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7,0%
Top 10
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Top 40
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Top 100
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Top 100+
0,05%
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Tastyworks Review 2024
Minimum
deposit:
deposit:
- $1
Trading platform:
- Tastyworks proprietary app
Regulation:
- NFA
- SIPC
- FINRA
Minimum
deposit:
deposit:
- $1
Trading platform:
- Tastyworks proprietary app
Leverage:
- 1:1
Trading features:
- No
Summary of Tastyworks Trading Company
Tastyworks is a moderate-risk broker with the TU Overall Score of 6.37 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Tastyworks clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews. Tastyworks ranks 25 among 79 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
Tastytrade is suitable for users of all experience levels: professionals and newbies. However, it should be borne in mind that the client must have an account with an American bank to trade freely.
Tastyworks is a brokerage company that strives to allow its clients to trade single-handedly, without managing the account or copying transactions of other traders. To make self-investing a reality, the company has created a separate platform with a humongous library of learning materials. Tastyworks is controlled by bodies such as the Financial Industry Regulatory Authority (FINRA, CRD#: 277027/SEC#: 8-69649 ), the National Futures Association (NFA, 0492333), and the Securities Investor Protection Corporation (SIPC).
| 💰 Account currency: | USD |
|---|---|
| 🚀 Minimum deposit: | From $1 |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | From $1.20 |
| 🔧 Instruments: | Stocks, ETFs, futures, micro futures, small futures, cryptocurrency, and options |
| 💹 Margin Call / Stop Out: | No |
👍 Advantages of trading with Tastyworks:
- No minimum deposit. The client independently chooses how much to deposit to the trading account.
- A vast array of educational materials for which the broker has allocated a special platform it calls the Tastytrade.
- The company offers clients flexible trading accounts with different functions. Any of the three offered accounts have varieties, so the trader can choose the option that suits him the most.
👎 Disadvantages of Tastyworks:
- To gain access to trading, the user must go through a snail-paced registration procedure and provide a list of documents that the broker requests.
- To open a trading account and start working, a client must have an open account with an American bank.
- The broker does not allow clients to test trading on a demo account; only a real trading account can be opened.
Evaluation of the most influential parameters of Tastyworks
Table of Contents
Geographic Distribution of Tastyworks Traders
Popularity in
77.29%
US
5.76%
MY
4.27%
GB
4%
DE
3.73%
BR
3.2%
AU
3.1%
SG
2.91%
CA
2.66%
ID
2.24%
CZ
12.84%
Others
Video Review of Tastyworks i
User Satisfaction i
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Expert Review of Tastyworks
The Tastyworks brokerage company is focused on cooperation with American investors. The broker's philosophy is to allow investors to manage their assets on their own terms; therefore, account managers are not included in the company's repertoire. The target audience of the company is Americans who have their own business in the United States, but the broker does not set the size of the minimum deposit and invites clients to create margin accounts. This allows you to cooperate with both investment professionals and novice investors.
Tastyworks strives to make trading conditions as transparent and understandable as possible. The user can choose an account for personal use or an account to which the users of his choice will have access. The broker offers popular assets for investment, and there are no tools for active trading.
Only a resident of the United States can open an account with the company. Most of the information an investor need is publicly available on the Tastyworks website, and training materials are hosted on the broker's platform.
Dynamics of Tastyworks’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets, and Products of the Broker
The broker does not provide investment programs. Tastyworks specializes in providing favorable conditions for self-trading and offers its clients standard instruments such as futures, stocks, options. The company also positions itself as a broker that gives users complete freedom of action in financial management. Therefore, programs that allow you to receive passive income using a manager or a transaction copy service are not presented here.
Important!
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Tastyworks’s affiliate program
-
The broker still allows its users to receive bonuses without engaging in active trading. For this, a referral program has been created. The principle of its operation is simple. A trader needs to attract as many users as possible to actively trade in securities. For each attracted and active client, a trader receives a referral credit, which can later be exchanged for things of value such as items from Google Home to a trip for two to Chicago or even a Tesla Model S. To receive a reward, a trader needs to create a referral link on the Tastyworks website and share it with friends, relatives, and subscribers on social networks. Please note that the client you attracted must fund his securities trading account within two months for at least $2,000. Information about affiliate statistics and attracted referrals is available in the personal account on the Tastyworks website.
Trading Conditions for Tastyworks Users
The Tastyworks brokerage company offers its clients favorable trading conditions. Most of the assets that a trader can use are suitable for investing and making a profit in the long term. There are no currency pair instruments.
