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Tastyworks Review - Options Brokerage Platform
The Tastyworks CFD Broker team are well-known people in the field of trading. Their trading experience is more than 35 years. Tom Sosnoff, the creator of ThinkOrSwim, is one of the company leaders. The founders of the company began work on the Chicago Stock Exchange in 1981, and already in 1995 organized their first brokerage firm. Since 1999 they have been developing software for using CFD contracts. The website of the tastyworks.com broker, as well as its trading platform, is constantly updated. At the same time, the work of an intermediary is aimed more at experienced traders. The platform was created in 2017. It is part of the Tastytrade financial network, which began operations in 2011.
|Regulation and jurisdiction
|Official website of the company
- Wide range of trading instruments and tariff plans
- There are no hidden fees for depositing and withdrawing funds
- High level of security and guarantee of deposit protection
- Negative balance protection
- There is no Russian-language layout on the official website
- No details regarding cooperation provided
- Required account in one of the American banks
- Complicated registration procedure
Author platformTastyTrade for PC and mobile app
Standard brokerage account
Credit cards Visa/Mastercard/Maestro
Tariffs and commissions
Commissions when working with shares.
The cost of transactions with stocks and ETFs is $5 when buying and $0 when closing. At the same time, the buyer also pays all the costs of the exchanges and the regulator.
Mutual funds are not traded. Commissions are generally competitive compared to other brokers such as Etrade, TD Ameritrade, and Charles Schwab.
Options and futures.
The commission for securities options is $1 per contract and $0 when it is sold. There is also a 10-cent clearing fee.
Not so long ago, an additional fee of $10 per component was introduced.
Although the rates are competitive when compared to discount brokers, some companies, such as SpeedTrader, for example, offer better conditions.
Tastyworks offers work with futures. The contract price is $1.25 and is paid by both parties.
There is also a 30-cent clearing free. It is important to remember that the trader needs to pay exchange commissions.
There is no minimum deposit. For margin accounts, the minimum amount is $2,000 as required by regulators.
There are no commissions for the operation of the account. Accordingly, the user can open an account and not invest a single cent there.
Software fees and other payments.
Tastyworks does not charge any fees for information or trading instruments provided.
How to register: an overview of the features of the procedure.
To get started with Tastyworks, you need to register and verify. These procedures are required by law. It is also a way to counter financial fraud. At the top of tastyworks.com is a red button. Clicking on it opens the registration section. It consists of some subsections. At the first stage, the following information is indicated:
- e-mail address (it must be confirmed in the adjacent field);
- real username;
- password, which must be at least 8 characters long;
- promo code (if any).
The phased introduction of information involves filling in the TRADER, ACCESS, SECURITY, and DOCUMENTS sections.
Here the broker asks for the client’s personal data, and account type and attaches copies of documents. Despite the English-language interface of tastyworks.com login, the registration form is clear. According to user reviews, the whole procedure takes 10-15 minutes. After that, the client can replenish the account and start trading.
Overview of deposit replenishment methods on tastyworks.com.
To trade, you need to deposit money into your account. US dollars are accepted for payment. Replenishment of the account is carried out in one of the following ways:
This is a popular money transfer system in the United States. It allows you to transfer funds from a client’s bank account directly to a deposit with a broker. This is how you can withdraw your money.
- Bank transfer.
For its implementation, you must provide the payment details of the brokerage account. They can be found on tastyworks.com in the appropriate section.
In it, you need to indicate the recipient of funds by sending a check to the broker’s address. Funds deposited become available within 3 banking days.
- Transfer from an account with another broker.
The client can make a transfer by specifying the details.
In their reviews, users note that these are standard types of money transfers for the United States. They do not cause difficulties and are performed according to transparent algorithms.
Overview of CFD Broker Trading Accounts.
Tastywork offers clients several types of trading accounts. They differ in working conditions and available assets for trading using CFD contracts. On tastyworks.com you can find a detailed description of each tariff plan:
There is an individual margin account where you can trade CFD contracts for raw materials, etc.
Designed to work with individuals. According to reviews, it is the most common of the proposed options. There are 2 types of accounts available here: margin and cash. In the first case, the client takes a loan from a CFD broker. In case of a positive auction outcome, the credited amount and interest for using it are returned to the intermediary. The remaining difference goes to the trader’s account. When trading for cash, the client uses only his own funds.
This is a joint account that belongs to two people at once. Tastyworks offers the following types of shared accounts: TIC and WROS. They are distinguished by the fact that in the first case, each tenant manages his part of the funds. If one of them dies, this right passes to his heirs. When opening WROS, the share of each owner is 50%. In the event of the death of one of them, the second becomes the full owner of the deposit.
