Generic Trade Review

Customers Rating:   brokerage firms reviews


Generic Trade customer reviews, complaints, futures/options fees and cost, rating, pros and cons. Is Generic Trade good and safe company to invest?

Top Option Brokers

Best Options Brokers »


Generic Trade Reviews

by Jason, 6/14/2019

Pros: Platforms, cost, service

Cons: Additional instruments like FX and stocks

Love the no nonsense startup, service and support. They have given me what I wanted and nothing more - like the inevitable upsell. Wish they offered other things, but they said they will only do commodities. Anyone know someplace like Generic that offers other products? Companies like TDA and Tradestation are too expensive and difficult and interactive broker is really complicated and has a lot of hidden fees.

by Frank, 6/2/2019

Pros: None

Cons: There are much better brokers out there

Why anyone would go with Generic trade is beyond me. $59/month for an antiqued platform access is outrageous. Tradestation and interactive Brokers both offer better free platforms, competitive fees/commissions, better customer service, and have a much better reputation.

by Martin S., 4/30/2019

Pros: Value

Cons: None

I used to trade options with Generic Trade and thought they did as good a job as any other broker I was with for a lot less money. I haven't traded for a while, but if I open another account and they don't make any changes to their fees, I will be back.

by Thad S., 4/23/2019

Pros: Platform

Cons: No auto trade

I've been learning about futures trading for a while now and have the benefit of a family member that used to trade on the floor who is helping me. Since I only wanted to trade the ES, I looked for a company that just did futures and had a platform that was easy to use. I don't think I can watch anymore platform videos, but I went with the company Generic Trader because they had a platform that was easy to use and seemed remarkably popular. From the looks of it their main video has like 173,000 views and was posted about a year ago. They don't have auto trading, which I think I will want down the road to make it easier to trade, but for now everything seems good. I started slow with 1 contract, but I am really enjoying their services.

by Bryan, 4/4/2019

Pros: None

Cons: Worst Broker ever

Do yourself a favor and watch some YouTube videos on best Future's Brokers. Generic trade is no where on that list.

by Rob W., 3/28/2019

Pros: Rate, data quality

Cons: Platform choice

I have multiple accounts for different types of trading and what I've learned is that when you get right down to it, most of them are the same. If you are position trading, it matters even less and if you are a day trader and have decent data and the firm has co-located servers, there isn't too much difference. I like Generic because they have good data and hardware where it counts and the price is right. I have some large positions at IB and don't really care about the price, since it was a one time deal, but for trading a dozen or more trades a day, its nice that I'm not getting nickel and dimed to death. They only have their own platform and it's decent, but I had to get used to it since at other places I have more of a choice. Other than that they really do a good job, for the money or otherwise.

by Laurie S., 3/27/2019

Pros: Great platform, ease to read fees, all online

Cons: No EUREX

I used to trade on the floor another lifetime ago and now I trade mostly for fun. I'm still pretty serious about it so it's important to me that I have the right tools. I also don't need any broker or salesperson telling me what to do - that really annoys me. This is the FIRST place where I have never had to pick up the phone at a futures company, as ridiculous as that sounds. I opened online and the website gave me everything I needed to know; fees, margins, what kind of trading system they use, including the infrastructure, etc. They are on par with some of the 'professional firms' like Advantage and IB, but a heck of a lot easier to deal with. Advantage is a great company, but getting my account opened was a mess and I had to spend time being grilled on the phone. Generic Trade is a breath of fresh air and the only futures place I've been to that I would say is truly online. They only have CME Group and ICE and I did like to trade the Dax on occasion, but the conversions kinda messed me up sometime so I guess I can give it up. I lose enough money trading everything else :) All kidding aside though - give these guys a shot. If you are a serious trader and not married to any particular platform since they just have their own, you will be very happy. I am.

by Jimmy, 3/19/2019

Pros: zero

Cons: everything

Generic the name says it all ..

by Richie, 3/13/2019

Pros: Easy open, great software, no hard sell

Cons: TBD

I can't really give a deep dive review since I just opened last week, but if I had to sum up everything in a word, I would say 'easy'. I found answers to all of my questions on the website except one so I did a quick chat and they actually sent me a link to the website. I just missed it. I applied, sent in another form and money and was trading the next day. No one called and asked how much trading I would do or how much I was going to deposit or anything. That was a first for me and I liked that a lot. I do everything else online, why do I need to talk to someone to open an online account? You get 3 platforms when you open, but I use the desktop one mostly and really like it a lot. No bumps in the road so far.

by Bobby V, 3/6/2019

Pros: RISK MANAGEMENT

Cons: platform issue?

