Generic Trader is a dual Options and Futures trading platform marketed for everyone from retail traders to money managers to use. Generic Trader has a Demo mode where you can test the platform risk free!
Generic Trade is an online futures and options broker that offers the latest in trading technology. As a specialty deep discount broker, Generic Trade specially serves fee conscious and hands-on futures traders.
Simply put, Generic Trade is designed for traders interested in discount options and futures trading. It is also suitable for traders who also want to avoid common restrictions present on renowned trading platforms. Such restrictions include minimum account balances and minimum volume requirements.
Generic Trade offers low commissions without all the extra fees normally charged by established brokerage firms. The reason for this is because there are no brokers and Generic Trader is focused on fulfilling traders needs. Whether you are an individual or institution, all trades are routed using the direct connection to the exchanges.
Generic Trade Features and Services
Headquartered in the US, Generic Trade caters to the following users:
To get started with Generic Trade, users have to create an account. Opening an account is very simple. Since everything is done online, the process takes less than 5 minutes. Users are required to provide the following details in order to get started:
Once you have provided the details above, a welcome email will be sent to your account. Open your inbox and click on the available link. This will activate your account and allow you to populate your profile with more data. The information provided on your profile will allow experts at Generic Trade to learn more about you.
The following are account types available at Generic Trade:
What you ought to know is that Generic Trade does not require you to maintain a certain amount (minimum deposit) after you open an account.
Although Generic Trade is designed for hands-on and experienced traders, beginners can try out the trading platforms just to familiarize themselves with the features. This option is available under the Free Generic Trader Demo.
To get started, you need to create an account. The process is quite simple. Click on the following menu item “Free Demo.” A registration form will be presented to you. Fill in the following details:
To start your free demo, click “Request Demo.” If sign up is successful, you should receive an email for a two-week access to the trade simulator. In the email, you should also find download links for PC, iOS, Mac, and Android devices. The trade simulator is populated with $50,000 (fake money) which you can use to practice and run different trading strategies.
As a trader, you need to be aware that the demo account is just an introduction to Generic Trade trading platform. As such, it’s not supposed to mimic trading in a live trading session.
Funding your Generic Trade account
To start trading, you must fund your account. As said earlier, traders are not subjected to minimum account balances or other requirements. At the moment, Generic Trader requires you to wire funds from your account to their account located at BMO Harris Bank.
As a new user, simply log in and from your account dashboard, select the following menu item “Click here to Fund Account.” For traders with an existing account, they need to sign up to Generic Trade Online and click “Account Services” followed by “Transfer Funds.”
At the time of writing this informative Generic Trade Review, the online discount broker was no longer accepting the following types of checks:
What you ought to know is that all ACH deposits take 5 to 7 business days for the funds to be reflected in the trader’s account. The funds are limited to $10,000 within a 30 day period.
Generic Trader Trading Platform
The online discount broker offers Generic Trader Platform suite which includes:
Generic Trader Professional
Generic Trader Online
Generic Trader Mobile application
Generic Trader Professional – this is a cutting-edge trading platform designed for hands-on and experienced traders. Suitable for day trading, traders have access to robust analytics and one-click trading. In addition, the platform is customizable to your desired specifications. As a sophisticated trading platform, it has a user-friendly interface and best of all; it is integrated into the Generic Trader Online and Mobile application. This allows traders to access their account, real time. Software downloads are available for PCs and Macs.
Generic Trader Online – as one of the most popular trading platform offered by Generic Trade, it is feature rich and allows traders to trade futures and options. As a web trader, not only is it used for trading but also acts as your account administrator. From the account dashboard, you can fund your account, transfer funds to your account, view live news and account information.
You can also access the following features and tools:
Real-time streaming quotes during market hours
Contract specs, research, and handbooks
Time and sales
Real-time account detail and history
Advanced studies and analytics
The Generic Trader Online is a web trader so you don’t have to download an app to your desktop.
Generic Trade Mobile app -the online discount broker offers a dedicated mobile app rich in features which can also be found in the web trader and desktop version. As a pocket powerhouse, you can access your account while on the move, trade, access live news, access unfiltered real-time quotes, charting tools, access trading indicators and depth of market. Simply put, it has all the major features found in both the web trader and desktop app. The Generic Trade Mobile app is compatible with Android and iOS devices.
