Company

Spread

for EURUSD

Min.

Deposit

Platforms

Offered

Account

Types

Spread

Type

Funding

Methods

Customer

Support

Execution

Details

Interactive Brokers

Offers three ways to trade: Forex, CFDs, Options

 
Interactive Brokers
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$3000Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
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  • Micro
  • Standard
  • VIP
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  • Fixed
  • Variable

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  • Market Maker
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Trust Score:

AAA

Established in:

1977

Regulated by:

Financial Conduct Authority

FXCM

Offers two ways to trade: Forex,CFDs

FXCM
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$50Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

See Spreads
  • Bank transfer
  • Credit cards
  • PayPal
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  • Live chat
  • Phone support
  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
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Trust Score:

AA

Established in:

1999

Regulated by:

Financial Conduct Authority

See DetailsTry a Demo
Your capital is at risk

MB Trading

Offers two ways to trade: Sockts, Futures and Options

MB Trading
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$400Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

See Spreads
  • Bank transfer
  • Credit cards
  • PayPal
See Methods
  • Live chat
  • Phone support
  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
Learn More
Trust Score:

D

Established in:

1999

Regulated by:

NFA 0339826

See DetailsTry a Demo
Your capital is at risk

Forex.com

Offers two ways to trade: Forex, CFDs

Forex.com
Your capital is at risk/span>
$250Min. Deposit Learn More
  • MT4
  • WebTrader
  • Mobile apps
See Platforms
  • Micro
  • Standard
  • VIP
See All Accounts
  • Fixed
  • Variable

See Spreads
  • Bank transfer
  • Credit cards
  • PayPal
See Methods
  • Live chat
  • Phone support
  • Email support
Contact Details
  • Market Maker
  • DMA
  • ECN
Learn More
See Details
Your capital is at risk
CFDs are leveraged products and can result in the loss of your capital. Rankings are influenced by affiliate commissions. All information collected on 1/11/2017.

The Ultimate Guide to

Choosing a Broker
For Ninja Trader

Not sure which broker is right for you?

Don’t worry - we’ve got you covered. In this guide, you’ll learn:

Ready?

Part 1

Why Choose Interactive Brokers
For Ninja Trader?

Interactive Brokers scored best in our review of the top brokers for ninja trader, which takes into account 120+ factors across eight categories. Here are some areas where Interactive Brokers scored highly in:

  • 40+ years in business
  • Offers + instruments
  • A range of platform inc. Web Trader, NinjaTrader, Tablet & Mobile apps
  • 24/7 customer service
  • Tight spreads from N/A pips
  • Used by + traders
  • Allows hedging
  • 2 languages
  • Leverage up to 1:40

Interactive Brokers offers three ways to trade: Forex, CFDs, Options. If you wanted to trade EURUSD through copy trading or other means, skip to part two.

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

Interactive Brokers have a AAA trust score, which is v. good. This is largely down to them being regulated by Financial Conduct Authority, segregating client funds, being established for over 40 years, and much more. For comparison:

Trust Score comparsion

Interactive Brokers FXCM MB Trading
Trust Score AAA AA D
Year Established 1977 1999 1999
Regulated by Financial Conduct Authority Financial Conduct Authority NFA 0339826
Uses tier 1 banks
Company Type Public Public Private
Segregates client funds

The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.

Part 2

Who Interactive Brokers is (& Isn’t)
Suitable For

As mentioned, Interactive Brokers allows you to trade in three ways: Forex, CFDs, Options.

Suitable for:

  • CFD Trading
  • Forex Trading

Not Suitable for:

To trade with Interactive Brokers, you'll need a minimum deposit of $3000. Interactive Brokers offers a range of different account types for different traders including a mini account, vip account.

Interactive Brokers is also suitable for traders looking to trade with an ECN broker. ECN trading allows the trader to get access to the actual pricing of instruments as set by the banks and liquidity providers, rather than relying on the broker to set the price. To open an ECN account with Interactive Brokers you will need a minimum deposit of $10000.

Finally, Interactive Brokers isn't available in the following countries: . They do not offer islamic accounts either.

Part 3

A Comparison of Interactive Brokers vs. FXCM vs. MB Trading


Want to see how Interactive Brokers stacks up against FXCM and MB Trading? We've compared their spreads, features, and key information below.



Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
Interactive Brokers FXCM MB Trading
Fixed Spreads
Variable Spreads
EUR/USD Spread N/A 1.4 N/A
GBP/USD Spread N/A 2.0 N/A
USD/CAD Spread N/A2.2N/A
USD/JPY Spread N/A1.6N/A
DAX Spread 1.5 1
FTSE 100 Spread 1 1
S&P500 Spread 0.9 0.5

Comparison of account & trading features

Interactive Brokers FXCM MB Trading
Spread type Fixed AA D
EUR/USD Spread 1977 1999 1999
EUR/GBP Spread Financial Conduct Authority Financial Conduct Authority NFA 0339826
Crude Oil Spread
Gold Spread Public Public Private
DAX Spread

Part 4

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.

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:
NinajTrader Brokerage services
Forex.com (GAIN Capital)
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 which offers basic functionality, but the advanced versions of the NinjaTrader platform comes 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, 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 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 setup 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: Top Mac Trading Platforms.

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.
Live Trading Activation
You can proceed to Platform Activation for Live Trading. However, if you registered for free simulation version only, 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 “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.
ninjatrader-fx-pro-entry-window

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

ninjatrader-quick-order
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

ninjatrader-customer-order

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.
ninjatrader-quick-order-instrument

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.

ninjatrader-quick-entry
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.
5. Set the ATM Strategy option.
6. 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 which need to be explored apart from the order functions.


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