Are you reading our Generic Trade Broker Review today in search of an inexpensive brokerage service but not sure which one to trust? We may have found what you’re looking for. Read on...
Is Generic Trade a Good Broker? (Review Breakdown)
- Generic Trade is a no-frills, deep discount broker for self-directed traders of futures and options on futures. The brokerage keeps prices very low by having no ‘human’ brokers or salespeople. Instead, they focus on online trading.
Generic Trade offers three platforms. All three are user-friendly and easy to use. You get everything you need to do basic analyses and quickly execute trades using free real-time data.
However, the no-frills platforms don't offer all the bells and whistles. In addition, they are strictly for trading futures and options on futures, nothing else.
As a result, make sure you know how to trade options by taking our basic options trading course and our advanced options strategies course.
In fact, you can even watch us talk futures and options real time in our swing trade room. We also have real time stock alerts for options as well as stocks.
1. Online: Generic Trader
This free web-based platform enables quick order placement and easy account administration and order management. You get quotes, real-time charts, news, research reports, market info, and an education center. Additionally, you can use the platform to transfer funds in and out of your account. Take our basic stock trading course.
2. Professional: Generic Trader
This customizable platform integrates with Generic Trade's other platforms. Moreover, you can download it for the PC or Mac.
The Professional platform offers tracking and trading through its Trading Matrix. Just search and add symbols of any futures that interest you.
The Trading Matrix displays the exchange, tick chart of recent trades, last traded price, etc. Then sort contracts with tabs by sector or create your own.
Further, you can set custom quote details and customize your work space layout. The Contract Specification feature provides information on margin requirements and dollar value points of contracts.
And placing trades is simple via a popup window with drop down menu options and fill-in fields. Just choose your order side and type, quantity and duration, and submit it (check out a list of free trading companies).
Alternatively, use the Quick Order preset to place trades even faster. Then the Fill Alert window confirms that your order is filled.
The platform's Advanced Trader Module enables DOM (Depth of Market) trading with the click of a few buttons. With the Order Book trade management tool you can review the status of all your orders and modify and update them.
Moreover, you can set up alerts, even multiple ones per contract. Then choose how you'd like to be notified, via sound, popup or email. Also, the platform provides a live news feed with search and filter.
The customizable charts include technical indicators, drawing tools, and cursors. Zoom in or out, select tick, minute, or day time periods, and view the Range at any time point. Moreover, you can trade from the charts with just a click.
3. Mobile App
The mobile app is available for Android and iOS devices and has most of the features of the web-based platforms.
The suite, which includes all three platforms, currently costs $59 per month and includes charts and unlimited free quotes.
If you only want the free Generic Trader Online platform, inform Generic Trade before you fund your account. Otherwise, you'll receive the suite as a default.
Visit Generic Trade for a free 2-week demo trial of the platform.
4. Accounts: Generic Trade Broker Review
Generic Trade offers most account types, including individual, joint, partnership, trust, corporate, and IRA. The brokerage accepts international clients from most countries.
You can fund the accounts funded via wire transfer in any amount or by ACH with a $10,000 limit within 60 days. It may take 5-7 days for an ACH transfer to become available after being deposited.
There is no minimum amount required to open an account. Moreover, all clients qualify for the 59-cent commission rate regardless of account balance or number of trades (watch us do trading live each day in our trading rooms).
What Are Generic Trade's Fees and Commissions for 2020? (Pricing Review Breakdown)
- Here are Generic Trade's fees and commissions:
- $0.59 per side for futures.
- $0.59 per side for options on futures.
Margin rates are the minimum allowed by the exchanges. For more info on prices, see Generic Trade margins. At the time of this writing, margin trades are available to traders who maintain a minimum account balance of $1,000.
Also, see Generic Trade's additional fees and exchange fees.
Some people see these deep discounts and ask, "Is Generic Trade trustworthy?"
Generic Trade is a US-based, registered broker in business since 2010. It is a member of the NFA (National Futures Association) and registered with the CFTC (Commodity Futures Trading Commission).
To view a detailed report of the compliance regulations that Generic Trade must follow, see the regulatory guidance page.
Generic Trade offers 24-hour support via chat and email and phone support during business hours. The brokerage firm has its headquarter in Illinois, and is open 8 am - 5 pm CT Mon - Thurs and 8 am - 4 pm CT on Friday.
Final Thoughts: Generic Trade Broker Review
I do consider myself a savvy shopper. I am often on the lookout for the best prices, as long as the quality is there. The same applies to my trading.
I do this to make profits, not to spend my money on fees and commissions. It's why I became a self-directed trader. Why pay for advice from someone who makes their living off of how many transactions I make rather than how much profit I make?
Plus, Generic Trade delivers on security and functionality. You don't get the flashy features and fancy bells and whistles, but you get a solid product at deep discount prices.
It's also why I'm always on the lookout for a good discount broker. As long as the security and functionality are there, I can handle the rest.
So could you with the exceptional training and tutorials available from the Bullish Bears trading service. Join the community that already saved thousands of dollars for hundreds of traders.
Be smart, be savvy, become part of the Bullish Bears community now. It is all about your education and paying it forward.