Generic Trade Review
Rana Adnan | July 24, 2020
Table of Contents
Generic Trade is an online trading broker that specializes exclusively on futures and options trading via multiple sophisticated trading platforms. They offer multiple account options with no required minimum deposit, and they charge commission fees of $0.59 on trades.
Broker Pros / Cons
- Intuitive trading platforms
- Multiple account options
- No required minimum deposit
- 24/7 customer support
- No MetaTrader platforms
- Limited financial instruments
- Limited account funding options
Summary
Generic Trade is an online trading broker that is best suited for traders who are interested in trading discount futures and options while looking to avoid the typical restrictions, such as minimum account balances and minimum volume requirements. The broker provides their clients with multiple sophisticated trading platforms to execute their trades online.
Regulation
Generic Trade is registered with and regulated by the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA).
The broker allows traders from various parts of the globe to open a trading account with them, provided their countries of residence permit online trading with international brokers.
Platforms
Generic Trader Professional
This is the broker’s desktop platform. It has a myriad of useful features, such as advanced trader, streaming news, account detail, order book, live charting, and trading matrix. It is developed for Windows and Mac computers.
Generic Trade Desktop Platform
Generic Trader Online
This is a web-based platform that offers all the features of the desktop platform and can run directly on most modern web browsers without needing to download or install any additional software.
Generic Trader Mobile
This is a mobile trading app that gives you the full functionality of the broker’s trading platform on your mobile smartphone devices running on Android and iOS. It allows users to manage accounts and place trades on the go.
Generic Trade Web & Mobile Trading Platforms
Tools
There are no standalone trading tools on the broker’s website. However, the intuitive Generic Trader trading platforms have a vast array of built-in to assist traders of all experience levels.
Education
There is a limited supply of educational resources on the broker’s website. Nevertheless, there is a FAQ section that offers instant answers to clients’ most common questions.
Markets
Generic Trade allows traders to exclusively trade futures and options via the provided proprietary trading platforms.
Accounts
The broker offers various trading account types, such as Individual, Joint, Partnership, Corporate, Trust, and IRA. There is also the free demo account for practice purposes.
Support
Generic Trade offers 24-hour technical and trading support via Live Chat and social media, such as Facebook and Twitter.
Funding
You can deposit and withdraw funds to and from your trading account via bank wire transfer, ACH deposits, and inter-account transfers.
Signup
To get started, click on the ‘Open Account’ icon and fill out the form properly; then, click on submit.
Generic Trade Account Opening Page
Compare
| Broker Features | AvaTrade | IG | IC Markets | |
|---|---|---|---|---|
| Founded | 2006 | 1974 | 2007 | |
| Regulated | ASIC, BVI, CBI, FFAJ, JFSA, FSCA, IIROC, ADGM FRSA | FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF | ASIC, CySEC, FSA, SCB | |
| Country | Australia, Ireland, South Africa, Japan, British Virgin Islands | Australia, UK, USA, Switzerland, UAE, Singapore, Japan | Australia, Seychelles, Bahamas, Cyprus | |
| Min. Deposit | Min $250 Deposit | Min $100 Deposit | Min $200 Deposit | |
| Commission | From $0 | From $0 | From $0 | |
| Spreads | Fixed | Variable | Variable | |
| Leverage | 1:400 | 1:200 | 1:500 | |
| Instruments | Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFs | Forex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDs | Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs | |
| Platforms | MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, Mobile | MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, Mobile | MetaTrader 4, MetaTrader 5, cTrader, Web, Mobile | |
| Type | Market Maker, STP | STP, ECN, DMA | ECN | |
| Funding | Wire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, Skrill | Wire Transfer, Credit/Debit Cards, PayPal | Wire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli | |
| Visit Broker | Visit Broker | Visit Broker | Visit Broker |
Conclusion
Generic Trade is an online trading broker that offers futures and options for online trading via a variety of sophisticated trading platforms. There are multiple account options with no minimum deposit requirements and competitive commission fees.
Min $0 Deposit
Generic Trade is an online broker that specializes exclusively on Futures & Options trading via multiple trading platforms. The broker has multiple account types with no required minimum deposit.
About the Author
Rana Adnan
I am an introverted long-distance runner and a Forex trader with more than 7 years of experience. Reminiscences of a stock operator was the first book that changed the whole concept of trading for me.
Review Methodology
For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.
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