It looks like he's in Frieza's second form, but his power is equal if not greater than Frieza (4th form 100%). Can you transform further or did he learn to make his second form his main form with access to all his powers?
5He transformed from living to dead, but that's not really a special trick, Krillin does it all the time.– JeffFeb 17, 2014 at 4:00
Who ever said that that's his second form? That could very well be his normal form.– RobertDec 23, 2014 at 16:47
There's no way to actually answer this at the present time - no canon source shows King Cold transforming, nor does any canon source reference him having the ability to transform. This doesn't mean he can't, of course.
The 'best guess' I can come up with is that 'it depends, but likely yes'. If transforming is a natural ability of Frieza's species, King Cold should be able to transform as well. If it is a learned technique, King Cold may not know it. It's possible that King Cold was powerful enough to choose not to learn how to transform into other stages, though I expect that's unlikely.
The fact that his only known form most closely resembles Frieza's second form lends some credence to King Cold being able to transform.
It is highly unlikely that a being like Frieza - haughty, arrogant, and perfectly willing to flaunt his power at any chance - would choose to learn a technique that transformed him into a less powerful form. Therefore, it is reasonable to conclude that Frieza's first form is his normal form and that King Cold would have a similar normal form. Since we see King Cold exclusively in a form that resembles Frieza's second form, we can assume that King Cold can transform at least once. Does he have more forms? Does he have more forms than Frieza? We don't (and can't) know.
But we can assume that King Cold had at least one, weaker, form.
1My understanding of Freiza's lesser form was that he chose to remain in that form because it was more comfortable - essentially, he was too lazy to always be in his peak form, hence why he also flies around in that hoverseat of his.– ZibbobzMar 19, 2014 at 14:52
2@Zibbobz: Almost certainly, but he's lazy - he wouldn't have trained enough to learn a new, weaker, form. This is (weak) evidence for Frieza's first form being a natural form, ergo one King Cold would share.– JeffMar 19, 2014 at 17:53
Cooler had 1 form beyond that of Frieza. It seems the amount of "forms" is dependant on the person. Also, King Cold could be in his 1st form, but since he is older just appear larger. He actually looks way more like Frieza's 1st form (look at the shoulders of Frieza's 2nd form and the chest, there is no room for the armor that King Cold is wearing). Jun 17, 2014 at 8:38
I have to agree with @Parrotmaster's comment. Cold seems to be in his first form, however, his body type is simply different from Frieza's. His is more mature and aged, the only similarities between cold and Frieza's second form are the horns. As said, there is no possible way Frieza, in his second form, could wear that type of armor. So I'd have to say that Cold is actually in his first(normal) form.– RobertDec 23, 2014 at 16:47