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


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

  #21 (permalink)
Geneva, Switzerland
 
Experience: Advanced
Platform: SierraChart / TradingView
 
Posts: 64 since Dec 2015
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For those who trade multiple currencies, heard the FX conversion fees are billed by Dorman $30 but free with Phillips. Is that correct ?

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  #22 (permalink)
Los Angeles, CA /USA
 
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Hello @Kalisto. Here at Cannon we clear through both clearing firms and I asked both treasury departments to elaborate on the FX Conversion fees. Phillip Capital does not have a seperate fee but the exchange rate is marked up. I'm not sure how much, all they provided to me is a link to their fees: https://www.phillipcapital.com/Fees

Dorman did get back to me and they said the fee is worked into the conversion as well. They weren't specific unfortunately all they told me was that the fee is worked into the conversion. I will send you updates when I find out what the specific fee is if the fee is fixed for Dorman. Thanks!


Kalisto View Post
For those who trade multiple currencies, heard the FX conversion fees are billed by Dorman $30 but free with Phillips. Is that correct ?


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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  #23 (permalink)
Los Angeles, CA /USA
 
Experience: Master
Platform: Sierra, CQG, Gain, Transa
Trading: Crude Oil
 
CannonTrading's Avatar
 
Posts: 167 since Mar 2013
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Kalisto View Post
For those who trade multiple currencies, heard the FX conversion fees are billed by Dorman $30 but free with Phillips. Is that correct ?

Hello @Kalisto. Dorman Treasury did get back to me and they said "Depending on which way the conversion is going either 40 dollars or 40 Euros."

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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  #24 (permalink)
San Francisco CA
 
Experience: Intermediate
Platform: NinjaTrader, TOS, Jigsaw
Broker: Dorman Trading
Trading: Emini ES, Micro ES, ZN, ZB, ZF
 
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Posts: 82 since Apr 2019
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I can't withdraw checks from Dorman during this pandemic, but I can pay $30 to wire. I'm done with NT's introducing brokers, they suck because you'll end up paying some fees for withdrawels. I'm looking into IB right now. Tradovate has ACH transfers but no beneficiary option for Payable on Death to avoid probate. I hope I'll be happiest with IB.


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  #25 (permalink)
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Both are FCMs, Ninja is the IB in this case I think.

Always worth consideration:

https://www.cftc.gov/sites/default/files/2020-03/01-%20FCM%20Webpage%20Update%20-%20March%202020.pdf

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  #26 (permalink)
San Francisco CA
 
Experience: Intermediate
Platform: NinjaTrader, TOS, Jigsaw
Broker: Dorman Trading
Trading: Emini ES, Micro ES, ZN, ZB, ZF
 
hen322's Avatar
 
Posts: 82 since Apr 2019
Thanks: 127 given, 157 received


Jigsaw Trading View Post
Both are FCMs, Ninja is the IB in this case I think.

Always worth consideration:

https://www.cftc.gov/sites/default/files/2020-03/01-%20FCM%20Webpage%20Update%20-%20March%202020.pdf

Sorry, I meant IBKR. Thanks for the list though

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