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Worst Brokerage

  #1 (permalink)
 CarneyRules 
Hayward, CA USA
 
Experience: Beginner
Platform: ninjatrader
Trading: ZB
Posts: 13 since Jan 2017
Thanks Given: 2
Thanks Received: 8

Honestly, I dropped over a thousand for a Ninjatrader license. It really wasn't a good decision.

First, the commission rates even at lifetime are actually higher than other brokerages.

Second, their customer service is awful. Every time I've had basic questions about my account, etc. they've been a real pain to deal with...I don't think they've gotten the memo that this space is increasingly competitive and TONS of brokerages are offering cheaper prices, cheaper data, etc.

Example: at one point, I had an experimental account that fell below $500. I forgot about it because it isn't my primary trading account. Well, they just shut off the data without warning one day while charging me data fees for the whole month.

Another example: they don't accept ACH. When I called them, they said I either had to pay the $25 wire fee OR do a check. When I asked if that meant I had to mail them, they said 'that's how checks work.' HELLO? There is something called ACH. Welcome to the 21st century. I wouldn't mind paying $25 for a wire transfer IF their commissions were lower. But they're not.

Seriously, don't use Ninjatrader brokerage. The best way to do it is to just use your plugins, put some tools in there, etc. and use another company to actually trade.

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  #2 (permalink)
 tpredictor 
North Carolina
 
Experience: Beginner
Platform: NinjaTrader, Tradestation
Trading: es
Posts: 644 since Nov 2011

Just an aside, most futures brokers don't accept ACH. It is because the "know your customer" regulations. I don't think I've ever had a futures brokerage that accept ACH for deposits.

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  #3 (permalink)
 CarneyRules 
Hayward, CA USA
 
Experience: Beginner
Platform: ninjatrader
Trading: ZB
Posts: 13 since Jan 2017
Thanks Given: 2
Thanks Received: 8


That's interesting...maybe the other's (TradeStation, IB) that I have accept ACH because of they do equities as well?

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  #4 (permalink)
 
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CarneyRules View Post
Honestly, I dropped over a thousand for a Ninjatrader license. It really wasn't a good decision.

First, the commission rates even at lifetime are actually higher than other brokerages.

Second, their customer service is awful. Every time I've had basic questions about my account, etc. they've been a real pain to deal with...I don't think they've gotten the memo that this space is increasingly competitive and TONS of brokerages are offering cheaper prices, cheaper data, etc.

Example: at one point, I had an experimental account that fell below $500. I forgot about it because it isn't my primary trading account. Well, they just shut off the data without warning one day while charging me data fees for the whole month.

Another example: they don't accept ACH. When I called them, they said I either had to pay the $25 wire fee OR do a check. When I asked if that meant I had to mail them, they said 'that's how checks work.' HELLO? There is something called ACH. Welcome to the 21st century. I wouldn't mind paying $25 for a wire transfer IF their commissions were lower. But they're not.

Seriously, don't use Ninjatrader brokerage. The best way to do it is to just use your plugins, put some tools in there, etc. and use another company to actually trade.

I am sorry you have had a bad experience. Your experience is not the standard that we have set at NinjaTrader. I did just reply to your private message.

With respect to brokerages offering lower rates, I would caution you to ensure that you take all costs into consideration meaning...there are firms who break out commissions from clearing costs. Some FCM's charge $0.50 clearing per contract which is not always fully disclosed. NinjaTrader Brokerage does not charge this.

Disclosure: This communication is sent to you by NinjaTrader, LLC, a software development company which owns and supports all proprietary technology relating to and including the NinjaTrader trading platform.
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  #5 (permalink)
 tpredictor 
North Carolina
 
Experience: Beginner
Platform: NinjaTrader, Tradestation
Trading: es
Posts: 644 since Nov 2011

Tradestation doesn't accept ACH deposit for futures account.


CarneyRules View Post
That's interesting...maybe the other's (TradeStation, IB) that I have accept ACH because of they do equities as well?


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  #6 (permalink)
 
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 sptrader 
Colorado
 
Experience: Advanced
Platform: MultiCharts
Broker: IB & Iqfeed
Trading: ES , CL
Posts: 535 since Apr 2010
Thanks Given: 1,097
Thanks Received: 701

I believe Interactive Brokers accepts ACH as well.

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  #7 (permalink)
 choke35 
Germany
 
Experience: Intermediate
Platform: Other
Trading: ES, YM, 6E
Posts: 2,668 since Feb 2013
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Thanks Received: 6,558


tpredictor View Post
Just an aside, most futures brokers don't accept ACH. It is because the "know your customer" regulations. I don't think I've ever had a futures brokerage that accept ACH for deposits.

The reason has nothing to do with KYC or the like, but with NACHA membership.
Without (direct) membership and compliance, institutions don't have ACH access.

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  #8 (permalink)
 CarneyRules 
Hayward, CA USA
 
Experience: Beginner
Platform: ninjatrader
Trading: ZB
Posts: 13 since Jan 2017
Thanks Given: 2
Thanks Received: 8

With respect to ACH, I do have a tradestation futures account and can fund it with ACH. It is also an equities account so perhaps that is why.

The fact that I have to pay $25 a wire fee is not the primary issue. As of this morning, they still had not turned on my data feed. I had to call them at 5 AM my time to get them to do it. You'd think, since I added funds at 5 AM yesterday over wire and expressed frustration at the lack of market data, someone would have followed up. That's Ninjatrader though for you--that is has been my recent experience with their customer service.

A bigger issue is I spent over $1K on this license but I have to subscribe to Tradovate's market replay. Ninjatrader's Level 2 market replay data is almost always corrupt, which makes using it as a tool learning almost impossible. Apparently, they've known about this data corruption issue for almost a year but it hasn't been fixed.

If you spent over $1K on Adobe and a significant piece of its ability to edit images didn't work, would you be happy?

For some reason, in this business people don't hold vendors accountable for providing a product. In my experience, this is largely because of hopium and all the other emotional aspects of trading. They aren't buying a product, they are buying a hope.

This is year 3 for me. I am finally profitable on my other accounts. One thing that has shifted for me in my trading journey has been setting aside my hope that it works and starting to view it as a business. If I was starting a business and a vendor charged me $1K and didn't deliver what they said they were going to, I would hold them accountable.

When you throw the absence of a working market replay in with the higher commission rates, the only advantage I can see is the ninjatrader ecosystem.

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  #9 (permalink)
 
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 xplorer 
London UK
Site Moderator
 
Experience: Beginner
Platform: CQG
Broker: S5
Trading: Futures
Posts: 5,944 since Sep 2015
Thanks Given: 15,447
Thanks Received: 15,291


CarneyRules View Post
A bigger issue is I spent over $1K on this license but I have to subscribe to Tradovate's market replay. Ninjatrader's Level 2 market replay data is almost always corrupt, which makes using it as a tool learning almost impossible. Apparently, they've known about this data corruption issue for almost a year but it hasn't been fixed.

Which verson of NinjaTrader do you use?

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  #10 (permalink)
 Sarre9 
San Diego, California
 
Experience: Beginner
Platform: Motivewave
Trading: ES, CL
Posts: 1 since Dec 2015
Thanks Given: 10
Thanks Received: 0


Ditch Ninja and get MotiveWave. Then check out Stage5 or Cannon Trading. Canon rocks, but your mileage may vary.


Sent from my iPad using futures.io

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