Frequently Asked Questions

1. How do I open an account with Cobra Trading, Inc.?

Download the appropriate account application or Cobra Trading can mail/email you an account opening packet. Please click on Open an Account for instructions.

2. What is the minimum to open an account?

Day-Trading Accounts

  • United States residents:
    • $30,000 to open account
    • $25,000 minimum balance must be maintained in each day-trading account.
  • Non-United States residents:
    • $50,000 to open account
    • $25,000 minimum balance must be maintained in each day-trading account.

All Other Accounts
Please contact us for information about our alternative clearing arrangement which offers lower minimum account opening requirements.

3. How do I transfer an account to Cobra Trading, Inc.?

Transferring an account from another firm requires an Account Transfer (ACAT) form and a copy of the most recent account statement for the account being transferred. You can obtain an ACAT form by contacting a 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 include it on the memo line of the check. If opening a new account, Cobra Trading will add the account number on your check. Please remember to include the check with your account paperwork when mailing everything to Cobra Trading.

Mail To:

By Wire: Please provide your bank with the following wiring instructions:

For Platforms: Sterling Trader Pro and RealTick

For Platform: DAS Trader Pro

Account Transfer: Please fill out the Account Transfer Form (ACAT) and return to Cobra Trading along with your account application. Please include a copy of the most recent statement for the account being transferred.

5. When can I begin trading?

Once the account has been approved and funded, you will receive an 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 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 see information at contact us.

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 options trading.

10. Can I trade futures?

Yes, you may trade futures in your Cobra Trading account. Please visit Futures for information on futures access, platforms, servicing, 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 day-trading accounts you will have a 4-to-1 intraday buying power and 2-to-1 overnight buying power. For further details on day-trading buying power, select this link.

13. Can I write checks from my account?

Yes, you may write checks on all accounts except IRA's, UGMA's and trust accounts. For check writing privileges, please request and complete the Credit Plus Form and include it with your account opening paperwork. You may add this feature at any time at no additional charge.

14. How do I withdraw money from my account

Simply contact a Cobra Trading, Inc. associate. Funds can 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 for 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 are equipped to handle our trading platforms. We do strongly recommend a high-speed Internet connection.