Generic Trade Fees
As a trader, what you ought to know is that Generic Trade does not charge traders for accessing and using Generic Trader Online. To enjoy free access, traders must send an email to Generic Trade support that they wish to use the platform exclusively.
If not, users will be set up to use Generic Trader Platform suite.
To access all the features available on Generic Trader suite of professional trading platforms that include Generic Trader Professional, Generic Trader Online and the Generic Trade Mobile app, the online discount broker charges $59 platform fee.
Once you subscribe, you will have access to unlimited free quotes and charts. In addition, you will not be charged extra transaction fees.
As a true deep discount futures and options firm, Generic Trade charges 59 cents commission per side for all future and option on futures trades placed in any one of the Generic Trader Platform suites.
What you ought to know is that additional transaction fees are charged by NFA and exchanges. These fees range from $.17 to $2.10 and they are subject to change.
Other fees charged by Generic Trade include:
ACH Deposit – $0
Wire Transfer In – $0
Wire Transfer Out (Domestic) – $40
Wire Transfer Out (International) – $60
Transfer Out (to another brokerage firm) -$100 Margin Call Assessment – $.36 of daily margin deficiency
Margin Call/Risk Liquidation – $50 per contract
Stop Payment Fee – $45
Monthly Account Maintenance fee – $0
Real-time quote and chart fee – $0
Inactivity fee – $0
As an online discount broker specializing in futures and option on futures, Generic Trade caters to both beginners and experienced traders. To help beginners learn more about Generic Trade trading platforms, the discount broker offers a free trial account.
Signing up for the demo account is free and easy. With your demo account, you can learn how to use the various features and tools offered on all trading platforms. In addition, you can try out different trading strategies without fear of losing your capital.
When it comes to fees, Generic Trade is competitive just like any other specialty brokerage firm. Traders are not charged inactivity, data or maintenance fees. This is the same with real-time quote and charting fees.
Although Generic Trade offers 24-hour support via live chat and email, it does not offer broker assisted market orders. In addition, Generic Trade does not offer educational resources which would have been an advantage, especially for beginners.
This is because beginners would have familiarized themselves with futures and options trading while relying on knowledge curated by experts.
Overall, Generic Trade serves its audience very well. It has taken steps to secure its servers, provide feature rich and cutting-edge trading platforms for beginners, and hands-on experienced traders.
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Value For Investors Value For Day Traders Cost Innovation User Experience 4.4 MotiveWave Review MotiveWave is an advanced charting service that features easy-to-use software with deep technical analysis and trading capabilities by integrating its software with your current broker. The charts are highly customizable with a ton of different indicators you can utilize based on […]
Value For Investors Value For Day Traders Commission & Fees Trading Platform & Tools Customer Service 3.2 Marsco Broker Review Marsco is an online broker that offers deep discounts on commissions with a user friendly website that is streamlined with only necessary information. They offer trading in equities, options, ETFs, mutual funds and fixed income […]
Value For Investors Value For Day Traders Commissions & Fees Trading Platform & Tools Customer Service 4.6 Place Trade Broker Review Place Trade is a global full service online broker that offers services to both self-directed traders and clients looking for full guidance from one of their Investment Advisors. They offer all asset classes from […]
Value For Investors Value For Day Traders Commission & Fees Trading Platform & Tools Customer Service 3.8 Just2Trade Broker Review Just2Trade is a deep discount online broker that offers some of the lowest commission rates in the industry while at the same time having powerful and sophisticated trading software for active traders. Their website has […]
Value For Investors Value For Active Traders Commission & Fees Platform & Tools Customer Service Order Execution Mobile Trading 3.9 Summary As far as full service brokers go, Fidelity is one of the best. They have all the shoots and whistles for investors but if you are an active trader then you may want to […]
Value For Investors Value For Day Traders Customer Service Innovation User Experience 4.6 SMB Capital is a proprietary trading desk located in New York City that started SMB Training to assist developing traders to be consistently profitable by following setups they have developed that have an edge in the markets. SMB’s partners include two very successful […]
