Firstrade vs tastytrade 2024
In this head to head comparison of Firstrade vs tastytrade, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
In this head to head comparison of Firstrade vs tastytrade, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
In the competitive landscape of online brokers, Firstrade slightly edges out tastytrade in terms of investment options. Both platforms provide robust stock, margin, fractional shares, and options trading services, ensuring versatile investment strategies for traders. However, Firstrade's offerings extend to include OTC stocks and mutual funds, which tastytrade does not support. Conversely, tastytrade diversifies its portfolio with futures and cryptocurrency trading, boasting four available coins, while Firstrade does not offer these markets. Consequently, Firstrade earns a higher investment options rating with 4.5 stars over tastytrade's 4 stars and ranks 6th out of 18 brokers compared to tastytrade's 11th position according to StockBrokers.com.
Both brokers cater to retirement planning with traditional and Roth IRA accounts, presenting standard avenues for long-term financial growth. Firstrade and tastytrade align in providing comprehensive options trading capabilities and robust platforms that support diverse trading within equities and beyond. Although neither offers advisor services, their tools and resources cater to autodidact investors seeking to independently manage portfolios.
Firstrade and tastytrade appeal to varied investor profiles, with Firstrade favoring those interested in traditional securities and mutual funds, while tastytrade attracts users keen on futures and cryptocurrencies. This distinction in offerings underscores the importance for investors to assess their trading priorities and preference for asset diversity when selecting the optimal brokerage platform to meet their unique investing needs. Traders should consider how these varied offerings could impact their investment strategies and long-term goals before making a brokerage choice.
Feature |
Firstrade
|
tastytrade
|
---|---|---|
Stock Trading | Yes | Yes |
Margin Trading | Yes | Yes |
Fractional Shares | Yes | Yes |
OTC Stocks | Yes | No |
Mutual Funds | Yes | No |
Options Trading | Yes | Yes |
Futures Trading | No | Yes |
Crypto Trading | No | Yes |
Crypto Trading - Total Coins | 0 | 4 |
Investment Options |
Dive deeper: Best Options Trading Platforms & Brokers, 5 Best Futures Trading Platforms of 2024
When it comes to trading platforms and tools, tastytrade holds a competitive edge over Firstrade. Rated 4.5 stars out of 5 compared to Firstrade's 3.5 stars, tastytrade is ranked #6 by StockBrokers.com among 18 brokers, while Firstrade sits at #9. If you're seeking a robust desktop platform, tastytrade delivers with Windows and Mac downloadable versions, whereas Firstrade does not offer desktop software. Both brokers provide browser-based platforms, leveling the playing field for accessibility.
Diving deeper into the features, tastytrade shines with a broader array of technical indicators and drawing tools, offering 308 indicators and 31 drawing tools, compared to Firstrade's 102 indicators and 8 drawing tools. Tastytrade also excels with enhanced chart functionalities: you can adjust open orders directly on stock charts, add notes, show historical trades, corporate events, and save multiple chart profiles, none of which are options available with Firstrade. Additionally, tastytrade provides advanced customization options like creating custom studies for charts, while Firstrade lacks in this area.
Both brokers fall short in offering paper trading and a trading journal. However, when it comes to watchlist customization, Firstrade provides more fields, allowing 50 columns compared to tastytrade's 33. Although such nuances may influence a trader's choice, the comprehensive trading tools and platform versatility of tastytrade make it a stronger contender for those seeking advanced functionalities and charting capabilities.
Feature |
Firstrade
|
tastytrade
|
---|---|---|
Web Trading Platform | Yes | Yes |
Desktop Trading Platform | No | Yes |
Desktop Platform (Mac) | No | Yes |
Paper Trading | No | No |
Watch Lists - Total Fields | 50 | 33 |
Charting - Indicators / Studies | 102 | 308 |
Charting - Drawing Tools | 8 | 31 |
Platforms & Tools |
Dive deeper: Best Stock Brokers for 2024, Best Paper Trading Platforms of 2024
When evaluating the educational offerings of Firstrade and tastytrade for novice investors, both platforms provide stock education, but tastytrade stands out with its additional offering of ETF education. While neither broker offers education on mutual funds or bonds, both platforms cover options education. Firstrade supports investors with educational videos, making it ideal for visual learners, while tastytrade does not provide this feature but compensates with its comprehensive webinars shared by both brokers.
