Tastytrade/tastyworks versus Thinkorswim (TOS): compare trading platforms, commissions, investing fees, account differences, pros and cons. Which trading broker is better?

thinkorswim vs. tastytrade Introduction

Are you searching for advanced software to trade futures and securities? If yes, take a look at tastytrade and thinkorswim.

Broker Fees

Services

Websites

Tastytrade: Get $250 for each person you refer with this referral link.

Thinkorswim: Get Thinkorswim platform and $0-fee trades at Charles Schwab.

Available Assets

Charles Schwab’s thinkorswim lets you trade these assets:

- ETFs
- Closed-end funds
- Stocks, including OTC stocks
- Forex
- Futures

tastytrade’s software doesn’t have a name, but it can trade all the above except forex and OTC stocks. tastytrade also lets you trade cryptocurrencies.

Winner: thinkorswim

Margin

You can use both thinkorswim and tastytrade with cash, margin, or portfolio margin accounts. thinkorswim needs $125,000 for portfolio margin; tastytrade needs $175,000.

Neither platform shows margin requirements for specific assets in its software, which isn’t ideal. But thinkorswim users can change their account type on the Schwab website. tastytrade users cannot do this.

tastytrade offers lower margin rates, ranging from 10.5% to 7.5%. Charles Schwab charges 12.325% to 10.325%.

Winner: tastytrade

Websites

You can start thinkorswim from the Schwab website by using the Trade tab and selecting thinkorswim. Click the green Launch button under the Web tab to open the web platform in a new tab.

This platform is the simplest version. It has under 100 technical studies and just 7 drawing tools for charts. But you can almost fill the whole screen with a chart, and there are colored trade buttons at the top.





thinkorswim’s order ticket lets you submit trades at a specific time in the future, which is handy.

tastytrade’s browser platform starts from the Trading Platform tab. Its order ticket is good too and has a table mode for building multi-leg trades.





Charting on tastytrade’s web platform isn’t useful—no full screen, and there are no charting tools.

Winner: thinkorswim

Mobile Apps

The tastytrade mobile app can show a chart the full width of your screen in horizontal mode. Still, there are no tools.





thinkorswim’s app solves this. It has many more features, including twice as many technical studies as the web version. The app’s order ticket is powerful and includes:

Blast all
1st triggers OCO
Market on close





The tastytrade app uses the same order ticket as the website but adds bracket orders. It also streams live market news from tastylive, while thinkorswim streams CNBC.

Winner: thinkorswim

Desktop Programs

Here’s where both firms really shine. Their desktop programs offer top-level trading. thinkorswim includes a practice mode to help you learn the software, but tastytrade does not.





tastytrade’s platform does have pairs trading for going long and short at the same time. It also lets you view multiple assets and trade crypto. tasty’s desktop platform is the only one of its platforms with good charting and advanced tools.





Even though tastytrade’s charting is good, thinkorswim desktop is still better. It has over 400 technical studies and many chart styles, like Equivolume and Monkey Bars.

Winner: thinkorswim

Day/Swing Trading

Short Positions: Both brokers let you short, but neither has a short locate tool.

Level 2 Quotes: Only thinkorswim offers them, and for free.

Direct-Access Routing: Available only on thinkorswim desktop (not web).

Extended-hours Trading: Both offer pre-market and after-hours trading. thinkorswim has longer sessions and offers overnight trading in some ETFs. tastytrade offers nearly round-the-clock crypto trading.

Maker-Taker Fees: Not offered by either.

Winner: thinkorswim

Added Services

Banking Tools: thinkorswim users can get free check writing and a Visa debit card from Schwab. tastytrade does not offer this.

Initial Public Offerings: Only available at Schwab, not tastytrade.

DRIP Service: Dividend reinvesting is available at both.

Fractional-share Trading: Neither lets you buy stocks in whole dollars (but you can do this for crypto at tastytrade).

Individual Retirement Accounts: thinkorswim supports many IRA types, like SEP, SIMPLE, and Minor IRAs. tastytrade only has SEP, Roth, and traditional. tastytrade charges $60 to close an IRA, but Schwab does not and has better IRA tools online.

Winner: thinkorswim/Charles Schwab

Recommendations

Beginners: thinkorswim desktop is harder to learn, but the web version is simple and has a practice mode. We suggest thinkorswim on the web.

Mutual Funds: Neither platform offers mutual fund trading, but you can do this on Schwab’s website.

Small Accounts: You can use either platform with any amount. thinkorswim allows paper trading, even with a $0 balance.

Frequent Stock Trading: thinkorswim has the most advanced experience and better research tools on desktop.

Long-Term Investors and Retirement Savers: thinkorswim can be used for IRAs, self-employed 401ks, and more. Schwab has many retirement tools.

Websites

Tastytrade: Get $250 for each person you refer with this referral link.

Thinkorswim: Get Thinkorswim platform and $0-fee trades at Charles Schwab.

Thinkorswim vs Tastytrade Summary

We like tastytrade’s software, but it isn’t as strong as thinkorswim. tastytrade may be a good option for crypto trading.

Free Thinkorswim Account

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Free Tastytrade Account

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