Head-to-head comparison across ratings, fees, asset coverage, and platform breadth.
4.5 / 5
Best for full-service investors who want thinkorswim, broad 24/5 trading, deep customer service, and integrated banking. Cost-competitive on most fronts but lags on margin rates and fractional-share breadth.
4.0 / 5
For active day traders and short sellers with $27K+ in capital who need multi-source HTB locates, true DMA without PFOF, and a human picking up the phone. Not a fit for buy-and-hold, beginners, or anyone who wants a polished mobile app.
Each broker scored 0–5 across the same 8 dimensions.
Green cells mark the winner on each metric. Tie rows are uncoloured.
| Metric | Charles | Cobra | Winner |
|---|---|---|---|
| OverallEditorial score | 4.50 / 5 | 4.00 / 5 | Charles |
| Sub-ratingsCommissions & fees | 4.20 | 4.50 | Cobra |
| Sub-ratingsPlatforms & tools | 5.00 | 4.50 | Charles |
| Sub-ratingsMobile app | 4.40 | 2.00 | Charles |
| Sub-ratingsResearch | 5.00 | 2.50 | Charles |
| Sub-ratingsEducation | 5.00 | 2.00 | Charles |
| Sub-ratingsCustomer service | 4.90 | 4.50 | Charles |
| Sub-ratingsRange of investments | 4.70 | 3.00 | Charles |
| Sub-ratingsActive trading | 4.70 | 5.00 | Cobra |
| PricingLowest margin rate | 11.13% | 5.25% | Cobra |
| PricingDefault cash sweep yield | 0.45% | — | Charles |
| PricingPFOF on equities | Accepts | Does not accept | Cobra |
| Asset class | Charles | Cobra |
|---|---|---|
| OTC / penny stocks | Yes | |
| Fractional shares | Limited | No |
| Options (single & multi-leg) | Yes | |
| Mutual funds | Yes | No |
| US Treasuries | Yes | |
| Corporate / muni bonds, CDs | Yes | |
| Forex | Yes | No |
| Futures / futures options | Yes | |
| Crypto (direct) | Limited | No |
| International stocks | Limited | |
| IPOs | Yes | |
| 24-hour overnight equity trading | Yes | No |
| OTC / Pink Sheets / OTCBB | Yes | |
| Options (multi-leg + spreads) | Yes | |
| US Treasuries / bonds | No | |
| Futures | No | |
| International stocks / ADRs | No | |
| Hard-to-borrow short locates | Yes |