Does anyone have an account with Ninjatrader FCM? Not Dorman/Phillip. - futures io
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Does anyone have an account with Ninjatrader FCM? Not Dorman/Phillip.


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Does anyone have an account with Ninjatrader FCM? Not Dorman/Phillip.

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  #1 (permalink)
Howard Roark
Oslo Norway
 
 
Posts: 288 since Aug 2018
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Hello all,

It seems like Ninjatrader no longer supports Phillip Capital for new customers, but offers the opportunity to open an account either through Ninjatrader or Dorman Capital. I suppose maybe this is a result of their acquisition of TransAct? I never heard of this until I recently saw this as an option:



Did anyone here yet open an account with Ninjatrader directly instead of Dorman?

What differences would there be?

How do their daily statements look like? Do they have an electronic portal which shows basic account data and performance reports?

Thanks in advance.

PS: I already have an account with Dorman through Ninja and have been very happy, but considered opening an extra account and might as well do so through Ninja directly if there's any benefit to doing so.

Howard

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  #2 (permalink)
Howard Roark
Oslo Norway
 
 
Posts: 288 since Aug 2018
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It seems like they opened up officially as late as this week, so I don't imagine anyone have any experiences to share on the subject.

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 brucerobinson 
Oxford Oxon./United Kingdom
 
Experience: Intermediate
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Might want to search Mirus Futures, Zenfire, Ninjatrader Brokerage, CME Group Penalty, Infinity Futures, AT Transact, NFA findings & fines, restrictions on individuals’ future conduct, corporate governance (e.g. private or publicly listed?)


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  #4 (permalink)
Howard Roark
Oslo Norway
 
 
Posts: 288 since Aug 2018
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brucerobinson View Post
Might want to search Mirus Futures, Zenfire, Ninjatrader Brokerage, CME Group Penalty, Infinity Futures, AT Transact, NFA findings & fines, restrictions on individuals’ future conduct, corporate governance (e.g. private or publicly listed?)


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Hi, Bruce,

That is a lot to search up, but I will do. If you know anything I or others should know - feel free to enlighten us. PM also works.

FWIW, I already opened an account with NT Brokerage which was very quick to do. But have not funded it yet. My impression is that they are very early in the process here.

Thank you.

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  #5 (permalink)
 elynt 
New York, New York
 
Experience: None
Platform: NT
Broker: IB & NT Brokerage
Trading: ES
 
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Posts: 23 since Apr 2014
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I opened an account with NT FCM earlier this month. I have an account with IB, but I was in the market for a reliable FCM with more reasonable margins. Here are some of my thoughts after a couple weeks:

Pros
  • They offer LLC/professional accounts.
  • NT has amazing customer service. I absolutely love how attentive they are to their customers. There is such a night and day difference working with NT vs Interactive Brokers.
  • Yes they do have a back-end and it's solid. They have functionality for linking a bank account for deposits/withdrawals. Reporting metrics are solid. Tax documentation is present.
  • They have ACH withdrawals. This was a pain back when Phillip Capital was the FCM. You'd really have to dig to figure out how to do it, and it felt like the process was from the early 2000's.
  • Their margins are great.

Cons
  • My single biggest complaint is that since they are new, their capitalization isn't high. However, because they are planning on rolling all their Phillip Capital clients over to their FCM, I expect this to increase substantially soon. Given their aggressive margins, I'm curious to see what happens if the market were to snap like it did last year.
  • The process for creating an LLC account is somewhat obtuse. There are some questions they ask that are pretty irrelevent/awkward for an LLC account, and the paperwork they require isn't that transparent. You have to read all the disclosure agreements to see what they require. IB's is more straightforward.

Again, I've only been with them for a few weeks, so take this for what it's worth. I can't speak to NT FCM vs. Dorman (never used Dorman). Hope this helps.

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  #6 (permalink)
Howard Roark
Oslo Norway
 
 
Posts: 288 since Aug 2018
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Thank you, @elynt.

Good summary.

Your concern re: capitalization is one I've heard mentioned from others, too. From what I understand they are a NON-clearing FCM, though. So it seems like they still use Dorman to clear their trades.

Busy days for me with other stuff (moving, etc.), so haven't yet funded my own account at NT FCM, but will do so later this month.

Feel free to keep us posted.

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 Madness 
Tampa Florida
 
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Howard Roark View Post
From what I understand they are a NON-clearing FCM

What is the information that got you to that understanding? Thanks

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  #8 (permalink)
 Mich62 
Netherlands
 
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Madness View Post
What is the information that got you to that understanding? Thanks

Quoted from NT FAQ:

"As a non-clearing Futures Commissions Merchant (FCM), NinjaTrader Clearing is singularly focused on how to best support your needs as an active futures trader through:"

Under "What is a non-clearing FCM?"
"As a Non-Clearing FCM, NinjaTrader Clearing continues to partner with Dorman Trading as their Clearing FCM."

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  #9 (permalink)
 Madness 
Tampa Florida
 
Experience: Intermediate
Platform: ThinkOrSwim, NinjaTrader
Broker: TD Ameritrade, NinjaTrader
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Mich62 View Post
Quoted from NT FAQ:

"As a non-clearing Futures Commissions Merchant (FCM), NinjaTrader Clearing is singularly focused on how to best support your needs as an active futures trader through:"

Under "What is a non-clearing FCM?"
"As a Non-Clearing FCM, NinjaTrader Clearing continues to partner with Dorman Trading as their Clearing FCM."

Gotcha... thank you for that.

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  #10 (permalink)
Howard Roark
Oslo Norway
 
 
Posts: 288 since Aug 2018
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Looks like Mich62 beat me to it.

FWIW - I will transfer funds to my new NT account this week.

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