FX.co ★ Cobra Trading - Broker rating, review and comments
91
Rating:
Start year:2013
Country of origin:USA
Regulation:FINRA, NFA, SIPC
Payment options:bank transfers, checks, internal transfers
Minimum account size:$30,000
Minimum lot size:1 lot
Leverage:1:50
Spreads:floating
Cobra Trading is the US broker that offers trading currencies, futures, stocks, and options. The company is headquartered in Plano (a town near Dallas), Texas.
The brokerage company operates in accordance with the US legislation and is regulated by FINRA and the National Futures Association (NFA). FINRA issues brokers licenses for work, regularly conducts audits and investigates investors’ complaints. If necessary, the regulator can initiate disciplinary proceedings, request return of clients’ funds, and even suspend operation. FINRA has attained international fame as the largest independent financial regulator, therefore, companies under the supervision of FINRA provide extra safety of clients’ funds.
Another advantage of Cobra Trading is membership in the SIPC. This means that clients’ funds and securities on the brokers’ account are ensured. And in case of company’s bankruptcy, traders will be able to return up to $500,000, including $250,000 in cash.
Trading accounts
To open an account, US residents need to deposit at least $30,000 ($50,000 for non-US residents) and constantly maintain an amount of not less than $25,000. These terms put off many traders, but you can try out the platform on a demo account. If you are still interested in trading with this broker, you can open one of the following accounts: Individual Account, Joint Account, Traditional IRA, Roth IRA, Corporate, Trust, or Partnership.
Trading platform
The broker provides several trading platforms. The fee for using Sterling Trader Pro is $250 a month. Users of Sterling Trader Pro can access hot keys, advanced graphic elements, notifications, and news in real time.
The DAS Trader Pro platform features routing, stop orders, charts, multiple windows, hot keys, funds and options, as well as real-time market news, income reports, notifications about advance payment, and many other functions.
Another platform is RealTick EMS. It is available for $150 a month. It has almost all same functions as the previous two platforms. It suits both active traders and beginners.
The Trader WorkStation platform (TWS) and its mobile version are developed for trading futures.
Commission
Commissions for shares are 0.004 cents a share if you trade less than 250,000 shares a month. Those who trade options will pay a commission of $0.5 per a contract if you trade less than 2,000 options a month, or $0.3 per a contract if you trade more than 10,000 options a month. The minimum commission for all instruments is $1 including ECN.
The company offers one of the best margin rates on the market. Currently the margin is 4% for accounts with balance from $1 to $1,000,000.
Cobra Trading charges a quarterly fee of $15 for inactivity. In addition, all clients have to pay an annual IRA fee of $35.
Peculiarities
Cobra Trading clients have a choice of two different clearing firms depending on their needs. Most clients open accounts via Wedbush Securities. Moreover, a personal account with Interactive Brokers allows trading shares, options, futures, and currencies.
Deposits/Withdrawals
You can deposit funds via bank transfer, checks, or internal transfers between accounts within the company. The broker does not support electronic payment systems, which are very popular among traders today. However, judging by feedback of traders on the Internet, there are no problems with withdrawals from accounts of this broker.
Support service
You can contact support service specialists by fax, phone, email, or the feedback form. The support service is available from Monday to Friday. Before asking your question, we recommend you to visit the FAQ section, perhaps you will find the answer there.
The support service team speaks English.
The brokerage company operates in accordance with the US legislation and is regulated by FINRA and the National Futures Association (NFA). FINRA issues brokers licenses for work, regularly conducts audits and investigates investors’ complaints. If necessary, the regulator can initiate disciplinary proceedings, request return of clients’ funds, and even suspend operation. FINRA has attained international fame as the largest independent financial regulator, therefore, companies under the supervision of FINRA provide extra safety of clients’ funds.
Another advantage of Cobra Trading is membership in the SIPC. This means that clients’ funds and securities on the brokers’ account are ensured. And in case of company’s bankruptcy, traders will be able to return up to $500,000, including $250,000 in cash.
Trading accounts
To open an account, US residents need to deposit at least $30,000 ($50,000 for non-US residents) and constantly maintain an amount of not less than $25,000. These terms put off many traders, but you can try out the platform on a demo account. If you are still interested in trading with this broker, you can open one of the following accounts: Individual Account, Joint Account, Traditional IRA, Roth IRA, Corporate, Trust, or Partnership.
Trading platform
The broker provides several trading platforms. The fee for using Sterling Trader Pro is $250 a month. Users of Sterling Trader Pro can access hot keys, advanced graphic elements, notifications, and news in real time.
The DAS Trader Pro platform features routing, stop orders, charts, multiple windows, hot keys, funds and options, as well as real-time market news, income reports, notifications about advance payment, and many other functions.
Another platform is RealTick EMS. It is available for $150 a month. It has almost all same functions as the previous two platforms. It suits both active traders and beginners.
The Trader WorkStation platform (TWS) and its mobile version are developed for trading futures.
Commission
Commissions for shares are 0.004 cents a share if you trade less than 250,000 shares a month. Those who trade options will pay a commission of $0.5 per a contract if you trade less than 2,000 options a month, or $0.3 per a contract if you trade more than 10,000 options a month. The minimum commission for all instruments is $1 including ECN.
The company offers one of the best margin rates on the market. Currently the margin is 4% for accounts with balance from $1 to $1,000,000.
Cobra Trading charges a quarterly fee of $15 for inactivity. In addition, all clients have to pay an annual IRA fee of $35.
Peculiarities
Cobra Trading clients have a choice of two different clearing firms depending on their needs. Most clients open accounts via Wedbush Securities. Moreover, a personal account with Interactive Brokers allows trading shares, options, futures, and currencies.
Deposits/Withdrawals
You can deposit funds via bank transfer, checks, or internal transfers between accounts within the company. The broker does not support electronic payment systems, which are very popular among traders today. However, judging by feedback of traders on the Internet, there are no problems with withdrawals from accounts of this broker.
Support service
You can contact support service specialists by fax, phone, email, or the feedback form. The support service is available from Monday to Friday. Before asking your question, we recommend you to visit the FAQ section, perhaps you will find the answer there.
The support service team speaks English.
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