NinjaTrader vs. TradeStation

NinjaTrader and TradeStation are some of the most recognized brands in online derivatives trading. Thus, comparing the two services to find the better option is only fitting.

What is NinjaTrader?

NinjaTrader is an award-winning charting platform built by the Chicago-based NinjaTrader Group in 2003. It's also a forex and futures broker registered with the NFA (National Futures Association).

Over half a million clients globally use NinjaTrader to enjoy the platform's trailblazing charting functionalities, wide range of indicators, and tens of third-party add-ons.

Some reputable derivatives brokers partnered with NinjaTrader include Interactive Brokers and Forex.com. This charting software comes in a free and paid plan. The latter includes two advanced proprietary features called Trader+ and Order Flow+.

Users can pay a quarterly, semi-annual, or annual subscription amount or a one-off lifetime fee of $1099 for these extra features.

What is TradeStation?

The TradeStation platform, created in 1982, is a product of the American-based TradeStation Group Inc. Like its counterpart, TradeStation is a charting software service and broker offering several financial instruments.

These include stocks, exchange-traded funds, bonds, mutual funds, options, futures, etc. On TradeStation Global (for non-US citizens), you can trade stocks, currencies, futures, and micro futures.

Regardless, users trade these markets in TradeStation's data-rich software with advanced order functions, customizable charting, versatile market-scanning tools, and more.

Advantages of NinjaTrader over TradeStation

Less stringent computer requirements: Overall, your desktop doesn't need to be as hi-tech when using NinjaTrader compared to its counterpart.

Free-to-use software for demo and live trading: Live trading through TradeStation comes at a monthly fee (unless you meet specific requirements). This isn't the case with NinjaTrader.

Yet, you must pay a monthly, yearly, or lifetime subscription to access the software's premium features.

Wider broker network: TradeStation is only integrated with Aries Financial and TradingView. Meanwhile, you can use NinjaTrader with City Index, FXCM, Forex.com, Oanda, Interactive Brokers, CQG, and TD Ameritrade.

This allows clients to trade far more instruments than what the NinjaTrader brokerage offers.

Advantages of TradeStation over NinjaTrader

Wider market selection: While the native NinjaTrader platform is only restricted to futures and forex, TradeStation has markets galore.

Greater format availability: NinjaTrader only works with a desktop program. On the other hand, you can use TradeStation on desktop, app, and browser platforms.

Simpler cost structure: It’s worth noting both platforms are relatively expensive. Yet, TradeStation pricing is simpler to understand as it applies to a group of securities for each plan.

Trading automation and back-testing with NinjaTrader vs. TradeStation

As you'd expect from good charting software, both platforms allow for building, testing, and deploying automated trading strategies and custom indicators.

The programming language for TradeStation is its proprietary EasyLanguages, while NinjaTrader uses C#. Most trading communities believe that TradeStation is easier for those with little or no programming backgrounds.

However, it's fair to assume you might not get something as advanced with TradeStation as you would with NinjaTrader. For back-testing, the latter uses Strategy Analyzer.

With TradeStation, you back-test using their trade simulator (essentially a demo account), which is particularly revered for providing decades of historical data.

Costs and fees

Summary

One of the most crucial factors with any trading firm is market selection. As with any broker, it's highly advantageous to have the ability to trade as many instruments as possible, which is what TradeStation provides.

Furthermore, you can trade these markets in more ways compared to NinjaTrader. Although TradeStation is pricier to trade with, the brand makes up for this with a more easy-to-understand fee structure.

Ultimately, both NinjaTrader and TradeStation are incredible trading platforms for all trader types. Yet, TradeStation's 30+ years of experience makes it superior to NinjaTrader in several key areas.