Venom Trading Review
Venom Trading is an online broker that is a subsidiary of Cobra Trading which was created for traders who couldn’t meet the $30,000 account minimum required at Cobra Trading. At Venom Trading you only need $5,000 to open an account and you’ll still have access to trade equities, options, forex and futures through their free trading platform, TWS trader, provided by Interactive Brokers. However, if you are under the age of 25 then then account minimum is only $3,000, which I thought was a nice feature as younger traders tend to not have as much capital to start with. They also offer pre and post market trading with their trading hours opened between 6 am – 8 pm EST.
Venom Trading’s customer service was just as pleasant and professional as dealing with Cobra Trading. They were quick to respond and they have a quick access chat window that allows to speak with a service rep very quickly. However, you need more help that you think you can get in the chat you can always call them up and get excellent service. I didn’t have any wait times and they were able to answer all my questions while helping me get my account set up.
Commissions & Fees
Venom Trading has a great commission structure whether you’re an active trader or just a casual investor. Starting with equities you will pay $0.005 per share with a $1.00 minimum while options cost just $0.75 per contract. Futures start at $1.25 per contract per side and forex is 0.20 basis points with a $2 minimum. Keep in mind that there will be exchange fees and possible routing fees as well but are usually dependent on how much size is traded.
Looking at the equities commission versus other brokers, they come in the middle of some of the other brokers that focus on active traders too. For example, if you trade 500 shares that is $2.50 per side or $5 per round turn at Venom Trading. If we look at a couple other brokers like TradeStation and LightSpeed who both cater to active traders you will see TradeStation has a commission plan that similar to Venom Trading but charges $0.006 per share with a $1 minimum and LightSpeed charges $0.0045 on their highest per share tier. So if you trade 500 shares with TradeStation it will cost you $3 and at LightSpeed it will cost you $2.25. However, both TradeStation and LightSpeed have platform fees while Venom Trading does not. So as you can see Venom Trading is right the mix with the bigger brokers as far as fees and commission are concerned with even a possible edge as their platform is free.
Trading Platforms & Tools
Venom Trading offers a third party trading platform through Interactive Brokers called TWS (Trader Workstation). The platform is powerful and intuitive with plenty of customization features and sophisticated tools with streaming data and quotes, live news feeds, real-time risk monitoring, algo trading and even a paper trading demo feature. You’ll also have direct market access which a huge plus for execution speed and you’ll get fully customizable charts that offer tons of indicators and linkable windows so you don’t have to go back and forth changing tickers on each window. Their order entry window can be customized to your needs with advanced order entry and routing capabilities. This platform overall works great for both active traders and investors as it gives you all the necessary tools to make informed and timely decisions. To get this powerful platform for free is awesome and you won’t find a much better deal than that.
Venom Trading proved to be a solid broker with fair commission, a powerful and free trading platform with customer service that meets and most of the time exceeds expectations. The only drawback is that there is a $5,000 minimum where some brokers don’t have a minimum at all. So if meeting the account minimum is a problem for you then you will have to look elsewhere but if you can meet the minimum then I definitely recommend checking this broker out and if you interested in gaining some more information you can check this link to their website.
As always, if you have any questions or comments regarding Venom Trading, please leave us a message below!