Cobra Trading: Platform Profile

Overview

Cobra Trading is a direct-access broker aimed at active equity and options traders.

Its current model is almost the opposite of a mainstream zero-commission brokerage.

Cobra charges explicit per-share and per-contract commissions, then reduces rates as monthly volume rises.

Current differentiators include:

• DAS Trader Pro;
• Sterling Trader Pro;
• active short-selling support;
• multiple clearing relationships;
• negotiable or volume-based commissions;
• direct-access execution tools.

The largest current ambiguity is the account minimum.

Cobra's new 2026 day-trading-rule page discusses the removal of the former $25,000 regulatory Pattern Day Trader minimum and a lower regulatory margin-account floor, while multiple current account-opening/affiliate pages still state a $27,000 Cobra opening minimum.

May fit better for

• active stock traders;
• short sellers;
• options traders;
• traders who value DAS or Sterling;
• high-volume users who can qualify for lower commission tiers;
• customers who value direct-access support.

May fit less well for

• passive buy-and-hold investors;
• small investors seeking a no-minimum consumer brokerage;
• users who want universal commission-free trading;
• investors who do not need professional platforms;
• customers who expect one simple clearing/custody structure.

---

Regulatory identity

• Legal name: Cobra Trading, Inc.
• FINRA CRD: 132078
• SEC number: 8-66548
• SEC registered broker dealer: Yes
• FINRA member: Yes
• SIPC member: Yes
• NFA member: Yes

The review focuses on the current equity/options active-trading product.

---

Multiple clearing relationships

Current BrokerCheck references clearing/introduction relationships including:

• Wedbush Securities Inc.;
• Curvature Securities LLC;
• Interactive Brokers LLC.

Current Cobra FAQ emphasizes Wedbush and Curvature in the day-trading context.

---

Equity commissions

Current published equity schedule:

• Equities:
• "0-100000 shares/month": $0.003 per share
• "100001-500000": $0.00275
• "500001-1000000": $0.00250
• "1000001-5000000": $0.00200
• "5000001-10000000": $0.00175
• "10000001-20000000": $0.00150
• Higher volume: customized

The current page states no minimum order fee in the core commission table.

Route, exchange, regulatory, and locate charges can be separate.

---

Equity commission example

100,000 shares in the first current tier:

100,000 × $0.003 = $300

in base commission before route/regulatory/other charges.

A trader with much higher monthly share volume can qualify for a lower per-share rate.

---

Options commissions

Current options schedule:

• Options:
• "0-2000 contracts/month": $0.50 per contract
• "2001-10000": $0.40
• "10001+": $0.30

Rate changes are not necessarily automatic.

Cobra states customers should contact the firm to update pricing when qualifying for a different tier.

---

Options example

1,000 contracts at $0.50:

1,000 × $0.50 = $500

base contract commissions before regulatory, exchange, route, exercise, assignment, or other fees.

---

DAS Trader Pro

Current software pricing:

• DAS Trader Pro:
• Monthly fee: $125
• Waiver: waived at 200,000 shares/month

Web/mobile functionality is associated with the platform package under current pricing.

Market data can cost extra.

---

Sterling Trader Pro

Current pricing disclosures show:

• Sterling Trader Pro:
• Monthly fee: $150
• Waiver: waived at 200,000 shares/month
• Web mobile:
• Add on: $25
• Standalone: $50

---

Account minimum conflict

Current Cobra account-opening/affiliate pages commonly state:

• Standard marketing opening minimum: $27,000

At the same time, Cobra's current 2026 PDT-rule page explains that the old regulatory $25,000 day-trading minimum is gone and discusses a regulatory base margin minimum around $2,000.

These are different concepts.

"Cobra now has a $2,000 minimum for everyone."

"$27,000 remains a federal PDT requirement."

The current application and Cobra house rules control the customer's actual opening requirement.

---

Margin

Current Cobra pricing page disclosures show:

• Margin rate: 8%
• Published comparison date context: 2023-05-02

Because the page's comparison data is dated, do not make 8% an evergreen promise.

Keep margin pricing as an update trigger and direct the live application/pricing schedule to control.

---

Other fees

Current pricing page includes:

• Outgoing ACAT: $95
• Annual IRA fee: $35
• Outside investment IRA fee: $200
• Outgoing domestic wire: $20
• Outgoing international wire: $25
• Quarterly inactivity fee: $15

Current exercise/assignment schedule also includes transaction-related charges.

These can matter even when per-share commissions are low.

---

Short selling

Cobra's target market includes active short sellers.

Availability and borrowing economics depend on:

• security;
• clearing firm;
• locate supply;
• platform;
• market conditions.

---

Securities protection

Current Cobra FAQ states:

• SIPC:
• Total limit: $500,000
• Cash sublimit: $250,000
• Market loss protection: No

For eligible Wedbush-carried accounts, Cobra describes additional Lloyd's coverage subject to policy limits.

Current FAQ also indicates Curvature-carried accounts do not receive the same excess layer beyond standard SIPC.

---

Current unsupported-category

Older/current firm disclosures can reference access to:

• futures;
• forex.

This Batch 16 review does not assign Futures Trading or Forex Trading because current, clearly harmonized retail product pricing was not established strongly enough in the supplied 2026 source package.

Assessment

Cobra Trading is designed for traders who care more about:

• execution tools;
• short access;
• professional platforms;
• support;
• volume pricing

than about a "$0 commission" marketing headline.

For an active trader, paying explicit commissions can be acceptable if the platform/execution workflow is worth it.

For an occasional investor, the same structure can be expensive and unnecessarily complex.

The 2026 account-minimum issue also needs precision.

The old federal $25,000 PDT threshold is not the current rule, but Cobra still publishes $27,000 opening-minimum language on current account-opening pages.

Those statements are not contradictory once regulatory minimums and broker house minimums are separated.