Cobra Trading

What Cobra Trading Is

Cobra Trading is a direct market access (DMA) broker that competes in the same space as SpeedTrader, CenterPoint Securities, and Lightspeed — brokers built for active day traders who need fast execution, professional routing, and short selling capabilities. What distinguishes Cobra from its competitors is its emphasis on personalized customer service and its transparent, competitive commission structure.

Founded in 2003 and headquartered in Austin, Texas, Cobra Trading is a FINRA member broker-dealer that caters to active equity day traders. The company is smaller than the big-name DMA brokers, which works in their favor — traders consistently report better customer service and more responsive support compared to larger firms.

DMA Execution & Routing

Like other professional DMA brokers, Cobra Trading routes orders directly to exchanges and ECNs:

- Direct routing to NYSE, NASDAQ, ARCA, BATS, EDGX, and other venues
- Multiple routing options — traders choose their routing strategy based on rebate/fee structure and fill quality
- Sterling Trader Pro and DAS Trader Pro — both professional trading platforms available
- Sub-millisecond execution — professional-grade speed for active scalpers

Short Locate Services

Cobra Trading maintains an active short locate desk that provides access to hard-to-borrow shares. This is one of Cobra's strengths — traders report good availability and competitive locate pricing compared to larger brokers. For short sellers who trade momentum stocks, this is a critical service.

Customer Service — The Differentiator

Cobra Trading's most frequently cited advantage is customer service. Because they're a smaller firm, traders get direct access to real people:

- Dedicated account representatives
- Fast response times on technical and trading issues
- Personalized onboarding for new accounts
- Responsive short locate desk with real-time communication

In the DMA broker space where competitors can feel impersonal, Cobra's service quality is a genuine competitive advantage.

Pricing

- Per Share — starting at $0.003/share, scaling down with volume
- ECN pass-through — standard add/remove liquidity fees from exchanges
- Short locate fees — variable based on availability
- No monthly platform fee for DAS Trader (included with active trading)
- $30,000 minimum account for DAS Trader Pro access
- $25,000 minimum for Pattern Day Trader compliance

What Cobra Trading Does Not Have

- No proprietary charting platform — uses DAS Trader Pro and Sterling Trader Pro (third-party)
- US equities and options only — no futures, forex, or crypto
- No mobile trading — desktop platforms only
- Not for beginners — $25,000-$30,000 minimums, professional tools
- Smaller firm — less name recognition than Interactive Brokers or Schwab

Who Cobra Trading Is For

Good fit:
- Active day traders who value personalized customer service alongside professional execution
- Short sellers who need reliable, competitively-priced short locate services
- Traders who want DAS Trader Pro or Sterling Trader Pro with competitive commissions
- Prop firm traders looking for a broker that treats smaller accounts with the same attention as large ones

Not the right fit:
- Casual or swing traders — the commission structure and minimums are for active traders only
- Anyone who needs futures, forex, or crypto trading
- Traders who want a built-in charting platform — Cobra is execution-focused

Bottom Line

Cobra Trading is the DMA broker you choose when you want professional execution quality AND someone who picks up the phone when you call. The per-share pricing is competitive, the short locate desk is responsive, and the customer service consistently stands out in an industry where traders often feel like account numbers. If you're an active equity day trader who values the relationship with your broker, Cobra is worth a serious look.