I was pissed off last week and was seconds away from posting everywhere I could find and then some. I go to modify my stop order and realize it wasn't there. I called immediately and they said to check my email that the position was liquidated. I asked if they charged me and he said yes. I laid into him like there was no tomorrow and then hung up. Upon looking at my email I found that they liquidated my Nat Gas contract that I just got into and was about to expire! I guess I got into the wrong month and they didn't have time to send a notice prior to the early close of the last day. It would have cost me a bundle to have them deal with the delivery. So instead of hundreds or more - and a ton of hassle, I paid a $50 liquidation fee. I was kind of embarrassed, but I called back and apologized and then told them I would write some good reviews for them. It would be great it the platform didn't allow me to get into the expiring contract, but I guess that is pretty common among platforms. Anyways, Generic Trade saved my butt and aside from that, they're a great company. Nothing fancy for sure, but the price is right and the trading speed can't be beat. Maybe even too fast sometimes.

by Raj, 3/5/2019

Pros: $$$

Cons:

I mostly traded options at my last place and didn't trade very much so I was looking for a place with no monthly costs. On the Generic website it says that if I notify them before funding I could get setup with no monthly fees for anything. It is the basic platform, but for what I trade, no big deal. After a friend was showing me how to day trade I decided to go for the other platform for $59. So far I'm having a lot of fun with the platform, its really easy, but not sure if I'll continue day trading. We'll see. I like Generic Trade, what you see is what you get.

by Rick W, 2/28/2019

Pros: Cool platform, pricing, service

Cons: No greeks

I've been trading options for years, stocks and commodities and I'm more or less happy at Ameritrade. OptionsXpress was better, but I left them when the whole Schwab thing happened. I never really did a lot of day trading, but decided to and wanted to keep my account separate and Ameritrade doesn't really support that really well for commodities so I went to Generic Trade. It was a lot less hassle to setup than at either of the other companies I was with and when I had a question on the form they were available on the web chat right away. I was trading the next day believe it or not and the computer platform they have is really neat. You get a platform for your phone and one for your computer. I love the computer one, but I won't be using it for options since it doesn't have a bunch of tools I'd want like greeks and Black Shoals. It's great for the emini though. Can't beat them for day trading. Price is right and great trading platform for your computer.

by Kurt W., 2/26/2019

Pros: NO BROKERS!! Actual low rate

Cons:

I don't like to give bad reviews, so I won't mention the name of the company I left before coming to Generic Trade. I will however say what happened so you can ask these questions before opening. I opened an account at another popular 'discount' broker advertising cheap rates - $.49. Before I could start trading though, I had to talk to a broker who told me that the .49 rate was not for everyone and we argued a bit before he begrudgingly agreed to "let me have the deal". I guess I should have known then to abandon ship. So the next day when I saw my statement I saw in addition to the exchange fees and the commission was a $.50 'brokerage' fee and a $.50 data fee - WTF. So now my .49 rate is $1.49 plus the regular fees. I called up livid and he told me there was nothing he could do about the data fee, but would lower the brokerage by .25. I then changed platforms and avoided the data fee altogether, even though the new platform kind of stunk. Anyways, now my rate was down to $.74 so I decided to live with it. Well, two days later I get a call (actually multiple calls) from the broker wanting to 'help' me. When I finally talked to him, he said that he wanted to give me extra service and wanted to charge me more. That was the last straw. Calling me at work and home to charge me more money; it was clear they just used the low rate to get me in. I called and emailed a few places and grilled them about this stuff and the only one I felt comfortable with was Generic Trade. Partially because they list every fee on the website and also that they were the only place I could find that didn't even have brokers. Also, they said that the only commission rate they have ever offered to anyone was $.59 and there were no other transaction charges ever. I can tell you after trading for a short while, this is true. No surprises. They didn't charge a transaction fee for the platform/data, but did charge a flat $59/mo for a suite of three platforms and one of them is awesome, so no complaints. If you trade at least 3 contracts a day it is totally worth it. Good luck out there.

