Online brokerage services have existed for over 20 years. Trading investments today has never been cheaper. So while the race towards cheap trades (in some cases free) is happening, other functionality is becoming more important when selecting a stock broker.
For this review, I compare Tastyworks and Stockpile. Which one is better depends on your needs? So let's examine the major features first.
We've determined with online brokerages the most critical feature customers care about is the
cost per trade. The second most important feature is the minimum deposit, and the last is if the broker
offers mutual funds. Let's look at how Tastyworks and Stockpile
stack up against each other on these points.
To start, we will consider the minimum investment required for both applications. In
how much does one need to invest to use the service?
Both Tastyworks and Stockpile have the same minimum of $0. So they are equal in this requirement.
Next I'll consider cost per trade for both brokers.
Out of the two, Stockpile is cheaper per trade at $0.99 than Tastyworks at $5.00/trade.
Unfortunately, neither Tastyworks and Stockpile offers mutual funds to purchase.
|Review||Tastyworks Review||Stockpile Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Amount of Deals|
|Stock Trades||$5/trade||$.99/trade or $2.99/first gift card stock + 0.99/additional stock|
|Options Trades||$1/trade + $1/contract||N/A|
|Investment Types||Stocks, Penny Stocks, Futures||Stocks, ETFs|
|Access||Website, iOS App, Android App||Website, iOS App, Android App|
|Broker Assisted Trade|
|No Fee ETFs|
|Sign Up||Sign Up|
Tastyworks is a brokerage platform from financial video network Tastytrade. Designed with options traders in mind, this low-cost, technology-driven platform is best for active traders looking to save a few bucks on stock, options and futures commissions. However, it's not for everyone, and some might find the site's investment options a bit lacking.
Stockpile is a unique stock broker that allows users to purchase small amounts of household-name stocks through gift cards. It's a great way to get young people interested in investing, although the costs can add up.