Generic Trade Review 2020

“No bells, no whistles, no brokers, no salespeople” is the tagline Generic Trade leads with. Fast order execution and low costs are what the deep discount futures firm provides to customers.

The low-fee philosophy at Generic Trade extends more broadly to other areas. No account balance minimums are stipulated, no minimum trading activity fees are imposed, and no maintenance charges or quarterly fees are applied.

Generic Trade shuns the tiered commissions pricing structure favored by some brokers, and keeps things simple: $0.59 commissions per side for futures and options on futures.

For the self-directed trader who doesn’t need much hand-holding, Generic Trade offers a no-frills, low-cost platform that does the basics well: fast, inexpensive order execution on futures and options on futures.

Clients should note that the range of asset classes offered by Generic Trade is limited to futures and options on futures. It is not possible to trade equities or options strategies, such as covered calls, on the Generic Trade platform.

Generic Trade Spotlight

Generic Trade Review: Customers

Generic Trade is a specialty deep-discount futures firm. It serves fee-conscious, experienced futures traders by providing a no-frills platform that delivers on providing inexpensive and fast order execution.

Generic Trade serves self-sufficient, fee-savvy futures traders well. Although the platform may not have the bells and whistles of full-service brokerage platforms, it offers enough functionality to meet the needs of its audience: fast order execution, free real-time data, low margins, and no account balance minimums.

It falls short by not providing broker-assisted trades but that’s not something experienced traders will miss much, and if customers do have queries, phone support is available 24 hours a day. Email and Live Chat help is also accessible to customers.

Traders with more complex financial situations will be pleased with the range of account types offered: individual, joint, partnership, corporate and trust.

Generic Trade is best for:

• Fee-conscious traders
• Futures traders
• Options on futures traders
• Experienced traders

Generic Trade Review: Trading Platforms

Mobile and online access is available via Generic Trade with Generic Trader Professional soon to be available via its mobile app. 

Since 2014, Generic Trade has offered exclusively the Generic Trader Platform suite with the Generic Trader Professional, Generic Trader Online and a dedicated Mobile application.

Coming soon, Generic Trader plans to offer a brand new mobile application that will offer all of the robust features of the Generic Trader Professional.

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Generic Trade Pros and Cons

Generic Trade keeps costs low across the board. No data fees are applied and no maintenance or inactivity fees are imposed. The account balance minimum is zero, and margin minimums imposed are set to the levels mandated by exchanges.

However, new traders looking for some hand-holding should consider other alternatives because Generic Trade does not offer broker-assisted trades. Traders looking beyond futures and options on futures will need to rely on other platforms, such as tastyworks or thinkorswim.

Generic Trade Securities

Generic Trade offers futures traders and options on futures traders a low-fee platform, but stock traders, forex traders, options on stocks traders, as well as mutual fund investors should consider other alternatives, such as TastyWorks or thinkorswim.

• Futures
• Options on Futures

Generic Trade Fees

Generic Trade applies no account balance minimums, provides data free, and charges no inactivity or maintenance fees. Trading futures and options on futures costs just $0.59 per side. 

Generic Trade Platform Features

Generic Trade Account Types

Generic Trade Summary

Generic Trade is a specialty brokerage firm that caters to futures and options on futures traders. Fees and commissions are about as competitive as at any rival specialty brokerage firm; commissions are just $0.59 per side, and no data, maintenance, or inactivity fees are applied.

Although broker-assistance is not offered, phone support is available 24 hours per day and live chat and email support is also provided.

Advanced charting, education, and third-party research are provided via web-based and desktop platforms.

Generic Trade serves its highly targeted, fee-sensitive audience well, but traders who want access to stock trading, options trading or forex trading will need to look elsewhere, such as TradeKing, eOption or TastyWorks.

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