by Len, 2/22/2019

Pros: Simple, straight forward

Cons: Simple, straight forward

I was at Trade Station for a couple of years and was amazed at the functionality of their platform. It did everything but drive your car - and maybe it could do that too and I just couldn't figure it out. I took a course on Easy Language, which is how you program the software for custom strategies and I even purchased a program from a third party. I was really into it and it kind of took over my life. At some point I just realized that while I enjoy trading futures, I just could't justify the time anymore to this behemoth. So I did some research and basically did a 180 with Generic Trade. I can't think of two places that are more different. That's good and bad. I LOVE that I can just trade, but there are times when I do miss being able to modify the programs. Right now there are basic strategies, like OCO, OTO, trailing stops, brackets, etc, but noting complicated. They said that they will eventually have 'modules' that you can add for customization, but I'm having fun with the simple life and truthfully my performance is about the same. Aside from the platforms, everything else is kind of status quo. I do like that I didn't have to negotiate with anyone since apparently they only offer one fee rate to everyone and everything is on the website fee page. If I retire or quit my day job, I may go back to TS, but in the mean time, Generic is what the doctor ordered. Thanks GT.

by Kurt, 2/21/2019

Pros: Easy, low cost, no pressure

Cons: Could use a little more help with platform

I finally bit the bullet and went to an online company. I was at RJ O'brien forever and getting really great service. I paid for it too, but didn't mind because I didn't do a lot of trades and I really liked my broker, almost like family. Well he retired last month and the new guy is fine, but I was really loyal to my old broker and not the company. A friend of mine has been trying to get me to go online for years, but it's hard to change after so long and I wasn't looking forward to all of the sales calls. Well after all was said and done, I'm glad I did and did it completely on the website and no one called me. Admittedly I had some difficulty learning the platforms since I didn't do much of that with RJO and Generic Trade just gives you a manual and videos for the main platform and no broker help, but they gave me a few demo accounts for all three platforms and now I'm golden. Also, I've found myself day trading since it's not cost prohibitive anymore and the margins are so low compared to what I had. So I do miss my broker of about 20 years and all of the questions I used to ask, but day trading is a blast and Generic Trade has been great. Also I joined a trading forum and now I just bother them with all of my questions :)

by Diane C., 2/20/2019

Pros: Same as before (No nonsense, no upsell, great software, all business)

Cons: Only futures and options

I wrote a review a couple of months ago and I'm here to follow up and saw some pretty bad reviews on this site for Generic about fees. I just don't get it. Did they read the website?! Are they just competitors writing bad reviews?! Who knows. It seems that the basic complaint that all of these 1 star reviews have is that they didn't know about the fees. Go to their website and judge for yourself. Like I said in my first review, I spent forever on other sites and never found out all of the fees. I had to call and still it was cloudy. Right on top of the website it says 'Commissions' and that page has a really good description of everything. It literally took me minutes to see the fees. For platform fees, they have a monthly fee of $60, but there is no platform transaction charge that I usually pay and you get three platforms. Someone complained about exchange fees - seriously? Not only does everyone pay the same exchange fees as far as I have ever been told, but they have a whole list of them on the same page. OMG, they have like 5 pages on the entire website and they couldn't read one paragraph. That's why it makes me think they are a competitor or something. Yeah, I'd be pissed too if I was all of these other companies charging 20 different fees and a lot more commission. Anyways, what you see is what you get. Read a couple of paragraphs and do a demo and you get everything they do. Pretty simple. I wouldn't say I'm a complainer (my husband might though:)), but I certainly let my grievances known anywhere I go. So far Generic Trade is what I expected.

by BDK, 2/17/2019

Pros: None

Cons: Crooks

Very Weak platform. All kinds of fees which are not upfront. Can change fee structures any time they want. There are many better brokers out there. Do yourself a favor and Watch YouTube videoes on best futures brokers, Generic trade is not on the list.

