American futures trading leader NinjaTrader is entering Europe via a MiFID-regulated entity, offering European traders access to exchange-traded products as CFD restrictions intensify and demand for transparency grows.
Strategic Expansion at a Critical Moment
NinjaTrader Group, a global platform with over 2 million traders, announced on January 29, 2026, its expansion into Europe via Payward Europe Digital Solutions (CY) Limited (PEDSL-CY), a MiFID-regulated investment firm. The initial launch covers the Netherlands and Germany, with expansion planned for France and Italy later this year.
This entry into the European market comes at a pivotal moment as retail traders are increasingly turning to exchange-traded products in pursuit of greater transparency, regulatory clarity, and long-term market access.
The Kraken Acquisition: The Largest TradFi-Crypto Deal
This European expansion follows NinjaTrader’s acquisition by Kraken in March 2025 for $1.5 billion, marking the largest transaction ever between the cryptocurrency sector and traditional finance. The acquisition’s completion in May 2025 allowed Kraken to access the U.S. futures and crypto derivatives market through NinjaTrader’s Futures Commission Merchant (FCM) license registered with the CFTC.
Meanwhile, Kraken recorded $1.5 billion in revenue in 2024 while maintaining profitability. The exchange recently raised $800 million, bringing its valuation to $20 billion in November 2025, as part of its preparation for a planned 2026 IPO.
CFD Regulatory Tightening in Europe
The timing of NinjaTrader’s expansion is no coincidence. Europe is experiencing progressive tightening of Contract for Difference (CFD) regulation, pushing brokers and traders toward more transparent alternatives like futures and options.
Since August 2018, the European Securities and Markets Authority (ESMA) has imposed strict restrictions on CFDs for retail clients, including:
- Leverage limits: 30:1 for major currency pairs, 20:1 for major indices, 10:1 for commodities other than gold, 5:1 for individual stocks, and only 2:1 for cryptocurrencies
- Margin close-out rule at 50% of minimum required
- Negative balance protection
- Restriction of incentives for CFD trading
- Standardized risk warning
Beyond ESMA measures, several European countries have adopted their own restrictions. France has banned CFD advertising, Spain has prohibited CFD promotion and distribution to retail clients, and Italy has imposed similar limitations. These restrictions have created an environment where 62% of brokers offering CFDs are « very concerned » about future regulatory constraints.
MiFID III and the Payment for Order Flow Ban
The European regulatory framework is tightening further with the progressive implementation of MiFID III. Starting in June 2026, Payment for Order Flow (PFOF) will be totally banned in the European Union. This practice, whereby brokers receive remuneration for routing their clients’ orders to third parties for execution, has been deemed incompatible with the principle of best execution.
Growing Demand for Futures and Options
Facing these constraints, European brokers are massively turning to futures and options. A study published by Acuiti in collaboration with CME Group reveals telling figures:
- 67% of European brokers consider futures and options « very important » for their retail strategy over the next two years
- 79% of firms not yet offering these products are considering offering them or studying the possibility
- 50% of brokers see client demand for listed derivative products as « strong and growing »
Interestingly, client demand is the main driver of this change, more than regulatory constraints themselves. European retail traders are becoming more sophisticated and actively seeking products offering more transparency, liquidity, and regulatory protection.
Impressive Growth
The figures confirm the acceleration of retail futures trading in Europe. CME Group, the world’s largest derivatives market, recorded 26% growth in Europe, the Middle East, and Africa in the first quarter of 2025. The exchange added 83,000 new clients in Q1 2025, a 44% year-over-year increase.
The number of retail traders on the CME platform has grown from 150,000 five years ago to over 500,000 today. The exchange now works with more than 130 retail brokers globally, demonstrating the rapid expansion of this market segment.
The Role of Micro-Contracts
One of the key innovations democratizing futures access for retail traders is the introduction of micro-contracts. CME Group launched its first micro E-mini S&P 500 futures in 2019, reaching the billion-contract milestone four years later.
Micro-contracts represent a fraction of standard contract size (typically 1/10th), significantly reducing capital and margin requirements. For example, CME’s micro Bitcoin futures have experienced explosive growth, with over 6 million contracts traded in April 2025 (a monthly record), an 87% year-over-year increase.
Futures vs CFDs: Why Listed Products Appeal
The fundamental difference between CFDs and futures lies in their market structure. Futures are traded on centralized exchanges with strict rules and rigorous regulatory supervision.
