Pricing

  • Commissions
  • Software Fees
  • Market Data
  • Routing Fees
  • Margin Rates
  • Account Fees
Equities (per share)
$.004* 0 to 250K shares per month
$.0035* 250K to 1M shares per month
$.003* 1M to 2M shares per month
$.002* 2M to 10M shares per month

*If you trade over 10M shares per month, call us at 877-792-6272 to negotiate a customized commission rate

Options (per contract)
$.50* 0 to 2,000 contracts per month
$.40* 2,001 to 10,000 contracts per month
$.30* 10,000 contracts +

*All trades will be charged a $1 minimum commission and are subject to ECN charges/rebates and regulatory fees. ECN rebates cannot bring the total commission on any given trade below $0.00. Unless agreed upon in advance the lowest volume commission tier will apply and remain in effect regardless of monthly volumes. You must contact us to request any rate changes. Changes will not apply retroactively. The pass through rebate/fee is not taken into consideration for the minimum commission charge. Subject to approval. Call 877-792-6272 to speak to a broker immdediately.

Platform Monthly Fee
DAS Trader Pro $125 Waived if you trade 250,000 shares/month
Sterling Trader Pro $200 Waived if you trade 300,000 shares/month
RealTick Express $200 Waived if you trade 300,000 shares/month
RediPlus $300 Waived if you trade 400,000 shares/month
RealTick PRO $350 Waived if you trade 500,000 shares/month

*Software waiver only applies to software fee and not any additional market data charges. Software fees are billed the following month after volumes have been calculated. In the event the software is cancelled current and next month charges will apply.

Interested in taking one of these platforms for a test drive?

Basic Data Package ($/month)
Non-Pro 25.00
Pro 79.00

Includes Nasdaq Level 1 data, Nasdaq Level 2 data, NYSE Level 1 data, NYSE Level 2 data, Pink Level 1 data, Basic US Indices, OPRA.


Market Data Fees ($/month)
ARCA Global OTC 50.00
CME E-mini Level I 45.00
.Net Toolkit App 100.00
Dow Jones News 100.00
Real Tick UltraLite 50.00
ISE Spreads Book Level 2 25.00
Nasdaq Level I Pro 20.00
Nasdaq TotalView Non-Pro 20.00
Nasdaq TotalView Pro 86.00
NYSE ArcaBook Non-Pro 15.00
NYSE Euronext Global Indicies Feed 6.00
NYSE Euronext Global Indicies Feed 6.00
NYSE Mkt Pro Tape B Level 2 10.00
NYSE OpenBook Non-Pro 20.00
Pink Level 2 Non-Pro 20.00
Trade Spreads 50.00
Real Tick UltraLite w/ desktop Version 100.00

Equity Exchange Fees

Route Add Liquidity ($/Share) Remove Liquidity ($/share)
ARCA (ARCA-COBRA, ARCA-PMKT, BAML ARCA) .002 (.0035)
BAML BATS .0025 (.0033)
BAML ALGO (.0025) (.0025)
BAML BIDS N/A (.004)
BAML CBSX N/A (.004)
CSFB (CS AES US/CAD, CSFB-COBRA) FREE FREE
BAML .002 (.003)
BAML IEX .0022 (.004)
NITE (NITE DMA) .0022 (.0029)
NDSQ (BAML NDSQ, NDSQ-COBRA) .002 (.0032)
BAML NSX N/A (.004)
NYSE (BAML NYSE) N/A (.0035)
PDQM (PDQM SMART) FREE FREE
SMART (BAML SMART, SMART-COBRA) (.0025) (.0025)
SOHO (TwoSigma desk) FREE FREE
SPD-RTE FREE FREE
VAN_DESK FREE FREE

Option Exchange Fees

Route Add Liquidity ($/Share) Remove Liquidity ($/share)
CLEANSWEEP FREE FREE
DELTA-ADJ FREE FREE
DMA FREE FREE
FAST SWEEP FREE FREE
MLOPT-DELTA FREE FREE
MLXOPT FREE FREE
TWAP FREE FREE

