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tastytrade vs TradeStation 2024

StockBrokers.com

Written by StockBrokers.com

October 30, 2024

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

tastytrade
4/5 Stars Overall
  • Minimum Deposit: $0.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.50 info
TradeStation
4/5 Stars Overall
  • Minimum Deposit: $0.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.60

Investment options

When choosing between tastytrade and TradeStation, consider their comprehensive investment options and ratings. TradeStation slightly edges out tastytrade with a 4.5-star rating compared to tastytrade's 4-star rating, ranking #5 and #11 respectively among top online brokers for investment options according to StockBrokers.com. This suggests that TradeStation might offer a broader range of investment opportunities for certain traders. However, both platforms have unique offerings that cater to different trading needs, making the choice dependent on specific investment priorities.

Both tastytrade and TradeStation provide robust platforms for stock, margin, options, and futures trading. Where they differ significantly is in the offering of fractional shares and crypto trading; tastytrade allows fractional shares and offers crypto trading with four available coins, whereas TradeStation does not support fractional shares or crypto trading. Conversely, TradeStation includes investment in mutual funds and OTC stocks — options not available through tastytrade, demonstrating TradeStation's broader scope in traditional investment vehicles.

Both brokers' offerings extend to traditional and Roth IRA accounts; however, they do not provide advisor services. While neither supports forex trading, TradeStation appears to focus more on conventional asset classes by including mutual funds and OTC stocks. In contrast, tastytrade seems to align with newer investment interests by supporting fractional shares and digital currencies. These distinctions highlight the importance of aligning broker features with individual trading preferences.

Feature tastytrade logotastytrade
TradeStation logoTradeStation
Stock Trading info Yes Yes
Margin Trading Yes Yes
Fractional Shares info Yes info No
OTC Stocks info No Yes
Mutual Funds info No Yes
Options Trading info Yes Yes
Futures Trading info Yes Yes
Crypto Trading info Yes No
Crypto Trading - Total Coins info 4 0
Investment Options 4/5 Stars 4.5/5 Stars

Dive deeper: Best Options Trading Platforms for 2024, Best Futures Trading Platforms for 2024

Trading platforms and tools

Tastytrade and TradeStation both offer robust trading platforms and tools that cater to various user needs, with each having its unique advantages. Tastytrade is commendable for its extensive charting capabilities, boasting more technical indicators and drawing tools than TradeStation. Additionally, it supports trading on both Windows and Mac operating systems and provides browser-based access. In contrast, TradeStation shines with an extensive number of customizable fields for watch lists and supports users with paper trading options and the ability to set custom date ranges, which tastytrade lacks. Both platforms, however, achieve an equally impressive rating of 4.5 stars for trading platforms and tools.

Dive deeper into the offerings of Tastytrade, and you'll find a platform that facilitates seamless chart customization. With support for direct order adjustments on stock charts, adding notes and index overlays, and showing historical trades and corporate events on charts, it offers flexibility to traders. What it lacks in paper trading, Tastytrade makes up for by allowing users to save multiple chart profiles and the ability to create custom studies. This flexibility and accessibility contribute to its higher ranking of #6 among 18 brokers by StockBrokers.com for trading platforms and tools.

TradeStation, alternatively, positions itself well with a comprehensive suite of tools that include powerful paper trading features absent in tastytrade, automatic technical analysis capabilities for chart patterns, and extensive customization options with up to 12 fields when editing SMA studies. Despite its limitations on Mac support, TradeStation matches Tastytrade with browser-based access and the ability to manage open orders directly from charts. Ranked #7, just behind Tastytrade, by StockBrokers.com, TradeStation is a formidable choice for traders who prioritize deep data analysis and customization options.

Feature tastytrade logotastytrade
TradeStation logoTradeStation
Web Trading Platform info Yes Yes
Desktop Trading Platform info Yes Yes
Desktop Platform (Mac) info Yes No
Paper Trading info No Yes
Watch Lists - Total Fields info 33 341
Charting - Indicators / Studies info 308 294
Charting - Drawing Tools info 31 23
Platforms & Tools 4.5/5 Stars 4.5/5 Stars

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

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Beginners and education

Tastytrade and TradeStation are both reputable online brokers offering a wide range of educational resources for investors, but they each have distinct strengths when it comes to educating beginners. Tastytrade excels in stock, ETF, and options education, providing comprehensive resources that cater to these areas but lacks in mutual funds and bonds education. Unlike TradeStation, tastytrade offers webinars and a feature to track your learning progress, which can be incredibly beneficial for those new to investing or looking to enhance their knowledge systematically. However, tastytrade does not provide paper trading or educational videos, which might limit hands-on practice for beginners.

