years in trading futures on various platforms, eg IB, TOS, TS, etc. Opened an a/c with Generic to save fees (what a mistake). Used their simple web platform (use TS for my charts) and was surprised when I noted two contract executions I had not made. Immediately closed them out with a loss and complained to Generic. They were adamant that it was my error and that perhaps I should get more experience trading (?!!). Giving them the benefit of the doubt but reducing the # of contracts I continued with the web platform. Sure enough, today I discover an overnight short I had not made for another loss. Closed them out, withdrew my funds, and will always repeat to myself "you get what you pay for". DO NOT USE GENERIC NO MATTER WHAT THE COST SAVINGS!
by Michelle D.,
Pros: A true value, great support
Cons: none yet
Every account I've ever had has hit me with some kind of fee I didn't expect or know about. After reading 1 page on Generic Trade's website (commission page)I knew every fee. I've been there for a while and haven't been charged anything that wasn't on there and hopefully there won't be - I'll be back if there are. Also, it's just a good deal. I pay $59 for the platform and the last good platform I paid for was about double. Also, if my volume changes, I don't get those sneaky 'surcharges' that most places have charged me. I have no complaints. The service works great for me, they've assisted me in a very timely fashion every time by email and chat. The one time I called, they answered on the first ring and gave me the info I needed immediately.
by Nick Spiro,
Pros: Quick setup, easy and fast platforms, great margins and fees and strategies held on their server
Cons: No stocks or cash forex (they have exchange forex)
Since I've been trading for a while, I've had some bad experiences so I've spent a lot of time looking at reviews. There seemed to be very good reviews about the quality of their trading infrastructure, fees, platforms etc. but several poor service reviews. Since they have no minimums, I opened with $3000 to trade 1 ES and go from there. I completed the app, wired funds and was trading the same day and never spoke to anyone! So far so good... Now I was really curious about the conflicting service reports, so I called their main number and spoke to someone there. I asked him straight out - I saw some bad reviews about people that have called you and had a bad experience. He told me that as the only brokerage firm without any kind of brokers or salespeople so they can offer the rates they do, the downside is that when people expect to have detailed discussions about their trading or help learning how to place trades, etc. they are very abrupt in letting them know that they don't support that. He said some people don't take it so well. I found the whole thing fascinating. He said the worst is that when someone calls to say they did really well on the demo and want to trade for real, but need help getting started. They tell them that they should probably go to the CME website to learn more first and that the demo has nothing to do with real trading. Also, one time I called to ask a question about their day trade margin and was told that I needed to send an email so that the client services department could answer properly. I can see getting annoyed that I couldn't have what I thought was a simple question answered, but I do understand. Anyways, I am now trading my normal 5 contracts and couldn't be happier. I'd say that if you are new to or haven't traded and you open here, I will probably see some negative reviews from you too :)If you have traded and just want the kind of support that will keep you trading without problems, these guys are really great. My 2 cents.
Pros: There really are none honestly
Cons: Atrocious (nothing like I've ever seen before) customer service, platform & data fees (many not disclosed), ambiguous site & policy wording, ambiguous intra-day margin approval process, sub-standard basic platform, etc.
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.
Pros: Low commisions
Marc is the reason I switched brokers, a no frills platform with good execution rates... "0" customer service and a team that is the worst to deal with. generic is for some but certainly not for me.
by Roger B,
Pros: Great deal!
If you don't need any help and want the best rate out there, go to Generic Trade.
Cons: charting is very weak
generic trader online can only day trade can not hold a position overnight even if you have the margins,must close positions 10 mins before close.sucks when you have to close it 10 mins before and market rallies the last 10 mins.so you need a second account for overnight positions
charting is the worse very few indicators. how hard is it to add more indicators
symbols they should get rid of the period in symbol example es.z16 how about just esz16
advance trader is good. like to that you can do order cancel orders and simple brackets
Pros: Low cost trades
Cons: Watch those fees!
Web platform is (intentionally) poor so you have to use their 'pro' platform for $75/month.
