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Best Ninja Trader Forex Brokers

May 09, 2022
Last modified May 23, 2022

The NinjaTrader Trading Platform

NinjaTrader is a retail trading platform which is owned by NinjaTrader LLC, an American-based company. NinjaTrader LLC is a member of the National Futures Association (NFA #0339976), providing brokerage services to traders of futures and forex products. The NinjaTrader platform is presently in its 8th version.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers for NinjaTrader

The NinjaTrader platform can be used to trade CFDs, stocks, forex as well as futures contracts. The NinjaTrader platform is used by several popular brokers. These are:

  • FOREX.com - 8.7/10 Overall
  • FXCM - 8.3/10 Overall
  • Interactive Brokers - 9.2/10 Overall
  • TD Ameritrade - 8.9/10 Overall
Overall Rating
9.2 / 10
Minimum Initial Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.6 (From 09/25/21 - 10/02/21)
All-in Cost EUR/USD - Active0.6 (From 09/25/21 - 10/02/21)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)No
Regulationexpand_moreexpand_less
Year Founded1977
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses8
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)7400
Forex Pairs (Total)91
BitcoinNo
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)127
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8.9 / 10
Minimum Initial Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.26 pips (August 2021)
All-in Cost EUR/USD - Active1.26 pips (August 2021)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)No
Regulationexpand_moreexpand_less
Year Founded1955
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses4
Tier-2 Licenses0
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)0
Forex Pairs (Total)73
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)360
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8.7 / 10
Minimum Initial Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.1 (US August 2021)
All-in Cost EUR/USD - Active1.1 (US August 2021)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1999
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses4
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)5500
Forex Pairs (Total)91
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)139
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8.3 / 10
Minimum Initial Deposit
Starts from $50
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.4 (Q2 2020)
All-in Cost EUR/USD - Active1.1 (Q2 2020)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1999
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses3
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)276
Forex Pairs (Total)42
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)57
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


  • NinajTrader Brokerage services
  • Forex.com (StoneX Financial Ltd)
  • FXCM
  • Interactive Brokers
  • TD Ameritrade
  • MB Trading (offers NinjaTrader 7 only).

Unlike other trading platforms of its kind, the NinjaTrader is not entirely free. There is a free version that offers basic functionality, but the advanced versions of the NinjaTrader platform come with a price.

Obtaining the NinjaTrader Platform

The NinjaTrader platform can be obtained in the following ways:

  • Through an outright purchase of a lifetime license for $999 or 4 monthly payments of $299.
  • Through a lease arrangement. It costs $600 per annum, $330 every 6 months or $180 per quarter.
  • Free, by opening an account with the NinjaTrader brokerage.

There are ways of securing the lifetime license as well as the lease for reduced prices. For instance, by opening and funding a NinjaTrader brokerage account with the sum of $1000, it is possible to get the lifetime license for $799 (a savings of $200). For those who use the same deposit funding option, they get to pay $180 less, which in effect is three months of free usage on the quarterly lease.

NinjaTrader Available Formats

There are several versions of the NinjaTrader retail forex platform. These are as follows:

  • NinjaTrader webtrader
  • NinjaTrader desktop

The desktop version of its platform can be downloaded and set up to work on a Windows PC or laptop. The NinjaTrader downloadable platform is presently in its 8th version. Traders can check out Mac friendly platforms here.

NinjaTrader Installation Guide

Here is how to download and install the NinjaTrader platform. In order to do this, you need to have the following minimum computer requirements:

  • Windows Software: Windows 7, Windows 8, or Windows 10
  • Minimum screen resolution of 1024 x 768
  • Minimum P4 Processor or higher
  • 2GB RAM
  • Microsoft .NET Framework 3.5 (pre-installed on most PC’s). If not available the setup file will automatically prompt you to download it, after which the download of NinjaTrader can be continued.

Download and install the NinjaTrader setup file. You have to grant NinjaTrader permission to access the internet so as to bypass the firewall settings on your computer.

