Genesis Securities, Pros and Cons

Quote from heynow:

I started off with Etrade Pro last March. They had an amazing office in NYC (former Worldco Office) and I figured that Etrade - with all its capital and resources would outlast every other firm out there. They shut the place down within 2 months. I learned that any prop firm out there can fail, especially when they flub the basic stuff. As a retail/prop firm you essentially have to recruit, train, and retain traders (your customers) by providing good risk management and service. Considering hedge funds and trading in general is one of America's fastest growing industry there's tremedous potential out there for the firm that gets it right.
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Seriously though.... eTrade gets it all wrong.

That was expected to happen.
 
Quote from heynow:

I've been trading from Genesis NYC office for close to a year now. I've had no problem with them up until this past Monday. One of their servers when down and all third party connections were lost (Esignal, Tradestation, IB TWS). Now Esignal connection was restored same day but not Tradestation or IB TWS (which I use). I use IB for futures data, advanced charting tools, stock screening, and to place some swing trades in futures - neither of which Genesis offers.
I called IB, they told me I needed a TCP connection to ports 4000 and 4001. I gave this information to one Genesis IT guy and he told me he couldn't give me access because IB was a "competitor." He did try although he didn't know what he was doing (or acted like he didn't). I went to another IT guy (the guy who set me up a year ago), and he 'forgot' how he got me access a year ago. He's been 'trying' to get me access for five days now.
So now either Genesis:
(1) has a policy to deny its traders access to IB TWS
or
(2) the IT department is so incompetent that they can't grant access to a website even after being told exactly what type of connection is needed to what port number.

I hope neither is the case, but if I don't get access soon I'll probably look for a change of environment.
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That's a bit like buying a Big Mac from McDonalds and then trying to eat it at Burger King...you're bound to get a tap on your shoulder...i know you probably have good reasons to be in the Genesis office, but if its an option for you, maybe you can consider trading remote
 
Genesis self clears...does not use third party vendors...

Can someone confirm whether or not they self-clear retail or not? Previously, they were still using CCS for retail accounts, which increased their cost structure and made them less attractive.

Also, people talk about 10:1, 50:1, 100:1 leverage. Does that really mean you can put down 25K and take outright directional positions of $250K, $1.25M, $2.5M, or is that kind of leverage reserved only for pairs, index arb, etc.? Or are they really just talking about the ability to put out that much in open, non-marketable orders, cancelling when you get filled (especially at the higher leverages)?
 
cgs is now penson. i believe they self clear everything. i've been looking at going with them but i have reservations as i'd be retail and i want more security. i'm not saying they're not safe but i'd much rather be cleared threw huge penson with my money on the line
 
Does anyone know if their BELZ or MLCO routes on Laser are direct routes to the specialist -> more specifically, can you participate in the opening and closing prints for listed stocks using LOO or MOC route options with BELZ or MLCO or do you have to use NYFX? Thanks.
 
Does Genesis have 5:1 overnight buying power for new customers? I am trying to decide on a prop firm. I need one that starts off with 5:1 overnight margin, plus I want a firm who's software interfaces with TradeStation platform so I can use strategy automation through TS.
 
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