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Best Ninja Trader Forex Brokers

BrokerNotes.co

Written by BrokerNotes.co

April 24, 2023

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
    - 9.3/10 Overall
  • FXCM
    - 8.5/10 Overall
  • Interactive Brokers - 9.7/10 Overall
  • TD Ameritrade - 9.5/10 Overall

Overall Rating

9.3 / 10

Minimum 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 - Standard1.0
All-in Cost EUR/USD - Active1.0
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 Licenses2
Investment Optionsexpand_moreexpand_less
Forex Trading (Spot or CFDs)Yes
Mobile 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)203
Apps & Toolsexpand_moreexpand_less
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

8.5 / 10

Minimum 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 - Standard1.38
All-in Cost EUR/USD - Active1.38
PayPal (Deposit/Withdraw)Yes
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 Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)440
Forex Pairs (Total)41
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)59
Apps & Toolsexpand_moreexpand_less
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9.7 / 10

Minimum 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
All-in Cost EUR/USD - Active0.6
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 Trading (Spot or CFDs)Yes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)8500
Forex Pairs (Total)90
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)128
Apps & Toolsexpand_moreexpand_less
Android App
Apple iOS AppYes
Education (Forex or CFDs)Yes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes

Overall Rating

9.5 / 10

Minimum 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 - Standard1.25
All-in Cost EUR/USD - Active1.25
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 Trading (Spot or CFDs)Yes
Mobile 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 App
Apple iOS AppYes
Education (Forex or CFDs)Yes
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.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
IG logoIG 9.9 £250.00 0.86 99 19537 IG Review Visit Site
Saxo Bank logoSaxo Bank 9.7 €2,000 0.9 99 60000 Saxo Bank Review
Interactive Brokers logoInteractive Brokers 9.7 $0 0.6 99 8500 Interactive Brokers Review
CMC Markets logoCMC Markets 9.6 $0 0.51 99 12377 CMC Markets Review
TD Ameritrade logoTD Ameritrade 9.5 $0 1.25 99 0 TD Ameritrade Review
FOREX.com logoFOREX.com 9.3 $100 1.0 99 5500 FOREX.com Review Visit Site
City Index logoCity Index 9.2 £100.00 1.0 99 13500 City Index Review
XTB logoXTB 9 $0 1.07 95 12000 XTB Group Review
eToro logoeToro 8.8 $10-$10,000 1 93 3458 eToro Review
Swissquote logoSwissquote 8.7 $1000 N/A 99 466 Swissquote Review
AvaTrade logoAvaTrade 8.6 $100 0.92 93 1260 AvaTrade Review
FXCM logoFXCM 8.5 Starts from $50 1.38 96 440 FXCM Review Visit Site
Plus500 logoPlus500 8.5 €100 0.8 98 2800 Plus500 Review
Capital.com logoCapital.com 8.4 $20 0.65 85 3152 Capital.com Review
XM Group logoXM Group 8.4 $5 1.6 90 1429 XM Group Review
Pepperstone logoPepperstone 8.4 $200 0.77 93 2342 Pepperstone Review
OANDA logoOANDA 8.4 $0 1.26 92 124 OANDA Review
Admiral Markets logoAdmiral Markets 8.3 $100 0.8 88 6942 Admiral Markets Review
FP Markets logoFP Markets 8.3 $100 AUD 1.2 86 10000 FP Markets Review
IC Markets logoIC Markets 8.2 $200 0.62 86 3583 IC Markets Review
Markets.com logoMarkets.com 8.2 $100 1.9 98 2179 Markets.com Review
FxPro logoFxPro 8.1 $100 1.51 90 2249 FxPro Review
Tickmill logoTickmill 8.0 $100 0.51 82 725 Tickmill Review
Fineco Bank logoFineco Bank 8.0 $0 N/A 92 126 Fineco Bank Review
BlackBull Markets logoBlackBull Markets 7.9 $0 0.827 74 26000 BlackBull Markets Review
DooPrime logoDooPrime 7.8 $100 N/A 84 10000 DooPrime Review
Vantage logoVantage 7.8 $50 1.30 89 1000 Vantage Review
BDSwiss logoBDSwiss 7.8 $100-$5000 1.6 83 1081 BDSwiss Review
TMGM logoTMGM 7.8 $100 0.96 79 12000 TMGM Review
HFM logoHFM 7.8 $0 1.2 85 3500 HFM Review
FlowBank logoFlowBank 7.7 $0.00 N/A 77 408600 FlowBank Review
HYCM (Henyep) logoHYCM (Henyep) 7.7 $100 0.6 86 362 HYCM Review
Trading 212 logoTrading 212 7.6 EUR 10 N/A 77 1785 Trading 212 Review
Eightcap logoEightcap 7.6 $100 1.0 87 736 Eightcap Review
Trade Nation logoTrade Nation 7.5 $0 0.6 83 601 Trade Nation Review
Moneta Markets logoMoneta Markets 7.5 $50 1.27 71 965 Moneta Markets Review
ThinkMarkets logoThinkMarkets 7.4 $250.00 N/A 86 1674 ThinkMarkets Review
VT Markets logoVT Markets 7.4 $200 1.2 71 168 VT Markets Review
ACY Securities logoACY Securities 7.4 $50 1.2 75 1600 ACY Securities Review
easyMarkets logoeasyMarkets 7.3 $100 0.9 84 199 a href="/reviews/easymarkets">easyMarkets Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 69 12000 Roboforex (RoboMarkets) Review
IronFX logoIronFX 7.2 $50 1.2 84 340 IronFX Review
Exness logoExness 7.2 $1 0.9 74 112 Exness Review
Spreadex logoSpreadex 7.2 $0 N/A 70 2000 Spreadex Review
Trade360 logoTrade360 7.1 $250 N/A 75 1062 Trade360 Review
AxiTrader logoAxiTrader 7.1 0 N/A 83 175 Axitrader Review
GKFX logoGKFX 7.1 $0 N/A 66 354 GKFX Review
Vestle logoVestle 7.1 -1 N/A 79 750 Vestle Review
OctaFX logoOctaFX 7 $25 0.9 69 229 OctaFX Review
FXOpen logoFXOpen 7 $100 N/A 80 87 FXOpen Review
TeleTrade logoTeleTrade 7 $100 N/A 67 500 Teletrade Review
FXPrimus logoFXPrimus 6.9 $100 N/A 69 140 FXPrimus Review Visit Site
Forex4you logoForex4you 6.9 $0 N/A 62 150 Forex4you Review
LegacyFX logoLegacyFX 6.9 $500 N/A 66 425 LegacyFX Review
GBE brokers logoGBE brokers 6.8 $500 N/A 69 500 GBE Brokers Review
Alpari logoAlpari 6.8 $20 N/A 67 105 Alpari Review
TopFX logoTopFX 6.7 Depends on payment method N/A 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 N/A 72 300 Libertex Review
ATFX logoATFX 6.6 $500 N/A 70 150 ATFX Review
UFX logoUFX 6.6 $100 3 67 619 UFX Review
Xtrade logoXtrade 6.5 $250 N/A 80 142 Xtrade Review
Tradeo logoTradeo 6.4 $200 N/A 67 256 Tradeo Review
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