Cobra Trading is a direct-access broker built specifically for active US equity traders. Founded in 2004 and headquartered in Carrollton, Texas, it offers two professional-grade platforms, a fully itemized commission and routing structure, an in-house short locate operation, and a support team of licensed brokers who answer the phone without putting traders on hold. For serious day traders who short small-cap stocks, run high daily volume, or simply need a broker that treats execution quality and service as core products rather than afterthoughts, Cobra is the strongest option in its category.
The account minimum is $27,000 for US residents, and futures trading is not available at the main Cobra entity. Those are real constraints. Everything else about the product is purpose-built for the active trader.
Platforms
Cobra gives traders a genuine choice between two independent, professional-grade platforms: DAS Trader Pro and Sterling Trader Pro. This is not a primary platform with a backup option. Both are fully supported, both have complete routing tables, and traders choose based on preference rather than capability.
DAS Trader Pro
DAS (Direct Access Software) is among the most widely used direct-access trading platforms in the active trading community. At Cobra, DAS Trader Pro includes:
- Direct access order routing
- Multiple stop types
- Real-time account management
- Multi-monitor support
- Advanced charting with 30+ technical studies
- Hotkey capability and point-and-click trading
- Real-time market scanner
- Real-time market news (earnings, pre-announcements, mergers, acquisitions, and other breaking events)
- Trade equities and options
The DAS routing table at Cobra covers over 25 distinct routes including ARCA, BATS, EDGA, EDGX, NSDQ, NYSE, OTCX, DRK (dark pool), LAMP (free both ways), SMOK (free both ways), PSMT (free both ways), and VWAP/TWAP algorithmic routes. These routes carry clearly published add-liquidity and remove-liquidity rates. ECN rebates pass through to traders; the pricing page notes explicitly that rebates cannot bring total commission below $0.00 on any given trade.
The Locate Monitor is embedded directly in DAS. Traders can check easy-to-borrow status without leaving the platform: an “S” indicator designates ETB stocks. Hard-to-borrow locate requests go through the in-platform tool or live chat without switching applications.
Sterling Trader Pro
Sterling Trader Pro is a direct-access platform with a distinct route menu and interface. The documented feature set includes:
- Real-time Level 2 market data
- Portfolio management
- Basket trading
- Hotkeys
- Stop orders
- Advanced charting
- Custom alerts
- News
- Stock watch lists
The Sterling routing table at Cobra includes ARCX, BATS, BYX, CHX, EDGA, EDGX, IEX (free both ways), NSDQ, NYSE, OTCX, and a range of smart routes: CODASMART, CODAMID, PDQSMART (free), ITGSMRT (free), DARKAGG, CSFBDESK, STRIKE, SENSOR5, CODAREB (free), and NITE1. The ETB indicator appears in the bottom right corner of the Level 2 window on Sterling. As with DAS, the full routing fee schedule is published separately for each platform.
Web and Mobile
For traders away from their primary workstation, Cobra provides access to multiple web and mobile options through its DAS and Sterling integrations:
- DAS Active Web: browser-based HTML5 platform for equities and options, no download required
- iDAS Trader: iPhone, iPod, and iPad app with real-time Level 2 market data
- DAS Mobile Web: mobile browser-optimized trading for equities and options
- DAS Android: real-time Level 2, account management, and order entry on Android
- Sterling Trader Web: browser-accessible version of Sterling with real-time equities and options trading
- Sterling Trader Mobile: iOS and Android support for both standalone use and as a companion to the desktop platform
All web and mobile options trade US equities and options. Market data fees apply based on selections. The platform FAQ notes that web and mobile access can, in some cases, be available at no charge. Traders should check the software fees page or contact the desk for specifics.
Platform Fees
| Platform | Monthly Fee | Fee Waiver Threshold |
|---|---|---|
| DAS Trader Pro | $125 | 200,000 shares/month |
| Sterling Trader Pro | $150 | 200,000 shares/month |
The fee waiver applies to the software fee only, not to market data charges. Software fees are billed the following month after volumes are calculated. If software is canceled, current and next month charges apply. Sterling Web and Mobile as an add-on costs $25 per month and is not included in the volume threshold waiver. Sterling Web and Mobile as a standalone is $50 per month.
