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 |
||
|---|---|---|
|
|
 |
 |
|
tastyworks |
TD Ameritrade (thinkorswim) |
|
|
Overall |
|
|
|
Commissions & Fees |
|
|
|
Customer Service |
|
|
|
Trading Platforms |
|
|
|
Mobile App |
|
|
|
Overall Ease of Use |
|
|
|
Promotion Value |
|
|
|
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 |
|
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 |
|
|
|
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 |
|
|
|
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 |
|
|
|
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.
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.
