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TastyWorks Review: Ultimate Guide For 2022

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by Gavin in Blog
August 27, 2022 2 comments
tastyworks review

TastyWorks Review: Tastyworks is an online options, futures, and stock trading brokerage that launched in 2011.

Investors can trade various products, including options, futures, stocks, ETFs, commodities, indices, and even cryptocurrencies.

Contents

Introduction

Setting up a TastyWorks account is simple and can be established in a very short time.

New users will be guided to sign up for an account and start on the platform.

We will cover all of the most important features, fees, and pros and cons available within Tastyworks.

There are a few different types of accounts that you can set up when you initially make an account with the Tastyworks platform.

Account types include margin and cash accounts for individuals, two of the most common selections when establishing an account on The Tastyworks brokerage.

The platform also supports joint accounts and a variety of retirement accounts, including the Traditional IRA, Roth IRA, and Beneficiary IRA.

Many investors were pleased to hear that Tastyworks supports retirement accounts, especially since so many people are worried about managing their investments when nearing retirement.

TastyWorks Review: Features

tastyworks review

Now that you have been made aware of the various types of accounts you can choose when you launch an account with Tastyworks, it is probably a good idea to start covering some of the valuable features included within this brokerage.

Before diving into the various features, let’s talk about the types of devices supporting Tastyworks.

Users can use the web-based or desktop platform.

Alternatively, they could use the mobile platform on any supported mobile device.

The first feature that we are going to highlight is the Follow Feed.

The Follow Feed allows users to see all their favorite trades and follow various reliable Traders with a proven reputation.

With various real-time resources, including intraday charting and indicators, investors will feel at home after establishing their Tastyworks account as they start trading in the markets.

Diverse Traders will feel right at home as well because there are so many different types of trading markets supported on the Tastyworks platform.

Users can customize their dashboard and set up the platform exactly how they need it to begin trading comfortably and effectively.

The Tastyworks software was designed to be extremely convenient and helpful to new investors.

Options trading is the primary type of trading that is supported on Tastyworks.

Other trading solutions are also available for different types of investors, but it is clear that Tastyworks was mostly designed for option traders.

Now that we have covered several of the key features available on Tastyworks let’s shift our focus and look at some of the different fees and premium pricing plans currently available to users after signing up for an account.

TastyWorks Review: Fees

tastyworks review

Fees are an unfortunate reality in any brokerage that is currently available.

Very few platforms have absolutely no fees, and unfortunately, Tastyworks does have quite a few fees that investors will need to keep track of when making trades.

Tastyworks proudly talks about the low commissions that they offer to traders.

Fees for completing a Futures trade range between $0.25 and $1.25.

Open and commission for options are $1 with a maximum of $10 per leg.

Individuals that prefer trading stocks and ETFs will be happy to hear that there is no commission on opening or closing a trade.

Fees only apply to options, futures, and cryptocurrency.

For cryptocurrency traders, 1% of the total trading purchase will be deducted as a fee for Tastyworks at the opening and closing of a transaction.

This mostly falls in line with fees that other types of brokerages offer, which means that Tastyworks is a middle-of-the-road brokerage that offers a variety of features in exchange for various fees.

The good news is that Tastyworks is three times cheaper in some cases.

TastyWorks Review: Trading Platform

The founders of Tastyworks designed this trading platform to be as effective for investors as possible.

Tastyworks was built from the ground up to be one of the fastest and most reliable trading platforms with enhanced security benefits to protect investors’ privacy.

The Tastyworks trading platform can easily be downloaded from the web-based platform on the Tastyworks download page.

Once you have installed Tastyworks and selected an account type, investors can immediately begin taking advantage of the advanced technology that has been integrated into this brokerage.

The interface makes it easier to place or cancel orders for more than 8,000 stocks and equities.

In addition, traders can place orders for futures, options, and even cryptocurrency.

One of the most important features that investors have demanded from Tastyworks is the ability to use various smartphone devices, tablets, and computers.

Users can use the web-based version of the platform without having to download anything at all, or they can opt to download the software and use it directly on their desktop for full immersion.

If investors are not currently near a computer, they can take advantage of the Tastyworks trading platform on a supported mobile device for iOS or Android.

With various features and supported devices, the Tastyworks trading platform has proven to be one of the most impressive trading exchanges currently available for investors to consider.

Signing up for an account is easier than ever, with a variety of different markets that are supported across multiple assets.

In our next section, we will take a little bit of a closer look at the platform, how it is designed specifically for options traders, and why it might be best suited for investors looking to trade options.

