Commission & Fees

What makes our pricing model different? TRANSPARENCY

Often, when traders are searching for a new broker, they’re hyper-focused on the commission schedule. Although the commission structure is important, it does not provide the full picture. Lately, some Brokers have gotten opaque in their pricing models, finding ways to hide additional fees in the fine print that will ultimately end up being charged to your account. Think about it, if a Broker is charging little (or no) commissions, where are they making their profit?

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Are they charging you higher routing fees, overnight locate multipliers, marked up short interest, inflated locate prices, fees for Broker-assisted trades, or applying excessive account fees for minor services? Are they being paid by Executing Brokers for your order flow? Are they offering temporary discounts on Locates already priced above market? Unfortunately, it’s not until a few months later that you realize your overall cost is significantly more than you thought.

This is exactly why we fully believe that HONESTY and TRANSPARENCY will win in the long run. Therefore, we designed our commission structure in a way that makes sense to the Active Trader. They can easily determine what their trade costs will be, with confidence. It’s simple. It’s clean. It’s transparent. The way it should be!

Pricing

With our low cost tiered pricing, you pocket the profits.

Equities (per share)

Rates as low as…

$0.0015

No Minimums

Trade High-Volume?
Give us a call 877-792-6272

Pricing Details

Options (per contract)

Rates as low as…

$0.30

No Minimums

Trade High-Volume?
Give us a call 877-792-6272

Pricing Details

Software Fees

Platform
Software Fee
Volume Threshold
Web & Mobile
DAS Trader Pro
$125
Software Fee waived if you trade 200,000 shares/month
Included with software
Sterling Trader Pro
$150
Software Fee waived if you trade 200,000 shares/month
$25 Add-on / $50 Standalone
Cobra TraderPro
$100
Software Fee waived if you trade 200,000 shares/month
$25 Add-on / $50 Standalone

Das Market Data

Das Trader Market Data Packages
($/month)
Package
Non-Professional
Professional
Basic
$18.00
$63.00
Advanced
$73.00
$188.00
Das Trader Optional Market Data
($/month)
Data Feed
Non-Professional
Professional
Indices
$3.00
$3.00
REGIONAL
$15.00
$60.00
INET Book (Total View)
$20.00
$100.00
NASDAQ Level 1
$1.50
$40.00
NYSE Level 1
$1.50
$32.50
AMEX Level 1
$1.50
$32.50
Pink Sheet Level 1
$15.00
$35.00
Pink Sheet Level 2
$50.00
$85.00
ARCA Book
$15.00
$60.00
Options Level 1
$15.00
$32.00
Options Level 2
$50.00
$75.00
Replay L1
$25.00
$25.00
Fundamentals
$15.00
$15.00
News Body
$25.00
$25.00
Imbalance Data
$25.00
$25.00
CMDAPI
$100.00
$250.00
iDAS User (Mobile)
$30.00
$30.00
Trade Signal
$35.00
$35.00

Sterling Market Data

Sterling Optional Market Data
($/month)
Data Feed
Non-Professional
Professional
NYSE L1 (CTA A)*
$4.00
$5.50
AMEX L1 (CTA B)*
$4.00
$5.50
NSDQ L1 (UTP)
$4.00
$43.50
NSDQ L1 & L2
$25.75
$150.00
NSDQ Total + Open View
$22.00
$105.00
NSDQ GIDS
$2.75
$4.00
NYSE OpenBook*
$27.00
$3.00
ARCA Book*
$16.50
$3.00
OPRA*
$5.50
$54.50
CBOE MDX Indices
$7.75
$7.75
Dow Jones Indices
$21.00
$36.50
CFE VIX Indices
$3.00
$13.75
NYSE Alerts
$3.00
$3.00
AMEX Alerts
$3.00
$3.00
BATS (BZX) Depth of Book
$9.00
$59.75
EDGA Depth of Book
$4.50
$16.50
EDGX Depth of Book
$11.00
$54.25
OTC Pinks L1
$9.00
$41.25
OTC Pinks L1 & L2
$24.50
$97.75
Greeks (Sterling LST only)
$2.00
$60.25
Options (Sterling LST only)
$5.50
$54.25
Nasdaq ActiveX API
Contact Desk
Contact Desk
API
Contact Desk
Contact Desk
Canada Feed
Contact Desk
Contact Desk
CME Feed
Contact Desk
Contact Desk
Options Module
FREE w/ STP
FREE w/ STP
Web & Mobile Only
$50.00
$50.00
Web & Mobile Add-On to STP
$25.00
$25.00

