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Interactive Brokers vs tastytrade 2024

StockBrokers.com

Written by StockBrokers.com

October 30, 2024

In this head to head comparison of Interactive Brokers vs tastytrade, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.

Interactive Brokers
4.5/5 Stars Overall
  • Minimum Deposit: $0.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.65
tastytrade
4/5 Stars Overall
  • Minimum Deposit: $0.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.50 info

Investment options

Interactive Brokers and tastytrade are reputable online brokers, each providing a range of investment options suitable for diverse trading needs. When evaluating their offerings, Interactive Brokers stands out with a perfect five-star rating in investment options and is ranked number one by StockBrokers.com among 18 brokers. On the other hand, tastytrade is a strong contender with a four-star rating but holds the 11th rank. This clear differentiation is primarily due to the broader spectrum of investment products available at Interactive Brokers, catering to both typical investors and those seeking specific instruments.

Both Interactive Brokers and tastytrade allow clients to trade stocks, options, and futures, providing a comprehensive suite for traditional asset classes. They also offer margin trading and fractional shares, enabling traders to leverage their strategies effectively. Additionally, crypto enthusiasts can access trading with four available coins on each platform, making both brokers viable options for digital currency investors. However, where Interactive Brokers edges out tastytrade is in its support for mutual fund investments and Over-the-Counter (OTC) stocks, areas where tastytrade does not offer services.

Furthermore, Interactive Brokers extends its reach to forex trading, a feature absent in tastytrade's offerings. Regarding retirement accounts, both brokers provide options for traditional and Roth IRA accounts, ensuring plan compatibility. However, neither broker offers advisor services, making them best suited for hands-on investors comfortable with self-directed trading. Overall, Interactive Brokers' superior range of investment options and favorable rankings make it a more comprehensive choice for investors, whereas tastytrade is ideal for those focused on options and short-term trading strategies.

Feature Interactive Brokers logoInteractive Brokers
tastytrade logotastytrade
Stock Trading info Yes Yes
Margin Trading Yes Yes
Fractional Shares info Yes Yes info
OTC Stocks info Yes No
Mutual Funds info Yes No
Options Trading info Yes Yes
Futures Trading info Yes Yes
Crypto Trading info Yes Yes
Crypto Trading - Total Coins info 4 4
Investment Options 5/5 Stars 4/5 Stars

Dive deeper: Best Options Trading Platforms & Brokers, 5 Best Futures Trading Platforms of 2024

Trading platforms and tools

Choosing between Interactive Brokers and tastytrade platforms depends on individual trading needs, with both offering formidable tools. Interactive Brokers, ranked number one by StockBrokers.com, features a comprehensive suite with a perfect five-star rating, reflecting its extensive offerings, including 659 watch list fields, automated technical analysis, and in-depth customization of chart profiles. Meanwhile, tastytrade provides a strong four-and-a-half-star platform ranking and excels with its 308 technical indicators and the ability to create custom studies. Each has its merits, making them top contenders in the trading industry for different types of investors.

Interactive Brokers sets the standard with a broad array of features, from Windows and Mac desktop platforms to browser-based accessibility. Its advanced paper trading functionality allows users to practice strategies without financial risk, complemented by a trading journal for detailed performance tracking. Interactive Brokers also impresses with comprehensive charting capabilities, offering 85 drawing tools, the option to adjust orders directly on charts, and the ability to save multiple chart profiles with the integration of historical trades and corporate events.

On the other hand, tastytrade also provides robust trading options across both desktop and browser platforms but stands out with its custom study creation ability, which empowers traders to develop personalized analyzation tools. While it lacks paper trading and a trading journal, it supports key features like direct order adjustment on charts and corporate event displays. Tastytrade’s charting solution boasts 31 drawing tools and enhanced customization fields for SMA studies, offering a high level of technical analysis for strategic trading decisions despite having fewer watch list fields than Interactive Brokers.