Deposit money ACH for free, but if you want your money back you have to pay wire fees ($40-60, no ACH) or request a check. I requested a check - and it's been 2 WEEKS so far and I haven't seen it. I called, and was told I could pay $40 to cancel the check and have it resent, or wait another 2 weeks and they'll resend for 'free'. I get it, they need to make money - but their methods are sleazy.
by Melanie Rodriguez,
I been trading futures for 5 years I heard about Generic Trade low cost and I tried the demo account because I wanted to learn the platform before I open a real account with them. I called GT asking a few simple questions about the platform and Mark who answered the phone was so rude that I will never open an account with them. And after reading all the reviews Im glad that I didn't open an account with them. Terrible company!!!
wouldn't even let me open an account. made me fill in my income, etc... is it because i only make $30k a year?? do i have to already be a millionaire to gamble? because if i were a millionaire, i wouldn't need to gamble. F U!
by Melanie S.,
Pros: Fast set up, cool software, fun
Cons: None yet - but we'll see
I used to trade futures years ago with a broker and then switched to stocks and used esignal. I have to say, I've done really well at esignal and have no complaints, but recently due to the market, wanted to get back into futures. Since I'm a pro now at online trading, I figured I didn't need a broker and started the app process with esignal for futures. Well it seems apparent that they have no interest in that business since I still don't have an account open! After a week I did a search for esignal - top futures firms and found a review that reviewed 7 companies. I went with the one they rated best after I looked around for some other reviews. So far Generic Trade has been awesome; I'm nervous that something will go wrong since it all seems a little too good to be true. The rates are much better than esignal wanted to charge and the platforms are really neat - I use the GT Pro mostly. Most of all I love the speed and excitement of futures - much faster than stocks. Not making much money 'yet', but having a blast. My friends all tell me I have a big mouth (yeah friends), so if they mess around with me I'll be back! One thing I thought of that could be a negative - I asked them for some market hours and they told me that as a deep discount client, it was my responsibility to know that information. They did direct me to the exchange website however and told me that hours and other information can change so it would be good for me to bookmark that page. I guess I can understand that. Well we'll see and shame on you esignal!
by Jason Wu,
Pros: low fees
Cons: web interface is terrible, deliberately so
All of the feedback below is regarding the WEB site https://trading.certigo.com, NOT the platform.
When you're about to place an order you cannot preview how much your account will be debited, so you'd better do the calcs yourself.
Charting is awful, the data points on the X axis are unintelligible and parameters such as timeframes cannot be varied. Using a 3rd party provider of charts is a must therefore. Any good college intern can enhance the web site drastically from where it is today in the span of only 30 days, so clearly GenericTrade deliberately have kept it terrible to make you switch to the firetip app. Also there is an annoying news banner that constantly shows sliding news reports -- very annoying and totally useless where trading decisions are concerned. In a nutshell, this has to be close to the worst possible trading web site I've ever seen.
by Alexander banda,
Cons: A terrible firm
Well I funded my acct with a wire transfer had the money in the acct to cover position by the exchange included overnite my orders got rejected emailed the firm got email back from them that even your are completely blind you will see that they fuck around with you cftc or nfa should take away the brokerage license from ironbeam inc and if they don't they don't their jobs hopefully that will get them one day and neither less to say that ronald Farr the owner of Farr financial is maniac too
I've been with a few discount firms, but GT has provided more service at a lower cost; I'm very impressed. I don't ask for much, but when I need something, they have been extremely helpful.
Cons: arrogant, not helpful owner/broker of firm
Stay away from this firm, I cancelled my account with generic trade after 2 months and switched to another ironbeam broker...The other broker with same platform is much nicer and treats me like family.
The owner of this firm generic was not friendly and tries or makes trading difficult with run around or beating around the bush answers to my questions. Please stay away from this firm
by Albert P.,
Pros: Great execution, state of the art tech and LOW FEES
Cons: No Stock trading
Generic - where have you been all of my trading life?! Seriously though, I've with them for a few weeks and its been wonderful. Account setup was a snap (especially after taking a week to set up and then closing an account at Tradestation!)and although I hadn't used the platforms before, they were intuitive and after a week, I got all 3 down pat. They've got the Pro platform, an online one and this nifty mobile app too. Unlike the previous mobile app I used (ibroker), I can use their other platforms and the mobile app at the same time since they are connected somehow. Anyways, its been nice, but I really wish they offered stock trading so I can move my Etrade account over. Or better yet, Etrade why don't you guys learn a thing or 2 from Generic as to how easy an account can be?
