NinjaTrader Review 2024: Is it the best broker?

NinjaTrader was termed the best Brokerage Firm for Futures Trading at the 2023 Global Fintech Awards. This is the fourth consecutive time NinjaTrader received this award.

But then, you shouldn’t take my word for it. Instead, I would recommend you to sit through this entire NinjaTrader review, where I explore this fund broker across a wide range of parameters — fees, features, security implementations, and more.

Pros and Cons

If NinjaTrader already sounds like a reliable trading platform, here is the list of pros and cons to help you add more validation to that thought:

Pros

1. Advanced charting and trading tools
2. Access to automated trading and backtesting strategies
3. The ability to create custom indicators
4. Access to market depth
5. Competitive rates
6. Access to educational resources
7. Trade simulation

One of the advanced trading features has to be the order flow analysis — allowing traders to view the buying and selling pressure before confirming the trading moves.

Cons

1. It can be complex for beginners
2. Limited asset coverage

Background and History

For any trading platform to be deemed credible, it needs to be around for a while. NinjaTrader does exactly that as it came onto the scene back in 2003 and is still going strong. Over two decades, the platform was focused on day traders who would want to use leverage and take their profitability to a whole new level.

When it comes to the regulatory posture, NinjaTrader adheres to the Commodity Futures Trading Commission or CFTC. Plus, it is also NFA regulated — with the NFA or the National Futures Association being the standard for the U.S-based derivatives industry.

Also, the platform is known for NinjaTrader 8 — an enhanced and feature-packed platform offering greater customization and enhanced performance. Furthermore, NinjaTrader has also expanded its reach with strategic partnerships.

Some of the most notable ones include the acquisition of Mirus Futures in 2014, partnership with Kinetick, and collaboration with the foreign exchange trading platform FXCM.

Another credibility-enhancing validation has to be the high TrustPilot score, with the company receiving over 70% of 5-star reviews.

Opening an Account on NinjaTrader

If, by now, the credibility-centric doubts have cleared, you might just want to get up close and personal with the account opening process.

To get started, you simply need to hit “Open an account” and sign up using your Google or Apple credentials. Once you review the details, the signup flow takes you to account selection. At present, the “Live trading” account is the only option that you can select to get started.

Post this, you can choose the type of live trading account you want to stick with — individual, joint, IRA, or Business. After that, all you need to do is fill in the personal info, financial information, and other details, review the same, and get to trading.

Overall, the process might feel a tad long, but continues to remain seamless. Regarding the documentation, the supported ones include the following:

1. Passport or any national ID card
2. Bank statement or utility bill as proof of residence
3. W-9 or W-8BEN tax forms
4. Corporate formation documents for business

And more.

In case you are a U.S. resident, you only need to provide the W-9 form for the sake of validation tax transparency. Individuals residing outside of the United States need to provide their W-8BEN credentials.

Apps and Interfaces

Now that you wish to create an account and access all of NinjaTrader’s features, I come bearing some excellent news. Notably, this Futures trading ecosystem offers access to three types of apps — Android, iOS, and desktop followed by the standard web interface.

Let us take a closer look at the interfaces and the associated traits:

NinjaTrader Desktop App

• Multi-monitor support
• Customizable interface
• Advanced charting tools
• Direct market access
• Access to complex order types

NinjaTrader Android App

• Portable trading experience
• Basic charting tools
• Access to customizable alerts
• Adaptable user interface

NinjaTrader iOS App

• Access to all the basic trading options
• Access to real-time alerts
• Advanced security features
• Availability of account monitoring services
• Ease of order placement

Besides these apps, the NinjaTrader web interface also exists. While it minimizes the need for downloads, the web interface also boasts cloud-based integrations.

Features and Offerings

By now, you must have realized how seamless the NinjaTrader signup process is and how easy it is to work with the featured interfaces. Let us now delve deeper into the features:

A Wide Range of Futures Instruments

Well, Futures trading is the USP of NinjaTrader. For the unversed, it gives you access to Index Futures, Energy Futures, and even Cryptocurrency Futures.