Despite Firstrade lacking paper trading and educational quizzes, its rating by StockBrokers.com is a respectable 3.5 stars, placing it at 12th out of 18 brokers in education. Meanwhile, tastytrade earns a higher educational rating of 4 stars and ranks 8th, underscoring its superior beginner educational resources. Although neither platform enables users to track their learning progress, tastytrade's emphasis on ETF education and higher educational ranking offer a slight edge for beginners seeking robust investment education.
Feature |
Firstrade
|
tastytrade
|
---|---|---|
Education (Stocks) | Yes | Yes |
Education (ETFs) | No | Yes |
Education (Options) | Yes | Yes |
Education (Mutual Funds) | No | No |
Education (Bonds) | No | No |
Paper Trading | No | No |
Videos | Yes | No |
Webinars | Yes | Yes |
Education |
Dive deeper: Best Stock Trading Platforms for Beginners of 2024
When evaluating the stock trading app capabilities of Firstrade and tastytrade, both options showcase commendable features, yet there are notable differences to consider. Firstrade and tastytrade both offer a seamless mobile experience with iPhone and Android apps; however, neither provides an app for the Apple Watch. The notable distinction lies in functionalities such as stock alerts, which Firstrade supports, unlike tastytrade, and after-hours charting, where tastytrade takes the lead.
For mobile trading, both Firstrade and tastytrade ensure accessibility to options trading and provide the ability to view charts in landscape mode and accommodate multiple time frames for chart analysis. A significant advantage for Firstrade users is the inclusion of 81 technical studies for charting, a feature not available on the tastytrade app. Furthermore, while both platforms support custom watch lists and column customization, only Firstrade offers mobile after-hours stock trading, a crucial feature for active traders.
In terms of ratings and rankings according to StockBrokers.com, Firstrade sits confidently at the #6 position among 18 brokers, while tastytrade is ranked at #10, despite both receiving an equal rating of 4.5 stars. These standings hint at Firstrade's slightly enhanced offerings in stock trading apps, particularly for users valuing comprehensive technical charting and mobility in trading features. Nevertheless, both apps have their unique strengths, making them competitive choices depending on traders' specific needs and preferences.
Feature |
Firstrade
|
tastytrade
|
---|---|---|
iPhone App | Yes | Yes |
Android App | Yes | Yes |
Apple Watch App | No | No |
Stock Alerts | Yes | No |
Charting - After-Hours | No | Yes |
Charting - Technical Studies | 81 | 0 |
Mobile Trading Apps |
Dive deeper: Best Stock Trading Apps of 2024
When comparing Firstrade and tastytrade, investors will notice that while both platforms offer commission-free stock trades and require no minimum deposit, there are notable differences in fees and charges. Firstrade stands out for its non-existent fees on options contracts, options exercise, and assignment, making it a cost-effective choice for options traders. In contrast, tastytrade imposes a $0.50 charge per options contract, with an additional $5.00 for options exercise and assignment fees. However, tastytrade offers more competitive margin rates, especially for balances below $100,000, leading to potential savings on borrowing costs.
For clients considering account transfers, Firstrade charges $55.00 for partial transfers and $75.00 for full transfers, mirroring the tastytrade's full transfer fee but offering a more affordable partial transfer option. Both brokers offer fee-free IRA accounts, though tastytrade imposes a $60.00 charge for IRA closures, unlike Firstrade, which provides this service for free.
Ultimately, the choice between Firstrade and tastytrade could hinge on specific trading habits and financial activity. Investors keen on low-cost options trading will appreciate Firstrade's zero fees, while those leveraging margin accounts may lean towards tastytrade for its lower interest rates. Additionally, considerations for IRA closures and account transfers might steer traders towards Firstrade for its more forgiving fee structure in these areas.
