tastyworks vs Interactive Brokers

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See how Interactive Brokers stacks up against tastyworks!

While the overall rating of Interactive Brokers is higher than that of tastyworks (4.9 vs 4.6), there are numerous areas where tastyworks comes out on top in a direct comparison. The final conclusion as to which broker is better for you depends on your invesment goals and style, as well as other personal preferences. We are here to bring some more clarity to this comparison to help you with this decision.

Overall, our experts rated the trading platform of Interactive Brokers as being of the same quality as the platform of tastyworks, found that clients have access to more markets and products with Interactive Brokers, while tastyworks provides somewhat better research and education.

 

How Interactive Brokers compares to tastyworks

 

Let's start on a positive note. Both companies are known for their low trading fees as well as high-quality and easy-to-use research tools. The latter is perfect for deep-diving into all the data available on their platform, without having to visit too many external sites.

And now the bad news. During our review, we found that 

  • the account opening process is much slower at Interactive Brokers, while tastyworks approved our account after 1 day

  • tastyworks deposit options are more limited compared to Interactive Brokers, especially for US residents. If you reside in the US, with IBKR you can use. ACH, check, and online bill payment (plus direct rollover and trustee-to-trustee transfers for IRA accounts), while at tastyworks, only check and ACH are available.

tastyworks vs IB: a detailed comparison
  tastyworks Interactive Brokers
Overall score 4.6 4.9
Overall pros
  • Low trading fees

  • Great educational materials

  • Good research tools

  • Low trading fees

  • Wide range of products

  • Many great research tools

Overall cons
  • Limited product selection

  • Few deposit and withdrawal options

  • No demo account

  • Complicated account opening process

  • Complex desktop trading platform

  • Understaffed customer service

Fees score 4.3 stars 4.5 stars
Account opening score 5.0 stars 3.2 stars
Deposit and withdrawal score 1.9 stars 3.0 stars
Web platform score 3.4 stars 4.0 stars
Mobile platform score 4.2 stars 3.5 stars
Desktop platform score 3.9 stars 3.8 stars
Markets and products score 3.1 stars 5.0 stars
Research score 5.0 stars 4.3 stars
Customer service score 5.0 stars 3.4 stars
Education score 4.5 stars 4.5 stars
Safety
  • Majority of clients belong to a top-tier financial authority

  • High level of investor protection

  • Financial information is publicly available

  • Does not hold a banking license

  • Not listed on stock exchange

  • Listed on stock exchange

  • Negative balance protection

  • Regulated by top-tier financial authorities

Recommended for Options and futures traders focusing on US markets Traders looking for broad market access and a professional trading environment

 

Visit tastyworks

Let’s dive deeper into some of the main dimensions we deem important for retail traders: fees, trading platforms and customer service.

 

Interactive Brokers fees compared to tastyworks fees 

 

Low trading fees, free stock and ETF trading for US clients as well as low margin rates are the big upsides of Interactive Brokers. tastyworks also provides free stock and ETF trading and charges no inactivity fees, however, margin rates are higher than at IB.

 

IB and tastyworks trading platforms

 

Both tastyworks and IBKR provide safe login options, price alerts and clear fee reports on their trading platforms.

On the negative side, neither platform is ideal for beginners, especially on desktop. On the Interactive Brokers mobile trading platform, we experienced some minor technical glitches, while the web platform of tastyworks lacks customizability.

 

Customer service at IB and tastyworks

 

Customer support at Interactive Brokers and tastyworks is available on the phone and they provide relevant answers. While we can’t say anything negative about tastyworks' customer support (score of 5.0), we found Interactive Brokers' customer service slow at times.

-> 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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