Tastyworks Commissions and Fees Compared with E*TRADE
Competitive prices are something both Tastyworks and E*TRADE offer. You may not find a whole lot of difference between the two, but it’s important to know what they charge.
Fees and Commissions Comparison
Which Platform Has Better Features?
Think about the features you require. Are you an experienced, active trader looking for lightening quick pricing, fast trades, and robust research? Do you need quality screeners and diversified choices? Both Tastyworks and E*TRADE are available as a desktop, mobile, and online platform, so you can trade from wherever you are, but their features differ beyond that.
E*TRADE offers two platforms, the original and Power E*TRADE. The original is great for beginners or traders only making trades every so often. Power E*TRADE is for the complex investor that wants robust charting options and advanced tools. For example, options traders can see snapshots and charts that show the ups and downs of ‘what if’ scenarios, get information on ‘odd options activity’ that may trigger a great options purchase, and have the chance to ‘paper trade’ to practice before you risk your own money.
Tastyworks platform focuses on options trading, but you can easily trade its other assets too. Where Tastyworks stands out is its social trading. Have you always wanted to know what other traders do, especially the successful ones? With Tastyworks you can find out with social trading. Follow your favorite traders and check out their investments. Listen to their advice and even watch live-action video trades to get ideas for your own strategies.
Does Tastyworks have Better Customer Service than E*TRADE?
E*TRADE offers phone, live chat, and in-person support at local branches. Most live support is available Monday – Friday and they offer a good knowledge base where you may get your answers without talking to anyone.
Tastyworks offers phone customer support Monday – Friday 9 AM to 5 PM and email support 24/7. While they don’t have local branches, they often answer emails in a matter of minutes.
Margin Trading – Is it Easier to get a Margin Account with Tastyworks?
Margin trading is much easier at Tastyworks. You need an account with at least $2,000 and a few minutes to sign up – it’s that simple. E*TRADE on the other hand doesn’t make it that simple. In addition to the funds, you need months or sometimes years of experience on a cash-traded account before they’ll consider approving your margin account.
Education and Research
If there’s one thing E*TRADE is known for aside from low commissions, it’s research. They offer access to research from more than 8 sources, making it easy to get the knowledge you need before making a trade. This is important, especially for active traders that want to make fast decisions and don’t have time to conduct their own research.
Tastyworks offers just as reputable and possibly even greater research as it owns a sister site – Tastytrade, which is purely research and educational material. If nothing else, Tastyworks makes research fun. Watch live and on-demand videos or read articles; it’s all engaging, enlightening, and makes trading a little less stressful.
Which Broker Should You Choose?
When all is said and done, there isn’t a one size fits all. And perhaps that’s why for most people who wish to trade options, futures, margin and equities, Tastyworks comes out on top. However, for the investor who wishes to simply invest in equities and have options to trade all the other major assets with potentially subpar technical analysis tools and resources, the TD Ameritrade is your best bet. Either way, both are fantastic companies that cater to certain audiences. Another comparison you may want to check out is Tastyworks vs Fidelity.
We know you want us to tell you which broker is best for you. It’s a personal decision. What do you want to focus on? Is it low commissions, trade speed, research, or platform features? As you can see, both platforms offer robust choices, but with different benefits.
For example, if you want a margin account, Tastyworks is the way to go. If you want to focus on options, going with the platform built for options traders just makes sense. If you’re just starting out though, and want a bit of hand-holding throughout the process E*TRADE may offer the ease you need.
You can’t go wrong with either platform; it comes down to the work you put into it and the features you use to maximize your investments.
If you want an in-depth review of Tastyworks, we’ve got you covered! Click here for our Tastyworks Review.