What Cobra Trading does

Cobra Trading, Inc. is a privately held, FINRA-registered introducing broker-dealer founded in 2004 and headquartered in Carrollton, Texas. The firm operates as a direct-to-consumer platform serving active equity and option day traders, offering access to professional-grade trading infrastructure through partnerships with DAS Trader Pro and Sterling Trader Pro, plus web/mobile interfaces and API services for programmatic access. Trade execution and custody are routed through clearing relationships with Wedbush Securities (primary, with Lloyd's of London excess coverage up to $25 million) and Curvature Securities (secondary), with a third clearing arrangement via Interactive Brokers for the Venom by Cobra Trading sub-brand that also covers futures and forex. The operating model is high-touch: customers reach a human support team by phone rather than an automated phone tree, and the company positions this as a deliberate counterpoint to large self-service brokers.

Cobra's revenue is generated entirely from transaction-based commissions — per-share pricing on equities (rates as low as $0.0015 per share with no minimum order fees) and per-contract pricing on options ($0.30 per contract) — with custom rates quoted for high-volume traders. Account minimums are $10,000 for day-trading accounts (4:1 intraday buying power, 2:1 overnight) and $9,000 minimum balance, while the Venom sub-brand lowers entry to $3,000 for non-day-trading and below-PDT customers. The product architecture is tiered: Cobra Prime serves high-volume premium traders, the core Cobra platform serves traditional day traders, and Venom captures sub-PDT and futures/forex traders. Marketing is content-led through a trading-education blog and direct account-opening conversion on the website, with no disclosed enterprise or institutional customers.

The business is small by headcount (1–10 employees per company data) and has been bootstrapped with no disclosed funding rounds, parent entity, or institutional ownership. CEO Chadd Hessing leads the firm, and the company has earned a "best online trading platform" designation for six consecutive years. The most significant forward-looking variable is FINRA's pending PDT rule elimination on June 4, 2026, which removes the $25,000 minimum equity requirement and is expected to materially expand the addressable day-trader population — Cobra has explicitly begun marketing to capture this incoming cohort.

Name

Cobra Trading

Legal name

Cobra Trading, Inc.

Website

https://cobratrading.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

1–10 employees

Short description

Cobra Trading is a privately held FINRA-registered introducing broker-dealer founded in 2004 that provides direct-access equity and options day-trading platforms (DAS Trader, Sterling Trader) with phone-based high-touch support to active individual traders in the United States.

Ownership category

akta.pro rank

Product category

Online Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Equity Derivatives Trading (Options/Single-Stock & Index) (FSACAFAF)

Keywords

• Direct-access trading
• Day trading platform
• Equities brokerage
• Options trading
• Short locate services

Headquarters

HQ city

Carrollton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Per-Share Equities Trading: Revenue generated from per-share commissions on equity trades. Rate as low as $0.0015 per share with no minimum order fees. This is the primary revenue stream for active day traders executing high volumes of equity trades.
2. Options Contract Trading: Revenue generated from per-contract fees on options trading at $0.30 per contract. Provides additional revenue from traders who also trade options alongside equities.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels1 record

Core offering

Cobra Trading is a direct-access broker-dealer serving active equity and options day traders since 2004. It provides sophisticated trading platforms (DAS Trader Pro and Sterling Trader Pro), web and mobile interfaces, API connectivity, and short locate availability for hard-to-borrow stocks. The offering is supported by multiple clearing firms (Wedbush Securities and Curvature Securities) and differentiated by phone-based high-touch customer service and competitive per-share/per-contract commissions.

Product overview

Cobra Trading is a direct-access day trading platform architecture consisting of a core unified platform with multiple add-on module options. The main Cobra Trading Platform serves as the primary offering, while traders can access professional-grade trading through partnerships with DAS Trader and Sterling Trader platforms. Additional interfaces include Web and Mobile trading, plus API Services for programmatic access. The company operates two sub-brands: Venom by Cobra Trading for lower-cost accounts starting at $3,000 with futures trading, and Cobra Prime for premium-tier traders. The ecosystem is supported by multiple clearing firms (Wedbush Securities and Curvature Securities) and is regulated by FINRA, NFA, and SIPC.

Differentiator

Problem solved

Functional benefit

Brands

• Venom by Cobra Trading: A brand offering accounts with starting deposits as low as $3,000 for non-day trading and futures trading services.

