Can I Trade Crypto on NinjaTrader?
If you’re looking for a way to invest in Bitcoin and other cryptocurrencies, NinjaTrader has a few solutions for you. Keep reading; we have all the details you need.
NinjaTrader Bitcoin and Ethereum Contracts
NinjaTrader is a futures broker. This means it provides trading in futures contracts (and options on
futures), but not securities, which are assets like stocks and ETFs. Although the broker-dealer
doesn’t offer trading in Bitcoin or other cryptocurrencies,
there are cryptocurrency contracts available on the futures exchanges. It is possible to trade these contracts with a NinjaTrader account.
Currently available on the Chicago Mercantile Exchange are
Bitcoin and Ethereum contracts. To trade these derivatives on NinjaTrader 8, the most recent release of the software, click on the New tab in the title bar of the platform and select Basic Entry from the drop-down list.
You’ll get a new window with the platform’s default order ticket. Underneath Instrument, you’ll want to enter the contract you’re interested in. To do so, click on Futures and then select the specific Bitcoin or Ethereum contract.
Bitcoin’s ticker symbol is BTC, and Ethereum’s is ETH. These will be the first three characters in the Instrument field. After the three-digit code, you need to enter the month and year the contract expires. For example, if you want to trade the Bitcoin contract that expires in May of 2024, you would enter BTC 05-22.
Besides a futures sub-field, the Instrument field also has a cryptocurrency sub-field. You can select digital currencies from this menu on the Basic Entry order ticket, but you can’t trade these coins in live mode. They can be traded in simulated mode, which is a great way to practice trading Bitcoin and other digital currencies.
Real-Time Cryptocurrency Data on NinjaTrader
Although NinjaTrader does not currently offer live trading of digital coins, it does provide real-time market data on them, courtesy of Coinbase. To enable this great service, you need to ensure that you’re running NinjaTrader 8.0.15.0 or later. If you’re not, you need to update to the latest version. You also must be using Windows 8 or later.
In the title bar of the platform, click on the Connections tab and select configure from the drop-down menu. In the window that appears, click on Coinbase in the list of data providers and add it.
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Direct Crypto Trading
If you would rather skip all these indirect Bitcoin trading methods, you could simply head over to
Robinhood, open
an account, and trade digital currencies directly.
The brokerage house offers trading in these digital assets:
- Aave (AAVE)
- Avalanche (AVAX)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Compound (COMP)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Shiba Inu (SHIB)
- Steller Lumens (XLM)
- Tezos (XTZ)
- Uniswap (UNI)
- USDC (USDC)
The really great part about this service is the lack of trading commissions. Other than the bid-ask spread on a coin, there is no cost to trade it. And the minimum order amount is just $1. Cryptocurrency trades at Robinhood settle instantly, which is another advantage over other forms of trading.
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Stocks, Funds, and Options
Although NinjaTrader does not offer trading in securities, its platform can be used to trade securities with brokerage firms that have partnered with the company. Two brokers that are compatible with NinjaTrader’s desktop platform are Charles Schwab and Interactive Brokers. Both of these two offer trading in ETFs, option contracts, and stocks.
Multiple technology companies are investing quite extensively in Bitcoin and other cryptocurrencies one way or another. Square, Inc., for example, currently owns several hundred million dollars in Bitcoin. And the broker’s subsidiary Cash App permits trading in Bitcoin.
Square has ticker symbol SQ and can be traded at either Charles Schwab or Interactive Brokers using the NinjaTrader 8 platform.
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