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Webull vs TastyTrade (2024)
TastyTrade/tastyworks or Webull: which is better? Compare investing accounts, online trading
fees, stock broker extended hours, and differences.
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Webull vs. TastyTrade Introduction
Advanced trading tools and more will be found at Webull and TastyTrade. For the full scoop on these
two, keep reading.
Cost
Broker Fees |
Stock/ETF Commission |
Mutual Fund Commission |
Options Commission |
Maintenance Fee |
Annual IRA Fee |
WeBull
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$0
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na
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$0 per contract
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$0
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$0
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Tastytrade
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$0
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na
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$0.50 per contract
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$0
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$0
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Services
Broker Review |
Cost |
Investment Products |
Trading Tools |
Customer Service |
Research |
Overall Rating |
WeBull
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Tastytrade
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Promotions
Webull:
Up to 40 FREE fractional shares when you make a deposit at Webull.
TastyTrade:
Get $250 for each trader you refer with this referral link.
Category #1: Available Investments
TastyTrade offers trading in:
- Stocks (including ADRs and REITs, but not OTC stocks)
- Options
- Futures
- Options on futures
- Cryptocurrencies
- ETFs
- Closed-end funds
Webull doesn’t have options on futures but adds over-the-counter stocks and bonds.
Winner: Webull
Category #2: Margin Services
Because these two firms are brokerage powerhouses, margin trading is available. At TastyTrade, but not at Webull, portfolio margin is also available (an account balance of at least $175,000 is required, however).
A cash account at Webull can upgrade to a margin account on the broker’s website. This is not possible at TastyTrade. A new account must be opened.
Webull has cheaper margin rates. The broker’s sliding scale varies from
9.24% down to 5.24%. tasty’s schedule starts at 10.5% and drops to 7.5%.
Winner: Debatable
Category #3: Website Trading
Both firms have basic websites for account management. Webull’s displays limited news on securities, cryptocurrencies, and the financial markets in general.
For actual trading, a browser-based platform must be launched from the top of either site. They both have trade tickets with advanced tools, although the exact tools are different. On the TastyTrade platform, there are pre-installed option spreads. On Webull’s web-based platform, by comparison, only single legs can be traded.
But Webull delivers multiple order tickets for equities. Combined, they have lots of order types, including OTO (one triggers the other) and OCO (one cancels the other).
Webull’s software also has much better charting. A graph can be displayed the full width of the computer screen, and there are lots of tools, including:
- Technical studies
- Drawing gadgets
- Multiple display styles
tasty’s charts only have a handful of drawing tools, and 52 weeks is the maximum time frame.
Winner: Webull
Category #4: Desktop Software
Advanced trading continues at both firms with sophisticated desktop software. tasty’s platform this
time has decent charting. A graph can be displayed nearly the full width of the computer screen, and there are several useful tools. Examples include:
- Lots of technical indicators
- Multiple graph styles
- Several drawing tools
The same order ticket we saw last time makes an appearance here. This time, there is a second ticket for pairs trading. Other features on the desktop environment include multiple watchlists, profit-loss diagrams, and tastytrade resources. tastytrade is the company’s educational arm.
Webull’s desktop platform loses the educational section, but it does have many great trading features, including several order tickets, all of which have their own unique purposes. The newest order form is called Active Order Entry. At the top of this ticket, there is a section for Level II quotes. Underneath that is a section with the actual trade ticket, including color-coded buy and sell buttons.
Although we did like tasty’s charting software this time, Webull does a somewhat better job with completely full screen charts and right-click trading.
Winner: Webull
Category #5: Mobile Apps
Trading continues on both firms’ mobile apps. Each is similar to its parent company’s computer platforms. The interface borrows a lot. One feature Webull adds is social networking with other traders. There is also a tool that scans a QR code on the Webull website, circumventing the need for login credentials.
For actual trading, there are two order tickets on Webull’s app and very good charting tools. These include a feature to overlay positions on a graph. The app has integrated option spreads for easy entry, and we really like the Promotion Center in the main menu that shows current bonuses available.
TastyTrade’s mobile app doesn’t show current specials with the broker, although it does have integrated option strategies. Charting, however, is on a much lower level with no technical studies or drawing tools. A chart can be displayed horizontally, however.
tastylive is a feature that shows what other TastyTrade traders are buying and selling, and it’s possible to duplicate these trades.
Winner: Webull
Category #6: Day Trading
PTD Status: TastyTrade has a pattern-day trading (PTD) reset tool on its website. It can be used once every 90 days. Webull doesn’t offer this resource.
Shorting: It’s possible to establish a short position at either broker-dealer. Both firms have platforms with sell short buttons (Webull requires a funded margin account to see it). Both brokers show if a security is hard to borrow. Only Webull’s software displays the estimated borrow fee rate.
Routing Fees and Rebates: Neither firm offers these.
Extended Hours: It’s possible to trade before the market opens and after it closes with an account at either brokerage firm. Webull has longer sessions.
Level II Quotes: Only available with a Webull account.
Direct-access Routing: Surprisingly, neither broker-dealer has it.
Winner: Webull
Category #7: Extra Services
Banking Tools: No noteworthy cash management tools exist at tatsy. Webull, on the other hand, pays a very high
4.25% APY interest on cash balances.
DRIP Service: Both have it.
Fractional-Share Trading: Only available at Webull (for stocks and ETFs). Cryptocurrencies can be traded in whole dollars.
Individual Retirement Accounts: Both firms have IRAs. TastyTrade delivers more IRA types, including one for small businesses, but it also charges an IRA termination fee (currently $60).
Initial Public Offerings: Available inside a Webull account.
Winner: Webull
Promotions
Webull:
Up to 40 FREE fractional shares when you make a deposit at Webull.
TastyTrade:
Get $250 for each trader you refer with this referral link.
Recommendations
Long-Term Investors & Retirement Savers: TastyTrade has a much longer list of available account types, including trusts, joint accounts, and business accounts.
Small Accounts: For taxable trading, either firm will work because neither firm has any ongoing fees or minimums. Because of tasty’s IRA closeout fee, we endorse Webull for small retirement accounts.
Mutual Fund Trading: Charles Schwab would be a good place to find lots of mutual funds.
Beginners: Webull's software is easier to learn and use.
Stock & ETF Trading: Webull seems to have the edge due to better charting tools and fractional-share trading.
Webull vs TastyTrade Recap
TastyTrade is the obvious pick for futures trading, although Webull is head and shoulders above its rival for software.
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Updated on 10/7/2024.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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