Generic Trade reviews, ratings, pros and cons, complaints from brokerage customers

Generic Trade Ratings

Generic Trade average user rating: brokerage firms reviews

Generic Trade Review: Stocks, ETFs & Options Trading Commissions

Stocks: N/A
Options: $0.59
Mutual funds: N/A
Bonds: N/A
Futures: $0.59

Minimum To Open Online Brokerage Account

Generic Trade Promotional Code/Offer/Bonus 2012

(no promotional offers at this time)

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.

Generic Trade Reviews


by Robert Back, 2/14/2012 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.
by TIm Williams, 7/25/2011 Pros: Extremely low commission, quick account activation, trading platform easy to use Cons: Great company. Very low trade costs and employees always available to answer questions
by BILL, 6/7/2011 Pros: Great service, low prices, easy to use platform. Cons: some trad-able commodities missing, minimal research reports Great brokerage service. Marc is always available to help and answer questions. The account was easy to set up and they have very low commission rates. The platform is easy use. they could use more trad-able commodities especially micro gold and micro currencies. They also could use more research info like high tower report and maybe some educational videos would really be help full.
by vijay patel, 5/29/2011 Pros: superior,outstanding service, easy to open account, very low minimum Cons: need to offer more trading platform and educational video on the web i am very comfotable with generictrade.marc is always there when i have questions or need help.
by Jay Castino, 5/24/2011 Pros: low commissions and great platform with no data feed fee Cons: you gotta know what your doing already and be experienced with online trading execution or you'll suffer from the limited education, support, and help Do like Generic Trade. Stumbled a few times with a my initial couple trade executions. But hey, take it in stride. If you're only doing a few trades per month, then the $59/month fee for using their firetip platform will add to your total commission cost considerably.
by Gary Schwitz, 5/24/2011 Pros: Great commission rates and account minimums Cons: I wish Firetip offered some 3rd Party add-ons like Jurik or my favorite that I cannot use which is the Better Momentum of E-Mini Watch Great service, great commissions and a wonderful experience. I only wish more was offered in terms of using 3rd Party tools for trading. You will not be disappointed with the professionalism and integrity of these people!
by Richard Piel, 5/17/2011 Pros: Very fast execution, good commission rate, simple fee structure Cons: No SMX or ASX and advanced configuration (programming) I recently transferred my account to Generic Trade due to issues with my previous firm. Basically I had heard about their execution and 'one rate for everyone' price structure and wanted to open an account quickly without haggling rates with a broker. Since I trade pretty high volume (500/day), I could definitely do better than Generics 59 cent commission, but as I said, just wanted to start trading ASAP. I was impressed that I opened the account and was trading the same day and the platform was easy for me to jump right in. Trading ES, TF and EC has been great, but I like to trade pairs on the SMX and SPI on ASX and they do not offer them unfortunately. Also, I heard that they will be coming out with advanced programming options for their download platform, but it is not available now. All in all, a very good experience and I would recommend them for sure if you trade less than 10k/mo and if you are a big trader, worth looking at for a second account or first if you don't want to deal with brokers.
by Janet McCray, 3/24/2011 Pros: Very easy to open acct, great execution and amazing commission Cons: No stocks or ETF's I've been with eTrade for several years and have traded stocks, etf's and the e-mini S&P. Now since I am concentrating on the emini, I have been searching for a better platform, execution and rate. I looked at other companies that offer everything (i.e Thinkorswim, OptionsXpress and Litespeed), but either the rate, extra fees or a platform that handles futures properly was an issue. I've been trading 100-200 e-minis a day at Generic for about 30 days and aside from the hassle of switching platforms for my stocks, it's been great.
by Lance Manioun, 3/3/2011 Pros: Remarkably low commission, impressive platforms and direct connections Cons: No education and very basic website Since I'm pretty comfortable trading and just wanted great execution and good rates, I went to Interactive Brokers. Thankfully a few months later I found Generic Trade - better commission (59 vs 85 cents), newer platforms and better execution (or at least as good). Furthermore I can talk to someone 24 hours a day without having to call China or wherever IB would send me. If you trade between 1-20,000 trades a month, I highly recommend them.

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Generic Trade reviewed by BrokerageReview.org users. 9 customer reviews. Rating: 5.

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