Traders who hit 200,000 shares per month have both the platform fee waived and qualify for Cobra PRIME, the software credit program. That 200,000-share threshold is a single trigger for two distinct benefits.
Pricing and Commissions
Cobra uses a tiered per-share commission structure with no minimum order fees on equities. The full rate guide published on the pricing page:
Equities (Per Share)
| Monthly Share Volume | Rate Per Share |
|---|---|
| 0 to 100,000 | $0.003 |
| 100,000 to 500,000 | $0.00275 |
| 500,000 to 1 million | $0.0025 |
| 1 million to 5 million | $0.002 |
| 5 million to 10 million | $0.00175 |
| 10 million to 20 million | $0.0015 |
| 20 million+ | Contact desk |
All trades are subject to ECN charges and rebates and applicable regulatory fees. Rate changes do not apply automatically. Traders must contact Cobra to request a tier adjustment, and changes do not apply retroactively.
Options (Per Contract)
| Monthly Contract Volume | Rate Per Contract |
|---|---|
| 0 to 2,000 | $0.50 |
| 2,001 to 10,000 | $0.40 |
| 10,000+ | $0.30 |
Options trades are subject to applicable routing and regulatory fees including: equity routing fee $0.05 per contract, SPX indices $0.55, all other indices $0.40, ETFs $0.20, OCC clearing fees $0.05, and the options regulatory fee (ORF) at $0.0427.
Margin Rate
Cobra charges 8% on margin balances from $1.00 up to $1,000,000. For balances above $1,000,000, traders should contact the desk for special pricing. Cobra’s own comparison table, published on the pricing page, shows this against Charles Schwab at 12.575%, Lightspeed Trading at 11.25%, TD Ameritrade at 13.75%, and E-Trade at 13.20%. These comparison figures are dated to May 2, 2023, and are presented for illustrative purposes.
Regulatory Fees
In addition to commissions:
- FINRA Trading Activity Fee: $0.000145 per share sold, maximum $7.27 per trade
- SEC Section 31: principal amount × $0.000008 on all equity, options, and ETF sales
- Foreign transaction tax applies to certain securities including ADRs
Account Fees
| Fee | Amount |
|---|---|
| Broker assisted trades | Free |
| Emailed statements | Free |
| Email confirms | Free |
| ACAT transfer (outgoing) | $95.00 |
| ACH transfers | No charge |
| Annual IRA fee | $35.00 |
| Annual outside investment IRA fee | $200.00 |
| Blue sheet inquiry | No charge |
| Check requests | No charge |
| Disposition of worthless security | $50.00 |
| Fed call extensions | $10.00 plus interest |
| Option assignment or exercise | $10.00 + $0.005/share, $11.00 minimum |
| Outgoing wire (domestic) | $20.00 |
| Outgoing wire (international) | $25.00 |
| Overnight delivery (US) | $25.00 |
| Paper confirms | $2.50 per confirm / $5.00 international |
| Paper statements | $2.00 per statement / $5.00 international |
| Quarterly inactivity fee | $15.00 |
| Returned checks | $25.00 |
| Returned wire | $20.00 |
Broker-assisted trades are free. That is worth noting: at many brokers, calling in to have a broker execute a trade during a technical issue or emergency exit carries a surcharge. At Cobra it does not.
Short Selling and Locates
Short selling infrastructure is one of Cobra’s three stated core value propositions alongside customer service and savings. The locate workflow is built into both DAS Trader Pro and Sterling Trader Pro, so traders can request borrows without switching applications or emailing a separate desk.
On DAS Trader Pro, the easy-to-borrow indicator appears next to the VWAP field at the top of the Level 2 window. On Sterling Trader Pro, the ETB indication appears in the bottom right corner of the Level 2 window. For stocks not on the easy list, the Short Locate/Locate Monitor tool embedded in the platform handles requests directly. Traders can also use Cobra’s live chat feature on the website.
