Which Platform has Better Features?
Understanding a platform’s features is crucial to your success. Active traders, for example, need speed and efficiency. That 3-second lag in pricing could mean the difference between a great trade and a major loss. Think about what you need in a platform; is it its speed, user-friendliness, research, or a desktop program?
Robinhood is available only on mobile and online platforms. Tastyworks, on the other hand, has a desktop version in addition to the online and mobile platforms. Both have great user-friendly features, even for beginners.
Robinhood’s platform allows for alert customization, robust charting, and a continual news feed to help you make quick trading decisions.
Tastyworks’ platform is built for options traders but is great for investors of any asset.
One unique aspect Tastyworks offers is its social trading:
Follow traders like you would on social media only in this case, you follow his/her trades to get your own ideas
You can use the same trades or use them as inspiration to create your own strategies
You can also watch in-platform videos of active trades, giving you more ideas and strategies
The social aspect is something you won’t find with many other platforms. Whether you watch one or many investors, it’s a great way to learn more about trading and get other ideas on how to maximize your profits.
Does Tastyworks have Better Customer Service than Robinhood?
Robinhood’s customer service is a bit lacking. They send you through a series of questions online to try to answer your question via their knowledgebase first. If you can’t get your question answered there, you may send an email, but they don’t offer phone support.
Tastyworks does offer a phone option, during regular business hours of Monday – Friday from 9 AM to 5 PM. You can also send an email 24/7 with your questions.
Margin Trading – Is it Easier to get a Margin Account with Tastyworks?
Both Robinhood and Tastyworks offer a margin account. You need an account balance of at least $2,000 with both brokers to sign up for a margin account as that’s the Financial Industry Regulatory Authority regulation. Robinhood does charge a $5 monthly fee to borrow on margin.
Education and Research
Any investor needs access to robust research and education in order to trade assets, especially options. If you’re an active trader, you need easy access to the information to make knowledgeable trades. Tastyworks wins in the research department. While Robinhood has some education, it’s limited, unless you have a Robinhood Gold margin account, in which case you get access to Morningstar Research and Nasdaq Reports.
Tastyworks offers robust and fun research options. Their sister site, Tastytrade, offers most of the educational material. They provide videos and articles that you can access at any time, as well as live videos. Tastyworks’ educational material is engaging, exciting, and helpful.
Which Broker Should you Choose?
Each investor has their own desires for a platform. If you were to say that you were just trading options – Tastyworks would be your choice hands down. They have the leg up on most brokers because of the focus on options.
If you are trading multiple assets, though, you’ll want to weigh the features to see which suits your needs the most. Do you value education and research the most? How about a margin account? Do you want to minimize your fees, paying $0 commission such as Robinhood offers?
You can’t go wrong with either Robinhood or Tastyworks. If we were to choose, we’d say beginning investors do well with Robinhood with its basic features and user-friendly platform, whereas active options traders or even stock traders may do better with Tastyworks.
We have more information about Tastyworks in our Tastyworks Review. Check it out!