Cobra Tradingvs.tastytrade

Head-to-head comparison across ratings, fees, asset coverage, and platform breadth.

Cobra Trading

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.

Last reviewed May 13, 2026Data may be outdated — verify rates before acting

tastytrade

4.4 / 5

The #1 retail options broker in 2026. Industry-leading $1-to-open / $0-to-close pricing capped at $10/leg, purpose-built derivatives platform, and integrated Tastylive education. Avoid if you hold meaningful idle cash, want OTC, or are a buy-and-hold investor.

Last reviewed May 13, 2026Data may be outdated — verify rates before acting

Sub-rating overlap

Each broker scored 0–5 across the same 8 dimensions.

Detailed comparison

Green cells mark the winner on each metric. Tie rows are uncoloured.

Metric	Cobra	tastytrade	Winner
OverallEditorial score	4.00 / 5	4.40 / 5	tastytrade
Sub-ratingsCommissions & fees	4.50	4.60	tastytrade
Sub-ratingsPlatforms & tools	4.50	4.70	tastytrade
Sub-ratingsMobile app	2.00	4.20	tastytrade
Sub-ratingsResearch	2.50	3.50	tastytrade
Sub-ratingsEducation	2.00	5.00	tastytrade
Sub-ratingsCustomer service	4.50	4.00	Cobra
Sub-ratingsRange of investments	3.00	3.50	tastytrade
Sub-ratingsActive trading	5.00	5.00	Tie
PricingLowest margin rate	5.25%	8.00%	Cobra
PricingDefault cash sweep yield	—	0.01%	tastytrade
PricingPFOF on equities	Does not accept	Accepts	Cobra

Where they differ on asset coverage

Asset class	Cobra	tastytrade
US stocks (NYSE/Nasdaq/AMEX)	Yes
OTC / Pink Sheets / OTCBB	Yes
Options (multi-leg + spreads)	Yes
US Treasuries / bonds	No	Limited
Futures	No
Crypto (direct)	No	Yes
International stocks / ADRs	No
24-hour overnight equity trading	No
Hard-to-borrow short locates	Yes
US stocks (NYSE/Nasdaq)		Yes
OTC / Pink Sheets / penny stocks		No
Equity options (single + multi-leg)		Yes
Index options (SPX/NDX/RUT/XSP/VIX + Cboe Bitcoin/Mini Bitcoin US ETF Index)		Yes
Futures (equity index, energy, metals, currency, rates, ag, livestock, crypto, volatility, micros)		Yes
Options on futures		Yes
International stocks		No
IPOs		No
24/5 overnight equity trading		Yes

Cobra strengths

Best-in-class HTB locates: 4 in-platform sources (Locate, Locate1, Locate2, Locate3) plus live-chat desk that frequently gives away free HTB shares in the morning
No overnight locate multiplier — unusual differentiator; most brokers charge 1×–4× to hold HTB overnight
Does not accept PFOF; ECN rebates and charges passed through transparently
True direct market access to ARCA, NSDQ, EDGX, BATS, IEX, CHX, dark pools, and 100+ venues via DAS
Flat 5.25% margin to $1M; negotiable above $1M
Pro-grade platform stable: DAS Trader Pro, Sterling Trader Pro, Cobra TraderPro, RealTick EMS — sub-millisecond execution from NY/NJ colo

tastytrade strengths

$1 to open / $0 to close, capped at $10/leg — unmatched at 15+ contracts; $0.50 round-trip per contract at scale
Industry-best options workflow: Curve mode with draggable strike legs, drag-and-drop chain to build verticals/condors/butterflies
Futures + options on futures with micros at $0.85/contract; CME Direct multi-leg integration (2025)
23 cryptocurrencies via Zero Hash + stablecoin account funding (USDC/USDT/PYUSD/RLUSD; first major US broker, July 2025)
Tastylive: 8+ hours of live original options programming every weekday, free
Open API: public REST + WebSocket (DXLink/dxFeed), official JS SDK + community Python SDK

Full Cobra Trading review →Full tastytrade review →