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Just wondering if there is a way to know if a broker like Ninja Trader is on firm footing as a company. I have been trying to move some funds around in hopes of more actively trading on NJ (I mostly use another broker) and I notice they are taking MANY DAYS to process deposits and withdrawals even though my bank confirms within hours. It does cause you to wonder if everything is ok.
Can you help answer these questions from other members on NexusFi?
I think that is normal procedures.
I've had an account with NT for many years, no issues I'm aware of.
I've had accounts with many different brokers/firms, most of them have delays.
Perhaps it is just to process funds and make sure everything is cleared.
There is a forum thread where you can post this question directly to @NinjaTrader and I'm sure you will receive an answer.
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There's no information that I know of that suggests they have any financial issues, and their platform has long been one of the most-used on the forum, and their brokerage is widely used as well. I think someone would know already if there were a problem, and there is nothing I have seen.
I think that if you have an issue with transferring funds to/from them, you have every reason to ask them about your transactions, and to expect a reasonable response. I don't think some processing delays are a reason to be worried about the company. Every company handles money matters differently, and sometimes has delays too.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
I appreciate that Bob. I obviously have confidence in Ninja or I wouldn't entrust them with the funds I am sending. I do see Trust Pilot has a large number of negative reviews that are recent. Asking that question in this great forum has already given me the confidence I was seeking, as I got some good feedback.
I am skittish and I think everyone has a right be skeptical considering recent failures at banks and crypto firms. Had I not encountered unprofessionalism in their handling of certain transactions, I would not have asked. I do not think a person should have to open a support ticket for every little thing that should proceed as a matter of course and in a timely manner. I did communicate with them and they resolved it. But, I still ask questions.
Thank you for the post and for being a part of NinjaTrader.
We treat the security of our client's funds with the utmost importance. For more information on how NinjaTrader maintains clients funds, please see here - Safety Of Customer Funds
Regarding your inquiry on deposits and withdrawals, as you may already know, there is a required settlement period. This is the length of time between the initiation of a transaction and its final completion, during which funds are transferred and assets are legally delivered.
NinjaTrader follows industry standard settlement periods, which typically range from one to three business days. The length depends on several factors, such as the type of the bank account, the operating hours of the receiving bank, and the time the deposit or withdrawal request was made.
We hope this helps. Should you have any further questions, please feel free to reach out to our Support team directly.
Thanks again.
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.
Thanks for your reply. Yes, of course I am well aware of the settlement period. I routinely make deposits and withdrawals (several dozen per year for about a decade) at other brokers.
Not my first rodeo... (I can hear my kid's groaning as I write that sentence which they have heard a time or two)
