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In January 2017, we held an open nomination process whereby our members could openly nominate anyone they chose in 13 different categories. Some of those categories are: Futures Broker of the Year, Options Broker of the Year, Trading Platform of the Year, Options Platform of the Year, Mobile Platform of the Year, Data Feed of the Year, and Trading Product of the Year. There are also an additional six categories that are focused on user contributed content on our site, including: Member of the Year, Webinar of the Year, Thread of the Year, Journal of the Year, Programmer of the Year, and Indicator of the Year.
We then opened our voting system so that traders are the world could vote for their favorite in each category. When the voting closed, we selected the top three winners in each category and have awarded them as 1st, 2nd, and 3rd place (Gold, Silver, Bronze awards).
Despite their advantages in terms of commissions and data fees, I originally passed on NinjaTrader Brokerage due to them confirming: a) no insurance protection for client funds and b) no two-factor provision on account authentication. I recently rethought the decision, but anticipated that these attributes would cause me to transfer a smaller amount of funds to the account than might have been the case, had these protections been in place.
Here was my experience with client on-boarding.
- The turn-around on the application process was quick. On Friday of last week I received notification that my account was open and ready for funding (thats where the positives end).
- On Saturday (i.e. the next day) I received a message from someone at NinjaTrader Brokerage who didnt introduce himself, or explain his role in relation to my account. Instead of orientating his communication toward actually being helpful, he demanded that I tell him when I am going to be funding my account. This apparently being required by his Treasury Team. Why they should require advance notification of an incoming wire transfer that would be carrying the correct account information was never made clear. It also wasnt made clear why this was apparently so urgent. For good measure, this individual also suggested that I should take the effort to put any friends or colleagues who are seeking a futures trading account in touch with him. Given that Id no prior contact with him, hadnt yet used the service and given the attitude demonstrated, it was unclear why hed imagine that Id go out of my way to find any business for him.
- I then wrote to the EVP of brokerage operations. On Monday I received a non-apology apology from him i.e. apologies if you felt .. (The implication being that what was at issue was my perception, rather than the experience actually evident through the email history). Nothing was said about any specific corrective action being applied presumably because none had been. Consequently, I can only presume that sales people hassling new clients to quickly fund their accounts is sanctioned by management at the brokerage in order to get the commissions rolling as quickly as possible.
- Given the wholly ineffectual response from the EVP of brokerage operations I then wrote to NinjaTrader CEO Raymond Deux. Unfortunately, while he has time to present webinars, he seemingly doesnt have time to respond to client complaints.
The value of a NinjaTrader multi-broker lifetime license is obviously questionable when a) the number of supported brokers is already so limited and b) the companys own brokerage behaves in an aggressive way that makes entrusting them with funds inappropriate. Whatever I have already spent on software, I am not going to give a company yet more of my business if I feel that they are treating me with contempt.
With new platforms like Tradovate and IQBroker coming on stream I can only hope that others may avoid the mistake of tying themselves into the NinjaTrader ecosystem.
I just skimmed part of this thread and it seems like there's some negative experiences here?
I've started the process of finding a broker as I'm going live in January. In the past, I traded with IB using NT as my front end for execution. Very satisfied.
Since I've pretty much decided that I will continue using NT, I also considered NT Brokerage, especially also since I was planning to fund an account less than 10 K which is the limit at IB. On the other hand, I use IQ Feed as my live feed and I'm dependent on doing so as I download historical data for analysis through other means than my charts and with IB, I can get a discount on their fees.
In the event of Ninjatrader freezing or a software crash - is there some backup interface/application/website where you can manage your orders or simply go flat?
When trading with Ninja through Interactive Brokers, I could always manage my orders at IB's TWS if anything happened (actually never did). I also had their mobile app as a third back-up.
I'm not sure if I would be comfortable with Ninjatrader being my only way to manage my live orders in case anything should happen during market hours.
Am not sure..maybe you want to check in with the brokerage side. Am not actively trading thru Ninja as will be doing 7to 8 conversions. But I always had a number to their trade desk. Infact when I place thru TS or TD I always have a trade desk number handy.