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.
4.2 / 5
Best for systematic and futures traders who want EasyLanguage scripting, direct routing, deep back-testing, and active-trader margin rates. Less retail-friendly than thinkorswim but unmatched for strategy automation.
Each broker scored 0–5 across the same 8 dimensions.
Green cells mark the winner on each metric. Tie rows are uncoloured.
| Metric | Cobra | TradeStation | Winner |
|---|---|---|---|
| OverallEditorial score | 4.00 / 5 | 4.20 / 5 | TradeStation |
| Sub-ratingsCommissions & fees | 4.50 | 3.80 | Cobra |
| Sub-ratingsPlatforms & tools | 4.50 | 4.70 | TradeStation |
| Sub-ratingsMobile app | 2.00 | 3.80 | TradeStation |
| Sub-ratingsResearch | 2.50 | 4.00 | TradeStation |
| Sub-ratingsEducation | 2.00 | 4.20 | TradeStation |
| Sub-ratingsCustomer service | 4.50 | 3.80 | Cobra |
| Sub-ratingsRange of investments | 3.00 | 4.20 | TradeStation |
| Sub-ratingsActive trading | 5.00 | 4.80 | Cobra |
| PricingLowest margin rate | 5.25% | 4.25% | TradeStation |
| PricingPFOF on equities | Does not accept | Accepts | Cobra |
| Asset class | Cobra | TradeStation |
|---|---|---|
| US stocks (NYSE/Nasdaq/AMEX) | Yes | |
| OTC / Pink Sheets / OTCBB | Yes | |
| Options (multi-leg + spreads) | Yes | |
| Mutual funds | No | Limited |
| US Treasuries / bonds | No | |
| Forex | No | Yes |
| Futures | No | |
| Crypto (direct) | No | |
| International stocks / ADRs | No | |
| 24-hour overnight equity trading | No | Limited |
| Hard-to-borrow short locates | Yes | |
| US stocks | Yes | |
| OTC / Pink Sheets | Yes | |
| Options | Yes | |
| US Treasuries | Yes | |
| Corporate bonds | Limited | |
| Futures / futures options | Yes | |
| Crypto | No | |
| International stocks (US app) | Limited |