GENERIC TRADE broker Accounts

Generic Trade Account Types & Opening Guide 2025: Complete Comparison and Registration Steps

Part 1: Generic Trade Account Types Explained

Generic Trade offers several account types tailored to different trading needs and preferences. Below is an overview of the available account types:

1. Standard Account

• Minimum Deposit Requirement: None
• Spread/Commission Structure: $0.59 per trade
• Leverage Options: Up to 1:200
• Key Features: Access to all trading platforms, no minimum balance requirements.
• Target User Profile: Suitable for both beginners and experienced traders.
• Trading Instruments Available: Futures and options on futures.

2. ECN Account

• Minimum Deposit Requirement: $500
• Spread/Commission Structure: Variable spreads with a commission of $0.59 per trade.
• Leverage Options: Up to 1:200
• Key Features: Direct market access, lower spreads, suitable for high-frequency trading.
• Target User Profile: Advanced traders and institutions.
• Trading Instruments Available: Futures and options on futures.

3. Pro Account

• Minimum Deposit Requirement: $1,000
• Spread/Commission Structure: Competitive spreads with a commission of $0.59 per trade.
• Leverage Options: Up to 1:200
• Key Features: Advanced trading tools and analytics, priority customer support.
• Target User Profile: Professional traders and institutions.
• Trading Instruments Available: Futures and options on futures.

4. Islamic Account

• Minimum Deposit Requirement: None
• Spread/Commission Structure: $0.59 per trade, swap-free.
• Leverage Options: Up to 1:200
• Key Features: Designed for Muslim traders adhering to Sharia law.
• Target User Profile: Muslim traders seeking compliance with Islamic finance principles.
• Trading Instruments Available: Futures and options on futures.

5. Demo Account

• Minimum Deposit Requirement: Virtual balance of $50,000.
• Spread/Commission Structure: Same as live accounts.
• Leverage Options: Up to 1:200
• Key Features: Practice trading without financial risk, access to all trading platforms.
• Target User Profile: Beginners and those looking to test strategies.
• Trading Instruments Available: Futures and options on futures.

Account Type Comparison Table

Part 2: Detailed Generic Trade Account Features

Account Features Comparison

Advantages and Disadvantages of Each Account Type

Standard Account

• Advantages:
• No minimum deposit.
• Access to all trading platforms.
• Suitable for beginners.
• Disadvantages:
• Limited advanced features compared to Pro or ECN accounts.

ECN Account

• Advantages:
• Lower spreads.
• Direct market access for faster execution.
• Ideal for high-frequency trading.
• Disadvantages:
• Requires a minimum deposit.

Pro Account

• Advantages:
• Advanced trading tools and analytics.
• Priority customer support.
• Disadvantages:
• Higher minimum deposit requirement.

Islamic Account

• Advantages:
• Complies with Sharia law.
• No swap fees.
• Disadvantages:
• Limited to Muslim traders.

Demo Account

• Advantages:
• Risk-free trading environment.
• Ideal for practice and strategy testing.
• Disadvantages:
• Virtual funds only; cannot withdraw.

Part 3: Generic Trade Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Open to international clients, but specific countries may be restricted.
• Prohibited Countries: Not specified; check with Generic Trade for current restrictions.
• Identity Verification Documents Needed: Government-issued ID (passport or driver's license).
• Proof of Residence Requirements: Utility bill or bank statement showing your name and address.
• Additional Documentation for Professional Accounts: May include financial statements or proof of trading experience.

KYC/AML Compliance Procedures

Generic Trade adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, requiring clients to provide identification and proof of residence during the registration process.

Verification Time Frames

Account verification typically takes 1-3 business days, depending on the completeness of the submitted documents.

Part 4: Step-by-Step Generic Trade Account Opening Guide

Registration Process

1. Visit Website: Go to the Generic Trade website.
2. Click Registration: Locate and click the "Open Account" button.
3. Personal Information Entry: Fill in your personal details, including name, email, and phone number.
4. Choose Account Type: Select the type of account you wish to open (Standard, ECN, Pro, Islamic, or Demo).
5. Set Trading Preferences: Specify your trading preferences and risk tolerance.
6. Document Upload: Upload the required identification and proof of residence documents.
7. Account Verification: Wait for account verification, which usually takes 1-3 business days.
8. Fund Your Account: Once verified, fund your account using the available payment methods.
9. Start Trading: Access your account and begin trading.

Desktop vs Mobile Registration Differences

The registration process is similar on both desktop and mobile platforms, but the mobile interface may require additional steps for document uploads due to file size limitations.

Common Registration Issues and Solutions

• Issue: Document upload fails.
• Solution: Ensure documents are in the correct format (PDF, JPEG) and within size limits.
• Issue: Verification delays.
• Solution: Contact customer support for assistance.

Average Account Approval Time

Typically, account approval takes 1-3 business days, depending on the verification process.

How to Upgrade/Downgrade Account Types

Clients can request to upgrade or downgrade their account type through the account management section on the Generic Trade platform or by contacting customer support.

Part 5: Generic Trade Demo Account Guide

Demo Account Features and Benefits

• Features: Access to all trading platforms, real-time market data, and trading tools.
• Benefits: Allows traders to practice strategies without financial risk.

How to Open a Demo Account

1. Visit the Generic Trade website.
2. Click on "Open Demo Account."
3. Fill in the required information and submit.

Demo Account Limitations

• Virtual funds cannot be withdrawn.
• Limited to a simulated trading environment.

Virtual Balance Amount

Demo accounts typically provide a virtual balance of $50,000.

Demo vs Live Account Differences

• Demo Account: Uses virtual funds; no real financial risk.
• Live Account: Involves real money and actual trading conditions.

Duration/Expiry of Demo Accounts

Demo accounts are usually valid for a limited time, often 30 days, but may be extended upon request.

Part 6: Generic Trade Islamic Account Details

Swap-Free/Islamic Account Availability

Generic Trade offers Islamic accounts that comply with Sharia law, ensuring no swap fees are applied.

Eligibility Requirements

To qualify for an Islamic account, clients must declare their adherence to Islamic finance principles.

Differences from Standard Accounts

Islamic accounts do not incur swap fees, which are typically charged on overnight positions in standard accounts.

How to Apply for Islamic Account

Clients can select the Islamic account option during the registration process or request it through customer support.

Restrictions or Special Conditions

Islamic accounts may have specific trading conditions, such as limitations on certain trading strategies.

FAQs – Generic Trade Account Types & Opening

1. What account types does Generic Trade offer？

• Generic Trade offers Standard, ECN, Pro, Islamic, and Demo accounts.

1. What is the minimum deposit for each account type？

• Standard: None, ECN: $500, Pro: $1,000, Islamic: None, Demo: $50,000 (virtual).

1. How long does Generic Trade account verification take？

• Verification typically takes 1-3 business days.

1. Does Generic Trade offer demo accounts？

• Yes, Generic Trade provides demo accounts for practice trading.

1. Can I have multiple account types with Generic Trade？

• Yes, clients can open multiple account types as needed.

1. Does Generic Trade offer Islamic/swap-free accounts？

• Yes, Generic Trade offers Islamic accounts that are swap-free.

1. What documents do I need to open a Generic Trade account？

• A government-issued ID and proof of residence are required.

1. Can I change my account type after registration？

• Yes, you can request to upgrade or downgrade your account type through customer support.