tastyworks vs thinkorswim

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tastyworks and thinkorswim are two very popular online brokerages that both start with lowercase “t”s, and are both primarily geared towards DIY options traders. Funny enough, both brokerages were started by the same man, Tom Sosnoff, hence the evident similarities.

When most people think or thinkorswim, they’re probably thinking of the downloadable trading software that revolutionized the options trading world back in 2007. TD Ameritrade acquired thinkorswim for $606 million in 2010, and since then, the thinkorswim technology has been fully absorbed into TD’s global brand.

Overall, you really can’t go wrong with choosing tastyworks or thinkorswim, but if we had to pick, we’d pick tastyworks. tastyworks costs less and offers virtually all the same features as thinkorswim.  

At the end of the day, the two online brokers are very similar. Both offer phenomenal trading technology and a wide range of tradable instruments. The only major difference is the high cost of doing business with thinkorswim (TD Amneritrade).

One of the main reasons why tastyworks’ platform edges out thinkorswim is that it simply loads data faster. thinkorswim seems to “freeze” when too many people use the platform, like during peak market hours for example.  

Tastyworks’ free closing trades and deeply discounted commissions totally blow thinkorswim’s $6.95 + $0.75/contract rate out of the water. When tastyworks’ ultra-low cost is taken into consideration,  it almost fully makes up for the lack of 24/7 customer service that thinkorswim offers.

tastyworks vs TD Ameritrade (thinkorswim) 2018

Company Ratings

tastyworks

TD Ameritrade (thinkorswim)

Overall

Commissions & Fees

Customer Service

Trading Platforms

Mobile App

Overall Ease of Use

Promotion Value

Fees

 tastyworks

 TD Ameritrade

Minimum Deposit

 $2,500

$0.00

Stock Trade Fee

 $5.00 (free closing trades)

 $6.95

Options Ticket Charge

 None

 $6.95

Options per Contract Fee

 $1.00 (free closing trades)

 $0.75

Mutual Fund Fee

N/A

 $49.99

Market Data Fee

 Free

 Free

Wire fee (outgoing)

 $25

 $25.00

Inactivity fee

 None

 None

Investments

tastyworks

TD Ameritrade

Stocks

Options

Futures

Forex

Bonds

OTC Stocks

Penny Stocks

Options on Futures

Crypto

Mutual Funds

0

12,541

International Trading

Advisor Services

Trading Platforms

tastyworks

TD Ameritrade

Web-based

Mobile App

Downloadable (Mac)

Downloadable (PC)

Real-time Level II data

Real-time Charting

Historical Option Data

Options Analysis

iPad App

Company Info

tastyworks

TD Ameritrade

In-person Branches

Customer Service hours

9-5 CT, M-F, phone + live chat

24/7 email + phone

Sum of Client Balances

Not listed

$1 trillion+

Member FDIC

Savings Account

Checking Account

Free Online Banking

Margin Rates

tastyworks

TD Ameritrade

Under $24,999

8.00% Base Rate + 1.00%

8.75% Base Rate + 1.25%

$25k-$49,999

7.50% Base Rate + 0.50%

8.75% Base Rate + 0.75%

$50k-$99,999

7.00% Base Rate

8.75% Base Rate – 0.25%

$100k-$249,999

6.50% Base Rate – 0.50%

8.75% Base Rate – 0.50%

$250k-$499,999

6.00% Base Rate – 1.00%

8.75% Base Rate – 0.75%

$500k-$1M

5.50% Base Rate – 1.50%

8.75% Base Rate – 0.75%

Above $1M

5.00%

8.75% Base Rate – 1.50%

Comparing tastyworks vs thinkorswim Platforms

Although it may seem intimidating at first glance, tastywork’s flagship platform is extremely robust and packed full of valuable options trading tools.

It’s quite apparent that true options traders designed the tastyworks software. Check out more screenshots of the tasyworks platform and see the full 2018 review.

Tastyworks optionchain

thinkorswim Platform

Just like tastyworks, it’s very evident that actual options traders designed the overall layout of thinkorswim.

Option chains load quick and seamlessly, and historical options data and strategy backtesting is available dating back 10 years.

Checkout more screenshots of the thinkorswim platform and a detailed 2018 review.

thinkorswim trading platform review option chain

 

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