by Casey, 2/11/2019

Pros: absolutely nothing

Cons: hidden fees, tick robbing

I only placed 4 trades on Generic Trade, and then quickly sent a wire request in for my cash to come out. I did conduct any real research on Generic Trade before opening an account, I just read the reviews on sites like nerd wallet where they obviously have no idea what they are talking about. I first became skeptical when I saw my account had $75 deducted for a platform fee and market data fees.
These fees are stated on the company website, but it is obvious that the goal here was to hide these fees behind huge banners that say 59 cent trades so potential clients would be unaware.

I wasn't too worried about it because I was thinking I would easily make up those fees with the 59 cent trades, but after making my first couple trades I check the statement the next day and notice that they add in a $3 exchange fee. So instead of $1.18 round trip per contract it was actually 4.18 per round trip which was more than I paid before in commissions, for a platform that is nowhere near comparable to any of the top brokers out there.

But it gets worse. They make you attach a stop to each of your trades and now I know why. Out of the 4 trades I placed I was stopped out twice. Both times, the stop was triggered while price was still above my stop. The first time, price came to my stop but paused 2 ticks away my stop yet I was filled at my stop price. The next time, the same thing happened but this time they filled me a tick below my stop even though price had not even touched my stop.

This broker is a complete fraud. Upon more research now I see that they are affiliated with Farr Financial, a bunch of scam artists.

Luckily I made it out of there still up a couple hundred bucks after all these fees, assuming my wire transfer goes through for the full amount. And yes it is true that there are no outgoing ACH transfers and they charge you 40 bucks for a wire, which will not come through until the next day.

Please do yourself a favor and do not open an account with these guys. If I can save one person the hassle I went through I would feel like this whole experience wasn't a complete joke.

by Douglas, 1/4/2019

Pros: None

Cons: Very Shady broker

Automatically charges $59/month for access to a below average platform, whether you use it or not. Better off buying Ninjatrader for $999 lifetime fee, a much better platform with access to many brokers, all better than generic trade.

by bill gee, 12/8/2018

Pros: price (not)

Cons: 90 days to steel your money

this broker with most brokers look to take your money in a shortest time possible. They just run a book on you.

by Diane C., 12/5/2018

Pros: No nonsense, no upsell, great software, all business

Cons:

My day job is an accountant and that may be why I am big into organization and standardization. I feel like this broker was made for me! I was able to review everything I needed to open an account directly on their website and had no surprises whatsoever. Even though I'm used to combing through lots of data at work, some broker sites made me give up on ever finding everything I needed. Geez, on Interactive Broker's site, I could't even figure out the transaction charges after an hour on the website. After chatting with a rep, it was even more confusing. Most other places, they make you deal with some sort of broker to even find out a commission. WTF - it's 2018! I just wanted to open an account, not buy a house. I spent about 10 minutes to figure out all of the fees and another 10 to complete the application. Oh, before all of that got a demo for the platforms. Its a good demo in that you get real time data and 3 different platforms. I had a couple of basic questions and they were answered quickly on the web chat. I opened a test account for $5k before moving my other accounts, but I think I will soon if no problems.

by XG, 11/21/2018

Pros: None!

Cons: Cheater and Ruder!

When I asked what kind of fees will have they didn't tell me there are $59 platform fee and $15 data fee. When I asked withdrawal money by check which is no fee they promised, but actually they wired me and made my bank charged me $15 transfer fee. I chatted with a online representative asked him why they did like this, he said "There is nothing really to discuss". This is the Generic Trade. Avoid them!

by Rob, 10/25/2018

Pros: Low costs and intuative software

Cons:

