Cobra Trading review (2021) Review
Cobra Trading was founded in 2013 in Plano, Texas. It is a direct market access broker offering stocks and options on different trading systems and accounts. Cobra Trading has no less than 4 desktop platforms. Venom has its own suite of trading tools. They offer a demo account and the lowest deposit is $25,000 to open an account.
- Regulation – FINRA, SEC, SIPC
- deposit – 25 000 USD
- Leverage – 1:4
- Spread – Variable
What can be traded
They only offer Stocks and Options trading with no Forex, CFDs or Cryptos. As an NFA member firm, Cobra Trading, Inc. is proud to offer futures trading through Venom Trading. Venom Trading clears exclusively through Interactive Brokers and allows customers the ability to trade equities, options, forex, and futures from one account.
Cobra Trading is a member of the Financial Industry Regulatory Authority (FINRA), National Futures Association (NFA) and Securities Investor Protection Corporation (SIPC) scheme in the United States. Most Cobra Trading accounts are opened through Wedbush Securities. Information about regulations isn`t simple to find on their website. I looked through other reviews, to get what I wanted.
A demo account is one of the best educational tools you can get. It mirrors the live account. It usually comes with pre-loaded money and costs nothing. Cobra Trading also offer a demo account, but yet again, I found no information about it on their website, only the online form to register for a demo account.
Once you`ve filled it in, they`ll get in contact with you. So, all I can do now, is wait for someone to contact me.
They charge market data, software and routing fees. These add up and make them an expensive option compared to some other online brokers. All trades will be charged a $1 commission and are subject to ECN charges/rebates and regulatory fees. 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.
To register for an account is easy. You`ll find the registration form nearly everywhere on their website. Also, you`ll get the option to open an account in the top menu.
But because I am a beginner, I want to try out the demo first. At the end of each webpage, you can register for a demo account.
The broker offers three direct access trading platforms on different account types to suit both individual traders and corporates.
TraderPro is a powerful trading system equipped with customizable features and advanced charting capabilities for non-entity and non-professional users.
Sterling TraderPro delivers an advanced trading service for individual traders. Features include Level 2 market data, portfolio management, basket trading, hotkeys etc.
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 etc.
Each platform is well explained on their website and you can watch a How-To video.
I found now problems with the design of the website. Black and red are fine by all means, everything works well. The top menu is a bit different to other websites as I was looking for straightforward information about what can be traded, prices and types of accounts. This is what you can choose from:
- Open account
- Why Cobra
You have a chatbot ready to help you. FAQ too and you can reach them by calling, emailing or the mentioned chatbot.
Cobra is active on Twitter, Facebook and YouTube. Facebook has only around 400 followers, which is very low. The last post is 7 months old, so their activity is bad. So, I went onto Twitter. Here they have around 4500 followers, which is much better, and the posts are up to date. Here they post a couple of times a month. On YouTube, you can find just a few videos. Check them out, because their style is very different to what other brokers post.
Advantages and disadvantages
Active traders will appreciate the broker’s low commissions, high level of customization, and personal customer service. Live chat is good and their activity on Twitter too. What could put you off is the 25K deposit. They don’t offer MetaTrader platforms and their style is a bit different to other brokers. This I can`t mark as a disadvantage or advantage, it’s just…different. I registered for a demo, but I still haven`t received a phone call or an email. I haven`t found much educational support and those, who prefer Facebook, will be disappointed, because that channel is not updated.
- Low commission
- Live chat
- Multiple Short Locate Sources
- Demo account unavailable
- High fees
- MetaTrader platforms not offered
- High minimum deposit