Routing Fees

Equity Exchange Fees

Cobra TraderPro
Route
Add Liquidity
($/share)
Remove Liquidity
($/share)
ARCX
0.0020
(0.0035)
ARCAEDGE
0.0020
(0.0035)
BATS
0.0020
(0.0030)
CODAREB
FREE
FREE
CSFBDESK
(0.0015)
(0.0015)
SMART
(0.0035)
(0.0035)
NSDQ
0.0015
(0.0032)
PDQMID
(0.0016)
(0.0016)
SENSOR5
(0.0010)
(0.0010)
STRIKE
(0.0015)
(0.0015)
Sterling Trader Pro
Route
Add Liquidity
($/share)
Remove Liquidity
($/share)
ARCX
0.0020
(0.0035)
BATS
0.0020
(0.0030)
BYX
(0.0009)
0.0019
CHX
0.0015
(0.003)
CODAMID
(0.001)
(0.001)
CODASMART
(0.001)
(0.001)
CSFBDESK
(0.0015)
(0.0015)
EDGA
(0.003)
(0.0003)
EDGX
0.0019
(0.0030)
IEX
FREE
FREE
ITGDUAL
(0.0025)
(0.0025)
ITGSMRT
FREE
FREE
SMART
(0.0035)
(0.0035)
NITE1
0.0022
(0.0029)
NQBX
(0.0035)
0.0003
NSDQ
0.0015
(0.0032)
NYSE
(0.001)
(0.0035)
OTCX
(0.001)
(0.0038)
PDQMID
(0.0016)
(0.0016)
PDQSMART
FREE
FREE
SENSOR5
(0.001)
(0.001)
SPDRREBATE
FREE
FREE
SPDRRTE
(0.0005)
(0.0005)
SPDRX
(0.001)
(0.001)
STRIKE
(0.0015)
(0.0015)
CODAAGGR
(0.002)
(0.002)
CODAREB
FREE
FREE
DARKAGG
(0.0015)
(0.0015)
DAS Trader Pro
Route
Add Liquidity
($/share)
Remove Liquidity
($/share)
ARCA
0.002
(0.0035)
BATS
0.002
(0.003)
DASH
(0.001)
(0.001)
DRK
(0.003)
(0.003)
EDGA
(0.003)
(0.0003)
EDGX
0.0019
(0.003)
FAN
0.0022
(0.0029)
HEAT
(0.0015)
(0.0015)
LIMIT (Instinet)
0.002
(0.0035)
LAMP
FREE
FREE
MARKET (Instinet)
(0.0035)
(0.0035)
NQBX
(0.0035)
0.0005
NSDQ
0.0015
(0.0035)
NYSE
(0.001)
(0.0035)
OTCX
(0.001)
(0.0038)
PSMT
FREE
FREE
REB25
0.0025
FREE
REBATE
FREE
FREE
SMOK
FREE
FREE
SPDR
(0.001)
(0.001)
STOP (Instinet)
(0.0035)
(0.0035)
STTH
(0.0015)
(0.0015)
YBAT
(0.0009)
0.0019
VWAP
(0.0025)
(0.0025)
TWAP
(0.0025)
(0.0025)
TWP2
(0.0025)
(0.0025)
TWP5
(0.0025)
(0.0025)
TWP10
(0.0025)
(0.0025)
TWP20
(0.0025)
(0.0025)
TWP30
(0.0025)
(0.0025)

Option Exchange Fees

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

$0.000145* Quantity of Shares Sold ($7.27 per trade maximum)

SEC Section 31

In addition to your regular commission, a separate transaction fee (equal to the principal amount x $0.000008) will apply to the sale of all equities, options, and exchange-traded fund (ETF) securities. The fee, calculated as stated above, only applies to the sale of equities, 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.

Margin Rates

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 8% 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
8%
Charles Schwab
12.575%
Lightspeed Trading
11.25%
TD Ameritrade
13.75%
E-Trade
13.20%

Account Fees

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
Check Requests
No Charge
Disposition of Worthless Security
$50.00
Fed Call Extensions
$10.00 plus interest
Option Assignment or Exercise
$10.00 + $0.005/share with $11.00 minimum
Outgoing Wire
$20.00
Outgoing Wire (International)
$25.00
Overnight Delivery (US)
$25.00
Paper confirms
$2.50 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

Rate Guide

Equities Per Share
Trading actively and want a customized rate?
Call us! 877-792-6272
$.0015*
10M to 20M shares per month
$.00175*
5M to 10M shares per month
$.002*
1M to 5M shares per month
$.0025*
500K to 1M shares per month
$.00275*
100K to 500K shares per month
$.003*
0 to 100K shares per month
Options Per Contract
Trading actively and want a customized rate?
Call us! 877-792-6272
$.30*
10,000 contracts +
$.40*
2,001 to 10,000 contracts per month
$.50*
0 to 2,000 contracts per month

Call Us Today: 877-792-6272