Cobra Trading or ZacksTrade – which is better for UK traders 2024? Compare Cobra Trading and ZacksTrade in this detailed breakdown of their platforms, features and fees.
Established in 2003, Cobra Trading is a US-based brokerage specializing in equities and options contracts. The firm offers 3 powerful platforms and is aimed at professional clients or those looking for retirement accounts. Cobra Trading is regulated by the NFA and SIPC and is a member of FINRA.
Zacks Trade is a FINRA-regulated US broker offering trading on stocks, ETFs, cryptocurrencies, bonds and more through a proprietary terminal. The broker is geared toward active traders and offers very affordable fees on most assets as well as an app and a vast amount of market data.
Pros
I’m happy with the broker’s regulatory status in the US, with oversight from reputable bodies including the SIPC, NFA and FINRA. This, coupled, with the broker’s strong reputation since 2003 is a great sign of a trustworthy firm
I think the choice of 3 platforms means all strategies and trading styles are catered to. All platforms offer comprehensive charting packages, with sophisticated analysis tools and advanced order types
I found some reasonably low fees at Cobra Trading, including shares from $0.0015, options from $0.30 and margin rates as low as 8%
Cobra Trading offers a good range of account types, including traditional and Roth IRA’s, plus joint, corporate and trust accounts
I like that Cobra Trading doesn’t enforce any minimums on trades and there are also no locate fees
Demo account
20+ account denominations
Comprehensive research and data
Customizable proprietary trading platform and mobile app
Regulated by FINRA with access to the Securities Investor Protection Corporation
Cons
Despite the low trading fees, this broker does charge several other platform and admin fees which will soon add up, including monthly software fees from $100 and market data packages from $18 per month
Unfortunately, Cobra Trading isn’t going to be suitable for novices, as the minimum deposit to open an account is $30,000. I think it’s a shame that there are no beginner-friendly accounts at this broker
I did find that pattern trading (PDT) restrictions will apply, though this is expected from a US brokerage
No MT4 or MT5 platform integration
High minimum requirement of $2,500
No forex, commodities or futures trading
Withdrawal fees apply if removing funds more than once per month
Shortcomings regarding platform loading times and technical glitches
Clients can trade a modest handful of cryptos including Bitcoin, Ethereum, and Litecoin. Real-time quotes are available and fees are low. Commissions also drop if you trade digital currencies in high volumes.