I was referred to Generic by a co-worker, but before opening an account I decided to do some research of my own. What I found is that pretty much ever reviewer, whether from a financial website review or forum site like this with individual reviews, agreed that they offered great easy to use software and the trading execution was excellent. The negative reviews (which were only on these forum type sites from individuals) always talked about being charged for a platform fee without knowing about it. Some of the people were really upset. Obviously this was concerning so I looked into it more closely. What I found was really confusing. It seems that all of the financial websites that professionally reviewed Generic discussed the platform fee of $59 and on their own website, it is listed on the fee page, which is easy to find because there aren't too many pages and a lot of places even link back to that page. The only other fee, which it states also is for the CME exchange, which is the same or more at every other broker I've seen. Not only that, but since I started trading a few years ago, I've paid at least $50 for the platform, plus the CME fee of $15 or even $20 at one place and also a transaction charge for the brokers own data fee of $1.00 a trade. I eventually opened an account at Generic a couple of weeks ago and everything was as I expected. Either these reviewers are not real and working for other brokers or they just didn't even go to the website or have any experience anywhere else. All in all I am paying less than I did at other discount companies and am quite pleased with the service.

by no, 10/4/2018

Pros: none

Cons: a lot of hidden fees, and rude costumer service.

They hide fees in a few layers (clearly for the propose of tricking people). It is cheap in surface. They will charge you for the data, for the platform, etc.
They still your money without clearly notifying you. The costumer service is trouble and rude.

by Bryan, 9/16/2018

Pros: None

Cons: Steals money from your account without authorization.

Bought into the no hidden fees scam and they stole thousands from my account without authorization. Reported their theft to the attorney general and CFTC. Have used many brokers in my lifetime and none have been more dishonest than this one.

by Zhang, 9/13/2018

Pros: price and service

Cons: no dax

The cost is lower than interactive and better platform. Service is good to. I know about platform cost it on their website an get email on all fees charge. They answer all my question and trading better than other broker I was at. Should have open last year an save money. Used to trade dax but they dont have. Its ok.

by Angry bird, 8/16/2018

Pros: cheap

Cons: cheap service and cheap product and cheap trading experience

avoid this broker , you lose money even if you are not trading , or the order displayed on you phone does not sync with your account, so you are losing money without knowing it

by Lizzy S., 3/2/2018

Pros: Low margins, easy to use platforms, low fees

Cons: Need more elaborate option tools

I am at RJO and they have been charging more lately so I looked into some other brokers. Generic's platforms are fine for trading options, but the tools are not as good as some other platforms I've used, like CQG for analysis. I may just stick with RJO for options for now and just do my day trading at Generic - which has been great. The margin I'm using is 1/4 of the initial, but they also have $500 margin if I want. Love the Generic Trader platform, super easy and fast. One thing that concerned me was that some people were complaining about the platform and cme fees. I am not sure I understand since as far as I know everyone charges for the CME data and most charge $20 - they charge $15. As for the platform fee, $59 is lower than I've paid for many platforms and they don't hit you with a transaction charge for a data feed. Also, I get 3 platforms for that price. Everyone else I've used charged at least a $1.00 a round trip for the feed. Not to mention maintenance fees and fees when I am not trading frequently. Also, how do you not look at the fees on the website? There are like 5 pages on the whole site - maybe these are just other brokers? Who knows, but I would recommend Generic. RJO has great service, but they are just too expensive for active trading. I was at Interactive Broker for a while too, but that was a nightmare. I still don't know what I was paying for commission and fees.

by Marc, 1/16/2018

Pros: None

Cons: Bullshit $59 fee

Deposited an initial $1000. Looked back about 5 weeks later to check out the platform and had been charged 2 $59 fees that are opt-out only and are only disclosed on a sub page of the fees page. Very scammy.

by Tom, 1/10/2018

Pros:

Cons: $75 per month deducted automatically from your account for fees. Terrible customer service. No ACH withdrawls! Total scam.

Customer service is rude and condescending when you ask them a question. I just wanted to try trading with real money on the platform before I decided whether or not to use the service permanently. Immediately upon my account being opened my funds were drained by $75 for fees which they would not refund. I never agreed to these fee being charged. You cannot withdraw money via ACH, but rather have to wait for a check. I would even risk giving this company your financial information. They are scam artists who are for some reason allowed to operate in this space.

by George L., 10/17/2017

Pros: Low fees, easy platform and helpful support

Cons: No stocks - options tools mediocre

I've been at OptionsXpress forever, but I don't really trade options anymore and I wanted better commission since I started trading the emini s&p frequently. A co-worker suggested Generic Trade and after a bit of research I opened with them. Compared with OX the platform is super easy for futures, but the options tools are not the best. That's fine for me now however. emails and chats were answered immediately and I was even able to get someone on the phone right away. Also, I was surprised that all of the fees were exactly as advertised. I would recommend trying them if want to trade only futures. They have been great for that.

by Nathanial W, 8/21/2017

Pros: Nothing

Cons: Trades when you are not.