Option Routing and Regulatory Fees ($/contract)

EQUITY .05
SPX Indicies .55
ALL OTHER INDICIES .40
ETFs .20
OCC CLEARING FEES .05
OPTION REGULATORY FEE (ORF) .0427

FINRA Trading Activity Fees

$0.000119 * Quantity of Shares Sold ($5.95 per trade maximum)

SEC Section 31

In addition to your regular commission, a separate transaction fee (equal to the principal amount x 0.00002180) will apply to the sale of all equitites, options, and exchange-traded fund (ETF) securities. The fee, calculated as stated above, only applies to the sale of equitites, options, and ETF securities and will be displayed on your trade confirmation. The transaction fee is a fee collected by the United State Securities and Exchange Commission to recover the costs to the Government for the supervision and regulation of the securities markets and securities professionals. All fees will be rounded to the next penny.

Foreign Transaction Tax

Some securities traded in the U.S. markets, American Depository Receipts (ADR) are an example, can be subject to foreign transaction tax collection. The amount and method of calculation can vary from country to country. Please note that by executing transactions in the subjected securities our account will be subject to the foreign financial transaction tax. As a tax, this fee is not rolled into the cost of the trade but rather collected at a later date.

*All fees listed are in addition to normal commission rate. Routes ARCA-PMKT, CSFB-COBRA, SPD-RTE and VAN_DESK are subject to $1.00/trade fee on the RealTick and RealTick Express platforms. ECN rebates do not apply to stocks below $1.00. ECN rebates cannot bring the total commission on any given trade below $0.00. All fees are subject to change without notice. This page is a good faith estimate of the current rates but may not be completely accurate. Cobra Trading is not liable for any discrepancies between listed rates and the actual rates applied.

**If necessary, we reserve the right to charge or adjust for venue, routing, or exchange fees based on vendor changes in routing rates. We reserve the right to mark up or adjust any routing fees at our sole discretion. Clients trading on per ticket rates are not eligible for ECN rebates unless agreed to in writing by management. We do receive payment for order flow when routing certain equity and options orders with specific routes or market centers, more information available upon request. There may be other routes available that are not listed here, which may charge a fee. You should always call and check the fee on any route before using it.

At Cobra Trading we realize that active traders and investors often utilize margin to hold positions overnight. For that reason we believe our low margin rates can help you as a trader keep your costs in line and allow you to keep more of your hard earned money.

Cobra Trading charges a low 4.00% margin rate on margin balances of $1.00 or $1,000,000.00*.

Compare Cobra Trading’s Margin rates with some of our competitors

Cobra Trading 4.00%
Lightspeed Trading 6.00%
ETrade 6.39%
Options House 6.50%
Scottrade 6.50%
Think or Swim 7.50%

(Comparison based on 9/7/16 posted margin rates and based on a $100,000 margin balance.
*If your margin balance exceeds $1,000,000.00 please contact us for special margin pricing.

Broker Assisted Trades FREE
Emailed Statements FREE
Email Confirms FREE
ACAT Transfer (outgoing) $95.00
ACH Transfers No Charge
Annual IRA Fee $35.00
Annual Outside Investment IRA Fee $200.00
Blue Sheet Inquiry No Charge
Certificate Deposits $100.00 plus transfer fee / $500.00+ for restricted securities
Check Requests No Charge
Disposition of Worthless Security $50.00
Fed Call Extensions $10.00 plus interest
Option Assignment or Exercise $10,00 + Regular equity commission on the exercised shares
Outgoing Wire $20.00
Outgoing Wire (International) $25.00
Overnight Delivery (US) $25.00
Paper confirms $2.00 per confirm / $5.00 international
Paper statements $2.00 per statement / $5.00 international
Quarterly Inactivity Fee $15.00
Returned Checks $25.00
Returned Wire $20.00