On the other hand, TradeStation provides a different set of educational tools that include a robust stock and options education curriculum and the advantage of paper trading for real-time practice. TradeStation also offers educational videos and webinars, adding versatility to its learning platform. Unfortunately, it lacks in areas like ETF and mutual funds education and does not offer a system for tracking learning progress. In terms of ratings, tastytrade earns a slight edge with 4 stars compared to TradeStation's 3.5 stars and is ranked #8 by StockBrokers.com for educational capabilities, while TradeStation follows at #11. This comparison highlights tastytrade’s strength in diverse educational content and progression tracking versus TradeStation’s practicality in video content and simulation.

Feature tastytrade logotastytrade
TradeStation logoTradeStation
Education (Stocks) info Yes Yes
Education (ETFs) info Yes No
Education (Options) info Yes Yes
Education (Mutual Funds) info No No
Education (Bonds) info No No
Paper Trading info No Yes
Videos info No Yes
Webinars info Yes Yes
Education 4/5 Stars 3.5/5 Stars

Dive deeper: Best Stock Trading Platforms for Beginners of 2024

Stock trading apps

When evaluating the mobile app capabilities of tastytrade and TradeStation for stock trading, both brokers provide robust platforms that have earned a 4.5-star rating from users. While TradeStation holds a slightly higher ranking at #8 compared to tastytrade’s #10 on StockBrokers.com, it’s essential to consider specific features and functionalities that might better serve individual trading needs. Both platforms offer iPhone and Android apps, allowing seamless trading on the go, although neither provides an Apple Watch app or features like streaming live TV or video on demand.

A closer look reveals some distinctions: tastytrade and TradeStation both support mobile after-hours stock trading and options trading, but TradeStation stands out with the ability to deliver stock alerts, a feature tastytrade lacks. When it comes to charting capabilities, tastytrade allows landscape viewing and supports multiple time frames, though it doesn't offer technical studies, whereas TradeStation offers an extensive selection of 45 technical studies but lacks a landscape view on charts. Both apps enable users to create custom watch lists and even customize watch list columns to their preference.

In terms of enhanced chart functionalities, neither tastytrade nor TradeStation supports displaying stock comparisons on charts. However, both apps enable after-hours charting, catering to those who wish to conduct their analysis beyond regular trading hours. Ultimately, choosing between tastytrade and TradeStation for mobile stock trading will depend on whether users prioritize comprehensive technical analyses and stock alerts, or if they prefer more flexible chart viewing options available with tastytrade.

Feature tastytrade logotastytrade
TradeStation logoTradeStation
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info No No
Stock Alerts info No Yes
Charting - After-Hours info Yes Yes
Charting - Technical Studies info 0 45
Mobile Trading Apps 4.5/5 Stars 4.5/5 Stars

Dive deeper: Best Stock Trading Apps for 2024

Fees

When it comes to account fees and charges, tastytrade generally offers a more cost-effective option compared to TradeStation, making it an attractive choice for budget-conscious investors. Both platforms do not require a minimum deposit and offer commission-free trading for regular stock trades, creating an appealing entry point for traders. However, tastytrade provides more competitive pricing on options trades at $0.50 per contract, versus TradeStation's $0.60 per contract. Margin rates also favor tastytrade, especially for balances under $100,000. Furthermore, tastytrade waives IRA annual fees, while TradeStation imposes a $35 fee, although the latter has a slightly lower IRA closure fee than its counterpart.

Tastytrade stands out with its lower margin interest rates compared to TradeStation. For balances below $25,000, tastytrade's interest rate is 11%, while TradeStation charges a higher 13%. As account balances increase to between $25,000 and $49,999, tastytrade maintains a lower rate of 10.5% compared to TradeStation’s unchanging rate of 13%. This trend continues with balances between $50,000 and $99,999, where tastytrade offers a more competitive rate of 10% against TradeStation's 12.5%. These differences could make tastytrade the preferable choice for investors who use margin for larger investments.

When examining ancillary fees, tastytrade can further benefit investors with lower costs for partial and full account transfers, pricing them both at $75, whereas TradeStation charges $125. In addition, tastytrade's options exercise and assignment fees are lower; $5.00 compared to TradeStation's $14.95 and $5.95 respectively. This fee disparity allows tastytrade users to keep more of their investment returns, ensuring a more efficient trading experience. Despite TradeStation's lower IRA closure fee, tastytrade's cumulative cost advantages across various charges might appeal more to traders seeking cost-effective solutions.

