There is a $2,500 initial minimum to open a retail margin account and a $30,000 minimum to
open a daytrading account. A $25,000 minimum balance must be maintained in all daytrading accounts.
by Will Jones,
I don't know why Cobra hasn't updated their pricing on this site. Their commissions of $0.002/share are some of the lowest out there. I don't know how they are listed at $7.99 a trade here. I trade 500 shares for a $1.00 on their Sterling platform and if I call in a trade they don't charge me a penny more. Five Stars!
I've traded with Cobra for several years now. I like (1) the guys that work there, (2) excellent, personal customer service, (3) commission schedule, (4) execution speed.
Cobra offers several platforms, of which I use Instaquote (IQ), software owned by Bank of America. IQ offers very good executions and reliability, but in terms of charting, features, and responsiveness of their development team to requests for improvements, is mediocre at best. IQ seems to respond only to enhancement requests generated by BoA's in-house traders, but not to those of their other clients.
I'm told by the guys I work with at Cobra that lately IQ has been showing more inclination to be client friendly, so maybe they'll start coming through with needed improvements.
Provides fast executions and has a great platform with good customers service. Fees slightly high. Not the worst but not the best either.
Great platform and executions but their fees are very high and just not justified in my opinion. I think speedtrader is better.
"Cobra Trading is an online broker that specializes in hyperactive trading and quality customer service.
The broker uses its small size to deliver a consistent experience for its clients. Size also has its disadvantages, and Cobra Trading outsources
everything from back-end client management to the platforms traders trade on. Commissions are competitive for equities, but are easily beat by
the competition for options."
"Cobra Trading differs from many other online brokerages by offering a trading fee structure based on the number of shares traded; other
brokerages usually have a flat fee amount. Cobra Trading charges $0.0050 per share traded. This is advantageous depending on the volume you intend to
trade. Very high volume traders may gain more benefit from selecting a flat fee brokerage."