Feature Interactive Brokers logoInteractive Brokers
tastytrade logotastytrade
Web Trading Platform info Yes Yes
Desktop Trading Platform info Yes Yes
Desktop Platform (Mac) info Yes Yes
Paper Trading info Yes No
Watch Lists - Total Fields info 659 33
Charting - Indicators / Studies info 155 308
Charting - Drawing Tools info 85 31
Platforms & Tools 5/5 Stars 4.5/5 Stars

Dive deeper: Best Stock Brokers for 2024, Best Paper Trading Platforms of 2024

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Beginners and education

When comparing Interactive Brokers and tastytrade for their beginner and investor education capabilities, both platforms offer comprehensive resources for stock, ETF, and options education. However, Interactive Brokers provides a more extensive selection by also including educational content on mutual funds and bonds, areas where tastytrade falls short. Additionally, Interactive Brokers offers a paper trading feature that allows beginners to practice without financial risk, along with educational videos, quizzes, and the ability to track learning progress—features unavailable with tastytrade.

Interactive Brokers holds a slight edge in educational resources with a 4.5-star rating and is ranked #5 for education out of 18 brokers by StockBrokers.com. In contrast, tastytrade earns a 4-star rating and ranks #8, offering webinars but lacking interactive tools like quizzes and video content. This makes Interactive Brokers a more robust platform for comprehensive investor education, especially for those seeking a more structured and varied learning path.

Feature Interactive Brokers logoInteractive Brokers
tastytrade logotastytrade
Education (Stocks) info Yes Yes
Education (ETFs) info Yes Yes
Education (Options) info Yes Yes
Education (Mutual Funds) info Yes No
Education (Bonds) info Yes No
Paper Trading info Yes No
Videos info Yes No
Webinars info Yes Yes
Education 4.5/5 Stars 4/5 Stars

Dive deeper: Best Stock Trading Platforms for Beginners of 2024

Stock trading apps

When evaluating stock trading apps, Interactive Brokers holds a competitive edge, boasting a flawless 5-star rating and securing the number one spot by StockBrokers.com. While tastytrade offers a strong feature set worthy of a 4.5-star rating and ranks number ten, Interactive Brokers distinguishes itself with additional functionalities such as an Apple Watch app, streaming live TV, and video-on-demand capabilities that cater to more diverse trading needs.

Both Interactive Brokers and tastytrade offer their apps on iPhone and Android platforms, ensuring accessibility for all smartphone users. While both provide capabilities like mobile options trading, streaming quotes, and after-hours charting, Interactive Brokers enhances the user experience with mobile after-hours stock trading and detailed stock alerts, features which tastytrade lacks.

For those who rely heavily on analysis tools, Interactive Brokers presents 97 technical studies for charting in their mobile app, significantly surpassing tastytrade, which currently offers none. Additionally, both brokers support multiple time frame charting and landscape mode viewing, along with customizable watch lists and columns, allowing traders the flexibility needed for thorough market evaluation.

Feature Interactive Brokers logoInteractive Brokers
tastytrade logotastytrade
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info Yes No
Stock Alerts info Yes No
Charting - After-Hours info Yes Yes
Charting - Technical Studies info 97 0
Mobile Trading Apps 5/5 Stars 4.5/5 Stars

Dive deeper: Best Stock Trading Apps of 2024

Fees

When considering account fees and other charges, Interactive Brokers and tastytrade each present unique advantages, appealing to different types of investors. Interactive Brokers generally offers more cost efficiency, particularly in account transfer and IRA fees, with no charges across the board, including exercise and assignment fees. In contrast, tastytrade provides competitive pricing on options contracts and may suit those focusing on this area with its slightly lower per-contract fee of $0.50 compared to Interactive Brokers' $0.65. However, potential tastytrade users must be mindful of additional costs associated with account transfers, IRA closures, and margin balances.

In terms of trading costs, both Interactive Brokers and tastytrade excel with their $0.00 fees for regular stock trades, making them attractive for cost-conscious stock traders. However, for options traders, the choice might hinge on the per-contract fees, where tastytrade is the more cost-effective choice at $0.50 per contract versus Interactive Brokers' $0.65. Nonetheless, tastytrade's other charges, like the $75 for account transfers and $60 for IRA closures, might deter investors who prioritize fewer fees on account activities.