Regarding the index Futures, NinjaTrader offers selections from the E-Mini S&P 500, Dow Jones, NASDAQ 100, and more. In the Energy space, Oil and Gasoline Futures are common, whereas in the crypto space, you get access to Micro Bitcoin Futures.

NinjaTrader has one of the lowest entry barriers when it comes to Futures trading. While there are standard contracts in place, you can also trade E-Mini Futures and even Micro E-Mini Futures — boasting lower margin and capital requirements.

It is worth noting that the margin requirements vary depending on the trading instruments in play. The same can vary between $50 and $1000, depending on the Futures instruments you choose.

List of instruments and the margin slots for each:

Advanced Tools

While NinjaTrader specializes in Futures trading, the collection of advanced charts and market tools also make up the bulk of its offerings. The platform offers access to over 100 indicators for technical analysis, followed by proprietary tools like the Ninjna SuperDOM for checking market depth and more.

Here are all the features you can get your hands on:

Additionally, NinjaTrader has advanced charting traits built-in, allowing you to personalize charts using third-party apps and even test new trading strategies.

Access to Simulated Trading

If you prefer working with demo accounts, NinjaTrader has you covered. This trading platform offers unlimited simulated trading, allowing you to sharpen your trading skills without having to use real funds.

With the simulation tool, you can easily access a backtesting engine, create and work with your own data feed, and play/pause/rewind markets.

While these are some of the standout features, NinjaTrader also comes equipped with a host of educational resources as part of its Learn segment.

Fee Structure

The selection of a trading platform has a lot to do with its fee structure. For NinjaTrader, the fee structure is pretty competitive, as the trading commissions depend on the subscription tier you are on.

For instance, if you are not a frequent trader, you need not pay for any monthly plan. That way, you can simply pay $1.29 for every standard Futures contract per side and $0.35 for every Micro contract.

In case you wish to lower the trading commissions, there is a $99 monthly plan to work with. Or, you can pay a lifetime fee of $1,499 to lower the Micro Futures trading fee to $0.09.

To make the most of NinjaTrader, you must also ascertain the deposit and withdrawal rates. While every kind of deposit is free, check withdrawals are priced at $7 per instance and $30 for wire transfers. NinjaTrader also charges a 1% FX conversion rate.

Here are all other associated overheads that you should be concerned about.

Built-In Security Measures and the State of Customer Support

In addition to the widest possible range of Futures contracts and trading tools, Ninjatrder also explains when the security standards are concerned. Some of the most advanced implementations include the following:

1. Client account segregation
2. Regulatory compliance and adherence to bodies like the NFA and CFTC
3. Advanced data encryption standards
4. Secure payment processing standards
5. Periodic audits
6. Enhanced login security courtesy of 2FA
7. Top-notch data protection standards

And more.

Funds on NinjaTrader are FDIC-insured — a move that offers insurance-like coverage to the traders.

When it comes to customer support, NinjaTrader doesn’t disappoint. At present, there are five pillars to the customer support setup, which include:

1. A 24 x 5 direct support line allowing you to raise tickets.
2. A loaded Help Center with FAQs, trading insights, and more
3. Community-based support system
4. Video-based interactive learning tools
5. Live chat functionality

There is also a 24 x 5 Trade desk with which you can connect using telephonic support.

And that sums up our section-wise review of the NinjaTrader.

Is NinjaTrader the Right Trading Platform for You?

Suppose you are an advanced Futures trader who wants to explore leverage, margin, and a wide range of complex, profitable trading strategies in the simplest possible way.

In that case, NinjaTrader is the right fund broker for you. With its competitive pricing and advanced charting and trading tools, NinjaTrader is one of the most innovative trading ecosystems around, provided you want to move beyond legacy assets like Stocks, Commodities, ETFs, and more.