 1. How do I open an account with Cobra Trading, Inc.?
2. What is the minimum to open an account?
3. How do I transfer an account to Cobra Trading, Inc.?
4. How do I fund my trading account?
5. When can I begin trading?
6. Who is the clearing firm for Cobra Trading, Inc.?
7. Is my Cobra Trading account insured?
8. Who can I contact with questions?
9. Can I trade options?
10. Can I trade futures?
11. Where do I view historical account information?
12. What is my buying power?
13. Can I write checks from my account?
14. How do I get money from my account?
15. What states are you currently registered in?
16. Do you offer after hours trading?
17. What are your hours of operation?
18. What type of computer hardware do I need to trade?
1. How do I open an account with Cobra Trading, Inc.?
To open an account with Cobra Trading, Inc. you can download the appropriate account application, have us mail you an account opening packet, or fill out the application online. Please click on the Open an Account tab for instructions.
2. What is the minimum to open an account?
There is a $2,500 initial minimum to open a retail margin account and a $30,000 minimum to open a daytrading account. A $25,000 minimum balance must be maintained in all daytrading accounts. Please visit http://www.finra.org/InvestorInformation/InvestmentChoices/DayTradingInformation/p005906 for further rules and requirements for a daytrading account.
3. How do I transfer an account to Cobra Trading, Inc.?
To transfer an account from another broker you will need to fill out an account transfer form and attach a copy of your most recent account statement from the account you are transferring. The account transfer form will be included in the account application or available on our opening an account page. These transfers typically take 3-8 business days to complete depending on the broker currently holding the funds.
4. How do I fund my trading account?
You may fund your Cobra Trading account by check, wire, certificate deposit or account transfer.
By Check: Please make check payable to Penson Financial Services. If you have been issued an account number please place the number on the check. If you are opening a new account, we will place the appropriate account number on your check for deposit into your account. Please include this check in the mailing with your account paperwork.
Our Address:
Cobra Trading, Inc.
825 Market Street Suite 240
Allen, TX 75013
By Wire: Please provide your bank with the following wiring instructions:
Bank Name: JP Morgan Chase Bank, New York, New York
ABA# of Bank: 021000021
Firm Name: Penson Financial Services
Firm Account #: 066600030
Your Name: Your name as it appears on your account
Your Account #: Your Cobra Trading, Inc. account number
Account Transfer: Please fill out the Account Transfer Form (ACAT) and return to us with your account application. You will need a copy of your most recent statement attached to the form.
Certificate Deposit: To fund your account by depositing a stock certificate, please send the endorsed certificate and account number directly to Penson Financial Services at the following address:
Penson Financial Service
1700 Pacific Avenue, Suite 1400
Dallas, TX 75201
ACH Transfer: Please fill out the ACH Authorization form to link a checking or savings account to your trading account for overnight, electronic deposits.
5. When can I begin trading?
You can begin trading after your account has been approved and funded. You will receive e-mail notification with your live account details.
6. Who is the clearing firm for Cobra Trading, Inc.?
Our clearing firm is Penson Financial Services, Inc. Their website is www.penson.com and their address is:
Penson Financial Services
1700 Pacific Avenue, Suite 1400
Dallas, TX 75201
7. Is my Cobra Trading account insured?
Cobra Trading, Inc. is a member of SIPC. Securities customers of SIPC members are protected up to $500,000 (including $100,000 for claims of cash). In addition to the $500,000 protection provided by SIPC, Penson Financial Services, Inc. has an additional protection of $24,500,000 for each customer (including $900,000 for claims of cash). Neither the SIPC coverage nor the Penson Financial Services, Inc. coverage will protect against market loss.
8. Who can I contact with questions?
To contact a representative at Cobra Trading, Inc., please go to our Contact Us page for phone numbers, fax numbers, and e-mails.
9. Can I trade options?
Yes, you may trade options in your Cobra Trading account. You will need to fill out an option account agreement and be approved for option trading.
10. Can I trade futures?
Yes, you may trade futures in your Cobra Trading account. Please visit our Futures page for information on futures access, platforms, service, pricing, and deposits.
11. Where do I view historical account information?
To access your historical account information online, please click on the Customer Reports Page.
12. What is my buying power?
Buying power is determined by the type of account you are trading in. If you are trading in an IRA or cash account your buying power will be limited to the cash available. In a retail margin account your buying power for intraday (limit of 3 intraday trades in a rolling 5 day period) will be 4 times your available cash and overnight trades will be 2 times your available cash. For daytrading accounts you will have a 4-to-1 intraday buying power and 2-to-1 overnight buying power. For further details on daytrading buying power, please visit:
http://www.finra.org/InvestorInformation/InvestmentChoices/DayTradingInformation/p005906
13. Can I write checks from my account?
Yes, you are able to write check and receive debit cards on all accounts except IRA's, UGMA's and trust accounts. All you need to do is fill out the Penflex Account application found on our account opening page and include it along with your account opening paperwork. You can also add this at anytime with no additional charge.
14. How do I get money from my account?
To request funds from your account, please contact a representative at Cobra Trading, Inc. Funds may be dispersed via check, wire, or ACH transfer.
15. What states are you currently registered in?
Cobra Trading, Inc. is a FINRA and NFA registered Broker/Dealer for equities, options and futures in all 50 states.
16. Do you offer after hours trading?
Yes, we offer both pre- and post-market trading to our clients. Our trading hours are 6:00 am EST thru 8:00 pm EST.
17. What are your hours of operation?
Hours of operation are Monday through Friday 7am to 5pm CST.
18. What type of computer hardware do I need to trade?
Most new computer systems running either Windows 2000, Windows XP, Windows Vista, or Windows 7 will have no problems running our trading platforms. We do strongly recommend a high speed Internet connection such as DSL, Cable, or T-1 connections.
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