Thinkorswim Vs. Tastyworks Fees
Thinkorswim vs. Tastyworks fees, which is better? The answer is more complex than what you think. If you are a new trader, then save yourself a time and go open a Tastyworks account. However, if you are an established stock options trader, you may know fee structures can change through proactive discounts.
How do you get a fee discount with your stock options broker? Easy. You ask. For example, if you are an existing Thinkorswim (TOS) broker customer, they want to retain your business. If you contact them stating you are going to switch to Tastyworks because of their fee structure, Thinkorswim may match Tastyworks fees.
Thinkorswim Fee Matching Tastyworks
What makes for this fee matching to happen? Almost certainly your trade volume. In addition, how much in fees have you already paid. Just contact your broker and let them know you will be moving to Tastyworks unless they match the fee structure. Make sure to actually have the fee structure first that you want.
Also, be prepared for them to say no, and what decision you’ll make if they do say no.
Time and time again, we have seen traders say their broker matched fee structures to retain their traders. So why should it be any different with you? Just ask.
Save up to large amounts. Even more than 1% of your gains. Think about it. The fees you pay can actually be greater than the amount of money banks pay out on their savings accounts. Good for brokers. Bad for you.
So be proactive! Even if you only do 100 trades per year, and pay $2 per trade, that’s $200 for what may be a 15 minute conversation. That’s equal to a $400 per hour job if you reduce it to $1 per trade.
In conclusion, you will never know if you can get lower fees unless you ask. So ask.
Or don’t bother, scroll up to the Tastyworks account opening link, and go open an account there for a good fee structure. Margin accounts start at $2,000 account funding, no fee to open or monthly fees.