Genesis Securities, Pros and Cons

Discussion in 'Prop Firms' started by Bluedog, May 4, 2006.

  1. Bluedog


    I am considering opening an account with Genesis, I would appreciate any feed back very much, good or bad! The last rating in the broker ratings is from last April...

    Also in the previous threads about Genesis some complained about some issues with trading listed stocks & Genesis. Any updates on that?!

  2. I trade prop with a firm that deals with Genesis Securites.

    I love them. Never experienced a problem or software issue, and if there is ever an issue they inform you VIA built in chat but never usually big issues because of so many order routing options. Should not be an issue for any human though.

    Never had an issue, and great support. There is a 200 dollar software fee, but it is one of the best software I have used.

    Don't really have anything bad to say about them to be honest. A lot of prop firms are using their Laser platform now as well.

    If you go retail, negotiate a good rate with them.

    3 traders who post blotters on the P&L thread also use Laser, one of them I know deal with Genesis directly, so you could ask them as well.
  3. Bluedog


    Thanks JMowery

    Anyone else uses Genesis?
  4. Keep asking, a lot of people trade with Genesis.

    Genesis has terrific software (the NYSE issue was relevant a while ago, but not really now) and it's true that they will match any substantiated commission rate. They are straightforward, competitive, and you can't get a better deal elsewhere without really knowing the principals.

    Check out the tutorial on their website for the Laser platform, and if you're interested, you can even call and set up a trial usage of Laser. It works with eSignal as well.

    It'll take some time to get your leverage up though. You have to establish a relationship with them (like all firms, really) before they'll let you use a big chunk of their funds. And it's often not as much as what you get at other firms. That's the only drawback, in my opinion. But, proper policing of leverage is one way they protect themselves from the problems of other, riskier firms.

    If you know how you want to trade, Genesis is as close as it gets to the Walmart of prop trading. As far as I've known you don't have to worry about some dishonest people sucking money out of you and then running with your funds.
  5. BRUT49


    I completely agree. A long time trader, I have tried a ton of platforms. Genesis customer service, their software fees, and their leverage is first class. You have to talk with them about your rates, but as long as you are honest about your volume and risk parameters they will give you adequate funds to trade.

    As a matter of fact I was just talking to my contact there at Genesis and they are about to unveil a new leveraged product that will but Genesis right their with IB.
  6. I was thinking of going with them a while back, but they refused to give me the buying power that I needed. I think most of the firms that work through them do not exceed 10x1 intraday.

    I use the Blackwood software through Benchmarq Trading and have no complaints (and the buying power is much better!).
  7. I've seen quite a few firms offer more than 10 to 1. The one I'm at gives 30 to 1 and that was at request, it could have been more. I also discovered another prop firm that offers 20 to 1 to start out with.

    So, buying power should not be an issue, but I really have heard a lot of great things about Benchmarq.

    They won't reply to my e-mails to allow me to use a demo of their platform.

    If anyone has an e-mail to a staff member of Benchmarq please PM me as I just can't seem to get in contact with anyone there.
  8. How safe is Benchmarq though? Aren't they relatively new? How do you know the management is trustworthy about returning your funds and not at risk of regulation or "blow up" issues?
  9. Although we are getting off-topic...

    I've pm'ed a few people that use them. Another person is FaderTrader who has said he has switched to them and is very happy with their platform.
  10. Right, he told me the same.

    I just try to keep tabs on the prop firms out there, and FaderTrader seems like a pretty upstanding guy. But as far as I know they're pretty new. I personally am a bit hesitant when it comes to new firms as their leverage would likely be less stable and their management could be prone to dirty tactics if things get hairy and lawsuits are imminent. But then I don't trust people easily, so my thoughts should be taken with a grain of salt :p
    #10     May 4, 2006