Margin trading costs present another decision factor, where Interactive Brokers holds an edge with consistently lower rates across all balance categories; for balances below $25,000, Interactive Brokers charges 7.83%, significantly less than tastytrade's 11%. As balances increase but remain under six figures, Interactive Brokers maintains this rate, while tastytrade's incremental decrease to 10% for balances between $50,000 and $99,999 still lags behind Interactive Brokers. Ultimately, Interactive Brokers offers a more fee-neutral experience, while tastytrade provides advantages in specific areas like lower cost options trading if you're okay with the trade-off of higher account maintenance and closure fees.

Feature Interactive Brokers logoInteractive Brokers
tastytrade logotastytrade
Minimum Deposit $0.00 $0.00
Stock Trades $0.00 $0.00
Options (Per Contract) $0.65 $0.50 info
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 4.5/5 Stars 4.5/5 Stars

Dive deeper: Best Brokers for Free Stock Trading of 2024

Day Trading

When it comes to day trading capabilities, Interactive Brokers stands out as a formidable platform compared to tastytrade. It offers extensive resources for active traders, including streaming time and sales for stocks, which tastytrade does not provide. Interactive Brokers further enhances its competitive edge with direct market routing for stocks and the availability of trading hotkeys for swift keyboard trade entry, features that tastytrade lacks. Additionally, Interactive Brokers supports both ladder trading and order liquidity (maker/taker) rebates, providing better tools for strategic trading. The platform also excels in providing level 2 quotes, basic and advanced strategy backtesting, showcasing its commitment to equipping traders with comprehensive market insights.

In contrast, while tastytrade does provide streaming live TV and ladder trading, its offerings for day traders are more limited. The absence of direct market routing, trading hotkeys, and level 2 quotes may hinder traders looking for rapid and in-depth data access during trades. Moreover, tastytrade does not offer basic or advanced strategy backtesting or order liquidity rebates, potential downsides for traders focused on developing and refining trading strategies and benefiting from market liquidity incentives. Both platforms offer a short locator tool, allowing traders to assess the real-time availability of shares available for shorting, but Interactive Brokers presents more enhanced functionalities overall for dedicated day traders.

Feature Interactive Brokers logoInteractive Brokers
tastytrade logotastytrade
Streaming Time & Sales info Yes No
Streaming TV info Yes Yes
Direct Market Routing - Stocks info Yes No
Level 2 Quotes - Stocks info Yes No
Trade Ideas - Backtesting info Yes No
Trade Ideas - Backtesting Adv info Yes No
Short Locator info Yes Yes

Dive deeper: Best Day Trading Platforms of 2024

Market Research

When it comes to market research capabilities, Interactive Brokers clearly outshines tastytrade, establishing itself as a more comprehensive platform for investors seeking robust analytical tools. Interactive Brokers provides extensive research options, covering stocks, ETFs, mutual funds, Pink Sheets/OTCBB, and bonds, whereas tastytrade's offerings are notably limited, not supporting research for mutual funds, Pink Sheets/OTCBB, or bonds. Additionally, Interactive Brokers incorporates advanced features such as social media sentiment analysis and ESG research, which are absent from tastytrade's suite of services.

Interactive Brokers distinguishes itself by offering 17 downloadable PDF research reports for stocks, along with corresponding reports for ETFs and mutual funds, enhancing the investor's ability to conduct detailed research. In contrast, tastytrade does not offer any downloadable research reports in these categories. For traders seeking new opportunities, Interactive Brokers provides screeners for stocks, ETFs, mutual funds, and bonds, enabling a thorough exploration of trade ideas, a feature that tastytrade does not support.

In terms of portfolio allocation insights and interactive tools, both platforms allow users to view portfolio allocation by asset class. However, the breadth and depth of Interactive Brokers' research capabilities earn it a 5-star market research rating and a #2 ranking by StockBrokers.com out of 18 brokers, whereas tastytrade receives a 2.5-star rating and ranks at #13. These differences underscore Interactive Brokers as the preferred choice for investors who demand a comprehensive research toolkit and the ability to make data-driven investment decisions.

