TastyWorks Trading Platform Review 2018

tastyworks review

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The TastyWorks trading platform is designed to help investors use options to lower their cost basis and help them better understand reward-to-risk ratios when trading. Tom Sosnoff, who co-founded thinkorswim® which he sold to TD Ameritrade in 2009, has supported the development of TastyWorks, which is designed to empower investors to better manage their nest-eggs. To help investors achieve that goal, Tastyworks provides powerful tools, screeners, and extensive education at low costs.

For a long time, thinkorswim® was the benchmark platform among options traders because of its low costs, powerful tools, highly customizable screeners and analytics, and knowledgeable staff. With TastyWorks, it’s clear that the executive team is aiming to supplant thinkorswim® as the industry standard trading platform serving self-directed, fee-conscious, active traders.

TastyWorks Spotlight

tastyworks logo

InvestorMint Rating

4.5 out of 5 stars

  • Commissions: All closing trades are commission-free
  • Account Balance Minimum: $0
  • Commissions: $5 flat rate for stocks; $1 per contract for options to open

via tastyworks secure site

TastyWorks Customers

TastyWorks caters to self-directed stock, options and futures traders who have an eye on costs and are keen to take an active role in managing their portfolios.

TastyWorks makes no bones about who its target customers are: self-directed stock, options and futures traders. Tom Sosnoff wants investors to engage more with their portfolios. He is no fan of passive investing nor of robo-advisors, and this bias towards encouraging investors to become more active in managing their own portfolios is reflected in the depth of tools and educational content available on the TastyWorks platform.

tastyworks trading platform brokerage

Experienced options traders are a primary target audience for TastyWorks – this is evident not least from the innovative pricing structure which allows options traders close positions at no cost. Tom Sosnoff has frequently advocated for the benefits of selling options that expire worthless, and hence incur no closing costs anyway. So, while the offer of free closing trades may in part be smart marketing, many active options traders will still see a lot of value in the pricing structure.

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 OptionsXpress, OptionsHouse and 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

TastyWorks Pros and Cons

TastyWorks is an excellent choice of broker for active, cost-conscious stock, options and futures traders seeking powerful tools, customizable screeners and extensive back-testing capabilities. For traders on the go, TastyWorks offers a fully responsive mobile experience. Clients may also be pleasantly surprised to discover that TastyWorks’s CEO regularly chimes in to answer customer queries, highlighting the company’s customer-centric focus. We found members of the customer support team to be knowledgeable, efficient and professional.

TastyWorks Pros TastyWorks Cons
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. New Platform: While the team that built TastyWorks is proven in having built arguably the industry standard platform in options trading, thinkorswim®, they must still climb a high mountain to add and improve upon all the bells and whistles to the TastyWorks platform that are available on other platforms.
New products and features are still being added but if past history is an indicator of the type of trading platform the team can build, the future is bright for TastyWorks.
Compatible Across Platforms: Whether you want to download TastyWorks onto your computer, view the TastyWorks platform on your browser or you want to trade on-the-go on your mobile phone (Android or iOS), TastyWorks caters to your platform preferences.
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:

  • Covered calls
  • Married Puts
  • Collar trades
  • Bear call credit spreads
  • Bull put credit spreads
  • Bull call debit spreads
  • Bear put debit spreads
  • Iron butterflies
  • Iron condors
  • Ratio backspreads
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 highly customizable screens and extensive back-testing.
Fees & Commissions: TastyWorks commissions are among the most competitive in the industry:

  • $5 flat fee for stocks
  • $1 per contract for options to open
  • $0 to close options contracts
  • $2.50 per contract for futures

ACH deposits and withdrawals are free and no annual maintenance fee on IRAs is in place. No platform, inactivity or data fees are charge by TastyWorks either.

Mobile Trading: TastyWorks is mobile responsive with apps for android and iOS expected and fast enough to trade quickly for traders on-the-go.

TastyWorks Securities

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.

  • Stocks
  • Options
  • Futures

TastyWorks Fees

TastyWorks has no data or inactivity fees, no account balance minimums and no commissions charge for closing options trades. A flat fee is charged for stock transactions and fees are incurred for closing IRA accounts.

Security Fees
Stocks $5 flat fee
Options $1 per contract to open
$0 commissions to close
Mutual Funds NA
Margin rate range 5.00% – 8.00%
Exercise and assignment $5
Account Balance Minimum $0
Data Fees $0
Inactivity Fees $0
Fees Inactivity Fees: $0
IRA Closure Fee: $60

TastyWorks Platform Features

Type Capability
Desktop YES
Web-based YES
Mobile YES
Virtual Trading YES
Back-testing Tools YES
Screeners YES
Customer support Phone Support 24/7
Live Chat
Real-time quotes YES
Research YES
Chart Tools YES
No-transaction-fee Mutual Funds NO

TastyWorks Account Types

Type Capability
Individual Cash YES
Individual Margin YES
Traditional IRA YES
Corporate YES
Partnership YES
Trust YES

TastyWorks Summary

TastyWorks may be the new kid on the block when it comes to stocks, options and futures trading platforms but it’s a serious rival to its competitors, thinkorswim®, OptionsXpress and OptionsHouse. For traders looking for powerful tools, extensive back-testing, and extensive screening capabilities, combined with low fees, TastyWorks has much to offer.

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