Cobra Trading Review 2022
Trade stocks and options on advanced platforms at Cobra Trading.
Cobra Trading is a direct market access broker offering stocks and options on a variety of trading systems and accounts. The group uses Wedbush Securities and Interactive Brokers as their clearing firm. We’ll learn more about Cobra Trading’s features in this review, including account minimums, fees, regulations and more.
Cobra Trading Group Details
Cobra Trading was founded in 2003. The broker offers three direct access trading platforms on a number of account types to suit both individual traders and corporates.
A Cobra Trading account comes with tiered pricing on equities and options. For those wanting to trade futures and forex, the broker also has a sister brokerage, Venom by Cobra Trading.
Cobra Trading is a member of the Financial Industry Regulatory Authority (FINRA), the National Futures Association (NFA) and the Securities Investor Protection Corporation (SIPC).
TraderPro is a powerful trading system equipped with customisable features and advanced charting capabilities for non-entity and non-professional users only. The platform is based on the Sterling Trader framework and comes with real-time Level 2 market data, hot keys, a short locate monitor, stop orders, custom alerts, news and watch lists.
As one of the leading direct access platforms for equities and options trading, Sterling TraderPro delivers an advanced trading service for individual traders. Features include Level 2 market data, portfolio management, basket trading, hot keys, stop orders, advanced charting tools, custom alerts, news and watchlists.
DAS Trader Pro
For multi-instrument trading and powerful trading on equities and options, the DAS Trader Pro (Direct Access Software) offers direct order routes, multiple stop types, multi-account management, advanced charting with over 30 technical studies, hot key capabilities, real-time market news and a market scanner.
Cobra Trading offers the ability to trade equities and options via direct access to the venues that handle order flow for the exchange.
To trade a wider variety of instruments, Venom by Cobra Trading offers US stocks, bonds, ETFs, options, futures and forex.
Cobra Trading offers very competitive rates for equities and options to active traders, as indicated below. Equity rates as low as $0.0015/share and Option rates as low as $0.30/contract. Also, there is no minimum per order!
Equities (per share)
- $.0015 10M to 20M shares per month
- $.00175 5M to 10M shares per month
- $.002 1M to 5M shares per month
- $.0025 500K to 1M shares per month
- $.00275 100K to 500K shares per month
- $.003 0 to 100K shares per month
*All trades are subject to ECN charges/rebates and regulatory fees. ECN rebates cannot bring the total commission on any given trade below $0.00.
Options (per contract)
- $.30 10K+ contracts per month
- $.40 2,001 to 10K contracts per month
- $.50 0 to 2,000 contracts per month
*All trades are subject to any applicable option routing or regulatory fees.
Trading actively and want a customized rate? Call Cobra Trading direct
There are software fees for DAS Trader Pro, Cobra Trader Pro and Sterling Trader Pro, ranging from $100 for Cobra Trader Pro to $200 for Sterling Trader Pro. The software fee can be waived if the following share volume is met within a calendar month:
- Cobra TraderPro $100 Waived if you trade 200,000 shares/month
- DAS Trader Pro $125 Waived if you trade 250,000 shares/month
- Sterling Trader Pro $200/$230 with options Waived if you trade 300,000 shares/month
There are also monthly basic data packages, charged at $25 for non-pro traders and $79 for pro traders. Optional additional data packages are also available, starting from $12.
Routing fees are also charged within each platform and vary depending on the exchange. A full list of these can be found on the website, along with all other additional brokerage and account fees.
If you don’t see a commission rate that matches your trading style, Cobra Trading request that you contact them directly and let them know what it will take to earn your trading business. They claim they will make every effort to tailor their pricing to best meet your needs.
Cobra Trading Leverage
Retail leverage at Cobra Trading is 1:4 for day trading and 1:2 for overnight trading. If you’re trading in an IRA or cash account, buying power is limited to the cash available.
Mobile trading is only available when using iDAS powered by DAS Trader Pro. The monthly cost for this addition is $30/month.
The Venom division does offer a proprietary mobile app which allows you to trade stocks, options and futures using real-time streaming quotes and charts. Mobile users can set price alerts and access full account management on both iOS and Android devices.
Funding options are as follows; Wire, ACH Bank transfer or a check.
Funds must be payable to the broker’s clearing firm, Wedbush Securities for both methods. Traders can also transfer an account from another firm (ACAT) by contacting customer support and obtaining an account transfer form.
Note that there is a $20 fee on wire deposits and withdrawals. International outgoing wire transfers cost $25.
Cobra Trading offers demo accounts for those who want to test drive any of the platforms before opening a live account. Venom Trading users will need to get in touch with the customer support team to set up a demo account.
Cobra Trading Bonus
Cobra Trading and Venom Trading currently do not offer any bonuses or promotions. You can check the websites or social media pages for any deals in the future, though these may be limited due to regulatory restrictions.
Cobra Trading Inc. is a member of the Financial Industry Regulatory Authority (FINRA), the National Futures Association (NFA) and the Securities Investor Protection Corporation (SIPC).