Cobra’s pricing page specifically calls out a practice it does not use: overnight locate multipliers. The language is explicit. “No overnight multiplier fee on locates” appears in the savings proof points. This is a real cost difference for traders who hold short positions overnight. Some brokers charge multiples of the standard daily borrow rate for overnight holds; Cobra does not.
Specific borrow rate schedules are not published on the website for individual securities. Rates vary by name and market conditions. Traders should contact the desk for current rates on specific stocks before establishing positions.
For traders who cannot meet the Cobra minimum, the Venom by Cobra Trading brand provides access to locate inventory through a different account structure. Venom clears through Interactive Brokers and accepts accounts as low as $3,000, with access to equities, options, futures, and forex through a single account.
API Trading
Cobra’s API service provides automated trading access for clients who want to run algorithmic or programmatic strategies. The API integrates with C# .NET, CMD, and FIX protocols. It gives the trading application independence from the platform terminal screens while fully utilizing Cobra’s market data and order execution systems.
Getting API access involves an onboarding questionnaire covering:
- Trading strategy description
- Products to be traded (US equities, US options)
- Expected daily share count
- Number of unique symbols per day
- Whether sub-$1 equities will be traded
- Maximum order rate per second
- Preferred order types (market, limit, stop, FOK, IOC)
- Whether orders are concentrated around the open and close
- Whether pre- or post-market trading is intended
- Expected daily order count
After the questionnaire, the account goes through API certification before live credentials are issued. The process is: open account, complete questionnaire, fund account, activate credentials.
The API documentation specifically flags the locate inventory advantage: “Cobra has been supporting day traders for over two decades. Most Brokers have a limited or non-existent borrow list for shorting, and often stocks that are shortable will either be marginable at 50%, or on an all-cash basis, which KILLS your intraday buy power.” API clients retain access to locate inventory and high-touch broker support alongside their automated access.
Cobra PRIME
Cobra PRIME is a software credit program for active clients. Qualifying traders receive credits that can be redeemed against third-party tool subscriptions at no cost. Cobra covers the expense directly.
Qualification: Trade 200,000 shares per month and maintain that average going forward. The minimum account balance to qualify is $25,000. New clients become eligible after two months of trading. The program is free; there is no cost associated with membership.
Credit amounts do not increase the software fee waiver. The FAQ is explicit: if a trader already qualifies for the 200,000-share software fee waiver, PRIME credits are additive. Both benefits apply.
Software options available through Cobra PRIME include:
- Trade Ideas Standard (17 credits) and Premium (29 credits): AI-backed real-time scanner, alerts, backtesting, and trading room
- Benzinga Pro (12 credits): real-time news and research terminal
- Dilution Tracker Premium (12 credits): small-cap dilution database covering shelf offerings, ATMs, warrants, and convertibles
- Flash Research Premium (11 credits) and Elite (15 credits): gap and setup statistics with financials, intraday data, and backtesting
- Edge To Trade Basic (10 credits), Pro (15 credits), and Pro+ (23 credits): real-time scanner with 1,000+ filters and historical market data
- TrendSpider Elite (4 credits): charting analytics and scanning with AI tools
- TradingView Essential (4 credits), Plus (8 credits), and Premium (15 credits): web-based charting and alerts
- AskEdgar PRO (11 credits) and Professional (23 credits): AI-powered SEC filing analysis with real-time scanner and news alerts
- TraderVue (10 credits): trading journal and performance analysis
- TraderSync Premium (5 credits): AI-assisted trading journal and pattern identification
- Kinfo Pro+ (5 credits): social trading and performance tracking
- DAS Trade Signal (9 credits): integrated scanner for intraday setups using technical indicators including VWAP crosses
- EdgeTracker PLUS (8 credits) and PREMIUM (13 credits): historical market data scanner with intraday scan capability, SMA, EMA, RSI, ATR, and VWAP indicators
- Trade Pulse Basic (5 credits) and Professional (10 credits): order flow analytics
- Fiscal.ai Pro (3 credits): fundamental data terminal
- Sterling Web and Mobile Add-On (6 credits) and Standalone (13 credits)
- TraderFyles Essential, Active, and Premium: trader tax automation software at 50% discount
Credits determine what a trader can select. Higher trading volume unlocks more credits and therefore more choices. Traders contact their servicing advisor or email info@cobratrading.com to find out their current credit balance and to make selections. Changes can be made with 5 business days’ notice before month end.