Feature tastytrade logotastytrade
TradeStation logoTradeStation
Minimum Deposit $0.00 $0.00
Stock Trades $0.00 $0.00
Options (Per Contract) $0.50 info $0.60
Options Exercise Fee $5.00 $14.95
Options Assignment Fee $5.00 $5.95
IRA Annual Fee $0.00 $35.00
IRA Closure Fee $60.00 $50.00
Commissions & Fees 4.5/5 Stars 4.5/5 Stars

Dive deeper: Best Free Trading Platforms for 2024

Day Trading

When evaluating tastytrade and TradeStation for day trading, TradeStation emerges as a more robust option due to its superior features tailored for active traders. TradeStation provides streaming time and sales for stocks, direct market routing, and supports trading hotkeys for efficient keyboard trade entry. Additionally, it offers level 2 quotes, and both basic and advanced strategy backtesting capabilities, catering to the sophisticated needs of traders. Furthermore, TradeStation offers order liquidity rebates, a feature absent in tastytrade, making it an ideal choice for those keen on optimizing their trading fees.

Conversely, tastytrade stands out for its engaging platform experience, offering features like streaming live TV and a short locator tool, which is also available on TradeStation. Both platforms support ladder trading, but tastytrade lacks some critical day trading functionalities like direct market routing and trading hotkeys that TradeStation offers. For traders focused primarily on harnessing advanced tools and strategic insights, TradeStation appears to be the preferred choice, whereas tastytrade might appeal more to users who value an enriched, media-centered trading experience.

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

Dive deeper: Best Day Trading Platforms for 2024

Market Research

When it comes to market research capabilities, TradeStation holds a slight edge over tastytrade, particularly for investors looking for a more comprehensive suite of tools. TradeStation is rated 3 out of 5 stars for market research, surpassing tastytrade's rating of 2.5 stars. Additionally, TradeStation ranks #10 out of 18 brokers by StockBrokers.com for market research, whereas tastytrade is positioned at #13. This comparison underscores TradeStation's broader research offerings, making it a more attractive option for those prioritizing depth in market analysis.

Both tastytrade and TradeStation provide solid bases for stock and ETF research, ensuring investors have access to essential data necessary for informed decision-making. However, for mutual funds, bonds, and ESG research, both platforms fall short, offering no substantial insights. Notably, TradeStation distinguishes itself by providing access to Pink Sheets and OTCBB research, which is missing from tastytrade’s catalog. Both platforms lack downloadable PDF research reports and social media sentiment data, offering minimal documentation resources to investors.

In terms of additional investment tools, TradeStation further differentiates itself with a stock screener for generating trade ideas, a feature notably absent from tastytrade’s platform. However, both brokers offer portfolio allocation viewing by asset class which can be advantageous for investors looking to assess and optimize their investment portfolios. Despite these differences, neither platform provides screeners for ETFs, mutual funds, or bonds, indicating room for enhancement in their research offerings.

Feature tastytrade logotastytrade
TradeStation logoTradeStation
Research - Stocks info Yes Yes
Screener - Stocks info No Yes
Research - ETFs info Yes Yes
Screener - ETFs info No No
Research - Mutual Funds info No No
Screener - Mutual Funds info No No
Research - Bonds info No No
Screener - Bonds info No No
Research 2.5/5 Stars 3/5 Stars

Banking

When comparing the banking capabilities of online brokers tastytrade and TradeStation, neither platform offers traditional banking services such as checking or savings accounts. Both tastytrade and TradeStation also lack offerings for debit cards, credit cards, and mortgage loans. Moreover, neither broker provides certificates of deposit (CDs), making them less suitable for customers seeking integrated banking and investing solutions. As such, tastytrade and TradeStation focus primarily on trading features rather than banking services.

Feature tastytrade logotastytrade
TradeStation logoTradeStation
Checking Accounts info No No
Savings Accounts info No No
Debit Cards info No No
Credit Cards info No No
Mortgage Loans info No No
CDs info No No

Dive deeper: Best Bank Accounts for Trading Stocks for 2024

Winner

After opening live accounts and testing 18 of the best online brokers, our research and live account testing finds that tastytrade is better than TradeStation. tastytrade finished with an overall score of 84.9%, while TradeStation finished with a score of 81.7%.

tastytrade isn’t for every investor, but its platform is ideal for frequent options and futures traders, offering efficient workflow, useful risk management tools, killer design, and online content that makes you feel like you’re on a trading desk.

