Charles Schwab vs Tastyworks

Charles Schwab vs tastytrade Comparison Table 2024
Charles Schwab tastytrade
2.8
3

Charles Schwab is a large US investment broker offering a massive range of stocks, ETFs and equity derivatives in a variety of savings and investment accounts. The trustworthy brand has been offering financial services for 45+ years with over 35 million brokerage accounts and $870+ billion in assets under management. Charles Schwab is also regulated by top-tier watchdogs including the SEC and FCA.

tastytrade is an award-winning brokerage, launched in 2017. The brand specializes in futures, options and stock trading with US and Australian regulatory oversight. The proprietary trading interface, designed by the creators of Thinkorswim, is powerful with plenty of integrated tools to suit active traders.

Comment by Reviewer
"Charles Schwab will serve long-term investors looking for managed accounts, financial advice and self-directed trading opportunities. Fees are competitive, with zero-commission stock and ETF trading and no account minimums for individual brokerage accounts." "tastytrade is a good choice for investors looking for low-cost, multi-asset trading opportunities. Experienced traders in particular will appreciate the comprehensive analysis tools and advanced trading technology."
Pros
  • Strong investment offerings covering stocks, mutual funds, options, bonds and cryptocurrency
  • Powerful trading software with real-time quotes, fundamental research and investment screeners
  • Responsive customer support team available 24/7 via live chat or telephone
  • Competitive trading fees with no commissions on stocks and ETFs
  • Fractional shares on the S&P 500 with a $5 minimum investment
  • Thematic investing categories and ESG compliant portfolios
  • Strong regulatory oversight from the US SEC and UK FCA
  • No account minimums for individual brokerage accounts
  • High-quality educational resources for new investors
  • Transparent pricing model including a $1 commission on stocks and ETF options, with maximum limits per leg for some assets
  • Wide range of asset classes including options, futures, stocks, ETFs and indices with the majority available to trade 24/5
  • Good choice of account types suitable for various investment goals including IRAs and individual/joint trading accounts
  • Powerful proprietary platform with detailed insights, real-time trading videos, and order adjustment features
  • Excellent regulatory oversight from FINRA, NFA and ASIC with SIPC insurance for US clients
Cons
  • Only US markets available (except 12 foreign markets on the Global Account)
  • High minimum investment of $5000 to use robo-advisors
  • Limited funding methods with no e-wallets
  • No email support
  • Less suitable for beginners with no demo account and basic educational resources
  • Narrow range of instruments with no forex trading
  • No credit/debit card payments
  • USD base currency only
  • No 529 plan
Instruments
Stocks, ETFs, Cryptos, Futures, Options, Commodities, Bonds Stocks, ETFs, Cryptos, Futures, Options
Demo Account
Yes No
Minimum Deposit
$0 $0
Trading Platforms
  • Own
  • Own
Payment Methods
Minimum Trade
$1
Regulator
SEC, FINRA, FCA1 SEC, FINRA
Margin Trading
No Yes
STP Account
No No
ECN Account
No No
DMA Account
No No
MAM Account
No No
PAMM Account
No No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
Yes No
Robo Advisor
Yes No
Negative Balance Protection
No No
Market Maker
No No
P2P Trading
No No
Spot Trading
No No
Mobile Apps
iOS & Android iOS & Android
Auto Trading
Yes
Copy Trading
No No
Social Trading
No No
VPS Hosting
No No
Tournaments
No No
Demo Competitions
No No
Ethical Investing
Yes No
Custodial Account
Yes Yes
Guaranteed Stop Loss
No No
Islamic Account
No No
Account Currencies
  • USD
Stock Exchanges
Commodities
Cryptocurrency
Charles Schwab supports indirect crypto trading through digital coin trusts and crypto-related stocks. You can get exposure to popular digital currencies such as Bitcoin, Ripple and Ethereum. tastytrade offers a small selection of cryptocurrencies, available to trade as long positions only. This includes Bitcoin, Ethereum, Litecoin and Dogecoin. But with a narrow suite of digital currencies, it isn't the best pick for high-volume crypto traders.
Spread
Floating Variable
Coins
  • GBTC
  • BITW
  • BTC
  • ETH
  • LTC
  • DOGE
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
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