Cobra is not affiliated with any of the companies in the PRIME program and reserves the right to modify or discontinue the program at any time. Market data fees, if applicable, are not included in software credits.
Customer Service
Customer service is the product Cobra talks about most. The firm has built its entire positioning around a single claim: when active traders need help during market hours, they reach a licensed broker in seconds, not minutes, and not through a phone tree.
Support hours are Monday through Thursday, 6:30am to 4:30pm CST, and Friday, 6:30am to 4:00pm CST. Contact methods include:
- Live chat on the website, with response within minutes during market hours
- Phone at 877-792-6272 (toll free) or 972-491-7999 (direct), answered within a few rings
- Email at info@cobratrading.com, with same-day response during business hours
Broker-assisted trades are free. Cobra explicitly emphasizes this because the alternative, having to exit a position manually during a technical platform issue, is a real risk for active day traders. The ability to call in and have a broker execute an order at no extra cost is a material operational backstop.
Cobra’s team includes licensed brokers with Series 3, 4, 7, 24, 27, 55 securities licenses across the team. Chadd Hessing, the founder and CEO, has been active in equities trading since 1995. The firm has been running since 2004 with no change in its fundamental service model.
Account Requirements
Minimums
Wedbush Clearing (primary account type):
| Account Type | Initial Deposit | Maintenance |
|---|---|---|
| Pattern day trade (US residents) | $27,000 | $25,000 |
| Pattern day trade (foreign residents) | $30,000 | $25,000 |
| All other domestic account types | $25,000 | $10,000 |
Traders who cannot meet the Cobra minimum can access Venom by Cobra Trading, which accepts accounts with minimums as low as $5,000.
Clearing
Most accounts clear through Wedbush Securities, which provides SIPC coverage up to $500,000 (including up to $250,000 for cash claims) plus additional coverage purchased from Lloyd’s of London up to $25,000,000 per client in cash and securities, subject to an aggregate loss limit of $100,000,000. The Lloyd’s bond covers cash credit balances to a maximum of $900,000, for a total cash balance protection of $1,150,000.
Cobra also offers clearing through Interactive Brokers for clients who want to trade stocks, options, futures, and forex from a single account. This option is available through the Venom by Cobra Trading brand.
Account Types Available
Individual, joint (JTWROS), traditional IRA, Roth IRA, corporate, LLC, trust, and partnership accounts are all supported. Applications are available online or by download from the accounts page.
Extended Hours Trading
Pre-market and after-hours trading is available from 4:00am to 8:00pm ET. Cobra notes this carries additional risk compared to regular session trading.
Buying Power
In day-trading margin accounts, Cobra provides 4:1 intraday buying power and 2:1 overnight buying power. In retail margin accounts, intraday buying power is also 4x for the standard three-trade-per-rolling-5-day-period limit, with 2x overnight. IRA and cash accounts are limited to available cash.
What Cobra Does Not Offer
Futures trading is not available at the main Cobra Trading entity. Cobra Trading is FINRA and NFA registered for equities, options, and futures, but futures are handled exclusively through Venom by Cobra Trading, which requires a separate account. Cobra also does not offer check writing or debit card access against trading account balances.
The PDT Rule Change
As of the publication date, Cobra has announced full readiness for the elimination of the Pattern Day Trader rule, effective June 4, 2026. FINRA has approved the removal of the $25,000 minimum equity requirement for pattern day trading, pending SEC final approval. Under the new framework, the PDT designation is eliminated entirely, as is the “4 day trades in 5 business days” standard.
Per Cobra’s published FAQ on the rule change: qualified day trading accounts will retain 4:1 intraday and 2:1 overnight leverage under the new intraday margin standards. The primary practical change is that unlimited round-trip trades will be permitted for accounts that currently face the three-trade limit. Cobra intends to offer a product designed for customers trading under the updated $2,000 minimum margin account framework, consistent with FINRA Rule 4210.
