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tastyworks vs alternatives

tastyworks is a well-known brandname and a trusted player in the brokerage industry. The broker ranked in the top one-fifth echelon of the more than 100 brokers we have reviewed so far. This makes it much more difficult to pick an alternative for tastyworks, but based on your individual needs you should definitely be able to find providers that might be better choices for you in some specific areas.

Comparing tastyworks to all of the brokerages we reviewed globally is a long shot. Not all brokers that scored better in our reviews than tastyworks are suitable for your needs or available in your country.

In terms of options trading, there is no better alternative to tastyworks; the broker holds the Best broker for options BrokerChooser award for 2022.

In all other areas, there may be better brokers out there, depending on your personal needs. So, how could you possibly go about picking an alternative to tastyworks? We see 2 main avenues:

  • Based on objective factors such as products offered, client profile, fee structure, and more. Our top picks based on these criteria include ChoiceTrade and TradeStation

  • The other, more individual - and some might say the more subjective selection - is based on a mix of factors reflecting your specific needs. This approach puts tastyworks side by side to providers you may want to check out more closely. These are IBKR, TD Ameritrade, Robinhood, or Webull.

 

Table of contents

Tastyworks compared to other major players

tastyworks vs thinkorswim | tastyworks vs Interactive Brokers | tastyworks vs TD Ameritrade | tastyworks vs Robinhood | tastyworks vs Webull

Tastyworks compared to brokers based on objective factors

tastyworks vs ChoiceTrade | tastyworks vs TradeStation

Visit tastyworks

Let's see in a bit more detail how the tastyworks alternatives stack up against tastyworks and each other in a number of key areas. 

tastyworks alternatives comparison
  tastyworks ChoiceTrade TradeStation SogoTrade NinjaTrader
Overall score 4.6 3.9 4.5 4.2 4.4
Fees score 4.3 stars 3.8 stars 4.0 stars 4.1 stars 4.5 stars
Account opening score 5.0 stars 4.2 stars 5.0 stars 5.0 stars 3.5 stars
Deposit and withdrawal score 1.9 stars 0.8 stars 2.3 stars 1.8 stars 1.6 stars
Web platform score 3.4 stars 1.5 stars 4.3 stars 3.0 stars -
Markets and products score 3.1 stars 2.2 stars 2.8 stars 1.7 stars 1.9 stars

 

Why are these brokers considered good alternatives to tastyworks? When we say a given online broker is a good alternative to tastyworks we mean that these brokers are comparable in the following areas:

  • The products they offer are largely similar (i.e. stocks, CFDs, options, etc.)

  • The type of clients they target (i.e. beginners, experienced investors, or day traders). 

 

Important factors in finding tastyworks alternatives

 

So fa, BrokerChooser has reviewed about 100 online brokers in detail, which gives this comparison a solid starting point.

All our brokers reviews are based on the exact same broker review methodology, which makes everything easily comparable. For each broker, we

  • open a live account

  • check over 100 criteria, with weighting based on readers' preferences

  • refresh the data regularly

Whether tastyworks or one of its alternatives is the best choice for you depends on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the amount of these fees will vary significantly from broker to broker. Brokerage fees can impact your returns and your overall trading experience. tastyworks is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost tastyworks alternative.

Account opening. To open an account some brokers require an initial deposit of at least €50,000, while others don't set a minimum first-time deposit. The time it takes to open your account can vary greatly as well. At tastyworks this is not a problem, as you will have your account ready on the same day you register.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you cannot make a deposit with your credit card at tastyworks, some alternatives might allow you to do that.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use their services through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at any given tastyworks alternative is a must.


Now let's dive into the details of how tastyworks and its alternatives perform in the most important areas!

 

Tastyworks vs. ChoiceTrade

 

ChoiceTrade is a US-based stockbroker founded in 2000. The broker is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) and it is also a member of the Securities Investor Protection Corporation (SIPC). SIPC membership ensures that its clients are eligible for the SIPC investor protection scheme, which protects assets up to $500,000 (cash up to $250,000) per account.

ChoiceTrade is considered safe because it has a long track record, it is regulated by top-tier regulators and it discloses its annual financial statements. 

The broker is recommended for stock and options traders looking for low trading fees and focusing on the US market.

tastyworks vs. ChoiceTrade: Trading fees
  tastyworks ChoiceTrade
Apple benchmark fee $0.3 $0.3
Vodafone benchmark fee - -
EURUSD benchmark fee - -
Minimum deposit $0 $100
Time to open account 1 day 1-3 days
Bank transfer Yes Yes
Credit/debit card No No
Electronic wallets No No
Withdrawal time >3 days >3 days
Web platform score 3.4 stars 1.5 stars
Mobile platform score 4.2 stars 3.5 stars
Desktop platform score 3.9 stars 2.8 stars
Stocks Yes Yes
ETFs Yes Yes
Forex No No
Funds No No
Bonds No No
Options Yes Yes
Futures Yes No
Crypto Yes No
CFDs No No

The benchmark fee includes spreads, commissions, and financing rate for opening a position and holding it for a week before selling. Position sizes: $2k for stocks and $20k for FX. 

 

Tastyworks vs. TradeStation

 

TradeStation is a US stockbroker founded in 1982. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Its clients are eligible for up to $500,000 investor protection per account (including cash up to $250,000).

TradeStation is considered safe because it has a long track record; discloses its financials; and its parent company, the Monex Group, is listed on the Tokyo Stock Exchange.

The broker is recommended for traders focusing on US markets and following a buy-and-hold investment strategy.

tastyworks vs. TradeStation: Trading fees
  tastyworks TradeStation
Apple benchmark fee $0.3 $2.3
Vodafone benchmark fee - -
EURUSD benchmark fee - -
Minimum deposit $0 $0
Time to open account 1 day 1 day
Bank transfer Yes Yes
Credit/debit card No No
Electronic wallets No No
Withdrawal time >3 days 1 day
Web platform score 3.4 stars 4.3 stars
Mobile platform score 4.2 stars 4.8 stars
Desktop platform score 3.9 stars 2.8 stars
Stocks Yes Yes
ETFs Yes Yes
Forex No No
Funds No Yes
Bonds No Yes
Options Yes Yes
Futures Yes Yes
Crypto Yes Yes
CFDs No No

 

The benchmark fee includes spreads, commissions, and financing rate for opening a position and holding it for a week before selling. Position sizes: $2k for stocks and $20k for FX. 

-> Back to tastyworks review for 2022

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Author of this article

Dan Sallai

Author of this article

My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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