Thinkorswim vs TastyTrade 2024

Compare TastyWorks/TastyTrade versus Thinkorswim (TOS): commissions, investing fees, trading tools, account differences, pros, and cons. Which online broker is better?

Overview of thinkorswim and TastyTrade

TastyTrade and thinkorswim are popular choices in the retail investment space, known for their unique products and features.

Commissions

TastyTrade and Thinkorswim Ownership

Though they differ in many ways, thinkorswim and TastyTrade share some common roots. Both platforms were created by the same founders, Tom Sosnoff and Scott Sheridan, who initially developed thinkorswim to offer professional-level investment tools to traders. After selling thinkorswim, they launched TastyTrade, continuing their mission to empower traders with innovative tools.

Like thinkorswim, TastyTrade offers unique features that aren't easily found elsewhere.

Trading Platforms

Both TastyTrade and thinkorswim provide industry-leading trading platforms with tools designed to give traders an edge. The best choice between them depends on your investment style and preferences.

TastyTrade Trading Software

TastyTrade’s platform is a major draw for its users. It offers a distinct look and feel with bold colors and an intuitive layout. The more you use it, the more you discover its many features.

Some highlights of the TastyTrade platform include:

• Pre-built watchlists and a watchlist manager
• A follow feature to track trades made by TastyTrade staff
• Live video during market hours
• Innovative options trading tools
• Simple point-and-click order entry for advanced options strategies
• Limit orders based on profit percentage
• Active trading tools for futures and stocks
• Pairs trading support
• A growing set of charting tools with support for third-party indicators

Thinkorswim Trading Software

Thinkorswim is a comprehensive trading platform suited for all types of traders. While it has a learning curve due to its complexity, it offers everything a trader needs to navigate the financial markets.





Key features of thinkorswim include:

• Customizable trading platform with its own coding language, Thinkscript
• Advanced charting tools
• Detailed economic calendar to track market-moving events
• Dedicated dashboards for futures and Forex trading
• Earnings analysis for securities
• Over 400 technical indicators for charting, with the option to add third-party tools
• Ability to create custom indicators using the platform’s coding tool
• In-depth scanners for stocks and other investments

Visit Websites

TastyTrade: Get $250 for each trader you refer with this referral link.

Thinkorswim: Get $0 trading commissions free Charles Schwab account.

Mobile Access

Both TastyTrade and thinkorswim offer robust mobile apps, packed with tools and services to allow trading and investment management on the go.

Thinkorswim Mobile offers superior charting capabilities, while TastyTrade excels with an intuitive order entry interface and unique features like the follow feature for investment ideas.

Both apps are fast and reliable.

Customer Service

Good customer service is crucial, and both TastyTrade and thinkorswim offer solid support. However, thinkorswim stands out in technical assistance.

Both brokers have virtual assistants and live chat during market hours. Thinkorswim's edge comes from its ability to provide in-depth technical support, including remote access to help resolve issues.

Margin Trading

Both brokers offer margin trading, allowing you to increase your buying power by depositing at least $2,000 into your account. This enables you to purchase more shares than your account balance would normally allow.

However, Thinkorswim has higher margin interest rates.

TastyTrade Margin Rates

Thinkorswim Margin Rates

TastyTrade also offers lower margin requirements for products like futures and forex.

Available Securities

TastyTrade and thinkorswim both offer a wide range of securities, including stocks, futures, derivatives, forex, and fixed-income investments.

While both brokers offer many types of securities, there are some differences. For example, TastyTrade supports cryptocurrency trading but does not offer OTC securities, while thinkorswim does not support crypto but offers OTC trading.

Ease of Use

TastyTrade is more user-friendly for beginners, while thinkorswim’s traditional format may be more appealing to experienced investors.

TastyTrade’s platform is easy to navigate and execute trades, making it suitable for both beginners and experts.

Thinkorswim’s platform is also accessible to all experience levels, offering customization options that allow advanced users to tailor it to their specific needs, while also providing pre-built features that don’t require modification.

Education and Advisory Services

Both brokers offer good educational and advisory services, though they differ in approach. The choice between them depends on what you’re looking for.

Both TastyTrade and thinkorswim provide educational content within their trading platforms.

TastyTrade

TastyTrade offers a learning platform called tastytrade, featuring courses and interactive live broadcasts. It also has a follow feature in its trading software and mobile app, allowing investors to learn from the positions other traders are taking.

Thinkorswim

Thinkorswim includes a Learning Center with articles, video courses, and regular webinars on important topics.

Visit Websites

TastyTrade: Get $250 for each trader you refer with this referral link.

Thinkorswim: Get $0 trading commissions free Charles Schwab account.

Recommendations

TastyTrade and thinkorswim each excel in different areas, making the best choice dependent on your needs.

If you want an intuitive trading platform with capped commissions, a trade-follower tool, access to cryptocurrency markets, and ongoing bonuses, TastyTrade might be the better choice.

If you prefer advanced charting tools, cash management features, a wider range of account types, and access to OTC markets, thinkorswim is likely the better option.

Thinkorswim vs TastyTrade Summary

Thinkorswim, backed by Charles Schwab, outperforms TastyTrade in most categories. However, TastyTrade offers great value, especially for options and futures trading.

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