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Phillips or Dorman for NinjaTrade Brokerage? What's the Difference?


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Updated May 14th 2020 by hen322
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Phillips or Dorman for NinjaTrade Brokerage? What's the Difference?

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  #11 (permalink)
Shanghai
 
 
Posts: 162 since Sep 2013
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which one lets you transfer money between trading accounts the fastest? can you do it online with either of them? or do you have to wait for them to be open during US hours and have some support person do it?

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  #12 (permalink)
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ycomp View Post
which one lets you transfer money between trading accounts the fastest? can you do it online with either of them? or do you have to wait for them to be open during US hours and have some support person do it?

I hate to revive a dormant thread but instead of creating a new one, I was wondering if anyone has answer to the above? I recently opened a NT account and signed up with Dorman only to realize funding is via mailing a check (which seems a bit primitive to me in 2019....) or wire transfer (which can be costly due to fee overtime). Is Phillip the same?

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  #13 (permalink)
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DoubleClick View Post
I hate to revive a dormant thread but instead of creating a new one, I was wondering if anyone has answer to the above? I recently opened a NT account and signed up with Dorman only to realize funding is via mailing a check (which seems a bit primitive to me in 2019....) or wire transfer (which can be costly due to fee overtime). Is Phillip the same?

Yes, Phillip is the same, but they charge $4 per check withdrawal, as where Dorman is free. Both do not use ACH transfers through NT, even though their direct website offers it.

“Successful people ask better questions, and as a result, they get better answers.” – Tony Robbins
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  #14 (permalink)
Shanghai
 
 
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ycomp View Post
which one lets you transfer money between trading accounts the fastest? can you do it online with either of them? or do you have to wait for them to be open during US hours and have some support person do it?

my question was about sub accounts with the broker

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  #15 (permalink)
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ycomp View Post
which one lets you transfer money between trading accounts the fastest? can you do it online with either of them? or do you have to wait for them to be open during US hours and have some support person do it?

We actually clear through both FCMs (Phillip and Dorman). Both are pretty fast with moving funds between same named accounts and wiring out funds. Phillip Capital actually does allow ACH transfers, Dorman does not. They both have client online portals but those are more for pulling Statements, 1099s, seeing your current positions etc. Please let me know if you have any other questions and I'd be glad to help!

PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
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  #16 (permalink)
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CannonTrading View Post
We actually clear through both FCMs (Phillip and Dorman). Both are pretty fast with moving funds between same named accounts and wiring out funds. Phillip Capital actually does allow ACH transfers, Dorman does not. They both have client online portals but those are more for pulling Statements, 1099s, seeing your current positions etc. Please let me know if you have any other questions and I'd be glad to help!

more specifically I mean, does this only take place during chicago / new york hours or can this be done in the "middle of the night" ?

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  #17 (permalink)
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ycomp View Post
more specifically I mean, does this only take place during chicago / new york hours or can this be done in the "middle of the night" ?

Unfortunately not. You can request it but it's not going to be done till the next morning. Remember all of this has to be done by the FCM's accounting department and unfortunately accounting is not there usually until 7 AM Chicago / New York time. Sometimes if you call the trade desk they will do it but this really will not be processed till next morning when accounting is in.

PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
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  #18 (permalink)
Shanghai
 
 
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CannonTrading View Post
Unfortunately not. You can request it but it's not going to be done till the next morning. Remember all of this has to be done by the FCM's accounting department and unfortunately accounting is not there usually until 7 AM Chicago / New York time. Sometimes if you call the trade desk they will do it but this really will not be processed till next morning when accounting is in.

ok, that's what I was thinking - thanks

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  #19 (permalink)
Market Chamois
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DoubleClick View Post
I hate to revive a dormant thread but instead of creating a new one, I was wondering if anyone has answer to the above? I recently opened a NT account and signed up with Dorman only to realize funding is via mailing a check (which seems a bit primitive to me in 2019....) or wire transfer (which can be costly due to fee overtime). Is Phillip the same?

I have an acct with S5T which uses Dorman. I also have a Interactive Brokers acct. I absolutely love IB I can do whatever I want whenever I want.
Also I make a small fortune on the interest IB gives me and their acct security is the best. Without a doubt. Dorman has just a simple password = dark ages.

Once I asked for some money out of Dorman, which I do thru S5T, but Dorman has to actually do it. They took it from the wrong acct. I have an acct and a sub. This to me screams rindy-dink.

I can get at my cash many diff ways with IB and they are all fast. Only bank wire costs.



I recommend IB if this helps. I realize it is not what you are asking about.

Ron

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  #20 (permalink)
Shanghai
 
 
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even if I don't use it I'm sure it will help someone in the future

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May 14, 2020


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