Frequently Asked Trading Questions
Do you offer special commission rates for very active traders?
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.
How do I open an account with Venom by Cobra Trading?
You can open an account online by visiting Venom Trading – open an account and completing the account opening process.
What is the minimum deposit required to open an account?
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.
What are the options to fund my account?
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.
How do I transfer an existing account to Venom by Cobra Trading?
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.
Do you accept foreign accounts?
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
How long does it take until my application is approved, and my account is opened?
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.
How soon after my account is opened can I start trading?
Once your account is approved and it is funded, you are free to start trading.
Do you offer special commission rates for very active traders?
For very active traders, we do have special commission rates available through Cobra Trading, tiered on the volume of shares you are trading. Please visit Cobra Trading and contact us at 877-792-6272 for more information.
What can I trade in my account?
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.
Does Venom by Cobra Trading offer Margin?
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.
What kind of buying power is available in my Venom Trading account?
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
Do you offer pre-market and post-market trading?
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.
Can I short stock in my Venom Trading account?
Yes, as long as the shares are available for shorting and the margin requirements are met you will be allowed to short.
How do I get a demo of the trading platform?
To access a copy of the Venom Desktop demo, please contact us at 877-792-6272, or at [email protected] and we will be more than happy to accommodate your request.
What are the system requirements for the trading platform?
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.
Do you offer mobile trading?
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.
Is my account insured?
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
What steps does Venom take to secure my privacy?
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.
What clearing firm does Venom by Cobra Trading use?
Venom by Cobra trading clears through Interactive Brokers.
Does Venom by Cobra Trading offer Financial and Investment advice?
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.
Who do I contact if I have questions?
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.
What are your hours of operation?
Our hours of operation are Monday through Friday 7:00 am to 4:30 pm CST. However, if you need assistance outside of our normal business hours, you may contact Interactive Brokers at their 24-hour weekday customer service line at 877-442-2757.