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?

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!

Open an account

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

Have you received a better offer from one of our competitors? Don’t see a commission rate that matches your trading style? Contact us via our live chat and let us know what it will take to earn your trading business. We will make every effort to tailor our pricing in order to best meet your needs.

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

*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 canceled current and next month charges will apply.

Sterling/Cobra Trader Pro Web & Mobile (Add-On) Fee is not included in the volume threshold fee waiver.

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

Das Market Data

Das Trader Market Data Packages ($/month)
Package	Non-Professional	Professional
Basic	$18.00	$63.00
Advanced	$73.00	$188.00

*Basic Market Data Package includes Major US Indices, NYSE Level 1, AMEX Level 1, NASD Level 1, and Top of book (US Major Exchanges)
*Advanced Market Data Package includes the Basic Market Data Package + Pink Sheets (Level 1 and 2)
*Additional data feeds may be available and not listed in their entirety.
*Fees are subject to change without notice and may vary by trading platform
*Please contact Cobra Trading to subscribe to market data and/or verify pricing

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

*Basic Market Data Package includes Major US Indices, NYSE Level 1, AMEX Level 1, NASD Level 1, and Top of book (US Major Exchanges)
*Total View Feed includes the Regional Feed
*Additional data feeds may be available and not listed in their entirety.
*Fees are subject to change without notice and may vary by trading platform
*Please contact Cobra Trading to subscribe to market data and/or verify pricing

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

*Indicates separate market data fees are billed directly by the Exchanges for Professional users

For CME and TSX market data inquiries, please contact the desk at info@cobratrading.com.
For API access and fee inquiries, please contact the desk at info@cobratrading.com.
Additional data feeds may be available and not listed in their entirety.
Fees are subject to change at any time without notice.
Fees are exclusive of sales or any other taxes where applicable.

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)

*Amounts in parenthesis ( ) are a CHARGE to your account, in addition to your regular commission. Amounts without parenthesis are a REBATE.

*Equities priced less than $1.00 may be charged $0.0005 per share.

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)

*Amounts in parenthesis ( ) are a CHARGE to your account, in addition to your regular commission. Amounts without parenthesis are a REBATE.

*Equities priced less than $1.00 may be charged $0.0005 per share.

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)

*Amounts in parenthesis ( ) are a CHARGE to your account, in addition to your regular commission. Amounts without parenthesis are a REBATE.

*Equities priced less than $1.00 may be charged $0.0005 per share.

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.

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.

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.

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%

Comparison based on 5/2/2023 rates, for accounts with a debit balance of $25K. Rates are subject to change without notice.
*If your margin balance exceeds $1,000,000.00 please contact us for special margin pricing.

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

*All trades are subject to ECN charges/rebates and regulatory fees. 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. Call 877-792-6272 to speak to a broker immediately.

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

*All trades are subject to any applicable option routing or regulatory fees. These fees can be found under Routing fees. 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.

Ready to get started?

Request a Demo OPEN AN ACCOUNT