As an active futures trader, your trading platform can make or break your success. With choices like NinjaTrader and Tradovate dominating the space, deciding on the right one gets tricky.
Both platforms have their own pros and cons. Tradovate shines with its simplified pricing while NinjaTrader packs more features.
In this in-depth comparison review, we will analyze all aspects of Tradovate and NinjaTrader to help you select the best futures trading platform.
Overview of NinjaTrader & Tradovate NinjaTrader started in 2003 as a futures trading platform and has now expanded into forex and crypto trading as well. Along with the software, it also provides brokerage connectivity.
Tradovate is a newer entrant founded in 2011 that is laser-focused on futures and commodities trading. It acts as both a brokerage and trading platform service.
Here are some key parameters to compare:
This gives you a broad idea of their offerings. Now let's analyze the specific features, tools and connectivity supported.
Platform Features Comparison When choosing a futures platform, you want robust charting, custom indicators, automation capabilities, backtesting etc.
So how do NinjaTrader and Tradovate compare on these aspects? Let's evaluate:
⚖️ Charting Both platforms provide extensive historical data for backtesting strategies. Tradovate has a fast cloud-based system while NinjaTrader allows drawing advanced chart types.
But NinjaTrader pulls ahead with more indicators, volumetric bars and level 2 data for order book visualization.
⚖️ Customization NinjaTrader has an edge again with NinjaScript to code custom indicators and strategies in C#/Python. Tradovate supports integration with some external tools but no coding environment.
⚖️ Automation For strategy automation, NinjaTrader enables complex trade management rules and execution. Tradovate focuses more on assisting discretionary trading.
⚖️ Simulations Practice trading is available on both with virtual cash balances. NinjaTrader also uniquely offers historical market replay to simulate past price action.
⚖️ Tools Apart from charts and indicators, NinjaTrader provides modules for analytics, performance stats, journaling and screening. Tradovate has limited auxiliary tools.
So for trading features, NinjaTrader takes the lead with advanced functionality, analytics depth and automation power. But ease of use and mobility is Tradovate’s strength.
Asset Classes & Broker Connectivity
When choosing a platform, you also need to assess what markets you can trade and broker connectivity offered.
Let's see how NinjaTrader and Tradovate compare:
⚖️ Assets Both provide extensive futures contracts across equity indexes, commodities, currencies etc on CME, ICE etc. Forex connectivity is available too but limited for stocks and crypto.
⚖️ Brokers You get hooks into dozens of integrated brokers worldwide on NinjaTrader including AMP, Dorman etc. Tradovate also connects with some leading futures brokers but list is smaller.
⚖️ Trading Conditions Commission structures and margin rates vary across different brokers. But futures contracts generally have low commissions around $0.25 per side on both platforms.
So if you mostly trade popular futures like Eminis or gold/oil contracts, Tradovate and NinjaTrader provide reliable market access at competitive costs.
NinjaTrader vs Tradovate Pricing
Pricing and fee structure play a crucial role when choosing a futures platform too. Here is how costs compare:
👉 NinjaTrader Pricing You get unlimited free trials to test drive the platform. For live trading, these are the license options:
There may be separate data feed and commissions charges as well by brokers. Additional costs apply for mobile apps, extra connections etc.
👉 Tradovate Pricing Tradovate has an all-inclusive pricing model with these options:
Add-on costs apply for connectivity to external platforms like NinjaTrader at $12 to $30 per month.
So clearly Tradovate has a pricing edge for casual futures traders with its unlimited plan covering trading and data costs. But active traders may benefit more from NinjaTrader lifetime license.
Comparing Real User Reviews
Poring through 100s of Tradovate and NinjaTrader reviews reveals useful insights from actual traders. Here is a quick summary:
👍 NinjaTrader Pros
👎 NinjaTrader Cons
👍 Tradovate Pros
👎 Tradovate Cons
So NinjaTrader works very well for savvy futures traders who rely on technical indicators and customization. But Tradovate can be a better fit for casual traders with its transparent pricing.
NinjaTrader vs Tradovate Comparison - FAQs
We just covered detailed points on NinjaTrader and Tradovate comparison. Here are answers to some more common questions:
Recommended by LinkedIn
Q1. Which platform is better and more reliable for futures trading?
For hardcore active futures traders, NinjaTrader is likely the better fit with its advanced functionality, coding capabilities and tools depth. But Tradovate offers decent futures trading access too for a simpler platform.
