Cobra Trading Broker Review
Cobra trading is a discount online brokerage firm that focuses on providing excellent customer service and one of the cheapest commission structures available in the industry. Their website is very basic and to the point as they put most of their value in their customer service, commission structure and their trading platforms.
Their platform choices is one of the best I’ve seen with RediPlus, Sterling Trader and RealTick EMS that all meet the demanding needs of any active/professional trader with hotkeys and sophisticated tools and charting.
I found their customer service to be extremely helpful. Within the first few minutes of just being on their site I was greeted by a service rep in a chat window asking if I needed any help or if I had any questions that they were available. When I called them up there was no wait and their customer service rep was very professional and was able to help me right away with setting up an account and getting it funded. That type of service makes me feel comfortable and when I’m dealing with a business that has my money I like to know I’m in good hands.
Commission & Fees
Cobra Trading has a very competitive commission rate accompanied with powerful platforms that you can choose from. Commissions on equities starts at $0.004 cents per share if you trade less than 250,000 shares in a month. Prices begin to drop as the more you trade per month with $0.002 being the lowest if you trade over two million shares per month.
So basically for the highest rate you will be paying $4 per thousand shares which isn’t too bad. If you’re an options trader you’re looking at 50 cents per contract if you trade less than 2,000 contracts per month or 30 cents per contract if you trade more than 10,000 contracts in a month. All trades are subject to a $1 minimum commission charge along with ECN and exchange fees.
Trading Platform & Fees
The platforms offered at Cobra Trading are all high quality with every tool and feature you could want, but with these powerful tools comes a hefty fee. The first platform you can choose is the RediPlus platform that is $250 per month unless you trade more than 250,000 shares per month and then it’s free. RediPlus is a robust and very powerful trading platform that will meet or exceed the needs of any active day trader or the casual investor. It has over 5,000 active users with a million plus trades per day. Its sophisticated trading tools provide user with exceptional speed and reliability and has the capability of trading complex option strategies, Level 1 and 2, advanced charting, hotkeys and much more. Below is an image of the RediPlus platform:
The next platform they have to offer is the Sterling Trader Pro that is also $250 per month unless you trade more than 250,000 shares per month and then it’s free. Sterling Trader Pro also features a graphics rich with robust features including hotkeys, advanced charting, advanced orders, real-time news and portfolio management tools. This platform will cater to both the active and casual trader.
The last platform they offer is the RealTick EMS and this one only cost $150 per month unless you trade over 150,000 shares per month and then it is free. This platform has all the bells and whistles as the following platforms with advanced charting and order entry, hotkeys and custom buttons, custom scanners, real-time news and a ton more. This platform will cater to both the active and casual trader as well.
Cobra Trading makes a strong case for being one of the top online brokerages out there that can meet the demanding needs of active trader and is why I would recommend this broker to anyone. You’ll receive excellent customer service and commission rates that not many brokers can match. Cobra Trading is a relatively new company so they don’t have all the features that you may get at Charles Schwab or Ameritrade with research and analyst notes but you can get that information from another resource if you really need it.
The bottom line is this broker will give you the necessary tools for an affordable price. Their platforms are all top notch and worth every penny to have access too. They have free demos for each one so you can take them for a test drive and see which ones best fits you. Like I said before, Cobra Trading didn’t spend their resources building a fancy site. Instead they focused on providing the best products available at the best price point possible. You can check out their site here.
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