Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Does anyone have an account with Ninjatrader FCM? Not Dorman/Phillip.
It seems like Ninjatrader no longer supports Phillip Capital for new customers, but offers the opportunity to open an account either through Ninjatrader or Dorman Capital. I suppose maybe this is a result of their acquisition of TransAct? I never heard of this until I recently saw this as an option:
Did anyone here yet open an account with Ninjatrader directly instead of Dorman?
What differences would there be?
How do their daily statements look like? Do they have an electronic portal which shows basic account data and performance reports?
Thanks in advance.
PS: I already have an account with Dorman through Ninja and have been very happy, but considered opening an extra account and might as well do so through Ninja directly if there's any benefit to doing so.
Howard
Can you help answer these questions from other members on NexusFi?
That is a lot to search up, but I will do. If you know anything I or others should know - feel free to enlighten us. PM also works.
FWIW, I already opened an account with NT Brokerage which was very quick to do. But have not funded it yet. My impression is that they are very early in the process here.
I opened an account with NT FCM earlier this month. I have an account with IB, but I was in the market for a reliable FCM with more reasonable margins. Here are some of my thoughts after a couple weeks:
Pros
They offer LLC/professional accounts.
NT has amazing customer service. I absolutely love how attentive they are to their customers. There is such a night and day difference working with NT vs Interactive Brokers.
Yes they do have a back-end and it's solid. They have functionality for linking a bank account for deposits/withdrawals. Reporting metrics are solid. Tax documentation is present.
They have ACH withdrawals. This was a pain back when Phillip Capital was the FCM. You'd really have to dig to figure out how to do it, and it felt like the process was from the early 2000's.
My single biggest complaint is that since they are new, their capitalization isn't high. However, because they are planning on rolling all their Phillip Capital clients over to their FCM, I expect this to increase substantially soon. Given their aggressive margins, I'm curious to see what happens if the market were to snap like it did last year.
The process for creating an LLC account is somewhat obtuse. There are some questions they ask that are pretty irrelevent/awkward for an LLC account, and the paperwork they require isn't that transparent. You have to read all the disclosure agreements to see what they require. IB's is more straightforward.
Again, I've only been with them for a few weeks, so take this for what it's worth. I can't speak to NT FCM vs. Dorman (never used Dorman). Hope this helps.
Your concern re: capitalization is one I've heard mentioned from others, too. From what I understand they are a NON-clearing FCM, though. So it seems like they still use Dorman to clear their trades.
Busy days for me with other stuff (moving, etc.), so haven't yet funded my own account at NT FCM, but will do so later this month.
"As a non-clearing Futures Commissions Merchant (FCM), NinjaTrader Clearing is singularly focused on how to best support your needs as an active futures trader through:"
Under "What is a non-clearing FCM?"
"As a Non-Clearing FCM, NinjaTrader Clearing continues to partner with Dorman Trading as their Clearing FCM."