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Tastyworks is an online trading platform geared toward experienced and active traders. It offers stocks, futures, options on stock and options on futures. It’s not an ideal platform for beginners due to the lack of paper trading, but the company offers cash accounts, margin accounts, several IRA options and other products for traders.
Pros & Cons
- Low trade fees
- Helpful research and education tools
- No inactivity or account maintenance fees
- No paper trading
- Not intuitive for beginners
Tastyworks is a brokerage platform geared toward active traders. It’s known for low trade fees and no maintenance fees. There’s no paper trading option for beginners, but there are educational tools for determined learners.
What is tastyworks?
Tastyworks is an online trading platform that focuses on futures, stocks and options on futures and stocks. It’s most popular with experienced traders who prefer active trading, and it’s known for its low fee structure and its no-minimum deposits.
The company offers several account types, including both individual and joint account options, retirement accounts and corporate accounts. The website has a fairly thorough collection of educational tools — that said, though, it’s probably best for users with at least some knowledge of and experience in the trading process.
How to use tastyworks
Tastyworks is available through a web browser, desktop app or mobile app. With tastyworks, you can create watchlists and follow feeds. This allows you to track your favorite traders and trades. You can establish your home page’s appearance to best fit your needs.
Once you open your tastyworks account, you’ll need to choose an account type. You can then customize the layout of your homepage to optimize your experience. Using Grid Mode, you can see important charts and enter or change orders — and you can place a trade with a little more than the click of a mouse.
tastyworks account types
Tastyworks offers a number of account options for traders to choose from. These options include:
- Margin: This is a brokerage account that lends cash to the customer to purchase financial products. It involves collateral and a periodic interest rate.
- Cash: With this account, there are no margin benefits. You need to be able to cover your trade with money already in your account.
- Tenants in Common: This is a joint account that lets two owners hold a specific portion of the account’s assets. When one person dies, the assets move to their estate.
- With Rights Of Survivorship: Two owners have an equal share of the account’s assets. When one owner dies, the surviving owner has full rights to the account.
- Traditional IRA: This account is for eligible people who earn income or file a joint tax return with a spouse who earns income. It has an annual contribution cap of $6,000 in tax-deferred income. Earnings are taxed upon withdrawal.
- Roth IRA: This account is for eligible people who earn an income. Contributions are made post-tax and can be without taxes or penalties at any time.
- SEP IRA: This account is for self-employed individuals and small business owners or employees. Usually, earnings grow tax-deferred and are taxed at your ordinary rate once withdrawn.
- Individual margin account
- Access to trade all available products, including stocks, covered and uncovered options, options on futures and more
- Access to use any options-trading strategy on the platform
- Portfolio margins (for suitable accounts)
One of the most appealing features of tastyworks is its fee structure. The opening fee is $1.00 per contract for options on stock and $2.50 for options on futures. There are no closing costs for these trades. Stocks have no opening or closing fees, while futures have an opening and closing fee of $1.25 each per contract. There is no minimum deposit required for your account. The website has a full breakdown of all costs and fees.
Does tastyworks have paper trading?
Tastyworks doesn’t offer paper trading currently. Instead, potential investors can access the platform without funding it right away.
What is tastyworks’ margin rate?
The margin rate you get with tastyworks depends on your debit balance. The base rate is 7%, but the margin ranges from 5% to 8%.
How can I fund my tastyworks account?
There are multiple ways to fund your tastyworks account. The most common way is to set up an ACH, or Automated Clearing House. You can also fund your account by wire transfer or check — or by transferring your account from another brokerage firm.
Does tastyworks charge options fees?
Tastyworks does charge options fees. The fee depends on the contract and ranges from 4 to 65 cents per contract.
Is tastyworks safe?
As with any similar company, trading can be risky. However, tastyworks is a legit option for trading. While it could be intimidating for beginners, active traders with some expertise might really appreciate this platform. With low fees and no minimum deposit, it’s a cost-friendly option for trading. Especially if you’re somewhat educated on the trading process, tastyworks can work well for you.
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