New user - currency conversion

[Kathrax]

Hi there,

New user here - very excited to be using ninja trader.
Have browsed through YouTube and forums, but cannot find answer; hoping NT CS can help!

I'm based in UK, and am hoping to use Ninjatrader as platform and brokerage.
Plan is to mostly trade ES and NQ futures.
I'd like to keep my platform metrics denominated in USD.
What I dont understand is the currency conversion(s) on deposit, withdrawal, and / or within the platform.

First question:
Upon deposit of my GBP to my account, does NT automatically convert my GBP to USD? Am I correct in understanding that NT would charge 1% of my total funds, minimum 10 units of currency being sold?
(for example, if i were changing £100GBP to USD, does ninja trader take £10 [higher of £1 or £10 (minimum 10units)] and only convert the remaining £90 to USD?)

Second question:
If my broad understanding of the above is correct, would I not be better suited to transferring my GBP to an IBKR account (that have lowest commission on conversion), withdraw that to a UK multi-currency account (eg. WISE), and then deposit that in USD to my NT account?

Third question:
Assuming that my thinking is sound in the first and second question is sound, what category does a withdrawal from NinjaTrader to a Wise (mutlicurrency) bank account fall under? Is it an ACH transfer? (and therefore free - as per this page?)

Hoping to bounce my thoughts, as I'd rather avoid cumbersome steps if possible (especially those outlined in 2). But appreciate if you could let me know. Thank you!

[NinjaTrader_RyanS]

Hello,

For more information on account funding options I'd recommend speaking with our treasury team at treasurysupport[at]ninjatrader[dot]com as they will be able to answer specific questions regarding your prospective account.

[alexgg]

I am in Uk similar position to OP, but opened a ninja brokerage account last year, and paid for a lifetime licence then.

I'm starting to feel like Ninjatrader Treasury are almost fraudulent in preventing me withdrawing funds through wire transfer to my IBKR account as i have done with all futures brokers , including ninja in the past.

forcing me into 1% of funds for foreign exchange, they also suggest 1-2% for spread now , reject all my attempts to provide them with USD wire requests.

kind of fedup with their treasury right now, thus posting here.

if i was trading any bigger right now i would worry about the withdrawal costs as such.

probably will start looking for other options to NT before sizing up in future. would avoid ninjatrader unless i had usd bank account.

[pjsmith]

I think I would add here, that even if you are outside the US and have a USD account, it is no good, because as far as I've been able to tell, NT BRokrerage does not allow ACH from non-residents, their third-party bank verification does not work with them, and unlike some of the largest US retail brokers (if not the largest), they do not support third parties like WISE or allow internal FX trading for conversion. Add those currency fees, WIRE costs, and delays for withdrawals/processing, and unless you are a US resident, I think there are better options (which is a huge shame as NT platform does not really support them, ahem).

[sallys]

Hey, i just come here also, thank you for that post !