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.
by Heath P.,
Have been trading for about 5 years and have had accounts at IB, Mirus and MF Global and have used Ninja and TT mostly. I trade the ES, TF and occasionally EC roughly 200 contracts/day. Of the 3, Mirus was the best and I negotiated a good rate, but had some issues when my trading volume dropped one month due to vacation and that led to some unpleasantness. After that I was on the lookout for a new brokerage firm and after what I just went though it was quite refreshing to find a place with no brokers, no negotiating and the same rate for everyone. Even though I could do better than 59 cents, I was willing to give them a try because they seemed to have what I wanted. The biggest problem I had was giving up my Ninja, as they do not offer any but their own platforms. People that want auto-trading and advanced programming options won't like what they have to offer (although I heard they are working on that), but on the upside they keep their strategies on their servers near the exchange so the fills seem better and no need to worry about my computer failing or delays in connection. Took me a while to get used to it, but now for my trading, which is pretty simple bracket trading, I find the experience faster and more intuitive. Their data feed is their own and is direct unfiltered, which is what I was used to with Zen Fire so little change there. I have only called 3 times in about 9 months, once to the admin office and twice to the desk and all went well. I should also mention that one of the times to the desk was at 2a and he picked up right away and helped with my question don't try that at IB. To sum up: Pros: Great execution, stable and easy to use platforms, good rate automatically Cons: Limited platform options, no auto-trade, need to know what you are doing just basic help
by Jase Lange,
haven't been with them too long, but so far they have given me exactly what I wanted in a brokerage firm.
by Stephen J,
Have been trading for over 10 years. When I came across this website. I thought great this is exactly what I was looking for. After opening an account things turned sour. I had some questions. The guy Marc who runs this firm is an absolute idiot. Very condescending. Does not answer my questions without being rude and arrogant. I am not sure how this firm is still in business after my experience. I have left the firm due to this idiots attitude. I certainly hope before you decide to open an account, you talk with this idiot. Then make your decision
They use their own platforms (so unfortunately I had to learn a new platform) and there are some things that I would do differently if I had the choice, but I've never learned a new platform as quickly.
The practice account is NOTHING like the live account and one trading day cost me 1100.00 Totally a RIP OFF! did not advertise or speak of tremendous amount charged. Screwwy, Internet
Just opened a new account and started a few future tradings. To my big surprise, a filled position with the biggest profit was missing after a fiw hours. It seemed to me that somebody in the firm was manipulating the position(s) in such a way he/she could steal your money by a back-filling. It is terrible. Anybody wants to open an account with Generic Trade. Think twice
by Paul R,
Pros: Rate is really low
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.
My perspective is that Generic Trade seems to be focused on the trader that only wants to pay for the best execution and software and goes out of their way to not offer (or charge) for other things that many traders might want.
Pros: Honest and accurate in my experience
I traded futures for a long time. It is a difficult activity to succeed in. I had accounts with Generic, both practice and live, which were very comparable. I can attest that that company was both honest and accurate in my experience. Not only that, their commissions are probably unbeatable.
It is a shame when a trader who doesn't know what he is doing loses money and then blames the brokerage instead of himself. A trader should practice for a long, long time before using real money, but people want to get rich quick. Usually the opposite happens.
I have no affiliation whatsoever with Generic Trade, just trying to set the record straight.
Pros: Excellent service, commissions and execution
I am a foreign trader which has been on the business for the past 20 years. When seeking for an online trader looking forward to reduce the commissions I met this company who introduced itself as a global brokerage firm. This statement is absolutely true. Opening the account was easy and fast. The execution has been outstanding. My experience with them has been clean and absolutely transparent. If you’re looking for a broker in which you control your trading process, Generic Trade is definitely and excellent option.
by Jonathan S.,
Pros: Low commission, no hidden fees, fast platform - Easy setup
Cons: None so far (I'll post again if things change)
I'm very happy. Opened the account, funded it and started trading the same day. No issues, didn't have to talk to anyone (not a fan of brokers)and communication via e-mail and web chat has been great the few times I've needed it. I love 'easy' and that is what these guys are.
by Robert Back,
Pros: Best commission I've seen and fastest fills I've had
Cons: No brokers to help
I've been trading for about 30 years, but have always used a broker. Since it's hard to day trade paying $25 a trade I decided to open at a discount brokerage firm. I have a discount stock account, but they have broker help if I need it and I asked a broker for a recommendation to trade futures. He said that he and some other brokers there have accounts at generictrade.com so I opened with them. I had the account opened and place a trade the same day which was great, but when I had a question on where to place my stop order they said that they will place orders for me 24 hours a day if I need to, but don't ever provide any advice or guidance at all. I guess that's why it is 59 cents a trade; but I still thought they should help with my order. So I took a break, signed up at a trading school and now I'm more knowledgeable. Been trading again for about 3 months and it has gone really well. If you don't need any help and want the best rate out there, go to Generic Trade.