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  #667 (permalink)

Sydney Australia
Trading Experience: Beginner
Platform: Ninja Trader
Favorite Futures: CL, ES, AUD/USD
Posts: 48 since Apr 2013
Thanks: 25 given, 31 received

Decided to close my account before doing my first trade

As mentioned in my post several days ago, my first impression of Ninjatrader Brokerage (with Philip capital) wasn't good at all and I was seriously considering closing my account before doing a single trade.
I wanted a second broker to spread the risk and to be able to trade more than one strategy per instrument.

The team at Ninjatrader continued to disappoint in the following days.
I have since decided to close my NT brokerage account and instead open a secondary account with Interactive brokers.

Here's in a few bullet points why I made my decision :
  • The 24 hours phone line is only for emergency.
  • Any other queries have to be dealt by email during US business hours. I live in Australia, which mean any query get answered while I sleep. None of my request were solved with just one email which mean it would take several days to accomplish anything.
  • There's no clear welcome pack or instruction. You need to find most information by yourself or ask by email if it can't be found on their website.
  • NT Brokerage isn't a broker, but rather a partnership with existing brokers.The integration isn't great and was clearly apparent when I replied to an automatic email from Phillip. Their reply (within 24 hours) was to directly email NT brokerage.
  • Fund withdrawals are done through a form on a public page. Once submitted,you do not get any receipt by email. Instead you are presented with a popup (without any kind of reference number) saying you will get email once the withdrawal has been processed.
  • I have submitted a withdrawal request more than 24 hours ago. The fund are still in the account and I haven't received any email. I have submitted another request as a result. (had to retype all my bank details). Hopefully it will not be another 24 hours with no action.
  • The NT team failed to help with my connection problems. It was very frustrating to explain the issue and see that the next morning all they did was reset my password. (I clearly explained I was able to connect to phillip capital portal but not in NT7, so to me it was clear it wasn't a password issue)
  • USD is the only currency on the account. You need to manually do FX conversion yourself if you need to track profits and losses in your your home currency for your tax return.
  • Finally the $40 charged for every international withdrawal outweight most of the savings I'd make on commission when compared to IB. (I do around 100 trades each month and a withdraw every 2 months on average)

None of the above were an issue with Interactive Brokers.
I am now trading happily on my 2 IB accounts while still waiting for NT to close my account and withdraw my original deposit.

UPDATE : 2 hours after my second attempt to close the account I received an email form Phillip saying the funds were withdrawn. Hopefully It will reach my account within the next 24/48 hours.
If all goes well this little experiment with NT brokerage would have costed me $340. $300 for the NT multi broker license upgrade (Christmas special price), and $40 to withdraw my funds and close the account.

Hopefully my experience will be useful to some.

It's a shame that NT stopped supporting new brokers and instead pushed for their own partnership which turns out to be not that great. Hopefully @NinjaTrader will read this and improve on it.

Last edited by Christophe; January 31st, 2017 at 02:23 AM. Reason: Added bullet points and updates on withdrawall
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