Cobra trading is a broker that is known for its long list of short able stocks. This is the main reason why I am using them at this very moment. Though they rank high on my list, there are a couple of things we should discuss before you make the move to Cobra Trading. In this article I will go through my list of pros and cons in hopes that it will help you all with your decision.
Recommended by TheFreedomGrind – YES!!
Caveat : Most brokers have pros and cons, and though I have used many different brokers and software, there are none that are perfect.
Let’s look at The PROS……..
ACCESS TO SHORT – I want to start off by saying – brokers who have such short accessibility are far and few. This is one of the few brokers that offers smaller capital traders access to many small cap stocks to short by means of a LOCATE tool.
LOCATE FEES – Now this topic can be per instance but, we were able to compare prices to competitors and more often than not Cobra Trading had cheaper Locatable Shares.
GOOD FEE STRUCTURE – If you are an active trader they WILL work with you on cost!!!!
EARLY TRADING – This broker also allows for trading to begin at 4AM. Most popular retail brokers do not begin the premarket session until 7AM. P.S (I might have Pestered Cobra to open at 4AM …..lol, it was for the greater good).
CUSTOMER SERVICE – Overall Cobra Trading has decent customer service. I have had few problems reaching out and getting problems resolved. I would personally give them an 7 out of 10 here. They have always been respectful, but there have been times it was difficult to get things resolved.
GREAT SOFTWARE OPTIONS – As of today (2/7/2022), Cobra Trading has these options-
- Cobra Trader Pro click here -> www.cobratrading.com for more info.
Cobra Trader Pro is our most cost-conscious platform. Based on the Sterling Trader framework, the platform is loaded with features without sacrificing any of the features needed for active traders or investors. The Cobra Trader Pro platform offers real-time Level 2 market data, advanced charting, hot keys, and a short locate monitor. Cobra Trader Pro is limited to non-entity and non-professional users only.
- Real-Time Level 2 Market Data
- Portfolio Management
- Hot Keys
- Stop Orders
- Advanced Charting
- Custom Alerts
- News
- Stock Watch Lists
- Das Trader Pro – DAS Trader offers advanced order types, basket trading, charting, and multi-account management in a real-time environment. DAS combines powerful features such as advanced analytics, multi-instrument trading, and portfolio management into a single trading platform.
Sterling Trader Pro – This is a software that is less familiar to traders, but It is a very professional software.
Sterling Trader Pro – delivers a feature-rich package of state-of-the-art equities and options trading tools designed to give traders complete control. From in-depth charting software to the broad range of execution points, Pro’s combination of powerful performance and customization gives traders the power to execute their trading strategies with the click of a button. This Software is similar to DAS Trader.
Now, the CONS…..
HIGH MINIMUN DEPOSIT – This can be a bit difficult For those who aren’t long in the pockets, but still want to get into the game. Cobra Trading has a minimum initial deposit of $30,000. While this is listed in the CONS, most brokers expect an equity balance of 100K or more to have access to short able shares so keep this in mind.
SHORTING PREMARKET – Early premarket shorting is a tough one. The locate tool has several different routes which you can use to find short able shares to borrow. During the early premarket, some of these avenues are turned off and may not work. We notice that around 6 AM and past are much easier to find locates. Also, keep in mind some stocks are not going to have locates to begin with naturally.
As much as I tried, I could not think of any additional cons at this time. I highly recommend Cobra Trading as a day trading Broker.