Cobra Trading fees & pricing
Complete commission schedule, margin tier ladder, cash-sweep yield, and PFOF stance.
Last reviewed May 13, 2026
Full fee schedule
Every documented Cobra Trading fee, grouped by category. Green = competitive; red = negative outlier; neutral = market-rate.
| Category | Item | Price | Notes |
|---|---|---|---|
| Stocks & ETFs | US stocks / ETFs — 0–250K shares/month | $0.0030 / share | $1 trade minimum; affiliate referral 33% off available (~$0.00200/share with $10K credit cap) |
| Stocks & ETFs | US stocks / ETFs — 250K–500K shares/month | $0.0025 / share | — |
| Stocks & ETFs | US stocks / ETFs — 500K–1M shares/month | $0.0020 / share | — |
| Stocks & ETFs | US stocks / ETFs — 1M+ shares/month | $0.0015 / share | Negotiable below $0.0015 at 10M+ shares/month |
| Options | Options — 0–2,000 contracts/month | $0.50 / contract | $1 trade minimum |
| Options | Options — 2,001–10,000 contracts/month | $0.40 / contract | — |
| Options | Options — 10,000+ contracts/month | $0.30 / contract | — |
| Margin | Margin rate | 5.25% flat to $1M | Negotiable above $1M |
| Account & service fees | Locate fees (HTB shorts) | $0.01–$0.05 / share | No overnight multiplier; free morning HTB available via live chat |
| Account & service fees | DAS Trader Pro platform fee | $125 / month | Waived at 250K shares/month |
| Account & service fees | Cobra TraderPro platform fee | $100 / month | Waived at 200K shares/month |
| Account & service fees | Sterling Trader Pro platform fee | $200 / month ($230 with options module) | Waived at 300K shares/month |
| Account & service fees | Basic market data | $25 / month | +$20 for Nasdaq TotalView; +$20 for OTC L2 |
| Account & service fees | Outbound ACAT | $95 | — |
| Account & service fees | IRA annual fee | $35 | — |
| Account & service fees | Quarterly inactivity fee | $15 | Avoided by one trade per quarter |
| Account & service fees | Broker-assisted trade | $0 | Rare in industry |
PFOF: Does not accept payment for order flow on equities; does not accept PFOF on options. Cobra explicitly markets against PFOF and references the 2020 SEC sanction of Robinhood. ECN rebates and charges are passed straight through. Cobra publishes Rule 606 reports.
Margin rates by debit balance
Step-line — rate is constant within each tier. Overlay shows every other broker we’ve reviewed for context. Lower is better.
See margin tiers as a table
| Debit balance | Rate (APR) | Notes |
|---|---|---|
| ≥ $0 | 5.250% | Flat to $1M; negotiable above |