Transparency and Price Discovery
In futures markets, all participants see the same prices in real-time. Bid-ask quotes, volume, and open interest are publicly available. This transparency eliminates uncertainty about prevailing prices at any given time.
In contrast, CFDs are traded over-the-counter (OTC) through brokers, with transparency depending on the broker and liquidity providers they connect to. Prices can vary between brokers, and there is no unified price formation process.
Counterparty Risk and Security
One of the major concerns with CFDs is high counterparty risk. Since transactions are bilateral between trader and broker, each party must evaluate and manage the other’s credit risk.
Futures, however, benefit from the guarantee of a central clearing house. This clearinghouse acts as seller to every buyer and buyer to every seller, guaranteeing contract execution and significantly reducing default risk.
Costs and Fee Structure
The cost structure also differs significantly:
- CFDs: Traders typically pay a spread (difference between buy and sell price) plus overnight financing fees to maintain positions beyond market close. These fees can accumulate quickly for positions held over several days.
- Futures: Traders pay a single commission per contract, with no overnight financing fees. NinjaTrader offers particularly competitive commissions at $0.09 per contract, plus exchange and clearing fees.
The NinjaTrader Platform: Professional Tools for Everyone
European clients of PEDSL-CY will have access to NinjaTrader’s integrated futures trading environment, including:
- Advanced charting: Easy creation of customizable charts with over 100 technical indicators
- Order flow visualization: Tools to identify buying and selling pressure
- SuperDOM (Depth of Market): Designed for speed and ease of use
- Advanced trade management: Automatic position protection with stop orders, targets, and trailing stops
- Complete trading simulator: Replay of historical market data tick by tick
The NinjaTrader platform is available on desktop, web, and mobile (iOS and Android), allowing traders to manage their accounts from anywhere.
Accessibility and Costs
NinjaTrader stands out for its accessibility:
- No minimum deposit required
- Ultra-competitive commissions of $0.09 per contract
- Award-winning platform available on multiple devices
- Simulated trading available for risk-free practice
- Extensive customization options
Education at the Heart of the Strategy
For over 20 years, NinjaTrader has been committed to retail trader education, providing tools and knowledge to succeed in the constantly evolving futures trading landscape.
Martin Franchi, CEO of NinjaTrader Group, emphasizes this commitment: « As trader behavior evolves in Europe, traders are turning to exchange-listed futures-focused products. NinjaTrader combines a powerful futures platform with competitive pricing and integrated education to help traders develop their skills and succeed long-term. »
In March 2025, NinjaTrader launched NinjaTrader Live, a livestream led by veteran futures trader Anthony Crudele. This live show offers real-time expert analysis setting a new industry standard for futures trading education.
Global Vision: Futures and Crypto Converge
NinjaTrader’s expansion into Europe is part of Kraken’s broader strategy to become a 24/7 multi-asset trading platform designed for professional traders.
Arjun Sethi, co-CEO of Kraken, articulates this vision: « Retail access to futures is becoming a global expectation, not a regional exception. NinjaTrader’s expansion into Europe reflects a broader shift toward transparent, exchange-traded markets and the infrastructure needed to support them at scale. »
In April 2025, Kraken introduced stock and ETF trading via its xStocks solution, offering tokenized shares of tech giants like Apple, Tesla, and Nvidia.
Future Outlook: A Transformative Year
While the initial launch covers the Netherlands and Germany, NinjaTrader plans to extend its services to other European Union markets later in 2026, including France and Italy.
Martin Franchi anticipates a transformative year in 2026, driven by innovation in three main areas:
- New products for clients
- Exchange-listed tradable instruments
- Launch of distribution models
Conclusion: A Turning Point for European Retail Trading
NinjaTrader’s launch in Europe marks a significant turning point in the evolution of retail trading on the continent. The expansion comes at the intersection of several powerful trends: CFD regulatory tightening, growing sophistication of retail traders, expansion of U.S. brokers into Europe, and convergence between traditional finance and crypto.
For European traders, this expansion offers an attractive new option: a platform specialized in futures, backed by over 20 years of experience, offering professional tools, competitive prices, and a commitment to trader education.
As Arjun Sethi emphasizes: « Retail access to futures is becoming a global expectation, not a regional exception. » NinjaTrader’s expansion into Europe confirms this vision, positioning the company at the forefront of a movement toward more transparent, liquid, and better-regulated markets for all.