FINRA regulates brokerages in the United States and is authorised by Congress. The NFA is a self-regulatory organisation for the US derivatives industry, including ETFs, off-exchange foreign currency, and OTC derivatives. The SIPC is a federally mandated non-governmental organisation, which provides investor protection up to $500,000 with a limit of $250,000 for cash balances.
Cobra Trading offers a limited range of additional resources, including platform tutorials and trading videos on YouTube. There is also a blog section, though with only a few articles. The resources on Venom are a little more comprehensive, with a few courses, product tours and webinars on offer.
Cobra Trading offers a variety of account types to suit different types of trader, including Individual, Joint, Corporate, LLC, Partnership, and Trust accounts.
Note that the minimum initial deposit and account maintenance requirements will not be suitable for beginners. The initial deposit for domestic (US) day trading accounts is $27,000, with a required maintained balance of $25,000 to keep the account open.
International day trading accounts require a $30,000 initial deposit and a $25,000 balance to keep the account open.
Those who do not qualify for a Cobra Trading account may want to consider a Venom account, with minimums from $3,000 for individual accounts.
Reasons to open an account with Cobra Trading vs the likes of Lightspeed and CenterPoint include:
- Multiple Short Locate Sources
- Low Margin Interest Rate
- Live Chat Support
- SIPC compensation
- Established and regulated broker
- Multiple trading platforms to choose from
- Accepts clients from the US and the UK
- No minimums
- No locate overnight fees
However, there are several disadvantages to consider:
- Pattern day trading (PDT) restrictions
- MetaTrader platforms not offered
- High account minimum deposits
- Multiple fees and commissions
Cobra Trading offers both premarket and postmarket trading for all clients. Trading Hours 4:00 EST (by request) – 20:00 EST.
Session times for specific instruments vary and can be found within your chosen platform.
You can contact Cobra Trading by email, at email@example.com, via the phone number, at 877-792-6272, or via the live chat service. Business hours are Monday to Friday from 07:00 – 16:30 CST. The broker is closed on weekends.
Most platforms typically follow industry-standard security requirements such as SSL-encryption and login security codes or authentication. Unfortunately, it’s not clear which security measures are used within the Cobra Trading platforms, but you can get in touch with the broker for clarity.
Cobra Trading Verdict
Cobra Trading offers a regulated and established trading service, suitable for experienced and active traders who are able to pay the $30,000 minimum deposit ($27k for US traders). The range of trading platforms is impressive, with demo options available.
Commission fees are applied in lieu of payment for order flow, which increase the likelihood of an improved execution when compared to other big-box brokers.
Cobra Trading only accepts traders from United States, Australia, United Kingdom.
Compare Cobra Trading
Compare Cobra Trading with similar brokers that accept traders from your location. Among available brokers these are the most similar to Cobra Trading:
NinjaTrader – NinjaTrader offer investors futures and forex trading. Use auto-trade algorithmic strategies and configure your own platform while trading with the lowest costs.
Nadex – The leading US trading Exchange. Nadex offer genuine exchange trading to global clients on Binary Options. Fully regulated by the CFTC.
Moomoo – Moomoo is an app-based stock broker that offers trading in US, Hong Kong and Chinese shares. Clients can get started with a sign-up bonus and $0 minimum deposit.
TD Ameritrade – One of the largest discount brokers in the US, with a fixed trading commission and access to a large array of trading products and securities.
Cobra Trading Comparison Table
|Cobra Trading||NinjaTrader||Nadex||Moomoo||TD Ameritrade|
|Markets||Stocks||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities||Stocks||Forex, Stocks, Commodities, Crypto|
|Minimum Deposit||$30,000 ($27,000 in US)||$50||$250||$0||$0|
|Minimum Trade||$1.00||Varies by asset||$1||No minimum||None|
|Regulators||FINRA||NFA, CFTC||CFTC||SEC, FINRA, MAS||SEC, FINRA, CFTC|
|Bonus||–||–||–||Get up to 15 free stocks worth up to $2000||–|
|Detailed Comparison||–||Cobra Trading vs NinjaTrader||Cobra Trading vs Nadex||Cobra Trading vs Moomoo||Cobra Trading vs TD Ameritrade|
Compare Trading Instruments
|Cobra Trading||NinjaTrader||Nadex||Moomoo||TD Ameritrade|
Cobra Trading vs Other Brokers
Compare Cobra Trading with any other broker by selecting the other broker below.
How can I open an account with Cobra Trading?
After clicking on Open An Account on the website, you will need to provide your personal details and then download the appropriate account applications when instructed. Cobra Trading can also email you an account opening package.
Who is the clearing firm for the Cobra Trading group?
Most accounts are opened through Wedbush Securities, though additional clearing via Venom is also provided through Interactive Brokers.
What leverage is available at Cobra Trading?
Retail leverage at Cobra Trading is limited to 1:4 for day trading and 1:2 for overnight trading.
Does Cobra Trading offer a demo account?
Yes, you can open a demo account in any of the platforms by filling in the request form on the website.
What deposit methods are available at Cobra Trading?
Deposits are available via bank wire transfer or cheque. You can also transfer an account from another firm.
|Trade stocks and options on advanced platforms at Cobra Trading.|