I opened an account with Generic Trade a couple of weeks ago. I did not mind the demo account, and even if it was minimal, it got the job done. That was until I decided to open a live account. In the past week of trading, I have noticed that I would open "trades" which I did not execute. At first I thought it was my fault, so I made sure to cancel each trade that I decided not to go through with. However, when I was getting back to the computer to start trading again, I was down $500 on a trade that I never ordered. Please, be aware and do your research before even considering these guys.

by Michelle D., 8/17/2017

Pros: Value, support and technology

Cons: Still none

I wrote a review last year and found myself here so decided to update. If you scroll down to my last review, you can see I'm a bit of a fee freak. As I mentioned, I'm hyper sensitive to this due to previous experiences - including one with a broker that got real ugly. I have really grown to love this company since they truly do exactly what they state on their website. I didn't read the reviews here last time, but now I did and there are a few that had fee problems. I can't understand this. Maybe the reviews are competitors or something? Go to the site and you will see there aren't many pages and many have some sort of link to the fee page. Also, when I applied for an account I even received multiple emails telling me to review the fee page so there was no confusion. Very peculiar. Sorry to ramble, but like I said, I'm kind of a fee nut and there is no place I have EVER seen that is as crystal clear about fees as Generic Trade. I've been here for over a year, love it and take offense at these comments. If you are another company and are here to make them look bad, might I suggest instead to adopt some of their policies and earn business ethically?!

by Steve, 8/3/2017

Pros: bad

Cons: bad

Yes, I too have been trading 20 plus years.
When asked why position close , Was told on wrong month.
IE trading on sept 2017 contract in July 2017. So are these real brokers, Or bookies making own rules.;(

by Joe, 7/17/2017

Pros: It is a real brokerage site but very bare bones

Cons: Opt you in for expensive services and won't refund you

I setup my account. Put in some money and was waiting for an opportune time to make a trade. Work got busy so I let it be until things slowed down. I logged in this weekend to find that my account had been raided a $148 by Generic Trade for an account I setup less than 2 months ago.

I contacted customer service and they said they wouldn't refund my money because the fine print said that they "opt-in" everyone for their worthless platforms and exclusivity tech. I lost all trust in Generic Trade after feeling ripped off by them and pulled what money they didn't steal from me out of the account.

by E, 7/11/2017

Pros:

Cons: Horrible customer service.

Charged upfront fees.

by cltrader45, 6/15/2017

Pros: Has what I need

Cons: Not everything I want

I've been using Ninja for years at a few different firms and the latest was the Ninja Trader broker. Based on my latest experience however, I decided that while Ninja stuffed a lot of features in the the platform, it just seemed kinda old fashioned and sluggish compared with some other platform demos. I also had some problems with the broker that soured me. I played around with Generic's main platform for a while and really liked it. There are some indicators that I would like to have added, but for the time being will have to live without. I opened the account and found the platform to move a lot faster through the menus than Ninja and in fast markets I did notice a difference in speed when I filled multiple contracts. So they are certainly not perfect, but I'm definitely happy with the switch.

by Patrick, 5/30/2017

Pros: Review Update

Cons:

I just wanted to update my review from 5-16. They just added a bunch of videos on the pro platform, but none on the other two. To see the videos, there is a link on their demo page. BTW, its been over a month now and all is going smoothly.