FAQs

Can you trade cryptocurrency with tastytrade or TradeStation?

When comparing online brokers for cryptocurrency trading, tastytrade offers a competitive edge with access to trading in 4 different coins, while TradeStation does not offer any crypto trading options.

Dive deeper: Best Online Brokers for Crypto Trading in 2024

Does tastytrade or TradeStation offer IRAs?

Tastytrade and TradeStation both offer Traditional and Roth IRA accounts, but differ in their fee structures; tastytrade charges no annual fee but requires a $60 closure fee, while TradeStation imposes a $35 annual fee with a $50 closure fee.

Dive deeper: Best IRA Accounts for 2024

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Compare

0 of 5
Overall Rating tastytrade TradeStation
Overall 4/5 Stars 4/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 4/5 Stars 4.5/5 Stars
Platforms & Tools 4.5/5 Stars 4.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 4.5/5 Stars
Research 2.5/5 Stars 3/5 Stars
Customer Service 4.0/5 Stars 3.5/5 Stars
Education 4/5 Stars 3.5/5 Stars
Ease Of Use 4.5/5 Stars 3.5/5 Stars
Winner check_circle
Review tastytrade Review TradeStation Review
Broker Screenshots tastytrade TradeStation
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 tastytrade TradeStation
Minimum Deposit $0.00 $0.00
Stock Trades $0.00 $0.00
Penny Stock Fees (OTC) info N/A $0.01 info
Mutual Fund Trade Fee N/A info $14.95
Options (Per Contract) $0.50 info $0.60
Futures (Per Contract) $1.25 $1.50
Broker Assisted Trade Fee $0 $25
Margin Rates tastytrade TradeStation
Margin Rate Under $25,000 11% 13.0%
Margin Rate $25,000 to $49,999.99 10.5% 13.0%
Margin Rate $50,000 to $99,999.99 10% 12.5%
Margin Rate $100,000 to $249,999.99 9.5% 12.0%
Margin Rate $250,000 to $499,999.99 9% 12.0%
Margin Rate $500,000 to $999,999.99 8.5% 7.5% info
Margin Rate Above $1,000,000 8% 7.5% info
Account Fees tastytrade TradeStation
IRA Annual Fee $0.00 $35.00
IRA Closure Fee $60.00 $50.00
Account Transfer Out (Partial) info $75.00 $125.00
Account Transfer Out (Full) info $75.00 $125.00
Options Exercise Fee $5.00 $14.95
Options Assignment Fee $5.00 $5.95
Investment Options tastytrade TradeStation
Stock Trading info Yes Yes
Margin Trading Yes Yes
Fractional Shares info Yes info No
OTC Stocks info No Yes
Options Trading info Yes Yes
Complex Options Max Legs info 4 4
Futures Trading info Yes Yes
Forex Trading info No No
Crypto Trading info Yes No
Crypto Trading - Total Coins info 4 0
Mutual Funds (No Load) info 0 800
Mutual Funds (Total) info 0 4000
Bonds (US Treasury) info No info Yes
Bonds (Corporate) info No Yes
Bonds (Municipal) info No Yes
Traditional IRAs info Yes Yes
Roth IRAs info Yes Yes
Advisor Services info No No
International Countries (Stocks) info 0 0
Order Types tastytrade TradeStation
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 No Yes
Order Type - OCO info Yes Yes
Order Type - OTO info Yes Yes
Order Type - Broker Assisted info Yes Yes
Beginners tastytrade TradeStation
Education (Stocks) info Yes Yes
Education (ETFs) info Yes No
Education (Options) info Yes Yes
Education (Mutual Funds) info No No
Education (Bonds) info No No
Education (Retirement) info No No
Retirement Calculator info No No
Investor Dictionary info Yes No
Paper Trading info No Yes
Videos info No Yes
Webinars info Yes Yes
Webinars (Archived) info Yes Yes
Progress Tracking info Yes No
Interactive Learning - Quizzes info No No
Stock Trading Apps tastytrade TradeStation
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info No 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 tastytrade TradeStation
Market Movers (Top Gainers) info Yes Yes
Stream Live TV info No No
Videos on Demand info No No
Stock Alerts info No Yes
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 tastytrade TradeStation
Charting - After-Hours info Yes Yes
Charting - Can Turn Horizontally info Yes No
Charting - Multiple Time Frames info Yes Yes
