Cobra Forex Broker

BASIC INFORMATION: Cobra Trading is a direct market access broker offering stocks and options on a variety of trading systems and accounts. 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. REGULATORY INFROMATION: LICENSE Cobra Trading claims that it is regulated by the National Futures Association (NFA) with the regulatory license number of 0402075. However, this license is verified to be a clone one. MARKETS To trade a wider variety of instruments, Venom by Cobra Trading offers US stocks, bonds, ETFs, options, futures and forex. COMMISSIONS Cobra Trading charges tiered pricing on individual shares and contracts of equities and options, as indicated below. Note that all trades will be charged a $1 commission and are subject to ECN charges/rebates and regulatory fees. Equities (per share) · $.004 – 0 to 250K shares per month · $.0035 – 250K to 1M shares per month · $.003 – 1M to 2M shares per month · $.002 – 2M to 10M shares per month Options (per contract) · $.50 – 0 to 2k contracts per month · $.40 – 2k to 10k contracts per month · $.30 – 10k+ contracts 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 Trader Pro – 200,000 Shares · DAS Trader Pro – 250,000 Shares · Sterling Trader Pro – 300,000 Shares 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 LEVERAGE Retail leverage at Cobra Trading is 1:4 for day trading and 1:2 for overnight trading. If youre trading in an IRA or cash account, buying power is limited to the cash available ACCOUNT TYPES Cobra Trading offers a variety of account types to suit different types of traders, 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 day trading accounts is $30,000, 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 PAYMENT METHODS Funding options are as follows; Wire, ACH Bank transfer or a check. Funds must be payable to the brokers 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 TRADING PLATFORMS · Cobra TraderPro · Sterling TraderPro · DAS Trader Pro ACCEPTED COUNTRIES Cobra Trading only accepts traders from United States, Australia, United Kingdom. TRADING HOURS Cobra Trading offers both premarket and post market 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 CUSTOMER SUPPORT You can contact Cobra Trading by email, at info@cobratrading.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.