by Jen T, 5/30/2017

Pros: Rates, opening process, simplicity, low futures margins

Cons: Basic options tools, no stocks or stock options

I've had an account at OptionsXpress for quite a while and have had few complaints, until I wanted to trade futures. From as difficult as it was to get access and the costs involved, it seemed like they didn't want me to do it. I was so annoyed by the process that I closed and opened an account with Think or Swim - Ameritrade. Well, talk about a hassle! It took me a week to get my account opened there and it was like I was buying a house or something. After I opened I enjoyed their software and options tools better than at OptionsXpress and the rates for futures were a lot lower, but the margins were terrible. I decided to find a dedicated futures place for my day trading of the ES and keep this account for stocks. After what I went through with Ameritrade, I decided to apply to two popular discount brokers and whoever opened first I would go with. I decided on Interactive Brokers and Generic Trade. I got an account number from Generic about an hour after I applied and Interactive was so hard to communicate with about what I needed, I just gave up. I funded my Generic account the next day and was trading. I was please to find out I could trade options on futures too, but it doesn't seem to be their main objective since the tools are not nearly as good as either OptionsXpress or Ameritrade. Everything else is great though - I pay less than $1.20 for roundtrip commission and the rest of the fees are the same basic ones as everywhere. For margins I only need about a quarter of what I needed at the other places. I wish they'd do some other types of trading and had more options tools, but other than that I'd recommend.

by Carl, 5/26/2017

Pros:

Cons:

Being in the markets for 25+ years and having experience with 30+ brokers I found the Generic application process most complicated and confusing of all. First of all, their website looks 10 years old and during the long opening process different domains were used (generictrade.com, ironbeam.com, email-view.com). This suggests a non-integrated background technology which is a big problem for a broker where technology counts a lot. The support didn't convince me at all, I was getting all kinds of misleading information, they asked for the same documents twice or didn't answer my questions at all. In general, the customer support is quite rude. It also took a week to process my documents. I stopped the application before funding when I found out that their monthly account maintenance fee is not $0 as stated but actually $59 (for the platform), plus the fees for CME/ICE. Their other fees are also quite high, e.g. $60 for a wire transfer out. Doesn't look like an honest business model.

by Andy L., 5/19/2017

Pros: Phenomenal customer service

Cons: TBD

I pretty much do everything online, including trading/investing, so I consider myself a decent judge of service response quality and timing. It is also one of the most important things for me, probably because of a pretty bad experience I had. After I found Generic Trade, I tested them out by asking a number of questions through their website and by email. I was happy with the response quality and thought the timing was pretty good. When I applied for an account however and had questions, the response was almost immediate - incredible. After being a client, I have had a few occasions to request assistance. In the beginning, I was upset that I couldn't trade - the system wouldn't allow any trades. So I sent an email through the trading platform and within minutes I received the response. Turns out I didn't read the email they sent when I opened that informed me when my funds would be cleared for trading. Since then I have had a few random questions and all were answered quickly and concisely. Which I also like. Everything else seems fine as well.

-A

by Jax, 5/17/2017

Pros: What you see is what you get

Cons: What you see is what you get

I went to amp on a referral, but had a hell of a time figuring out my costs. After talking to a broker and discussing commission an other fees, my actual costs were different... not lower by the way. I went back to the website, but couldn't find anything specific about various charges. They just have a form to fill out for someone to "beat any price". Good luck. The prices weren't that bad, I was just felt taken advantage of and didn't want to start off that way. I could have probably negotiated, but I was past that. Anyways, I found Generic Trade online and their site seemed pretty specific about what they offered. I called and spoke with someone to confirm and he said that any fees that they have charged or plan on charging are currently on the website. After a couple of weeks of trading I'd agree. The only negative is that their website doesn't really offer any helpful market info, so I have to go elsewhere for that. For me the most important thing is an honest relationship and this seems to fit that.

by Patrick, 5/16/2017

Pros: Great rates, no hidden fees and easy to deal with

Cons: No videos (although they said there would be some soon)

I was with MB Trading for quite a while and I was happy, but they have been taken over recently and it is certainly not what it used to be. OMG, they charge $50 for CME fees! Anyways, a friend of mine has been at GT for a few years and has been trying to get me over, so in light of recent events, I finally made the switch. It was a bit difficult at first since they have different software and no videos, but the software is actually a lot newer and easier. It's kind of like an old cell phone and a new iPhone. The iPhone is a lot different, but intuitive. Anyways, they have a decent manual and have been pretty helpful in pointing me in the right direction. About 3 weeks and counting and I would definitely recommend if you have been trading for a while.

