In this tastyworks review, you will see why experienced stock and options traders who are looking for rock bottom trading commissions and a world class trading platform will find this discount broker hard to beat.
Although tastyworks is a relatively new broker, it is backed by some of the most well-respected names in the options trading industry. Tom Sosnoff, who co-founded thinkorswim® has been a key team member. And thanks to his vision and pioneering innovations, tastyworks has become a truly unique brokerage.
When you enter your information at the tastyworks login screen, you open the door to a world of low commissions, powerful tools, customizable screeners, and extensive education. You can even follow other traders to see what trades they are placing and view their historical performance records.
Self-directed, fee-conscious, active traders will struggle to find a more trader-friendly platform or more knowledgeable support staff. It’s clear that the executive team took the baton from thinkorswim and have built an exceptional platform worthy of consideration by any serious stock, options, or futures trader.
Table of Contents
4.5 out of 5 stars
via tastyworks secure site
|Opening Stock Trades||$5 (unlimited shares)|
|Opening Options Trades||$1 (per contract)|
|Opening Options on Futures||$0|
|Closing Stock Trades||$0|
|Closing Options Trades||$0|
|Closing Options on Futures Trades||$0|
|Futures Trades||$1.50 (per contract)|
|Max Commission Options Trades||$10 (per leg)|
|tastyworks BBB Rating||A+|
tastyworks Platform Review
tastyworks was built for self-directed stock, options, and future traders who have an eye on costs and and want to actively manage their portfolios.
What makes the tastyworks brokerage shine brighter than most other discount brokers is its unique fee structure.
tastyworks is the first options broker to provide commission-free closing trades. When you close a stock or options trade, you pay zero commissions (a clearing fee of $0.10 per contract is applied by the exchange).
Unlike most other brokerage platforms who charge you when entering and exiting trades, tastyworks has made trading actively even more affordable with its innovative fee policy.
Perhaps the most innovative aspect of the tastyworks platform is its social features, which enable you to follow other successful traders.
You can view the annual returns of other traders and follow the strategies of the most successful ones. But don’t worry, your own trades are not disclosed.
During our research, we followed trades executed by tastyworks CEO, Kristi Ross, and were impressed to discover that not only were options strategies easy to follow but she explained her reasoning behind them too. At the time her record was 17%, which beats the pants off a savings account rate!
For new and experienced traders alike, this “look-over-the-shoulders-of-experts” feature is a game-changer. No longer are you left to trade solo and isolated as you are on other platforms but instead you can follow the trading activity of proficient traders.
And tastyworks goes a step further by categorizing traders you can follow as “expert””, “intermediate”, or “novice” so you are not left wondering about the skill-level of the person you are following.
Live Education Daily
Yet another innovative and valuable aspect of the tastyworks platform is the live eduction daily.
When you login, simply select the tastytrade icon and a streaming, real-time video feed opens up featuring live shows that are jam-packed with useful tips and education to improve your trading skills and knowledge.
The education doesn’t stop there. tastyworks also provides an educational video series, called Step Up to Options, with Rachel Fox.
The knowledge bank includes a detailed look at options strategies, such as:
- Covered calls
- Married puts
- Collar trades
- Long options and short options
- Spread trades
- Bull puts and bear call credit spreads
- Bull call and bear put debit spreads
- Butterfly and iron condor strategies
- Ratio call backspreads and ratio put backspreads
Unlike traditional brokerage platforms, tastyworks has a different look and feel from start to finish. It’s clear the tastyworks team wanted the trading platform to be refreshing and trader-focused. And the tastyworks Grid is one example of how the platform is designed by traders for traders.
The Grid highlights noteworthy stocks and displays price changes in real-time. Whether you want to see the latest price changes, daily changes, or even view detailed information like implied volatility, it’s all at visible at a glance.
No more burying through watchlists to see how your stocks are performing for the day. Now you can spot the ones in the green and red instantaneously.
tastywork paper trading
Although tastyworks is ideal for experienced traders, newbies will find tons of value too. For example, a trade journal is provided to help you jot down what went well or poorly when trading or paper trading.
For new traders, this tool is especially helpful when you want to look back and see the ingredients that led to successful trades.
Is tastyworks Right For You?
If you want to pay a mutual fund manager or invest in bonds, it is best to look elsewhere towards Schwab or other brokers.
