Head-to-head comparison across ratings, fees, asset coverage, and platform 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.
3.8 / 5
Best for Bank of America customers with $100K+ combined balances who want IRA, banking, credit card, and brokerage under one login. Outside that fit, Fidelity, Schwab, or IBKR are stronger pure-trading platforms.
Each broker scored 0–5 across the same 8 dimensions.
Green cells mark the winner on each metric. Tie rows are uncoloured.
| Metric | Cobra | Merrill | Winner |
|---|---|---|---|
| OverallEditorial score | 4.00 / 5 | 3.80 / 5 | Cobra |
| Sub-ratingsCommissions & fees | 4.50 | 3.80 | Cobra |
| Sub-ratingsPlatforms & tools | 4.50 | 3.80 | Cobra |
| Sub-ratingsMobile app | 2.00 | 3.50 | Merrill |
| Sub-ratingsResearch | 2.50 | 5.00 | Merrill |
| Sub-ratingsEducation | 2.00 | 4.00 | Merrill |
| Sub-ratingsCustomer service | 4.50 | 4.00 | Cobra |
| Sub-ratingsRange of investments | 3.00 | 3.00 | Tie |
| Sub-ratingsActive trading | 5.00 | 3.30 | Cobra |
| PricingLowest margin rate | 5.25% | 4.50% | Merrill |
| PricingDefault cash sweep yield | — | 0.01% | Merrill |
| PricingPFOF on equities | Does not accept | Does not accept | Tie |
| Asset class | Cobra | Merrill |
|---|---|---|
| OTC / Pink Sheets / OTCBB | Yes | |
| Options (multi-leg + spreads) | Yes | |
| Mutual funds | No | Yes |
| US Treasuries / bonds | No | |
| International stocks / ADRs | No | |
| Hard-to-borrow short locates | Yes | |
| OTC / penny stocks | No | |
| Options (Levels 1–5) | Yes | |
| US Treasuries | Yes | |
| Corporate / muni bonds, CDs | Yes | |
| International stocks | Limited |