Generic Trade Broker Review: 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.
Generic Trade is a no-frills, deep discount broker for self-directed traders of futures and options on futures. The brokerage keeps prices low without ‘human’ brokers or salespeople. Instead, they focus on online trading.
Table of Contents
Generic Trade Review Introduction
Generic Trade’s web-based platform enables quick order placement, 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.
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 workspace layout. The Contract Specification feature provides information on margin requirements and dollar value points of contracts.
Placing trades is simple via a popup window with drop-down menu options and fill-in fields. Just choose your order size and type, quantity, and duration, and submit it.
Quick Order
Alternatively, use the Quick Order preset to place trades even faster. Then, the Fill Alert window confirms that your order has been 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 daytime periods, and view the range at any time. Moreover, you can trade from the charts with just a click.
COURSE |  |  |  |
|---|---|---|---|
| DESCRIPTION | Learn how to read penny stock charts, premarket preparation, target buy and sell zones, scan for stocks to trade, and get ready for live day trading action | Learn how to buy and sell options, assignment options, implement vertical spreads, and the most popular strategies, and prepare for live options trading | How to read futures charts, margin requirements, learn the COT report, indicators, and the most popular trading strategies, and prepare for live futures trading |
| INCLUDED | Daily watch lists • Trade rooms • Trading scanners • Discord • Live streaming Day Trading > | Daily watch lists • Trade rooms • Options scanners • Discord • Live streaming Options > | Futures target levels • Trade rooms • Real time teaching • Discord • Live streaming Futures > |
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.
Generic Trade Fees and Pricing Review
- 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 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 NFA (National Futures Association) member registered with the CFTC (Commodity Futures Trading Commission).
Generic Trade offers 24-hour chat, email, and phone support during business hours. The brokerage firm is headquartered in Illinois and is open 8 am – 5 pm CT Mon – Thurs and 8 am – 4 pm CT on Fridays.
Generic Trade Accounts
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 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.
Final Thoughts: Generic Trade Review
I do consider myself a savvy shopper. I often look 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. That’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.
Frequently Asked Questions
The best way to learn candle patterns is to study them by taking a candlesticks course or reading an eBook. Price action is the most important indicator when trading because it’s the real-time culmination of buying and selling between the bulls and the bears. Candlesticks charts and patterns take time to learn.