Feature |
Firstrade
|
tastytrade
|
---|---|---|
Minimum Deposit | $0.00 | $0.00 |
Stock Trades | $0.00 | $0.00 |
Options (Per Contract) | $0.00 | $0.50 |
Options Exercise Fee | $0.00 | $5.00 |
Options Assignment Fee | $0.00 | $5.00 |
IRA Annual Fee | $0.00 | $0.00 |
IRA Closure Fee | $0.00 | $60.00 |
Commissions & Fees |
Dive deeper: Best Brokers for Free Stock Trading of 2024
When comparing Firstrade and tastytrade for day trading, both platforms present distinctive features that cater to different trader needs. Firstrade does not offer streaming time and sales for stocks, direct market routing, ladder trading, trading hotkeys, or Level 2 quotes, which may limit its appeal to day traders looking for advanced tools. However, tastytrade also lacks streaming time and sales for stocks, direct market routing, trading hotkeys, and Level 2 quotes. Despite these similarities, tastytrade stands out with streaming live TV and ladder trading capabilities, providing a more dynamic trading experience.
While neither Firstrade nor tastytrade support basic or advanced strategy backtesting, tastytrade compensates with its short locator tool, helping traders view real-time availability of shares available to short. Both platforms do not offer order liquidity (maker/taker) rebates. Ultimately, the choice between Firstrade and tastytrade for day trading hinges on individual preferences and the importance of features such as live TV streaming and specialized trading tools. The availability of a short locator tool further distinguishes tastytrade for traders focused on short selling opportunities.
Feature |
Firstrade
|
tastytrade
|
---|---|---|
Streaming Time & Sales | No | No |
Streaming TV | No | Yes |
Direct Market Routing - Stocks | No | No |
Level 2 Quotes - Stocks | No | No |
Trade Ideas - Backtesting | No | No |
Trade Ideas - Backtesting Adv | No | No |
Short Locator | No | Yes |
Dive deeper: Best Day Trading Platforms of 2024
In comparing Firstrade and tastytrade for market research capabilities, Firstrade emerges as a more comprehensive option, particularly for investors seeking a broad array of research tools and insights. With a market research rating of 4.5 stars from StockBrokers.com and a ranking of #6 among 18 brokers, Firstrade clearly surpasses tastytrade, which holds a 2.5-star rating and a #13 ranking. Both platforms offer research for stocks and ETFs, but Firstrade provides a more extensive selection, including mutual funds, pink sheets/OTCBB, bonds, and ESG research, which tastytrade lacks.
Firstrade stands out with its ability to cater to diverse investor demands, offering downloadable PDF research reports for stocks and ETFs, which tastytrade does not provide. Furthermore, while both brokers offer portfolio allocation by asset class, Firstrade goes a step further by integrating social media sentiment data into its stock research, enriching the user experience with modern analytical tools. Investors looking to derive trade ideas can benefit from Firstrade’s screeners for stocks, ETFs, mutual funds, and bonds, features that tastytrade does not offer.
For investors prioritizing in-depth market research capabilities, Firstrade offers a more robust suite of tools and resources. Its higher star rating and ranking by StockBrokers.com underline its commitment to providing investors with comprehensive research options, making it a preferred choice over tastytrade in this domain. Tastytrade, while suitable for basic stock and ETF research, may leave more research-intensive traders seeking additional resources and tools that Firstrade can offer.
Feature |
Firstrade
|
tastytrade
|
---|---|---|
Research - Stocks | Yes | Yes |
Screener - Stocks | Yes | No |
Research - ETFs | Yes | Yes |
Screener - ETFs | Yes | No |
Research - Mutual Funds | Yes | No |
Screener - Mutual Funds | Yes | No |
Research - Bonds | Yes | No |
Screener - Bonds | Yes | No |
Research |
When comparing the banking capabilities of Firstrade and tastytrade, Firstrade clearly offers more variety. Firstrade provides checking accounts and issues debit cards, whereas tastytrade offers neither. While both online brokers do not offer savings accounts, credit cards, or mortgage loans, Firstrade stands out by offering Certificates of Deposit (CDs), an option not available with tastytrade. This makes Firstrade a more comprehensive choice for those seeking additional banking services alongside their trading needs.
Feature |
Firstrade
|
tastytrade
|
---|---|---|
Checking Accounts | Yes | No |
Savings Accounts | No | No |
Debit Cards | Yes | No |
Credit Cards | No | No |
Mortgage Loans | No | No |
CDs | Yes | No |
Dive deeper: Best Bank Brokerages of 2024
After opening live accounts and testing 18 of the best online brokers, our research and live account testing finds that Firstrade is better than tastytrade. Firstrade finished with an overall score of 87.7%, while tastytrade finished with a score of 84.9%.