by Vins Tan, 5/16/2017

Pros: None

Cons: Rude customer services - Marc

The only review for this brokerage is stay away from it. Not only fishy brokerage with not sincere trading services also terrible customer service desk who name Marc.
Low rank brokerage yet arrogant. Guess it gonna be stay low rank forever. Good luck generic trade. Not to say if you can survive long. Bye bye.

by Clpong, 5/16/2017

Pros: Nothing good to shout about

Cons: Suck brokerage

It rejected my account application without given a reason. Where i am using ameritrade with no issue. Worst brokerage. Other than cheap nothing much left!!

by Amanda, 5/5/2017

Pros: Transparency

Cons: Strict

The good and the bad about this company is that I always know what to expect. I say bad, because if there is something I don't like or would like flexibility in, they don't budge. Although a bit annoying at first, I have come to really take comfort in knowing exactly what fees I'll be charged and what is expected for day trading, etc. Also, it's nice not to get 3 different answers from 3 people like my last broker. My only suggestion is to take more suggestions. They do actually have a specific procedure for suggestions, but they haven't taken any of mine yet. All in all, I have to say that they really have been great, so I'm giving 5 stars.

by Drew, 3/24/2017

Pros: You can at least trade

Cons: Inconsistency

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.

by Michael, 3/16/2017

Pros: Very professional, no nonsense, love the platforms

Cons: N/A

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.

by Danno, 1/30/2017

Pros: none that I can see

Cons: everything

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.

by Max, 1/7/2017

Pros: N/A

Cons: N/A

Hi all,

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

Thanks.

Max, NY

by Missy J., 12/8/2016

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., 12/7/2016

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.

by RICHARD, 12/6/2016

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., 11/29/2016

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, 11/23/2016

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.

by Jomo, 11/23/2016

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.

by Jason, 11/21/2016

Pros: Low commisions

Cons: Service

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, 9/27/2016

Pros: Great deal!

Cons: None

If you don't need any help and want the best rate out there, go to Generic Trade.

by steve, 9/17/2016

Pros: comissions

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

by Rjames, 9/7/2016

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, 8/24/2016

Pros:

Cons:

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!!!

by hbomb, 5/3/2016

Pros:

Cons:

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., 4/27/2016

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 Alexander banda, 1/14/2016

Pros:

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

by Jerry, 6/30/2015

Pros:

Cons:

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.

by James, 6/12/2015

Pros: price

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



Best Futures Broker

Add Your Generic Trade Review

 200 max, no html




Spam and HTML will be deleted.


Continue Reading


Leading U.S. Brokerage Review Websites About Generic Trade


"Generic Trade charges the same low fee of $0.59 for all trades, but users are restricted to only trading futures and options on futures... Generic Trade knows its audience, and serves them well. While less-experienced futures or options traders may appreciate broker access, most in these already-advanced fields will appreciate the firm’s low fees and powerful platforms."

Nerd Wallet

"Generic Trade is the first online futures broker I have seen to create obvious transparency for traders when they go to the company’s website to get more details. The website is somewhat basic and straight to the point - no bells, no whistles... This is not the type of firm that offers a great many extra services for their clients. For those who don’t need research reports and trading recommendations emailed to them everyday, a firm like this might makes sense. I’m sure most online traders will appreciate that Generic Trade has no salespeople, so you don’t have to worry about a broker calling you everyday or upselling you to a full service account."

About.com/money

About Generic Trade

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.

  • Options: $0.59
  • Futures: $0.59

Most account types may be opened, including individual, joint, partnership, corporate, trust and IRAs.


Continue Reading

Disclaimer: Your review, broker rating, pros and complaints information must be honest. Please use respectful and professional language. Consumer reviews could be edited by the website staff to keep TopRatedFirms.com free of inappropriate or offensive language, false information, speculations, or to remove spam. We reserve the right to delete any brokerage customer reviews that don't meet above requirements.

Generic Trade reviewed by former and current clients. Generic Trade reviews: 66. Rating: 3.