Feature Interactive Brokers logoInteractive Brokers
tastytrade logotastytrade
Research - Stocks info Yes Yes
Screener - Stocks info Yes No
Research - ETFs info Yes Yes
Screener - ETFs info Yes No
Research - Mutual Funds info Yes No
Screener - Mutual Funds info Yes No
Research - Bonds info Yes No
Screener - Bonds info Yes No
Research 5/5 Stars 2.5/5 Stars

Banking

When comparing the banking capabilities of Interactive Brokers to tastytrade, both online brokers do not offer checking or savings accounts, nor do they provide credit cards or mortgage loans. However, Interactive Brokers has an advantage by offering debit cards and Certificates of Deposit (CDs), while tastytrade does not offer these services. If you prioritize having a debit card or access to CDs, Interactive Brokers might be the better choice for your financial needs, leaving tastytrade trailing in banking services.

Feature Interactive Brokers logoInteractive Brokers
tastytrade logotastytrade
Checking Accounts info No No
Savings Accounts info No No
Debit Cards info Yes No
Credit Cards info No No
Mortgage Loans info No No
CDs info Yes No

Dive deeper: Best Bank Brokerages of 2024

Winner

After opening live accounts and testing 18 of the best online brokers, our research and live account testing finds that Interactive Brokers is better than tastytrade. Interactive Brokers finished with an overall score of 93.5%, while tastytrade finished with a score of 84.9%.

Interactive Brokers is a go-to choice for professionals because of its institutional-grade desktop trading platform, high-quality trade executions and rock-bottom margin rates.

FAQs

Can you trade cryptocurrency with Interactive Brokers or tastytrade?

Both Interactive Brokers and tastytrade offer crypto trading, providing access to 4 coins each, making them equally matched in cryptocurrency offerings for traders.

Dive deeper: Best Crypto Trading Platforms of 2024

Does Interactive Brokers or tastytrade offer IRAs?

Both Interactive Brokers and tastytrade offer traditional and Roth IRA accounts without any annual fee; however, while Interactive Brokers has no closure fee for IRA accounts, tastytrade charges a $60.00 fee upon closing.

