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Anybody heard of Generic Trade?
- Thread starter Sunfair
- Start date
http://www.deepdiscounttrading.com/ is lower cost still (50 cents) and has numerous platforms (most of which do cost something however).
Quote from comintel:
http://www.deepdiscounttrading.com/ is lower cost still (50 cents) and has numerous platforms (most of which do cost something however).
Ack, have you seen that website? Good reviews on ET.com of deep discount, but how do you give away financial information to a firm that hasn't updated their website site since 1996? =)
At any rate, I do appreciate the heads up, and anyone with personal experience from either broker would be great! I am just hoping to find out if the cheap commissions come at a cost of slow execution, customer service issues etc.
Quote from Anthem:
Ack, have you seen that website? Good reviews on ET.com of deep discount, but how do you give away financial information to a firm that hasn't updated their website site since 1996? =)
At any rate, I do appreciate the heads up, and anyone with personal experience from either broker would be great! I am just hoping to find out if the cheap commissions come at a cost of slow execution, customer service issues etc.
Everyone says that about the website but actually I like their simple website.
As a matter of fact, I come back to it all the time for its simple one page detailed list of all of the major trading platforms with detailed costs included.
Name one other site that has that (actually there aren't any).
Its fees page is also one of the best breakdowns of the various component fees and commissions for all major futures contracts.
Name one other place I can find that. http://www.deepdiscounttrading.com/
Do people really prefer sites with flash movies all over the place where you have to navigate numerous pages to try (usually in vain) to find the simplest concrete piece of information?
As to service, I have not yet funded my account there yet but I got responsive and candid assistance in opening it. Fastest opening of an account I have ever seen for the type of trust account I use.
Realize that most aspects are ultimately going to be handled by the Clearing Broker anyway, which is Crossland, not by the Introducing Broker. You send your money to Crossland. The Introducing Broker just does marketing and customer hand-holding and sets fees. They never touch customer money.
I posted in this same thread and I'm still with Generic Trade. Been with them about a year now and all is well. I've had months where I traded 2000+ contracts and months where I traded less than 100 (vacation) and have never been hit by any of the creatively named fees I've seen at prior firms. They really seem to have their act together.
Any updates on these guys?
They clear through Ironbeam (WTH?). Still owned by the Farr's but after the PFG implosion and knowing Wasseldorf moved way out to Iowa to avoid regulatory scrutiny, I am a lot more suspicious after getting burned.
Ironbeam is out of San Jose, CA. Makes you wonder if that is a PO Box address also.
They clear through Ironbeam (WTH?). Still owned by the Farr's but after the PFG implosion and knowing Wasseldorf moved way out to Iowa to avoid regulatory scrutiny, I am a lot more suspicious after getting burned.
Ironbeam is out of San Jose, CA. Makes you wonder if that is a PO Box address also.
VMTrader might be a schill.
His exact post can also be found here:
http://www.traderslaboratory.com/forums/broker-reviews/12613-generic-trade-futures-options.html
His exact post can also be found here:
http://www.traderslaboratory.com/forums/broker-reviews/12613-generic-trade-futures-options.html
I thought of Ironbeam( a former Farr) at first. Then I checked their NFA records.
Farr has 23 CFTC Reparations Cases. I think they change the name from Farr to Ironbeam to get a clean record.
http://www.nfa.futures.org/basicnet/Details.aspx?entityid=eFoLm4YN9JQ=&rn=N
Farr has 23 CFTC Reparations Cases. I think they change the name from Farr to Ironbeam to get a clean record.
http://www.nfa.futures.org/basicnet/Details.aspx?entityid=eFoLm4YN9JQ=&rn=N
Quote from comintel:
Everyone says that about the website but actually I like their simple website.
As a matter of fact, I come back to it all the time for its simple one page detailed list of all of the major trading platforms with detailed costs included.
Name one other site that has that (actually there aren't any).
Its fees page is also one of the best breakdowns of the various component fees and commissions for all major futures contracts.
Name one other place I can find that. http://www.deepdiscounttrading.com/
Do people really prefer sites with flash movies all over the place where you have to navigate numerous pages to try (usually in vain) to find the simplest concrete piece of information?
As to service, I have not yet funded my account there yet but I got responsive and candid assistance in opening it. Fastest opening of an account I have ever seen for the type of trust account I use.
Realize that most aspects are ultimately going to be handled by the Clearing Broker anyway, which is Crossland, not by the Introducing Broker. You send your money to Crossland. The Introducing Broker just does marketing and customer hand-holding and sets fees. They never touch customer money.
I have to agree with you. The DeepDiscountTrading.com website is extremely simple & straightforward. Everything is fully stated & they don't push any money-losing opportunities on you like most other websites.