Interactive Brokers Vs. Tastyworks: Get In-depth Broker Comparison for 2020

Interactive Brokers offers its advanced trading platform to its traders and it is most suitable for the seasoned traders. It offers a wide range of tradable assets like cryptocurrency and currencies. The margin rates offered by Interactive Brokers are lowest in the industry, which makes it an ideal platform for active traders.

Trusted Broker

Tastyworks is another broker, which offers a trading platform that is excellent for advanced traders. The platform is the best for options traders. Its competitive price structure is the major benefit of the Tastyworks.

Tastyworks Platform

Types of Platform

Interactive Broker

Tastyworks

Client portal for account management and trading

Desktop trading that offers high power speed and emphasizes on high-volume trading

IB Trader Workstation, a proprietary platform for frequent traders who need multiple tools and flexibility

A browser-based platform for traders who like to trade within a browser

IBKR Mobile for both Android and iOS devices

Mobile platform for both Android and iOS users

Interactive Brokers Platforms

Fees & Commissions

Interactive Brokers

Tastyworks

Stock/ETF commission $1+

Stock trading is charged at $0.00

Mutual Fund commission $14.95

Options on stocks are charged at $1.00 per contract

Options Commission $0.25+ per contract

Options on futures are charged at $2.50 per contract

Annual IRA Fee $30 and maintenance fee $0-$240

Futures markets are charged at $1.25

Tastyworks Commission

Security Regulations

Interactive Brokers

Tastyworks

  • Listed on Stock exchange

  • Regulated by top-tier financial authorities

  • Negative balance protection

  • High investor protection

  • A major number of clients are from the top-tier financial authority

  • Publicly available financial information

  • Registered broker and member of FINRA, NFA

Supported Languages

Interactive Brokers

Tastyworks

English, French, German, Spanish, Italian, Russian, Chinese, Japanese

English, Spanish, Czech, German, Chinese, Italian, French, Polish, Romanian, Portuguese, Hindi, Slovenian, Arabic, Russian, Hebrew

Deposit & Withdrawal Methods

Interactive Brokers

Tastyworks

  • Bank wire transfer

  • Cheques

  • Direct Debit/ Electronic Money Transfer

  • US Automated Clearinghouse transfer initiated at Interactive Brokers

  • BACS, GIRO/ACH and more

  • Single Euro Payment Area

  • Wire transfer

  • Cheque

  • Electronic Bank Deposit (ACH)

  • From another brokerage firm by initiating ACAT

Types of Account

Interactive Brokers

Tastyworks

  • Individual account

  • Joint Account

  • Retirement Savings Plan

  • Individual Retirement Account

  • Small business account

  • UGMA/UTMA for minors

  • Individual Margin

  • Roth IRA

  • SEP IRA

  • Trust

  • Corporate

  • International

  • Custodial

  • Joint

  • Traditional IRA

Customer Support

Interactive Brokers

Tastyworks

  • 24-hour weekday phone line along with call back service

  • Secure message center

  • Online chat with the human agent

  • AI-powered IBot to direct traders to FAQs and resources

  • Massive FAQ section

  • Email and telephone support

  • Specific email addresses for specific sections

  • Availability of both toll-free and local numbers

Conclusion

Interactive Brokers and Tastyworks both offer world-class tools at low cost. Tastyworks is a better choice for experienced traders who are price-conscious. The cost of commission is low and the tools are designed in such a manner to help options and futures traders.

Interactive Brokers on the other hand is a better broker for the bond and mutual fund investors along with the traders who like to invest in forex.

Beginners should pick Tastyworks because it has no minimum to open accounts and charges low for using margin.