Charting - Technical Studies info 0 45
Charting - Study Customizations info No Yes
Charting - Stock Comparisons info No No
Trading Platforms tastytrade TradeStation
Active Trading Platform info tastytrade TradeStation 10
Desktop Trading Platform info Yes Yes
Desktop Platform (Mac) info Yes No
Web Trading Platform info Yes Yes
Paper Trading info No Yes
Trade Journal info No No
Watch Lists - Total Fields info 33 341
Stock Chart Features tastytrade TradeStation
Charting - Adjust Trades on Chart info Yes Yes
Charting - Indicators / Studies info 308 294
Charting - Drawing Tools info 31 23
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 No Yes
Charting - Custom Time Bars info No Yes
Charting - Automated Analysis info No Yes
Charting - Save Profiles info Yes Yes
Trade Ideas - Technical Analysis info No Yes
Charting - Study Customizations info 7 12
Charting - Custom Studies info Yes Yes
Day Trading tastytrade TradeStation
Streaming Time & Sales info No Yes
Streaming TV info Yes No
Direct Market Routing - Stocks info No Yes
Ladder Trading info Yes Yes
Trade Hotkeys info No Yes
Level 2 Quotes - Stocks info No Yes
Trade Ideas - Backtesting info No Yes
Trade Ideas - Backtesting Adv info No Yes
Short Locator info Yes Yes
Order Liquidity Rebates info No Yes
Research Overview tastytrade TradeStation
Research - Stocks info Yes Yes
Research - ETFs info Yes Yes
Research - Mutual Funds info No No
Research - Pink Sheets / OTCBB info No Yes
Research - Bonds info No No
Screener - Stocks info No Yes
Screener - ETFs info No No
Screener - Mutual Funds info No No
Screener - Bonds info No No
Misc - Portfolio Allocation info Yes Yes
Stock Research tastytrade TradeStation
Stock Research - PDF Reports info 0 0
Stock Research - Earnings info No No
Stock Research - Insiders info No No
Stock Research - Social info No No
Stock Research - News info Yes Yes
Stock Research - ESG info No No
Stock Research - SEC Filings info No No
ETF Research tastytrade TradeStation
ETFs - Strategy Overview info No No
ETF Fund Facts - Inception Date info No No
ETF Fund Facts - Expense Ratio info No No
ETF Fund Facts - Net Assets info No No
ETF Fund Facts - Total Holdings info No No
ETFs - Top 10 Holdings info No No
ETFs - Sector Exposure info No No
ETFs - Risk Analysis info Yes No
ETFs - Ratings info No No
ETFs - Morningstar StyleMap info No No
ETFs - PDF Reports info No No
Mutual Fund Research tastytrade TradeStation
Mutual Funds - Strategy Overview info No No
Mutual Funds - Performance Chart info No No
Mutual Funds - Performance Analysis info No No
Mutual Funds - Prospectus info No No
Mutual Funds - 3rd Party Ratings info No Yes
Mutual Funds - Fees Breakdown info No No
Mutual Funds - Top 10 Holdings info No No
Mutual Funds - Asset Allocation info No No
Mutual Funds - Sector Allocation info No No
Mutual Funds - Country Allocation info No No
Mutual Funds - StyleMap info No No
Options Trading tastytrade TradeStation
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 20 29
Option Chains - Greeks info 5 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 tastytrade TradeStation
Bank (Member FDIC) info No No
Checking Accounts info No No
Savings Accounts info No No
Credit Cards info No No
Debit Cards info No No
Mortgage Loans info No No
Customer Service tastytrade TradeStation
Phone Support (Prospect Customers) info Yes Yes
Phone Support (Current Customers) info Yes Yes
Email Support info Yes Yes
Live Chat (Prospect Customers) info Yes Yes
Live Chat (Current Customers) info Yes Yes
24/7 Support info No No
Overall tastytrade TradeStation
Overall 4/5 Stars 4/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 4/5 Stars 4.5/5 Stars
Platforms & Tools 4.5/5 Stars 4.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 4.5/5 Stars
Research 2.5/5 Stars 3/5 Stars
Education 4/5 Stars 3.5/5 Stars
Ease Of Use 4.5/5 Stars 3.5/5 Stars
Winner check_circle
Review tastytrade Review TradeStation Review
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