Value For Investors Value For Day Traders Customer Service Tools & Services Innovation 4.3 T3 Trading Review: How They Match Up T3 Trading is a registered broker/dealer that offers educational services along with a chat room that they call their virtual trading floor under T3 Live. T3 Live is comprised on three main […]
Value For Investors Value For Day Traders Commissions & Fees Platform & Tools Customer Service Order Execution Mobile Trading Options Trading 4.1 Summary Overall, Charles Schwab is a solid broker that offers plenty of tools and resources that will help assist their clients meet their financial goals. With the StreetSmart Edge you’ll have all the […]
Value For Investors Value For Day Traders Customer Service Platform & Tools Commissions & Fees 4.5 Futures Online Broker Review Futures Online is an online discount broker that focuses on providing superior technology for the active futures trader. I know the name seems like they would only offer futures trading but they do also offer FOREX […]
Value For Investors Value For Day Traders Commissions & Fees Platform & Tools Customer Service 4.2 QuesTrade Broker Review Questrade is an online discount broker that offers Canadian residents access the U.S. markets through their flagship trading platform Questrade IQ Edge which includes streaming quotes, market data and direct market access (DMA) with competitive […]
Value For Investors Value For Day Traders Commission & Fees Trading Platform & Tools Customer Service Order Execution Mobile Trading Options Trading 3.9 Summary Firstrade has come a long way since its founding days. The discount broker has been able to transform its website to be user friendly, integrated its new trading platform with intuitive […]
Value For Investors Value For Day Traders Customer Service Innovation User Experience 4.5 Simpler Options is an online trading community that was founded by John Carter, author of Mastering The Trade, in 2010. In the chat room, John and his highly experienced traders provide the community with real time market analysis, actionable trade ideas and […]
Value For Investors Value For Active Traders Commission & Fees Platform & Tools Customer Service Order Execution Options Trading 4.8 Summary Cobra trading is a sophisticated direct access broker designed to fit the needs of institutional and retail traders. Note that futures trading with cobra is only available via venom. Overall Cobra is a quality […]
Value For Investors Value For Day Traders Commissions & Fees Platforms & Tools Customer Service 4.7 eOption Broker Review eOption Broker is a discount online broker that focuses on providing very competitive commission rates with excellent execution speeds. As the name implies, eOption focuses on providing superb services for the option trader while still offering […]
Value For investors Value For Day Traders Cost Customer Service User Experience 4.5 Summary This is a great trading resource that will definitely put you on the fast track to making more money and teaching you great strategies that you can use for a long time in your own trading. Dan’s expertise and experience over […]
Value For Investors Value For Acitve Traders Customer Service Platform & Tools Commissions & Fees Order Execution Mobile Trading Options Trading 3.3 Summary Capital One Investing is a broker suited for casual investors. It lacks the necessary tools for active traders to succeed like hotkeys, direct market access and a powerful platform. Capital One Investing […]
Value For Investors Value For Day Traders Customer Service Commission & Fees Trading Platform & Tools 4.2 Summary Merrill EDGE is a versatile broker accommodating to new and experienced traders. Competing with other big name brokers such as T.D. Ameritrade and E-trade, Merrill EDGE has won the Barron’s 2018 Best Online Broker Survey for 5 […]
Value For Investors Value For Active Traders Commissions & Fees Platform & Tools Customer Service Order Execution Mobile Trading Options Trading 4.7 Summary TradeStation is an excellent broker that provides industry-leading trading technology accompanied with exceptional customer service and commission structures. We highly recommend this broker whether your an active trader or passive investor. TradeStation […]
Value For Investors Value For Active Traders Commission & Fees Platform & Tools Customer Service Order Execution Mobile Trading 3.8 Summary Overall, OptionsXpress proves to be a solid broker for traders looking to trade options, however, there are cheaper and better brokers out there. OptionsXpress is an online discount broker that focuses on providing top […]
Value For Investors Value For Day Traders Customer Service Commission & Fees Platform & Tools 4.2 Scottrade Inc. is a discount broker that offers both online services and brick-and-mortar offices with hundreds of locations all over the nation where you can get professional in-person service for a very competitive commission rate. They were founded by CEO […]