You can proceed to Platform Activation for Live Trading. However, if you registered for the free simulation version, you do not need to do this. Obtain your license key to activate live trading from your email to complete your purchase.

Start NinjaTrader, select the menu Help > License Key within the Control Center and enter your license key into the space provided. Once the installation of the NinjaTrader platform files is complete, read the Connection Guide to setup the connection to your broker or market data feed service provider.

Trading With The NinjaTrader Platform

In this section, some of the basic functions of the NinjaTrader platform will be explored. The basic functions, especially those used for the core aspects of trading will be looked at, as well as some new features of the NinjaTrader8 platform.

Order Entry

There are several windows for Order Entry which can be opened by left-clicking your computer mouse button on the “New” menu tab, located within the NinjaTrader Control Center. Once this is clicked, the name of the Order Entry window can be clicked.

The basic entry order windows are:

  • Basic Entry
  • Chart Trader
  • FX Pro
  • FX Board
  • Order Ticket
  • SuperDOM

The interfaces for the Basic Entry, Chart Trader, Order Ticket, and SuperDOM can be used to trade any of the asset classes listed on NinjaTrader. However, the configuration of the order entry windows aims to assign each one to specific asset classes. For instance, the order entry windows which are built specifically to trade forex assets are FX Pro and FX Board windows. Let us now focus on the order entry windows built for forex and CFDs; the FX Pro and FX Board windows.

FX Pro Overview

To open the FX Pro window, click on the “New” menu within the NinjaTrader Control Center, then select the “FX Pro” menu item.

The image below shows each of the 5 sections in the FX Pro window:

  1. Order Grid
  2. Optional Level II panel
  3. Position and Level 1 (current inside market) display
  4. Action Buttons
  5. Order entry and ATM Strategy management

The FX Pro order entry window is comprised of several components: the Order Grid, the Level II panel (optional), position and level 1 display, as well as order entry and ATM Strategy management.

Quick Orders

It is also possible to execute trade orders using Quick Buttons. The Quick Order buttons are displayed in the snapshot below:

  • The “Buy Bid” button submits a Buy Limit order at the best bid price.
  • The “Sell” button submits a Sell order based on the current Order conditions.
  • The “Buy” button submits a Buy order based on the current Order conditions.
  • The “Sell Ask” button submits a Sell Limit order at the best Ask price.

Custom Orders

It is also possible to place customized orders by using the order parameters provided below:

  • Choose the order Type
  • Set the Limit price (if applicable)
  • Set the Stop price (if applicable)
  • Left mouse click either the BUY or SELL button

FX Board Overview

The FX Board provides a real-time dealing rates interface. This interface is used to execute custom orders for currencies and CFD assets. The FX Board has two sections:

  1. There is the Market Data Display section.
  2. Order Grid Display.

To open the FX Board window, click the “New” menu within the NinjaTrader Control Center, then select the “FX Board” menu item.

Quick Orders

It is possible to execute orders directly from the instrument tile.

  • Set the order Quantity field
  • Set the ATM Strategy option
  • Press the Sell button to execute a Sell Market order
  • Press the Buy button to execute a Buy Market order
  • Hold down the Ctrl key to switch the quick entry button to submit an order at the bid or ask.

You can place a custom order by setting order parameters as shown below.

  1. Set the order Quantity field.
  2. Choose the order Type.
  3. Set the Limit price or the Stop price, depending on which is applicable.
  4. Set the ATM Strategy option.
  5. Click on the Sell button to submit a SELL order OR the Buy button to submit a BUY order (6 and 7 in the snapshot below).

Conclusion

The NinjaTrader is a more complicated retail trading platform than the MT4. Therefore, this platform requires a lot of study and practice for the trader to get familiar with it. There are many more functions that need to be explored apart from the order functions.

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Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more.

About the Author

Marcus Taylor

BrokerNotes was founded in 2014 by Marcus Taylor, founder and CEO of Venture Harbor, a venture studio in Oxford that develops innovative online tools & technology across a range of sectors.


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