These are retirement accounts. The client provides funds, receiving a percentage of remuneration for this. There are several types of them. They differ in the presence of tax deductions from profits. More details can be found at tastyworks.com;
This is a brokerage trading plan for working with legal entities of various forms of ownership.
Opened by third parties on behalf of the broker’s client. To do this, you need the appropriate power of attorney. In fact, management is carried out by traders who are not owners of funds and the deposit itself.
Accounts for international partners from other countries. There may be some restrictions, for example, for Canada.
Based on customer feedback and wishes, Tastywork plans to open a custodial account shortly. It can be opened by guardians of minors to invest funds.
The Tastyworks website is used to manage accounts. There are no trading platforms here. At the same time, the site offers a clear interface. It’s easy to navigate here.
The terminal for trading through a browser offers a user-friendly interface with a huge number of functions.
After entering the ticker symbols, information on the asset is displayed. It also offers a liquidity rating with a maximum of five stars.
On the left are icons with various functions. There is a button for trading that opens a window for orders. All this is offered both for options and stocks, and for futures.
On the right is a column with information that simplifies the trading process.
The information here is offered in a simple and intuitive format. By clicking on the value of a security, the user opens a window for opening a trade.
The desktop platform is also convenient. On the left is a list of assets. Here you can filter assets by popularity, liquidity, or other parameters.
In the center, there is a section where you work with the platform. Here is a chart with a lot of tools.
It offers a set for technical analysis, various types of charts, and tools for graphical analysis. As for the history of quotes, traders can view them for the last 20 years.
A handy calculator for calculating profit and loss is offered. Here you can see the expected maximum profits and losses for strategies for stocks and options.
Below is the order ticket. True, the platform offers only a few types of transactions, such as market, limit, and stop orders.
Options data is also available in both versions of the platform. Adding a component to a strategy is quite simple.
To do this, just click on the bid or ask price. Several ready-made strategies are offered (about 8).
Tastyworks offers a mobile app for iOS (iPhone 6 or higher) and Android (Nexus 6 or higher).
The application offers a user-friendly interface for easy options and stock trading. Moreover, working with a mobile terminal is easier than with the platforms described above.
All platforms are supported by Tastytrade. You can find a video commentary on the market situation. A subscription is offered that allows you to track the trading of other traders working on the Tastyworks platform.
True, this tool is still inferior in quality to reports from independent analysts, which Tastywork does not offer.
Support representatives are available from 7:00 am to 3:00 pm CST. Support is available both via live chat and by phone. You can also use the company’s email address. A dedicated IT department has been created. Chat responses are slow. This usually takes several minutes.
Order execution and routing.
Unfortunately, the platforms do not offer direct routing. Accordingly, this creates additional problems for intraday traders.
Sale of short shares.
The platform requires a margin deposit of 50% or $5 per share (whichever is higher) to sell security above $5 per share. For shares priced less than $5 per unit, the margin requirement is 100% or $2.50 per share.
The target audience.
The broker is suitable for traders who prefer to work with solutions and open deals on a wide range of assets.
The solution was developed for options traders, but it is also suitable for those who work with stocks.
- good commission rates for highly liquid stocks and options;
- quality platforms;
- simple account management thanks to the user-friendly interface of the site;
- one of the few brokers offering to trade in futures and options on futures.
- There is no algorithmic trading. Traditionally managed account types are not available;
- No 24/7 support;
- Although ETFs are sold without commissions, there are no funds that do not involve commissions to two parties, which makes it unprofitable to work with tastyworks in this regard from the point of view of competitors.
Tastyworks showed itself on the good side. This is a broker with a good history and excellent functionality. It can be seen that the project management listens to users and makes changes in accordance with the needs of the market. But the system is quite complex and multi-level. For effective work on this resource, you need to undergo training. Most likely, it will be paid. In addition, you need to have at least a mediocre command of English (or other European) language. But, the capabilities of the service often justify the effort. The platform is actively developing and may soon become one of the market leaders.
The broker provides good opportunities for experienced traders, but beginners will not be able to understand the features offered. This is a rather complex system that not everyone will understand.
Reviews about the project as a whole are not bad, but there are some controversial points.
Users note a long check of deposits and permanent blocking of accounts. This may be related to the security system, but still a little alarming.
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Часто задаваемые вопросы
The company’s rating and reputation largely depend on whether its clients are satisfied. The reviews about Tasty Trade are not the most flattering, and therefore you should take a close look at them before deciding to cooperate with this platform.
To add a review of this company on the resource, you do not need to spend a lot of time. The whole procedure takes no more than 5 minutes, and this is already with registration. A letter with a link to confirm registration will be sent to your e-mail, and it will also contain detailed instructions on how to add a review to the site.
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