While MT4 dominates the Forex market with its versatile infrastructure and widespread availability, NinjaTrader quietly emerged as the most-used independent trading platform for active traders. I have reviewed dozens of NinjaTrader brokers to compile my listing of the most competitive choices while offering an introduction to NinjaTrader and its role as a Forex trading platform. My listing focused on using NinjaTrader as a third-party platform rather than with the in-house brokerage services.
- Forex.com, Excellent trading conditions + NFA regulation.
- Interactive Brokers, suits demanding traders and algorithmic strategies.
- TD Ameritrade, user friendly platform for investors and traders.
- City Index, Competitive spreads with access to thousands of markets.
Forex.com
In Summary Excellent trading conditions + NFA regulationTraders opting for the NinjaTrader trading platform at Forex.com should consider the Raw Spread account. It offers raw spreads from 0.0 pips for a commission of $5.00 per $100,000 traded, which, depending on the asset, equals approximately 1.0 standard round lot.
Traders can lower trading fees via the Active Trader program. Forex.com executes 99.53% of trades in less than 1.0 seconds with an average execution speed of 0.04 seconds. It also has price-improvement technology, with an average Forex improvement of 0.81 pips or $8.10 per 1.0 lot. It makes Forex.com one of the most competitive NinjaTrader brokers.
Pros & Cons
- Lower minimum deposit
- Islamic account available
- Good reputation
- Choice of account types
- Withdrawal fee
Interactive Brokers
In Summary suits demanding traders and algorithmic strategiesInteractive Brokers is an industry-leading broker catering to 2.56M+ accounts with $2.35M+ daily average revenue trades. Traders get 150 markets from 34 countries, offering an unmatched asset selection among online brokers, placing it in the top two globally. I rate Interactive Brokers among the highest-quality NinjaTrader brokers due to its low Forex fees, which are as low as 0.08 pips or $0.80 per 1.0 lot for a commission of $2.00 for high-volume traders.
The proprietary IB Trader’s Workstation (TWS) supports connectivity to NinjaTrader via API, which traders can conveniently manage through the lightweight Interactive Brokers interface, IB Gateway.
Pros & Cons
- Many Different Features
- Many Educational Services
- Overwhelming Amount of Information
- No Mention of Bonuses or Promotions
TD Ameritrade
In Summary user friendly platform for investors and tradersWith price-improvement technology offering improved prices on 98.2% of orders, averaging cost savings of $1.21 per 100 shares, and an average order execution speed of 0.03 seconds, I rate Ameritrade among the best NinjaTrader brokers for Forex and equity traders. Ameritrade, via Charles Schwab, also ensures deep liquidity pools, with an average liquidity multiple of 3.7.
Ameritrade maintains commission-free equity and ETF trading on listed securities, while OTC products incur a commission of $6.95. Forex trading remains commission-free, but the minimum trade size is 0.10 lots. Option contract fees are $0.65, and futures fees are $2.25.
Pros & Cons
- Good educational content
- Great research
- Low fees
- Free stock / ETF trading
- No cryptocurrencies
City Index
In Summary Competitive spreads with access to thousands of marketsCity Index delivers a cutting-edge trading infrastructure with 99.83% order execution in less than 1.0 seconds and an average execution speed of 0.02 seconds. This makes City Index an ideal choice for algorithmic traders, where NinjaTrader excels. City Index executes 100% of all orders at the specified price or better, with 52.36% of orders experiencing price improvement.
I rate City Index among the most competent NinjaTrader brokers for Forex traders, preferring competitively priced, commission-free trading. Spreads start from 0.7 pips or $7.00 per 1.0 standard round lot, and City Index maintains a well-balanced asset selection of 13,500+ assets.
Pros & Cons
- Broad-based asset selection with a distinct focus on equity CFDs
- Competitive proprietary trading platform with excellent research tools
- Excellent educational resources and quality research
- No cryptocurrencies
- An above-average cost structure for retail traders
What Is Ninjatrader & What Is Its Role in Forex?
NinjaTrader is a third-party trading platform that added an in-house brokerage service for futures traders in the US. NinjaTrader brokers offer the NinjaTrader trading platform, which is similar to MT4, MT5, or cTrader. They allow traders to use APIs to connect the NinjaTrader trading platform with their price feeds and order execution mechanisms.
Forex traders can use NinjaTrader to manage their Forex portfolios with an advanced trading platform, including algorithmic trading solutions. Most NinjaTrader brokers offer DMA trading with NDD order execution and competitive trading fees with volume-based discounts.
How to Use the NinjaTrader Platform
Traders should consider NinjaTrader's learning curve before opening an account with NinjaTrader brokers.
Here are tips on using the NinjaTrader platform:
- Start with the educational videos and how-to guides, as NinjaTrader has a steep learning curve.
- Know what you are looking for and study how to use the modules, as NinjaTrader has many functions and thousands of add-ons.
- Find NinjaTrader brokers that offer the data you need, as the platform has none and requires data feeds.
- Test NinjaTrader in a demo account to learn its functionality.
How to Choose a Ninjatrader Forex Broker
Traders must ensure that they select NinjaTrader brokers that can offer a competitive edge.
Below are the aspects I am looking for when choosing NinjaTrader brokers:
- Low trading fees
- Volume-based rebate programs
- Deep liquidity
- Transparency
- Balanced asset selection
- Business-friendly regulation
- Clean track record spanning 10+ years
What Are Ninjatrader’s Main Features, Capabilities, and Tools?
Understanding the core features of NinjaTrader will make choosing NinjaTrader brokers easier.
Here are some features that standout at NinjaTrader:
- Advanced charts, including on-chart trading
- 100+ technical, customizable indicators
- Market Analyzer for customizable market scans
- Detailed historical backtesting using tick-level data.
- Algorithmic trading
What to Avoid When Choosing a Forex Broker with Ninjatrader
Not all NinjaTrader brokers provide traders with a competitive and safe trading environment. While NinjaTrader attempts to work with reputable brokers, this may only sometimes be the case.
Traders should avoid the following when choosing NinjaTrader brokers:
- Unregulated brokers, regardless of how well they present themselves.
- Opaque brokers that fail to transparently list their trading fees, regulatory status, and order execution.
- Expensive brokers place traders at a distinct competitive and earnings disadvantage.
- No physical office, which is a requirement by reputable regulators.
Trading with the NinjaTrader Platform - Pros & Cons
When evaluating NinjaTrader brokers, traders should consider the pros and cons of the NinjaTrader platform.
The Pros of the NinjaTrader Platform
- Algorithmic trading.
- Advanced charting package.
- NinjaTrader Market Replay function for backtesting strategies with Level I and Level II historical data.
- Third-party integration, add-ons, and customization features.
- Chart trading.
- In-depth educational content.
The Cons of the NinjaTrader Platform
- Significant costs if used as a third-party option.
- A steep learning curve.
- Limited broker availability and a small community of developers and traders.
- More demanding technical requirements.
- Not well-suited for beginners.