Firstrade scored well for penny stock trading in our 2024 Annual Awards, and is a great choice for Chinese-speaking investors. However, it lags behind the competition in certain areas, especially platforms, tools and education.
When comparing online brokers, Firstrade does not offer crypto trading services, while tastytrade provides options for trading 4 different cryptocurrencies, making it a suitable choice for investors interested in digital assets.
Dive deeper: Best Crypto Trading Platforms of 2024
Firstrade and tastytrade both offer traditional and Roth IRA accounts with no annual fees, but while Firstrade charges no closure fee when closing IRA accounts, tastytrade imposes a $60.00 closure fee.
Dive deeper: Best IRA Accounts of 2024
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0 of 5Overall Rating | Firstrade | tastytrade | |
---|---|---|---|
Overall | |||
Commissions & Fees | |||
Investment Options | |||
Platforms & Tools | |||
Mobile Trading Apps | |||
Research | |||
Customer Service | |||
Education | |||
Ease Of Use | |||
Winner | check_circle | ||
Review | Firstrade Review | tastytrade Review |
Broker Screenshots | Firstrade | tastytrade | |
---|---|---|---|
Trading Platform & Tools Gallery (click to expand) | |||
Research Gallery (click to expand) | |||
Mobile Trading Apps Gallery (click to expand) | |||
Education Gallery (click to expand) |
Trading Fees | Firstrade | tastytrade | |
---|---|---|---|
Minimum Deposit | $0.00 | $0.00 | |
Stock Trades | $0.00 | $0.00 | |
Penny Stock Fees (OTC) | $0.00 | N/A | |
Mutual Fund Trade Fee | $0 | N/A | |
Options (Per Contract) | $0.00 | $0.50 | |
Futures (Per Contract) | (Not offered) | $1.25 | |
Broker Assisted Trade Fee | $19.95 | $0 |
Margin Rates | Firstrade | tastytrade | |
---|---|---|---|
Margin Rate Under $25,000 | 13.75% | 11% | |
Margin Rate $25,000 to $49,999.99 | 13.50% | 10.5% | |
Margin Rate $50,000 to $99,999.99 | 13.00% | 10% | |
Margin Rate $100,000 to $249,999.99 | 12.50% | 9.5% | |
Margin Rate $250,000 to $499,999.99 | 12.50% | 9% | |
Margin Rate $500,000 to $999,999.99 | 12.50% | 8.5% | |
Margin Rate Above $1,000,000 | 12.50% | 8% |
Account Fees | Firstrade | tastytrade | |
---|---|---|---|
IRA Annual Fee | $0.00 | $0.00 | |
IRA Closure Fee | $0.00 | $60.00 | |
Account Transfer Out (Partial) | $55.00 | $75.00 | |
Account Transfer Out (Full) | $75.00 | $75.00 | |
Options Exercise Fee | $0.00 | $5.00 | |
Options Assignment Fee | $0.00 | $5.00 |
Investment Options | Firstrade | tastytrade | |
---|---|---|---|
Stock Trading | Yes | Yes | |
Margin Trading | Yes | Yes | |
Fractional Shares | Yes | Yes | |
OTC Stocks | Yes | No | |
Options Trading | Yes | Yes | |
Complex Options Max Legs | 4 | 4 | |
Futures Trading | No | Yes | |
Forex Trading | No | No | |
Crypto Trading | No | Yes | |
Crypto Trading - Total Coins | 0 | 4 | |
Mutual Funds (No Load) | 15460 | 0 | |
Mutual Funds (Total) | 19666 | 0 | |
Bonds (US Treasury) | Yes | No | |
Bonds (Corporate) | Yes | No | |
Bonds (Municipal) | Yes | No | |
Traditional IRAs | Yes | Yes | |
Roth IRAs | Yes | Yes | |
Advisor Services | No | No | |
International Countries (Stocks) | 0 | 0 |
Order Types | Firstrade | tastytrade | |
---|---|---|---|
Order Type - Market | Yes | Yes | |
Order Type - Limit | Yes | Yes | |