Q2. What are the main pros of NinjaTrader vs Tradovate?
⚖️ NinjaTrader Key Pros
⚖️ Tradovate Key Pros
Q3. Is NinjaTrader better than Tradovate for beginners?
For total beginners, Tradovate may have an edge with its simpler workflow. But NinjaTrader also allows creating simulated strategies to practice risk-free.
Q4. What skills do I need to use NinjaTrader and Tradovate effectively?
No coding skills needed for basic futures trading on both platforms. But NinjaTrader specifically requires Python or C# knowledge to build customized systems.
Q5. Can I automate futures strategies on Tradovate and NinjaTrader?
Yes, NinjaTrader enables creating complex automatic trade execution and management rules. Tradovate focuses more on discretionary trading with its tools assisting manual decisions.
Q6. Which platforms are cheaper - NinjaTrader or Tradovate?
For casual traders making few trades monthly, Tradovate Unlimited plan at $199 per month is likely cheaper covering market data and commissions too. For very active futures traders trading across multiple assets, NinjaTrader Lifetime License at $2,000 one-time may work out more affordable.
Q7. What are some downsides of using Tradovate or NinjaTrader?
Tradovate lacks advanced functionality for backtesting and automating futures strategies. Potential cloud latency is another common concern. For NinjaTrader, fragmented costs and steep learning curve to master all features are key drawbacks.
Q8. Does NinjaTrader provide mobile trading access?
Yes, native mobile apps for Android and iOS allow monitoring markets and managing futures trades from your smartphone. But some latency issues are reported occasionally.
Q9. Is NinjaTrader or Tradovate better for forex trading?
Connectivity to around 40 global forex brokers makes NinjaTrader a better pick for active currency traders. Though Tradovate offers some forex pairs too, the tools are more geared towards futures.
Q10. How do commissions and account costs compare between NinjaTrader and Tradovate?
Commissions depend largely on the specific integrated broker you choose. Most major US futures brokers charge around $0.25 per contract side for popular assets like E-Minis, gold, oil etc.
But account costs vary significantly. While Tradovate has an all-inclusive structure charging $199 monthly, NinjaTrader involves separate platform license fees plus brokerage commissions and market data fees.
Q11. Can I connect my existing futures trading account to NinjaTrader and Tradovate?
Yes, both platforms allow linking your account at leading futures brokers to their software for trade execution, assuming they support that brokerage. This saves opening a new account.
Q12. What customer service and reliability is like on NinjaTrader vs Tradovate?
Going through user reviews, NinjaTrader generally gets praised for responsive 24/5 phone & email support service along with minimal platform downtime. But Tradovate gets mixed feedback on customer service with occasional latency complaints too being cloud-based.
Q13. Which platforms offer better security for my trading data and information?
Both NinjaTrader and Tradovate utilize secure SSL connections and encrypt data during transfers. User information is not sold or shared either. Most traders report feeling comfortable security-wise on both platforms. But being an installed application, NinjaTrader allows tighter access control.
Q14. Can I trade stocks, crypto and other markets apart from futures on NinjaTrader and Tradovate?
The tools and features on both platforms predominantly focus on futures contracts trading rather than other assets like equities and crypto. You have some connectivity to trade forex and popular crypto futures but functionality is limited. For stocks, ETFs and digital asset investing, other platforms may be more suitable.
Q15. What account balance is needed to start futures trading on NinjaTrader and Tradovate?
One advantage of futures is low capital requirements, especially for micro contracts. Most integrated brokers allow starting trading with around $500 account balance. Margin per micro-futures contract is around $50 to $100 on NinjaTrader and Tradovate.
Comparison Conclusion - Which Platform Should You Choose?
Analyzing all the pros, cons and features between Tradovate and NinjaTrader, both provide reputable futures trading access at reasonable costs.
Tradovate stands out with simplified pricing, seamless accessibility across devices and ease of use appeal for futures beginners.
But NinjaTrader shines with its advanced functionality, automation capabilities, integrated ecosystem and tools depth appealing especially to active intraday traders.
So in summary:
💡 Choose NinjaTrader If -
💡 Go With Tradovate If -
Bringing together trader sentiments across review forums, neither platform appears clearly better overall. Your individual trading habits and priorities will determine whether NinjaTrader or Tradovate fits your requirements better.
Hope this detailed side-by-side comparison helps provide clarity to decide the best futures trading platform for your needs! Let us know if you have any other questions in the comments section below.
