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NinjaTrader Brokerage Services (www.ninjatraderbrokerage.com)

  #541 (permalink)

Raleigh NC USA
 
Trading Experience: Advanced
Platform: NinjaTrader
Broker/Data: FXCM, NTB
Favorite Futures: YM, CL, EUR/USD
 
Posts: 67 since Jan 2013
Thanks: 75 given, 77 received

Hello all,

I wanted to share my experience with NTB - both the good and the bad. I will try to be fair and accurate based on my personal experiences.

FXCM Account Issues
I've had some difficulties this week with my FXCM account. I opened it directly with FXCM in 2013 and have been using it with NinjaTrader (platform) since then with a lease license. I purchased a lifetime license Monday, and the license code changed. This apparently broke my FXCM account connection. After some calls back and forth, I managed to get a new account. However, I had to designate NTB as my IB in order to do so, even though my account was a direct FXCM account. According to FXCM representatives, there is apparently no option to use NT with FXCM directly now that NTB is an IB. In short, if you want to use NT with FXCM, you must use NTB as the IB - whether you see any advantage in doing so or not. I still don't really know if this is accurate, but it's the best information I could get from both FXCM and NTB representatives on the issue.

Administrative Issues
I've had many admin issues since the acquisition:

1. Late 2014 - Deposited funds into my NTB futures account. NT showed them as cleared in the ControlCenter even though Dorman did not. Luckily, I noticed this and emailed support before I ran into any margin issues with Dorman. Issue resolved quickly.

2. Jan 2015 - Filled out the CME data bundle webform to declare status and data feeds required. I did this in advance of the deadline, but market data was still disabled for my account. Had to contact support. Issue resolved quickly.

3. Jan 2015 - Being charged wrong commissions on futures account - free edition vs lease rates. Emailed support and the issue was resolved quickly. I wasn't offered any refunds for the incorrect charges, but I also didn't ask for any in fairness.

4. April 2015 - Real-time data not working after lifetime license purchase. Emailed support. They did a system refresh and the issue was resolved quickly.

5. May 2015 - Being charged wrong commissions for new FXCM account - free vs lifetime rates. Emailed support; received a response that my license was verified, and that I would be given lifetime rates. Tried another trade and still being charged the incorrect free rates. I'm waiting on a response to this issue still, but it's only been a few hours.

A running theme here is "emailed support," but that brings me to the good:

1. Great, great support - My average waiting time for a response from support is about 5-10 minutes. Sometimes, it can range into the "few hours" span, but this is more the exception.

2. Great execution - I've never had any execution errors, hung orders, erroneous fills, etc. Everything just works like you think it should.

3. Great platform - No reason to really say much here since it's a bit self-evident to most people

Conclusion:

When things work correctly, it's fantastic. While the support is great when you have problems, I'm having to use it for things that, to me, really shouldn't be issues. I have no problem with NT tying commissions to license status, but why is the client responsible for informing NTB of the license status? Just an opinion and feeling, but sometimes I feel like NTB is more of a software company that's using a brokerage to support the software vs. two separate, full-fledged entities. I have no inherent issues with this because it's a good business model, and everything works great once the wrinkles are worked out. But I really wish it was done in a less error prone manner.

At this point, I've lost trust and a week of trading the FXCM account. I'm planning to look into other options this weekend. I just don't have enough patience to work out issues that I feel like shouldn't exist.

I would be interested to know if others have had these issues. I love NT all around, so I'd prefer to stay with them. I'll consider doing so if my experience is atypical.

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