TastyWorks Review: For Option Traders

tastyworks review

Investors can take advantage of trading options with very low commissions.

In many cases, the fees and commissions are almost three times cheaper than many of the rival exchanges currently available to the public.

If the lower commissions aren’t enough to convince you that Tastyworks is a great platform, then maybe the ability to trade different types of options will convince you.

There’s tons of flexibility and opportunities for investors to trade stock options, ETF options, and index options.

Investors will have the opportunity to create a trading plan and manage their Risk by producing unique strategies on the Tastyworks platform.

Investors can manage their option strategies in real time before expiration with all of the unique features that we have previously mentioned.

TastyWorks Review: Pros and Cons

There are a variety of pros and cons for the Tastyworks platform that you will probably want to consider before signing up and funding your account.

Please look at this short list of pros and cons to help you decide whether or not Tastyworks is right for you.

PROS:

  • Supports Different Types of Investments
  • Mobile, Web, and Desktop Versions are Supported
  • Excellent Customer Support
  • Reasonable Pricing Plans
  • Ideal for Options Traders
  • Cheap Commissions

CONS:

  • Not great for complex option trades

How To Open A TastyWorks Account

tastyworks review

The process for opening an account on the Tastyworks platform is relatively simple.

Users can click the Open Account button in the top-right corner of the web page and fill in their personal information and verify their identity.

All new users will be required to accept the pricing structure and commission fees before being allowed to trade.

Once the account has successfully been opened and you have managed to verify your identity, you will be allowed to fund your account and begin trading.

New accounts will be required to set up specific trading strategies within the platform before they are allowed to trade, and that process is easier than ever to get started.

For additional assistance, users can always contact customer support completely free of charge to receive assistance regarding their account.

How To Withdraw Money on TastyWorks

There are a variety of different ways that you can withdraw your money after finding your account.

Once your funds have settled in your account, they should be allowed to withdraw as long as all of your account information is in good standing.

Tastyworks platform supports ACH withdrawals, bank transfers, distributions, and even checks In some cases.

Most users will prefer to link their bank account for the smoothest withdrawal process.

There are no fees for withdrawing through an ACH bank transfer, and most withdrawals will be processed within three business days.

Alternatives to TastyWorks

If you haven’t been convinced that Tastyworks is the right platform for you, you might start considering some of the alternatives we have listed below.

ThinkorSwim, Interactive Brokers, Robinhood, and WeBull are all similar platforms in design to Tastyworks.

Since most investors will agree that Tastyworks is most conveniently designed for option traders, other types of investors might be interested in looking for a different type of platform, such as Robinhood or TD Ameritrade.

You should always be comfortable on the platform you are trading on, which is why you need to conduct an appropriate amount of research before signing up and funding an account.

FAQ

Is Tastyworks Good For Options Traders?

Options traders will most likely find Tastyworks extremely helpful and convenient, with a comprehensive collection of resources and features that make their trading life much easier.

That’s not to say that Tastyworks is only designed for options, but there’s no doubt that there are not as many features for other types of investments.

With that being said, Tastyworks is an excellent choice for options traders.

Is Tastyworks Safe and Secure?

Tastyworks takes security very seriously for all types of users by encrypting most of the data when interacting with the platform.

The platform constantly monitors all of its users’ accounts to ensure there is no chance of having a stolen account or a leaked password.

Various steps are taken on the back end of the Tastyworks platform to ensure that all sensitive information is protected at all times.

Can you use Tastyworks for free?

Trading stocks or ETFs in the American markets on the Tastyworks platform is completely free.

There are commissions on futures, commodities, cryptocurrency, and options trades.

Users should research the various deposit and withdrawal methods to understand the fee structure, but it’s always free to deposit or withdraw with an ACH bank transfer.

Users are encouraged to visit the pricing page to better understand all the different pricing structures, commissions, and fees that may be required during a trade.

We hope you enjoyed this TastyWorks review. If you have any questions, please send an email or leave a comment below,.

This article is solely for education purposes, it should not be treated as a recommendation to engage in this product

Trade safe!

Disclaimer: The information above is for educational purposes only and should not be treated as investment advice. The strategy presented would not be suitable for investors who are not familiar with exchange traded options. Any readers interested in this strategy should do their own research and seek advice from a licensed financial adviser.

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2 Comments
  1. Dan says:

    Which one would you use for options trading? TOS or Tasty Works? Thanks

    1. Gavin says:

      I think TOS is better for more complex option trades. TastyWorks is pretty good, but only for basic trades.

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Options Trading 101 - The Ultimate Beginners Guide To Options

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