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NinjaTrader Brokerage Services (www.ninjatraderbrokerage.com)

  #631 (permalink)
Elite Member
California
 
Futures Experience: Intermediate
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NT Brokerage View Post
balltrader - I sent you a private message to assist you.

@NT Brokerage, I am hoping to open an NTB/Philip account in the near future and am also interested in knowing the answer to balltrader's question about whether or not ACH can be used to fund an account. Can you please PM me or reply to this thread with the answer? Thnx

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  #632 (permalink)
 Vendor: ninjatraderbrokerage.com 
Chicago IL
 
Futures Experience: Advanced
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Favorite Futures: 6E
 
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learning0101 View Post
Hi @NinjaTrader, exactly what is the scoop on ACH with your brokerage? Know it was mentioned in past yall were working on it. What's the latest?
To that I ask why the hesitancy not just on yalls part but overall with brokerages is you care to shed some light on the subject. The one thing that comes to mind is it must cost yall/the brokerage extra $$ to offer otherwise Why not for the convenience of those wishing to put funds into account??
Not an attempt to stir things up just really curious as to why it seems to be such a non-implemented function?
Thanks in advance

While there was not a lot of demand, based on some requests for ACH, we have attempted to get this in place as a funding option at both of our FCMs (Dorman Trading and Phillip Capital). Keep in mind that NinjaTrader is the Introducing Broker, so we rely on them for all treasury functions but like most processes, we work together to make sure things are efficient and provide the best customer experience. The perceived “ease” of ACH simply doesn’t hold true in the futures industry and the expected benefits of a low/no cost, fast, electronic transaction also were reduced by some futures industry specific regulations. I’ll try to provide an overview based on our experience:

One of the most important rules for an FCM, regarding accepting funds, is to know who the money is coming from and confirming it is the same exact account holder. In the past 6 months of using ACH at Phillip Capital, approximately 10% of ACH transactions for NTB customers came through with the full information that allowed funds to be credited to the account. That means that 90% of these “easy” transactions required the account holder to provide additional paperwork (to prove it came from a “like account”) or have the funds returned. Not exactly the experience we want for customers. Unfortunately, this is based on the sending bank and not the FCM (Dorman confirmed this same issue during testing), so it is challenging to correct.

Why is this point so important? Why is it so easy to send money between banks? Because if you send money from one bank to another, or from a bank to a vendor for a service, they don’t typically care where the money came from. CFTC Anti-Money Laundering regulations in the futures industry require the FCM to know where the funds are coming from and ensure it is an account in the same name.

One way to correct the issue above is to require an ACH setup form and have the FCM send 2 small deposits, which are then confirmed by the customer. We saw this improve the “acceptance” percentage, but the setup is a labor intensive process of multple back-and-forth between the FCM/NTB/customer and there are costs for the FCM to complete this process. As you can imagine, more work/expense typically means an added cost for the customer. This also caused concern for some customers since you are providing bank account information and “ACH access” to your bank account.

The primary reason ACH has not been fully embraced is the inherent delay in the physical transfer of funds. Unlike a wire transfer, ACH takes 5 business days to post to the customer account (sometimes longer.) It is a low cost transaction (often free to the client) because the requests are only processed in bulk once at the end of each business day. All ACH transactions are processed through a central clearing house as opposed to being a bank-to-bank transfer making the process much slower than most customers were led to believe. In the event there is a need to return or reject an ACH transfer, the funds are held in the system for up to 10 business days before the transfer can be corrected and resubmitted. (Wires and checks can be held while information needed to post the funds is obtained.)

While we want to always listen to customers and improve the experience through NinjaTrader, we simply have not found ACH to be a benefit. We strongly recommend using wires, as this is the fastest and easiest to trace, but does carry a cost. If you want to avoid the cost, we also recommend using checks since the hold period is basically the same (besides “travel time” in the mail). If you are comfortable with the points above, we do continue to offer ACH as an option at Phillip Capital. As “balltrader” found out yesterday, we have been addressing these requests with a direct phone call to make sure customers understand all of these details. Currently, ACH is used very rarely with NTB/Phillip and from what we can tell, this is consistent throughout the futures industry.

Hope that helps shed some light on the ACH conversation.

Risk Disclosure: Futures and forex trading involves significant risk of loss and is not appropriate for everyone.
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  #633 (permalink)
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Charlotte NC
 
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Ninja CQG


Hi I have a question about CQG and trading with a volume chart. When I review my chart the next day the candle are always different from the previous day. Sometime I would have passed on the trade. So if i get Kinetick will the charts always look the same meaning live and reviewing them the next day after reloading historical data? I hope I you understand what I am asking. If not I will send pictures. I have a Ninja Lic and a Ninja acct using CQG.
Thanks
Happy Rick

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  #634 (permalink)
Market Wizard
New Orleans, La (Mardi Gras City)
 
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Happy Rick View Post
Hi I have a question about CQG and trading with a volume chart. When I review my chart the next day the candle are always different from the previous day. Sometime I would have passed on the trade. So if i get Kinetick will the charts always look the same meaning live and reviewing them the next day after reloading historical data? I hope I you understand what I am asking. If not I will send pictures. I have a Ninja Lic and a Ninja acct using CQG.
Thanks
Happy Rick

Just a suggestion but check your session setting for the instrument.
I noticed a similar thing and changed the session settings and solved the issue for me.

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
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  #635 (permalink)
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Account minimum requirement for non US domiciled person

As per title, may I ask what will be the minimum deposit for an account open by non US domiciled person? Will it be different across different FCM(Dorman Trading/Phillip Capital)?

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  #636 (permalink)
 Vendor: ninjatraderbrokerage.com 
Chicago IL
 
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bakahk3n View Post
As per title, may I ask what will be the minimum deposit for an account open by non US domiciled person? Will it be different across different FCM(Dorman Trading/Phillip Capital)?

The minimum to open an account for all customers (US or non-US) is $1000. There is no difference based on FCM (Dorman or Phillip Capital). If you have additional questions or would like direct assistance with the application process, please let us know at brokeragesupport@ninjatrader.com.

Risk Disclosure: Futures and forex trading involves significant risk of loss and is not appropriate for everyone.
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  #637 (permalink)
Elite Member
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Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: NinjaTrader Brokerage, Continuum
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Wrong commissions rate

Quite disappointed with NinjaTrader Brokerage not being able to charge me the appropriate commissions for my license (I was still being charged based the Direct edition although I had already verified my lifetime license). Contacted their support and still waiting for the issue to be rectified

They really need better communication with their clearing firms.


Last edited by KelvinKing; March 11th, 2016 at 09:27 PM.
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  #638 (permalink)
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NTB / CQG, Couple of questions.

Does NTB / CQG have only futures markets available? Or do they also have stocks and ETF's?

And I have been told they have 6 yrs + of historical data.
Can anyone verify if that is true for tick and minute data?

Thanks

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  #639 (permalink)
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KennyK View Post
Does NTB / CQG have only futures markets available? Or do they also have stocks and ETF's?

And I have been told they have 6 yrs + of historical data.
Can anyone verify if that is true for tick and minute data?

Thanks

NinjaTrader supports CQG/Continuum for futures only. We have a few years of historical data available.

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  #640 (permalink)
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How much tick data?



NinjaTrader View Post
NinjaTrader supports CQG/Continuum for futures only. We have a few years of historical data available.

How much tick data, and how much minute data can one get on a freshly opened live chart?
Are you saying a couple of years, or is that only for daily data?

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