Designed for professional, active investors only, and unless you desire Cobra's niche personalized offering, its competitors come out on top.

By Blain Reinkensmeyer / February 19th, 2018 / Updated: December 14th, 2018

  • Multiple platforms make for confusing customer experience
  • Numerous additional fees make platforms expensive
  • All platforms are third-party

Review Sections:


The content portion of this Review was completed in February, 2013 in conjunction with the 2013 Broker Review.

As a small broker with less than a dozen staff members, Cobra Trading shines in its ability to personalize the broker-trader relationship. With price, execution and service mattering the most to hyperactive traders, Cobra Trading is competitive in the first two and specializes in the third. 

Being small, however, does have its drawbacks. None of the platforms Cobra Trading offers are built, nor managed in-house, and even the back-end client management software is outsourced. 

Any broker specializing in professional investing will negotiate over price, so the question becomes: Is Cobra outsourced?

Customer Service

Every team member at Cobra is capable of handling a support call, or any call for that matter. This is what differentiates Cobra from its competitors in our 2013 Broker Review: Lightspeed, Interactive Brokers, TradeStation and MB Trading.

With a small staff comes personalized service, remembering names and the like. Each support rep is well trained and passionate about what they do. They take their time with explanations and understand that every client matters.

CobraTrading placed second overall in Customer Service in our 2013 Review this year. Whether it is phone, email or live chat, Cobra has its clients covered.

Commissions & Fees

Don't let Cobra Trading's outdated and confusing website frustrate you our Cobra Trading Review has all the details on commissions and fees. 

First point to note: Cobra passes market rebates back on to the client, and with direct market access, this means complete control over costs for the savvy investor, adding liquidity with each trade.

As far as regular commission rates, equity trades run $.005 per share for those trading less than 250,000 shares per month, and $.004 per share for more than 250,000. Minimum ticket chart is $1.

Options are $.75 per contract with no volume discounts offered. Competitive, but still more expensive than Lightspeed and Interactive Brokers.

Platforms & Tools

As mentioned previously, Cobra Trading utilizes third-parties for all of its available platforms. While this does keep things simple for the Cobra staff (no headaches with coding), it is more costly for the client, as the platforms do not come free unless certain trading thresholds are met.

Of the four provided, three are desktop-based and one is web-based. The web-based is designed for newer investors with little experience, and considering Cobra Trading is a broker designed for professionals, we do not recommend it.

During our customer support testing, we asked which platform was most widely used, and CobraIQ (InstaQuote) was the answer. InstaQuote is robust and has all the niche functionality pros require, but beyond advanced charting, endless hotkeying and the like, InstaQuote is limited. In the war of desktop platforms, only two names reign supreme: TD Ameritrade's thinkorswim and TradeStation

Other Notes

Cobra Trading does not offer mobile trading, and research is virtually non-existent. Despite its drawbacks, however, Cobra Trading has managed to keep its doors open over the years, even with competitors being snatched up by bigger players, and DARTs (daily average revenue trades), being down substantially from their mid-2000s levels.

Final Thoughts

Cobra Trading is an online broker that specializes in hyperactive trading and quality customer service. The broker uses its small size to deliver a consistent experience for its clients.

Size also has its disadvantages, and Cobra Trading outsources everything from back-end client management to the platforms traders trade on. Commissions are competitive for equities, but are easily beat by the competition for options. 

With larger, more experienced online brokers available, such as Lightspeed, MB Trading, TradeStation and Interactive Brokers, Cobra Trading is a small fish in a pond of sharks.

Related Guides

View all Cobra Trading Fees & Features
Blain Reinkensmeyer

Reviewed by Blain Reinkensmeyer Blain heads research at and developed the site's annual review format, which broker executives consider the most thorough in the industry. He has placed over 1,000 stock, options, forex, and crypto trades since 2001.

Cobra Trading Competitors

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Ratings Overall

*Cobra Trading was not included in the latest annual review, as a result this data may not be up to date.


Offering of Investments
Platforms & Tools
Customer Service
Ease of Use

Best in Class

All pricing data was obtained from a published web site as of 09/01/18 and is believed to be accurate, but is not guaranteed. The staff is constantly working with its online broker representatives to obtain the latest pricing data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.

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