Frequently Asked Questions

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 or have us mail/email you an account opening packet. Please click on the Open an Account tab for instructions.

2. What is the minimum to open an account?

For United States residents there is a $30,000 minimum deposit requirement to open a daytrading account. A $25,000 minimum balance must be maintained in all daytrading accounts. If you are a foreign resident there is a $50,000 USD minimum deposit requirement. Please visit Finra for further rules and requirements for a daytrading account. If you are a United States resident and would like to open an account for less than $30,000, or a foreign resident and would like to open an account for less than $50,000 please contact us about our alternative clearing arrangement.

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 (ACAT) form and attach a copy of your most recent account statement from the account you are transferring. You can obtain the ACAT form by contacting your Cobra Trading representative. These transfers typically take 3-8 business days to complete depending on which broker currently holds the account.

4. How do I fund my trading account?

You may fund your Cobra Trading account by check, wire, or account transfer.

By Check: Please make check payable to Wedbush Securities. If you have been issued an account number please place the number on the check in the memo line. 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 mail with your account paperwork.

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.

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.?

Cobra Trading offers a choice of two different clearing firms to suit your needs. Most accounts are opened through Wedbush Securities. We offer additional clearing through Interactive Brokers for clients who wish to trade stocks, options, futures and forex all through the same interface. Please call us today to discuss our different clearing options.

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 $250,000 for claims of cash). In addition to the $500,000 protection provided by SIPC, clients clearing at Wedbush Securities have additional coverage purchased from Lloyd’s of London for up to $25,000,000 in cash and securities for each client, subject to an aggregate loss limit of $100,000,000. This bond covers cash credit balances to a maximum of $900,000 for a total of $1,150,000 in cash balances. Neither the SIPC or any additional coverage will protect against market loss. For further information regarding SIPC coverage, please contact SIPC at their website

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: Finra.

13. Can I write checks from my account?

Yes, you may write checks on all accounts except IRA's, UGMA's and trust accounts. In order to write checks you will need to request and complete the Credit Plus Form 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 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 7:00 am to 4:30 pm CST.

18. What type of computer hardware do I need to trade?

Most new computer systems 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.