Value For Investors Value For Active Traders Commissions & Fees Platform & Tools Customer Service Order Execution Mobile Trading Options Trading 3.4 SoGoTrade is an discount online brokerage firm that has been servicing its clients since 1986 and focuses on keeping a very low commission rate compared to its competitors. They offer all the major asset […]
TAS Market Profile Review 2020: Why I Love TAS Market Profile
Value For Investors Value For Day Traders Reliability Cost Customer Service 4.7 TAS Market Profile is a renowned leader in market intelligence, proprietary technical analysis as well as the training of day traders. The company was founded with the following objectives in mind – to develop industry leading charting and financial tools that allow market […]
Value For Investors Value For Active Traders Commissions & Fees Platform & Tools Customer Service Order Execution Mobile Trading Options Trading 4.7 Summary TD Ameritrade is now commission FREE. This is huge for investors and day traders alike. What we really like about Ameritrade is their sophisticated platform, Think or Swim, as well as their […]
Options House Review Quality Rating Cost vs Value Reliability Coolness Factor Options Trading Quality Stock Trading Quality 4.2 Summary Options House offers a commission structure is fixed and fairly competitive. The options per contract pricing is cheaper than most of the big retail brokerages. The stock pricing is flat rate at $4.95, but most of […]
Finviz Stock Screener Review: A Powerful Trading Tool
Finviz Review Value For Investors Value For Day Traders Commission & Fees User Friendly Customer Service Platform & Tools 4.5 Summary Finviz is a relatively powerful, easy-to-use scanning tool that will not break the bank. It should be a tool that all new traders need to have in their toolbox. Once you have established yourself […]
ETRADE Review Value For Investors Value For Active Traders Commissions & Fees Platform & Tools Customer Service Order Execution Mobile Trading Options Trading 3.3 Summary E*Trade is a quality broker that has a lot to offer, but for day traders, it may not be the best option. Pros Several trading platforms to choose from Good […]
Trading King Review Quality Rating Cost vs Value Reliability Coolness Factor Customer Service 3.9 Summary In today’s broker review we will be taking an in depth look at TradeKing, a rapidly growing and popular discount brokerage firm. Can this discount broker satisfy your active trading needs? TradeKing: Broker Review TradeKing is a relatively new […]
TickerTV Review Quality Rating Cost vs Value (it’s free) Reliability Coolness Factor Social Media Value 4.9 Summary TickerTV is a really cool concept. It allows traders to instantly stream their desktop and webcam/mic to an audience of hundreds if not thousands of traders. It take a few minutes to setup the OBS Broadcasting software, but […]
Lightspeed Review Value For Investors Value For Active Traders Commission & Fees Platform & Tools Customer Service Order Execution Options Trading 4.6 Summary Lightspeed Trading is one of the premier brokers when it comes to day trading. We really liked their platform and commission schedule but if you aren’t an active trader then this broker […]
Trade Ideas Review Value For Investors Value For Active Traders Commissions & Fees Platform & Tools Customer Service Reliability 4.8 Summary Trade Ideas is an invaluable asset for any trader. Out of the thousands of stocks in the market that you could trade, these scanners will find the small handful that are actually worth trading […]
Benzinga Review Value For Investors Value For Active Traders Fees Customer Service Mobile App 4.3 Summary Benzinga Pro has proven to be a vital tool for active traders and is one we highly recommend for both beginner and experienced traders. Pros Lots of great resources Many materials are free Excellent Pro platform Video and audio […]
Robinhood App Review 2020 – The Real Cost of “Free Trades”
Value For Investors Value For Active Traders Reliability Customer Service Shorting Platform & Tools Trade Execution Fees 3.4 Summary Robinhood is a FREE “No Commissions” Broker. The first of it’s kind! Unfortunately, it appears Robinhood made the decision to go with zero commissions at the sacrifice of features that have been standard on every broker […]
eSignal Review Value For Investors Value For Active Investors Fees Customer Service Mobile Trading 4.6 Summary eSignal offers the best charting platform for professional traders. At $170/mo it may not be a good option for beginner traders who are on a tight budget. For beginner traders, TC2000 is likely a most cost effective platform. […]
Speedtrader Review We recommend traders check out Lightspeed Financial as an alternative to Speedtrader. Lightspeed is currently offering promotions for all Warrior Trading Students which make them a more cost effective solution.
As a new trader you are often faced with a plethora of choices when venturing out into the retail trading world. Whether you are looking for a broker with cheap commissions, a solid trading platform, powerful mobile app or a broker with top notch trading education, you have got to do your research. Whatever you […]