Hello, I am a little confused as to how order routing works with a broker. I know that a lot of brokers accept Ninjatrader as a platform. If I purchase a lifetime license from Ninja and my broker accepts them as a platform, how do I know route the orders to the exchange? I want to use Kinetick as my data but I understand that Kinetick does not actually route my orders to the exchange. Do I have to pay for order routing? If so, who and how is it payed? Thanks
just21: Thanks for the info. I was actually referring to setting up the order routing when I open my account. For instance, if I was with Advantage Futures and I wanted to use Ninjatrader do I choose from Ninja who routes my order? Or do I set that up with Advantage? Is there a cost based on which way I choose to route the order?
The technology used by the broker you select routes the order to the exchange. Advantage Futures uses Continuum for the technology which routes your orders to the exchange. If you for example used NinjaTrader with Interactive Brokers, they have proprietary technology that routes your orders to the exchanges.
So is Continuum kind of like Rithmic? It is the infrastructure/network they use correct? Is there a fee for the technology?
Correct on the 1st two questions. Generally speaking, 3rd party technologies such as Rithmic and Continuum have fees that are charged to the FCM/Broker. In turn, you will have to check with the broker if they pass these fees on to you or if it is included as part of the commission.