Dive deeper: Best IRA Accounts of 2024

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Compare

0 of 5
Overall Rating Interactive Brokers tastytrade
Overall 4.5/5 Stars 4/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 5/5 Stars 4/5 Stars
Platforms & Tools 5/5 Stars 4.5/5 Stars
Mobile Trading Apps 5/5 Stars 4.5/5 Stars
Research 5/5 Stars 2.5/5 Stars
Customer Service 4/5 Stars 4.0/5 Stars
Education 4.5/5 Stars 4/5 Stars
Ease Of Use 4.5/5 Stars 4.5/5 Stars
Winner check_circle
Review Interactive Brokers Review tastytrade Review
Broker Screenshots Interactive Brokers 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 Interactive Brokers tastytrade
Minimum Deposit $0.00 $0.00
Stock Trades $0.00 $0.00
Penny Stock Fees (OTC) info $0.00 N/A
Mutual Fund Trade Fee $14.95 N/A info
Options (Per Contract) $0.65 $0.50 info
Futures (Per Contract) $0.85 $1.25
Broker Assisted Trade Fee $30 $0
Margin Rates Interactive Brokers tastytrade
Margin Rate Under $25,000 7.83% info 11%
Margin Rate $25,000 to $49,999.99 7.83% info 10.5%
Margin Rate $50,000 to $99,999.99 7.83% info 10%
Margin Rate $100,000 to $249,999.99 7.83% info 9.5%
Margin Rate $250,000 to $499,999.99 7.83% info 9%
Margin Rate $500,000 to $999,999.99 7.83% info 8.5%
Margin Rate Above $1,000,000 7.83% info 8%
Account Fees Interactive Brokers tastytrade
IRA Annual Fee $0.00 $0.00
IRA Closure Fee $0.00 $60.00
Account Transfer Out (Partial) info $0.00 $75.00
Account Transfer Out (Full) info $0.00 $75.00
Options Exercise Fee $0.00 $5.00
Options Assignment Fee $0.00 $5.00
Investment Options Interactive Brokers tastytrade
Stock Trading info Yes Yes
Margin Trading Yes Yes
Fractional Shares info Yes Yes info
OTC Stocks info Yes No
Options Trading info Yes Yes
Complex Options Max Legs info 6 4
Futures Trading info Yes Yes
Forex Trading info Yes No
Crypto Trading info Yes Yes
Crypto Trading - Total Coins info 4 4
Mutual Funds (No Load) info 10988 0
Mutual Funds (Total) info 11456 0
Bonds (US Treasury) info Yes No info
Bonds (Corporate) info Yes No
Bonds (Municipal) info Yes No
Traditional IRAs info Yes Yes
Roth IRAs info Yes Yes
Advisor Services info No No
International Countries (Stocks) info 33 0
Order Types Interactive Brokers tastytrade
Order Type - Market info Yes Yes
Order Type - Limit info Yes Yes
Order Type - After Hours info Yes Yes
Order Type - Stop info Yes Yes
Order Type - Trailing Stop info Yes No
Order Type - OCO info Yes Yes
Order Type - OTO info Yes Yes
Order Type - Broker Assisted info Yes Yes
Beginners Interactive Brokers tastytrade
Education (Stocks) info Yes Yes
Education (ETFs) info Yes Yes
Education (Options) info Yes Yes
Education (Mutual Funds) info Yes No
Education (Bonds) info Yes No
Education (Retirement) info Yes No
Retirement Calculator info Yes No
Investor Dictionary info Yes Yes
Paper Trading info Yes No
Videos info Yes No
Webinars info Yes Yes
Webinars (Archived) info Yes Yes
Progress Tracking info Yes No
Interactive Learning - Quizzes info Yes No
Stock Trading Apps Interactive Brokers tastytrade
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info Yes No
Trading - Stocks info Yes Yes
Trading - After-Hours info Yes Yes
Trading - Simple Options info Yes Yes
Trading - Complex Options info Yes Yes
Order Ticket RT Quotes info Yes Yes
Order Ticket SRT Quotes info Yes Yes
Stock App Features Interactive Brokers tastytrade
Market Movers (Top Gainers) info Yes Yes
Stream Live TV info Yes No
Videos on Demand info Yes No
Stock Alerts info Yes No
Option Chains Viewable info Yes Yes
Watch List (Real-time) info Yes Yes
Watch List (Streaming) info Yes Yes
Watch Lists - Create & Manage info Yes Yes
Watch Lists - Column Customization info Yes Yes
Stock App Charting Interactive Brokers tastytrade
Charting - After-Hours info Yes Yes
Charting - Can Turn Horizontally info Yes Yes
Charting - Multiple Time Frames info Yes Yes
Charting - Technical Studies info 97 0
Charting - Study Customizations info Yes No
Charting - Stock Comparisons info No No
Trading Platforms Interactive Brokers tastytrade
Active Trading Platform info Trader Workstation (TWS) tastytrade
Desktop Trading Platform info Yes Yes
Desktop Platform (Mac) info Yes Yes
Web Trading Platform info Yes Yes
Paper Trading info Yes No
Trade Journal info Yes No
