Frequently Asked Trading Questions
Yes, we offer tier discounts for active traders and we will also consider a customized commission schedule for very active traders. Please contact us today if you would like to discuss a customized commission rate.
The minimum deposit to open a Venom by Cobra Trading account is $5,000.00 USD. If you are age 25 or younger, the minimum to open an account is $3,000 USD. Please keep in mind that if you are day trading, you must maintain a minimum equity of $25,000.00 USD , as required by FINRA Rule 4210.
You may fund your account by Check, Wire Transfer, ACH transfer from your bank, or Online Bill Pay. You may also instruct Venom to initiate an ACAT or an ACH transfer from your bank.
During the funding section of the account opening process, you will actually have an option to initiate an account transfer via the ACAT option. You will need to provide the name of your current bank or broker that you are transferring your assets from, as well as the account number.
We accept account applications from residents of all countries, except those countries that are prohibited by the US Office of Foreign Assets Control. For a complete list of available countries, please visit: Interactive Brokers
Upon receipt of all required and applicable documents, it can take up to 2 business days for your account to be approved and opened. During the account opening process, you will be instructed as to what documents you need to provide in order to proceed with account approval, for example, driver’s license, trust documentation, etc. The sooner you can provide the applicable documents, the sooner your account can be approved and opened.
Once your account is approved and it is funded, you are free to start trading.
You can trade a variety of securities including US Stocks, Bonds, ETFs, Options, Futures, Forex, and more. For questions on the eligibility of trading a particular security, please contact us at 877-792-6272.
Yes. Venom by Cobra Trading requires that you are 21 or older to open a margin account. Federal regulations also requires that you meet a $2,000 minimum to open a margin-enabled account, along with maintaining Reg T minimums if you actively trade on margin.
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 daytrading buying power, please visit: FINRA
Yes, we offer both pre- and post-market trading to our clients. Our trading hours are 6:00 am EST thru 8:00 pm EST.
Yes, as long as the shares are available for shorting and the margin requirements are met you will be allowed to short.
Venom desktop is compatible with both PC, Mac, and Linux. Minimum requirements to run Venom Desktop on your PC include Windows Vista, Oracle Java 6, 2.2GHz Intel Core2 Duo Processor, and 2GB Ram. Minimum requirements to run Venom Desktop on your Mac include Mac OSX 10.7, Oracle Java 6, Intel Dual Core Processor, and 2GB Ram. Minimum requirements to run Venom Desktop on Linux is Kernel 2.6, Oracle Java 6, 2.2 GHz Intel Core2 Duo Processor, and 2GB Ram.
Venom Mobile is available to you on your mobile device through mobileTWS. You can enter and manage orders, view real-time streaming quotes, set price alerts, and monitor your account conveniently from your smartphone or tablet. MobileTWS is compatible with Apple iOS, Google Android, and Blackberry. For more information and to download the mobile software, visit Interactive Brokers.
Your Venom by Cobra Trading account is insured through Cobra Trading, Inc., member 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. The SIPC coverage does not protect against market loss. For further information regarding SIPC coverage, please contact SIPC at their website www.SIPC.org
Venom by Cobra Trading understands the importance of maintaining the privacy of your personal and financial information. By entrusting us with your information, we would like to assure you of our commitment to keeping it private. We have taken measurable steps to protect the confidentiality, security and integrity of your information. Venom by Cobra Trading does not sell, share, or disclose your nonpublic information to nonaffiliated third parties unless permitted or otherwise required by law. We do share such information with affiliates to facilitate your requests or instructions. Examples of “permitted by law” include our clearing firm (which clears and settles your securities transactions) and credit bureaus. “Required by law” examples include court orders and regulatory investigations. We collect personal and financial information to process your securities transactions, to administer your account, and to carry out your request for other products and services. Examples of information collected from you include securities trading history, total assets, social security number, cash balance, margin information, and securities positions. We have implemented procedures to protect your nonpublic personal and financial information.
Venom by Cobra trading clears through Interactive Brokers.
Venom by Cobra Trading, and Cobra Trading, Inc. do not make any recommendations whatsoever regarding any security or securities product. We can assist you in the execution of your trades and understanding different types of orders, but you are solely responsible for the orders placed in your account, and you do so at your own risk.
You may contact one of our representatives by phone at 877-792-6272 or via email at [email protected] during our regular hours of operation. If you need immediate assistance outside of our normal business hours, you may contact Interactive Brokers at their 24-hour weekday customer service line at 877-442-2757.