Cobra Trading Review

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.
securely through Cobra Trading's website

Give Your 1 Minute Opinion!

1 Minute Review

Cobra Trading is a direct access broker focused on access to short opportunities and order execution. Cobra has multiple short locate sources, giving traders access to the best short opportunities in the market. Cobra Trading also specializes in offering comprehensive, responsive customer service throughout the trading day. We recommend Cobra Trading to high-volume traders and short sellers.

Best For

  • Short Sellers
  • Day Traders and Scalpers
  • Traders who are tired of using a “Big Broker”


  • Affordable commissions
  • The DAS Platform
  • Excellent customer service


  • No trading under 25K
  • Not a self-clearing firm
securely through Cobra Trading's website

Users who are looking to step up their trading are encouraged to explore Cobra Trading, a direct access broker specializing in short share access and quality order execution. Our Cobra Trading review will help you learn a little more about this rapidly growing name in brokerage services.

Cobra Trading Offerings

Cobra Trading is a direct market access broker offering you a plethora of routing options to execute your trades through. Cobra Trading is designed for active traders and offers the client support needed to navigate the markets on any given trading day. DAS is the go-to trading platform at Cobra as it is one of the most responsive and versatile trading platforms on the market.

A few of the benefits using DAS with Cobra has to offer – 

  • 24 available Routing Options
  • Comprehensive platform customization
  • Optional mobile application and replay mode
  • Extremely responsive display

Cobra Trading Pricing

At Cobra Trading, your fixed monthly costs will be the platform (DAS) $125 and data $25. The DAS fee is waived when you trade 250K shares on any given month. Commission is assessed on a per share basis, and Cobra is offering anyone who opens an account with a Benzinga referral a discounted .003/sh rate for life.

  • Commissions: Benzinga users can enjoy a 25% commission discount when they open a Cobra Trading account. This .003/sh rate is both competitive and straightforward. 
  • Data: Cobra’s basic data (Nasdaq Level 1 and 2, NYSE Level 1 and 2, and OTC Level 1) runs $25 a month. There are also additional data options such as OTC L2 and Nasdaq TotalView which each run $20/month.
  • Platform cost: DAS runs $125 a month. Enjoy having this fee waived any month you trade over 250K shares on any month. DAS has multiple additional features you can add such as replay mode and access to the mobile application. 
  • Margin rate: Cobra Trading’s current margin rate is 5.25%. This rate is better than what most brokers can offer. Compare our rate to the competition’s and see for yourself.

The minimum deposit requirement to trade with Cobra is $27K. While this might be unrealistic for casual investors, this amount gives active day traders some breathing room over the $25K PDT Restriction.

Cobra Trading Customer Service

One of the cornerstones at Cobra Trading is to ensure every trader has knowledgeable and available support throughout the trading day. Rather than wading through meticulous phone prompts to get assistance, Cobra Traders can call a broker directly or jump on a chat at cobratrading.com for immediate assistance. 

Have an issue with your Cobra Account or interested in opening one? Reach out to the Cobra Team – 

Customer service is available throughout the trading week between the hours of 7AM to 4:30PM ET, Monday through Friday. 

Cobra Trading User Experience

The experience for those that come to Cobra from another broker is one that often feels very unfamiliar. Having direct lines of communication with your firm and knowing you can reach out at any point and for assistance is paramount for your confidence in navigating the market. Cobra gives traders access to best tools available – DAS, direct routing options, short share access; It is a stark contrast from trading at a Big Box Broker. This all comes down to the fact that Cobra Trading specializes in active trading accounts and only works with active trading accounts. 

Cobra Trading User Benefits

Cobra Trading is a viable brokerage option for – 

  • Short Sellers: Access to short locates is an aspect of trading many brokers cannot offer their clients, but not Cobra. Check out our share availability and take advantage of the best short opportunities in the market.
  • Day traders: Direct access allows for smooth entries and exits on your positions. Trade what you want, how you want.
  • Swing Trader: Carry both long and short positions in your Cobra Account. And when you carry short positions, you will pay no locate multiplier fees that many brokers charge.

Active traders will appreciate the broker’s low commissions, high level of customization, and personal customer service. The $27K minimum deposit may put an account out of reach for novice investors, but for those that are ready to take the next step, Cobra is the way to go.

Cobra Trading Security

Cobra Trading is a member of Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SPIC). Customers of SIPC members have coverage up to $500,000, of which a maximum of $250,000 applies to cash credit balances. In addition, Cobra Trading customers, through our clearing firm Wedbush Securities, have excess Securities Investor Protection Corporation (“SIPC”) coverage. This coverage comes from Wedbush Securities who have purchased from Lloyd’s of London an excess SIPC bond that provides additional coverage for up to $25,000,000 in cash and securities for each client account, subject to an aggregate loss limit of $100,000,000. This bond covers cash credit balances to a maximum of $900,000 for a total of $1,150,000 in cash balances. Neither SIPC coverage, nor the excess SIPC coverage, covers a decline in the value of a customer’s assets due to market loss. 

Cobra Trading Overall

Overall, we found ourselves impressed with Cobra Trading’s level of client service it extends to its traders. In addition to their elite level of service, Cobra Trading’s direct routing coupled with the DAS platform gives traders unparalleled access to the market. They truly do stand out against the crowd as a firm dedicated to active traders and short sellers. While not the right firm for everyone, Cobra Trading is a strong option to consider for active traders and those who’s strategy leans toward the short side.  

Cobra Trading Tutorial

In addition to the DAS platform, Cobra also offers Sterling and Cobra Trader Pro (which is a concise version of Sterling). 99% of traders go with DAS for its supreme functionality and responsiveness; It is one of the best trading platforms available for active trading.


Cobra TraderPro: 

Frequently Asked Questions


What is short selling?

What is short selling?

When you short sell a stock: you borrow shares of the stock and sell the stock anticipating a decline in the stock’s value. You will then buy the stock back (ideally at a lower price) to close the position.


What can Cobra offer short sellers that other brokers cannot?

What can Cobra offer short sellers that other brokers cannot?

Cobra offers its traders elite access to short shares on every trading day. The Cobra Team actively works with sources to ensure their traders are able to take advantage of the most short opportunities in the market.



For brokerage reviews, Benzinga created a weighted scale based on the following criteria: usability, services offered, customer service, education, research, mobile app, account minimums and fees. We aim to provide the most up-to-date, impactful and trustworthy reviews. For an in-depth look at our process, read the full methodology process.