Watch Lists - Total Fields info 659 33
Stock Chart Features Interactive Brokers tastytrade
Charting - Adjust Trades on Chart info Yes Yes
Charting - Indicators / Studies info 155 308
Charting - Drawing Tools info 85 31
Charting - Notes info Yes Yes
Charting - Index Overlays info Yes Yes
Charting - Historical Trades info Yes Yes
Charting - Corporate Events info Yes Yes
Charting - Custom Date Range info Yes No
Charting - Custom Time Bars info Yes No
Charting - Automated Analysis info Yes No
Charting - Save Profiles info Yes Yes
Trade Ideas - Technical Analysis info Yes No
Charting - Study Customizations info 6 7
Charting - Custom Studies info No Yes
Day Trading Interactive Brokers tastytrade
Streaming Time & Sales info Yes No
Streaming TV info Yes Yes
Direct Market Routing - Stocks info Yes No
Ladder Trading info Yes Yes
Trade Hotkeys info Yes No
Level 2 Quotes - Stocks info Yes No
Trade Ideas - Backtesting info Yes No
Trade Ideas - Backtesting Adv info Yes No
Short Locator info Yes Yes
Order Liquidity Rebates info Yes No
Research Overview Interactive Brokers tastytrade
Research - Stocks info Yes Yes
Research - ETFs info Yes Yes
Research - Mutual Funds info Yes No
Research - Pink Sheets / OTCBB info Yes No
Research - Bonds info Yes No
Screener - Stocks info Yes No
Screener - ETFs info Yes No
Screener - Mutual Funds info Yes No
Screener - Bonds info Yes No
Misc - Portfolio Allocation info Yes Yes
Stock Research Interactive Brokers tastytrade
Stock Research - PDF Reports info 17 info 0
Stock Research - Earnings info Yes No
Stock Research - Insiders info Yes No
Stock Research - Social info Yes No
Stock Research - News info Yes Yes
Stock Research - ESG info Yes No
Stock Research - SEC Filings info Yes No
ETF Research Interactive Brokers tastytrade
ETFs - Strategy Overview info Yes No
ETF Fund Facts - Inception Date info Yes No
ETF Fund Facts - Expense Ratio info Yes No
ETF Fund Facts - Net Assets info Yes No
ETF Fund Facts - Total Holdings info Yes No
ETFs - Top 10 Holdings info Yes No
ETFs - Sector Exposure info Yes No
ETFs - Risk Analysis info Yes Yes
ETFs - Ratings info Yes No
ETFs - Morningstar StyleMap info Yes No
ETFs - PDF Reports info Yes No
Mutual Fund Research Interactive Brokers tastytrade
Mutual Funds - Strategy Overview info Yes No
Mutual Funds - Performance Chart info Yes No
Mutual Funds - Performance Analysis info Yes No
Mutual Funds - Prospectus info Yes No
Mutual Funds - 3rd Party Ratings info Yes No
Mutual Funds - Fees Breakdown info Yes No
Mutual Funds - Top 10 Holdings info Yes No
Mutual Funds - Asset Allocation info Yes No
Mutual Funds - Sector Allocation info Yes No
Mutual Funds - Country Allocation info Yes No
Mutual Funds - StyleMap info Yes No
Options Trading Interactive Brokers tastytrade
Option Chains - Basic View info Yes Yes
Option Chains - Strategy View info Yes Yes
Option Chains - Streaming info Yes Yes
Option Chains - Total Columns info 38 20
Option Chains - Greeks info 12 5
Option Chains - Quick Analysis info Yes Yes
Option Analysis - P&L Charts info Yes Yes
Option Probability Analysis info Yes Yes
Option Probability Analysis Adv info Yes Yes
Option Positions - Greeks info Yes Yes
Option Positions - Greeks Streaming info Yes Yes
Option Positions - Adv Analysis info Yes Yes
Option Positions - Rolling info Yes Yes
Option Positions - Grouping info Yes Yes
Banking Interactive Brokers tastytrade
Bank (Member FDIC) info No No
Checking Accounts info No No
Savings Accounts info No No
Credit Cards info No No
Debit Cards info Yes No
Mortgage Loans info No No
Customer Service Interactive Brokers tastytrade
Phone Support (Prospect Customers) info Yes Yes
Phone Support (Current Customers) info Yes Yes
Email Support info Yes Yes
Live Chat (Prospect Customers) info No Yes
Live Chat (Current Customers) info Yes Yes
24/7 Support info No No
Overall Interactive Brokers tastytrade
Overall 4.5/5 Stars 4/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 5/5 Stars 4/5 Stars
Platforms & Tools 5/5 Stars 4.5/5 Stars
Mobile Trading Apps 5/5 Stars 4.5/5 Stars
Research 5/5 Stars 2.5/5 Stars
Education 4.5/5 Stars 4/5 Stars
Ease Of Use 4.5/5 Stars 4.5/5 Stars
Winner check_circle
Review Interactive Brokers Review tastytrade Review
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