Order Type - After Hours | Yes | Yes | |
Order Type - Stop | Yes | Yes | |
Order Type - Trailing Stop | Yes | No | |
Order Type - OCO | Yes | Yes | |
Order Type - OTO | Yes | Yes | |
Order Type - Broker Assisted | Yes | Yes |
Beginners | Firstrade | tastytrade | |
---|---|---|---|
Education (Stocks) | Yes | Yes | |
Education (ETFs) | No | Yes | |
Education (Options) | Yes | Yes | |
Education (Mutual Funds) | No | No | |
Education (Bonds) | No | No | |
Education (Retirement) | Yes | No | |
Retirement Calculator | Yes | No | |
Investor Dictionary | Yes | Yes | |
Paper Trading | No | No | |
Videos | Yes | No | |
Webinars | Yes | Yes | |
Webinars (Archived) | Yes | Yes | |
Progress Tracking | No | No | |
Interactive Learning - Quizzes | No | No |
Stock Trading Apps | Firstrade | tastytrade | |
---|---|---|---|
iPhone App | Yes | Yes | |
Android App | Yes | Yes | |
Apple Watch App | No | No | |
Trading - Stocks | Yes | Yes | |
Trading - After-Hours | Yes | Yes | |
Trading - Simple Options | Yes | Yes | |
Trading - Complex Options | Yes | Yes | |
Order Ticket RT Quotes | Yes | Yes | |
Order Ticket SRT Quotes | Yes | Yes |
Stock App Features | Firstrade | tastytrade | |
---|---|---|---|
Market Movers (Top Gainers) | Yes | Yes | |
Stream Live TV | No | No | |
Videos on Demand | No | No | |
Stock Alerts | Yes | No | |
Option Chains Viewable | Yes | Yes | |
Watch List (Real-time) | Yes | Yes | |
Watch List (Streaming) | Yes | Yes | |
Watch Lists - Create & Manage | Yes | Yes | |
Watch Lists - Column Customization | Yes | Yes |
Stock App Charting | Firstrade | tastytrade | |
---|---|---|---|
Charting - After-Hours | No | Yes | |
Charting - Can Turn Horizontally | Yes | Yes | |
Charting - Multiple Time Frames | Yes | Yes | |
Charting - Technical Studies | 81 | 0 | |
Charting - Study Customizations | Yes | No | |
Charting - Stock Comparisons | No | No |
Trading Platforms | Firstrade | tastytrade | |
---|---|---|---|
Active Trading Platform | tastytrade | ||
Desktop Trading Platform | No | Yes | |
Desktop Platform (Mac) | No | Yes | |
Web Trading Platform | Yes | Yes | |
Paper Trading | No | No | |
Trade Journal | No | No | |
Watch Lists - Total Fields | 50 | 33 |
Stock Chart Features | Firstrade | tastytrade | |
---|---|---|---|
Charting - Adjust Trades on Chart | No | Yes | |
Charting - Indicators / Studies | 102 | 308 | |
Charting - Drawing Tools | 8 | 31 | |
Charting - Notes | No | Yes | |
Charting - Index Overlays | Yes | Yes | |
Charting - Historical Trades | No | Yes | |
Charting - Corporate Events | No | Yes | |
Charting - Custom Date Range | No | No | |
Charting - Custom Time Bars | No | No | |
Charting - Automated Analysis | No | No | |
Charting - Save Profiles | No | Yes | |
Trade Ideas - Technical Analysis | Yes | No | |
Charting - Study Customizations | 6 | 7 | |
Charting - Custom Studies | No | Yes |
Day Trading | Firstrade | tastytrade | |
---|---|---|---|
Streaming Time & Sales | No | No | |
Streaming TV | No | Yes | |
Direct Market Routing - Stocks | No | No | |
Ladder Trading | No | Yes | |
Trade Hotkeys | No | No | |
Level 2 Quotes - Stocks | No | No | |
Trade Ideas - Backtesting | No | No | |
Trade Ideas - Backtesting Adv | No | No | |
Short Locator | No | Yes | |
Order Liquidity Rebates | No | No |
Research Overview | Firstrade | tastytrade | |