Products and services

• Cobra Trading Brokerage Account Direct-access day trading brokerage account serving active US equity and options traders since 2004, providing sophisticated trading tools, short locate availability, competitive per-share and per-contract commissions, 4:1 intraday buying power, and phone-based high-touch support. Minimum $10,000 to open a day-trading account with $9,000 minimum balance required.
• DAS Trader Pro Platform Access Direct-access trading platform offering advanced order types, basket trading, charting, multi-account management, advanced analytics, multi-instrument trading, and portfolio management in a real-time environment, provided to Cobra Trading clients via partnership with DAS Trader.
• Sterling Trader Pro Platform Access Direct-access trading platform for equities and options, fully customizable to individual trader needs and providing real-time execution, offered to Cobra Trading clients via partnership with Sterling Trader.
• Web and Mobile Trading Interface Web-based and mobile trading interfaces allowing Cobra Trading clients to access their accounts and place orders remotely without the full desktop DAS Trader or Sterling Trader installation.
• API Services Programmatic API access enabling developers and algorithmic traders to connect directly to Cobra Trading's trading infrastructure for automated, high-frequency, or systematic equity and options trading strategies.
• Venom by Cobra Trading Lower-minimum trading sub-brand under Cobra Trading offering accounts with starting deposits as low as $3,000, serving non-day-trading and below-PDT customers with futures trading capabilities and clearing via Interactive Brokers.

Quantifiable outcome

• Day-trading accounts offer 4:1 intraday buying power (2:1 overnight)
• +1 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and secondary.

• Wedbush SecuritiescoreOthersPrimary day trading clearing firm for most accounts. Wedbush provides securities protection up to $500,000 (SIPC) plus additional Lloyd's of London coverage up to $25,000,000 for cash and securities. Wedbush clearing accounts receive enhanced insurance protection.
• Curvature SecuritiessecondaryOthersAlternative clearing firm option for clients. Curvature provides standard SIPC coverage up to $500,000 but does not offer additional insurance beyond SIPC protection.
• DAS TradercoreTechnology or IntegrationDAS Trader is one of the primary trading platforms offered to Cobra Trading clients. The platform offers advanced order types, basket trading, charting, multi-account management, and real-time execution with advanced analytics.
• Sterling TradercoreTechnology or IntegrationSterling Trader Platform is one of the leading direct-access trading platforms for trading equities and options. The platform is fully customizable to individual trader needs.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Robinhood: Robinhood is a large retail brokerage that introduced zero-commission trading and increasingly targets active traders with margin, options, and futures. As a mass-market incumbent, it represents the most significant competitive threat to Cobra as the PDT rule is eliminated.
• Charles Schwab: Charles Schwab, having acquired TD Ameritrade, is the largest US retail brokerage with street-smart platforms, options trading, and futures. It is a broad incumbent that absorbs active traders migrating from direct-access brokers.
• Webull: Webull is a retail trading platform offering equities, options, and futures trading with commission-free or low-cost pricing and a mobile-first interface. It competes for active retail traders that previously might have moved up to direct-access brokers.

Emerging players

• tastytrade: tastytrade is an options-focused brokerage and content platform targeting active options traders with competitive per-contract pricing and an educational angle. It represents an emerging competitor in the active options-trader niche adjacent to Cobra's customer base.

Direct peers

• SpeedTrader: SpeedTrader provides direct-access equities and options trading with short-locate availability and competitive per-share pricing targeting active day traders. It competes head-to-head with Cobra on pricing and platform access.
• SureTrader: SureTrader is an offshore-affiliated active-trader brokerage offering direct-access equities and options with API services. It overlaps Cobra's prosumer and international day-trader segment.
• Lightspeed Trading: Lightspeed is a direct-access broker specializing in active equities and options traders, offering multiple platform options (Lightspeed Trader, Sterling Trader) and short-locate services. It is one of the closest direct competitors to Cobra's core offering.
• TradeStation: TradeStation provides direct-access trading platforms for active equities, options, and futures traders with advanced order routing, analytics, and API connectivity. It competes for the same professional and prosumer day-trader segment as Cobra.
• Centerpoint Securities: Centerpoint Securities is a direct-access day-trading brokerage offering DAS Trader and Sterling Trader platforms with short-locate services. Its product set, clearing structure, and target customer closely mirror Cobra Trading.
• Interactive Brokers: Interactive Brokers offers direct-access trading in equities, options, and futures through the Trader Workstation and IBKR platforms, with API access and tiered pricing for active traders. Cobra already has an IBKR clearing relationship for its Venom division, making IBKR a direct operational and competitive peer.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/cobra_trading
• Facebookfacebook.com/cobratrading1
• LinkedInlinkedin.com/company/cobra-trading

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cobra Trading