Bottom Line
Cobra Trading earns its reputation as the best overall broker for active US equity day traders through specifics, not marketing language. Two independent professional-grade platforms with complete routing tables. No minimum order fees on per-share commissions. A published margin rate that beats most named competitors. No overnight locate multiplier on short positions. Broker-assisted trades at no charge. A live desk that answers the phone. A software credit program that covers real tools at no cost for traders generating 200,000 monthly shares.
The $27,000 minimum deposit is the most important constraint for traders who are building toward this level of activity rather than already there. It eliminates a meaningful segment of newer traders from the outset. Futures traders need to open a separate Venom account, which is a friction point if futures are part of the strategy.
For the trader it is built for, an active US equity day trader running meaningful daily volume, shorting regularly, and willing to pay for professional infrastructure in exchange for real execution quality and real support, there is no better fit.
Pros and Cons
Pros:
- Choice of DAS Trader Pro and Sterling Trader Pro, both fully supported with complete published routing tables
- Per-share commissions from $0.003 to $0.0015, with no minimum order fee on equities
- 8% margin rate, below most direct-access competitors
- Short locate monitor integrated directly into both platforms; no overnight locate multiplier
- Licensed broker reachable by phone within rings during market hours, no phone tree
- Broker-assisted trades are free
- Cobra PRIME covers third-party software costs entirely for traders generating 200,000+ monthly shares
- Full routing fee transparency: every ECN, dark pool, and exchange route published with add/remove rates
- Pre- and post-market trading from 4:00am to 8:00pm ET
- API access with FIX, C# .NET, and CMD integration
- SIPC coverage plus additional Lloyd’s of London protection up to $25,000,000 per client through Wedbush clearing
Cons:
- $27,000 minimum deposit for US residents is the highest stated minimum of any comparable direct-access broker
- Futures trading is not available at the main Cobra entity; requires a separate Venom by Cobra Trading account
- Commission tiers do not adjust automatically; traders must contact Cobra to request rate changes, which do not apply retroactively
- Software fee waiver at 200,000 shares and Cobra PRIME eligibility both require ongoing volume maintenance; falling below the threshold cancels both
- Borrow fee schedules for specific hard-to-borrow stocks are not published on the website; traders must contact the desk for rates before establishing positions
Frequently Asked Questions
What is the minimum deposit at Cobra Trading?
US residents need $27,000 to open a day-trading account, with a $25,000 maintenance minimum. Foreign residents need $30,000 to open, with the same $25,000 maintenance balance. Other domestic account types (non-day-trading) require $25,000 to open and $10,000 to maintain. Traders who cannot meet these thresholds can access Venom by Cobra Trading, which accepts accounts with minimums as low as $5,000.
Does Cobra Trading offer futures trading?
Not at the main Cobra Trading entity. Futures are available through Venom by Cobra Trading, a separate brand that clears through Interactive Brokers and provides access to equities, options, futures, and forex from a single account. Cobra Trading is NFA registered and can facilitate futures through Venom.
What platforms does Cobra Trading offer?
Cobra provides DAS Trader Pro and Sterling Trader Pro as primary desktop platforms, plus web and mobile access through DAS Active Web, iDAS Trader (iOS), DAS Mobile Web, DAS Android, Sterling Trader Web, and Sterling Trader Mobile. The web and mobile platforms trade US equities and options.
What is Cobra PRIME?
Cobra PRIME is a credit-based program that covers the cost of third-party trading software for qualifying clients. Traders who generate 200,000 shares per month and maintain that average receive credits redeemable against a catalog of tools including Trade Ideas, Benzinga Pro, Dilution Tracker, TrendSpider, TradingView, AskEdgar, TraderVue, and others. The program costs nothing. Credits are cumulative and increase with trading volume.
How does Cobra Trading handle short selling?
Both DAS Trader Pro and Sterling Trader Pro have an integrated locate monitor for requesting borrows on hard-to-borrow stocks. Easy-to-borrow status is displayed directly in the Level 2 window on both platforms. Cobra does not charge an overnight multiplier on locate fees. Specific borrow rates for individual securities are not published; traders contact the desk or use live chat for current pricing.
Last Updated: May 2026