• Report: #862781

Complaint Review: Generic Trade

  • Submitted: Mon, April 02, 2012
  • Updated: Wed, May 28, 2014

  • Reported By: Kenneth — houston Texas U.S.A.
Generic Trade
210 Skokie Valley Rd. Internet United States of America

Generic Trade The practice account is NOTHING like the live account and one trading day cost me 1100.00 Totally a RIP OFF! did not advertise or speak of tremendous amount charged. Screwwy, Internet

*Consumer Comment: Generic Trade Is All Right

*Consumer Comment: Confused

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 generic trade charged 1100.00 for one days trading; insanity is what these clowns sell; have no part of these fools.

This report was posted on Ripoff Report on 04/02/2012 01:58 PM and is a permanent record located here: http://www.ripoffreport.com/r/Generic-Trade/internet/Generic-Trade-The-practice-account-is-NOTHING-like-the-live-account-and-one-trading-day-co-862781. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Generic Trade Is All Right

AUTHOR: Bry - ()

I traded futures for a long time. It is a difficult activity to succeed in. I had accounts with Generic, both practice and live, which were very comparable. I can attest that that company was both honest and accurate in my experience. Not only that, their commissions are probably unbeatable.

It is a shame when a trader who doesn't know what he is doing loses money and then blames the brokerage instead of himself. A trader should practice for a long, long time before using real money, but people want to get rich quick. Usually the opposite happens.

I have no affiliation whatsoever with Generic Trade, just trying to set the record straight.

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#2 Consumer Comment

Confused

AUTHOR: langtrader - (United States of America)

A friend of mine who I recently referred to Generic just sent me this link asking me "what the heck does this mean?" I have to admit that I'm not exactly sure, except that perhaps the author of this article used the demo platform and was surprised that real trading was different than a simulator?

I've been trading there for a few months and that's the only thing I can figure - but if that's the case; don't all brokerage firms have demo platforms? He says they charged him $1100 in one day - is that commission? I'm pretty sure they charge all clients 59 cents commission, which is about as low as I've paid. Did he do 2000 trades?

Anyways, it's probably some sort of misunderstanding, but since I've been pretty happy there so far, I figured I'd write some sort of rebuttle (if that's really what you would call my questions).
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