For active traders who want to take greater control of their stock market portfolios and wealth, tastyworks is ideal and you will be surrounded by like-minded individuals.
tastyworks is best for:
- Experienced traders
- Options traders
- Futures traders
- Stock traders
- Self-directed investors
- Investors keen on learning more
tastyworks Promo Deal
tastyworks, which competes with thinkorswim®, for the business of active options traders stands apart from its rivals by offering zero commissions costs on closing contracts.
- $0 commission to close options contracts ($0.10 per contract clearing fee applies)
tastyworks Pros and Cons
tastyworks is ideal for active stock, options and futures traders looking in search of low commissions, innovative tools, world class education, expert support staff and the ability to follow and view the trades of experts.
For traders on the go, tastyworks offers a fully responsive mobile experience. If you are looking for a tastyworks app when away from your desktop, you can rest easy knowing you can trade even when you step out to your local coffee shop.
You may also be pleasantly surprised to discover that the tastyworks CEO regularly chimes in to answer customer queries, highlighting the company’s customer-centric focus. Plus, we found members of the customer support team to be highly knowledgeable, efficient and professional.
|TastyWorks Pros||TastyWorks Cons|
|✅ Commission-Free Closing Trades: No commissions charge is applied when closing stock and options trades.|| ❌ New Platform: tastyworks lacks the bells and whistles of screeners, charts, and tools available at thinkorswim.|
New products and features are still being added, and if past history is an indicator of the type of trading platform the team will build, the future is bright for tastyworks.
|✅ Follow Expert Traders: Unlike most other brokers, tastyworks makes it easy to follow expert traders and view their trades.||❌ Intuitive Platform: While the platform is highly customizable, it takes a little getting used to and could be more intuitive.|
|✅ Platform Built By Traders: The tastyworks platform is chockfull of features designed for traders because it was built by traders who understand the needs of active stock, options, and futures investors.|
|✅ Customer Support: 24/7 phone support as well as live chat and email support plus a highly knowledgeable support staff distinguishes tastyworks from many of its competitors.|
|✅ Compatible Across Platforms: Whether you want to download tastyworks onto your computer, view it on your web-based browser or trade on-the-go on your mobile phone (Android or iOS), the trading platform is supported.|
|✅ Research & Education: As expected by a broker committed to delivering to traders the education and research needed to make informed trading decisions, tastyworks provides top notch market research, which it leverages from its team at sister company, TastyTrade.|
Live daily programming is provided on a broad range of topics, including probability, volatility and strategies.
|✅ Advanced Order Capability: tastyworks caters to advanced options strategies and orders, including:|
|✅ Low Fees: tastyworks fees are among the most competitive in the industry:|
ACH deposits and withdrawals are free and no annual maintenance fee on IRAs is in place.
No platform, inactivity or data fees apply.
|✅ Advanced Tools, Screeners and Analyzers: As expected from the founders of thinkorswim®, advanced tools, screeners, and analyzers are built into the tastyworks platform to allow for customizable screens and back-testing.|
|✅ Mobile Trading: tastyworks is mobile responsive with apps for android and iOS expected so it is fast enough to trade quickly for traders on-the-go.|
tastyworks does not feature mutual funds on its platform; they conflict philosophically with the goal of the team to empower traders to become stewards of their own portfolios – as opposed to buying mutual funds that compensate portfolio managers.
The securities available to trade include:
You won’t be charged data or inactivity fees, and no account balance minimums nor any commissions are charged when closing options trades.
A flat fee is charged for stock transactions and fees are incurred for closing IRA accounts.
|Stocks||$5 flat fee|
|Options||$1 per contract to open|
$0 commissions to close
|Margin rate range||5.00% – 8.00%|
|Exercise and assignment||$5|
|Account Balance Minimum||$0|
|Fees||Inactivity Fees: $0|
IRA Closure Fee: $60
tastyworks Platform Features
|Customer support||Phone Support 24/7|
|No-transaction-fee Mutual Funds||NO|
tastyworks Account Types
tastyworks Review Summary
tastyworks is an ideal platform for active stock, options, and futures traders. As a trading platform built by traders for traders, it has bells and whistles that are unmatched across the industry.
The social component of the platform distinguishes it from most other brokers. You can view expert traders, follow their trades, and learn from their explanations about why they entered positions.
Plus, you can stay tuned to the tastytrade real-time financial network to learn tips and tricks about trading strategies.
For stock and options traders, the no-commission charge on closing trades is a money-saver and a compelling reason to sign up.
The bottom line is if you trade stocks, options, or futures and want an innovative, low-cost, powerful brokerage platform that is dedicated to helping you improve your trading skills, tastyworks is well worth checking out.