---|---|---|---|
Research - Stocks | Yes | Yes | |
Research - ETFs | Yes | Yes | |
Research - Mutual Funds | Yes | No | |
Research - Pink Sheets / OTCBB | Yes | No | |
Research - Bonds | Yes | No | |
Screener - Stocks | Yes | No | |
Screener - ETFs | Yes | No | |
Screener - Mutual Funds | Yes | No | |
Screener - Bonds | Yes | No | |
Misc - Portfolio Allocation | Yes | Yes |
Stock Research | Firstrade | tastytrade | |
---|---|---|---|
Stock Research - PDF Reports | 1 | 0 | |
Stock Research - Earnings | Yes | No | |
Stock Research - Insiders | Yes | No | |
Stock Research - Social | Yes | No | |
Stock Research - News | Yes | Yes | |
Stock Research - ESG | Yes | No | |
Stock Research - SEC Filings | Yes | No |
ETF Research | Firstrade | tastytrade | |
---|---|---|---|
ETFs - Strategy Overview | Yes | No | |
ETF Fund Facts - Inception Date | Yes | No | |
ETF Fund Facts - Expense Ratio | Yes | No | |
ETF Fund Facts - Net Assets | Yes | No | |
ETF Fund Facts - Total Holdings | Yes | No | |
ETFs - Top 10 Holdings | Yes | No | |
ETFs - Sector Exposure | Yes | No | |
ETFs - Risk Analysis | Yes | Yes | |
ETFs - Ratings | Yes | No | |
ETFs - Morningstar StyleMap | Yes | No | |
ETFs - PDF Reports | Yes | No |
Mutual Fund Research | Firstrade | tastytrade | |
---|---|---|---|
Mutual Funds - Strategy Overview | Yes | No | |
Mutual Funds - Performance Chart | Yes | No | |
Mutual Funds - Performance Analysis | Yes | No | |
Mutual Funds - Prospectus | Yes | No | |
Mutual Funds - 3rd Party Ratings | Yes | No | |
Mutual Funds - Fees Breakdown | Yes | No | |
Mutual Funds - Top 10 Holdings | Yes | No | |
Mutual Funds - Asset Allocation | Yes | No | |
Mutual Funds - Sector Allocation | Yes | No | |
Mutual Funds - Country Allocation | Yes | No | |
Mutual Funds - StyleMap | Yes | No |
Options Trading | Firstrade | tastytrade | |
---|---|---|---|
Option Chains - Basic View | Yes | Yes | |
Option Chains - Strategy View | Yes | Yes | |
Option Chains - Streaming | No | Yes | |
Option Chains - Total Columns | 8 | 20 | |
Option Chains - Greeks | 5 | 5 | |
Option Chains - Quick Analysis | No | Yes | |
Option Analysis - P&L Charts | Yes | Yes | |
Option Probability Analysis | No | Yes | |
Option Probability Analysis Adv | Yes | Yes | |
Option Positions - Greeks | No | Yes | |
Option Positions - Greeks Streaming | No | Yes | |
Option Positions - Adv Analysis | No | Yes | |
Option Positions - Rolling | Yes | Yes | |
Option Positions - Grouping | No | Yes |
Banking | Firstrade | tastytrade | |
---|---|---|---|
Bank (Member FDIC) | No | No | |
Checking Accounts | Yes | No | |
Savings Accounts | No | No | |
Credit Cards | No | No | |
Debit Cards | Yes | No | |
Mortgage Loans | No | No |
Customer Service | Firstrade | tastytrade | |
---|---|---|---|
Phone Support (Prospect Customers) | Yes | Yes | |
Phone Support (Current Customers) | Yes | Yes | |
Email Support | Yes | Yes | |
Live Chat (Prospect Customers) | Yes | Yes | |
Live Chat (Current Customers) | Yes | Yes | |
24/7 Support | No | No |
Overall | Firstrade | tastytrade | |
---|---|---|---|
Overall | |||
Commissions & Fees | |||
Investment Options | |||
Platforms & Tools | |||
Mobile Trading Apps | |||
Research | |||
Education | |||
Ease Of Use | |||
Winner | check_circle | ||
Review | Firstrade Review | tastytrade Review |