The broker does not set the size of the minimum deposit, so the user chooses the amount to replenish the account on his own. There are no bonuses or contests, and no leverage is provided. The size of the commission depends on the asset that the client uses in his work, and the method of replenishment or withdrawal of funds.
$1
Minimum
deposit
1:1
Leverage
24/5
Support
| 💻 Trading platform: | Tastyworks proprietary app, trading in browser or mobile mode |
|---|---|
| 📊 Accounts: | Individual, Entity/Trust, Joint |
| 💰 Account currency: | USD |
| 💵 Replenishment / Withdrawal: | ACH, domestic and foreign transfers, domestic, foreign, and dividend checks, ACAT |
| 🚀 Minimum deposit: | From $1 |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | Not indicated |
| 💱 Spread: | From $1.20 |
| 🔧 Instruments: | Stocks, ETFs, futures, micro futures, small futures, cryptocurrency, and options |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | Yes |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | No |
| ⭐ Trading features: | No |
| 🎁 Contests and bonuses: | No |
Tastyworks Commissions & Fees
Information
The trading conditions of both Tastyworks and Tastytrade were analyzed by experts at Traders Union. They searched for the presence of trading and non-trading fees. Information about trading fees, replenishment of a trading account, and other operations are freely available on the broker's website. There are no hidden fees. Please note that when depositing and withdrawing funds, a fee is charged if you use any payment system except ACH.
| Account type | Spread (minimum value) | Withdrawal commission |
| Individual | $1.20 | No |
| Entity/Trust | $1.20 | No |
| Joint | $1.20 | No |
Tastyworks does not provide information on the availability of swaps, which are fees for carrying over positions to the next day. But there is a trade fee for opening a trade and closing it. The experts also analyzed the performance of Tastytrade's trading commissions in comparison with its competitors. Based on the final analysis, each of the brokers was assigned a low, medium, or high level of commission fees.
| Broker | Average commission | Level |
| Tastyworks | $2.8 | Low |
| Charles Schwab | $11 | High |
| Ally Bank | $4 | Medium |
Detailed Review of Tastyworks
Tastyworks is a brokerage company for residents and residents of America who have a business registered in the United States. The main goal of the broker is to allow its clients to independently manage their assets and invest personally, without the help of managers. To make independent trading successful, the company created Tastytrade, a platform with educational materials that will help users understand the nuances of investing, monitor the market situation, analyze archived transactions and study the characteristics of various assets.
A few figures about the Tastytrade broker for investors who are interested in working with the company:
-
$0 is the size of the fee for all transactions (withdrawal of funds and account replenishment, etc.) for users who have linked their trading account to their ACH bank account.
-
Three is the number of main types of trading accounts that a trader can customize at his discretion.
-
$50,000 is the cost of a Tesla Model S vehicle, which can be obtained for active participation in the broker's referral program.
Tastyworks is the best broker for American investors
The company is aimed at users who are interested in long-term investment. Tastyworks traders gain access to standard assets and options. Accounts are suitable for clients with different needs, from a personal account to an affiliate account.
The Tastyworks trading platform provides the ability to manage an investment portfolio from a browser or smartphone.
Useful Tastyworks services:
-
Curves analysis. Curves analysis allows you to control the situation and find the most profitable points for entering the market.
-
Quick roll. You can use fast scrolling to control the expiration dates and cycles of the option.
-
Quick order adjustments. The function is needed to correct, duplicate, replace or cancel an order that has not yet been executed.
-
Percent of profit limit orders. Helps you choose the most realistic, executable price for your positions.
-
ETF-equivalent futures delta. This provides the ability to determine the ETF equivalent delta without complex data analysis.
-
In-app trading inspiration. The platform allows you to follow the work of other traders, and learn news from the world of trading.
Advantages:
1
The broker allows each client to choose an account and customize it according to their individual needs.
2
Each client has access to a training platform with useful information on the topic of trading and investing.
3
The company does not set the level of the minimum deposit; instead, the trader determines the amount of replenishment independently.
4
With the simplistic and intuitive interface of the site, the visitor can easily find the information he needs.
How to Start Making Profits — Guide for Traders
The first step toward making money with the Tastytrade broker is to create a personal account on which the trader can carry out transactions.
Account types:
Account Type
Description
Individual
This is the trader's personal account, to which only he has
access. This account has three flavors: Margin, Cash, and Retirement.
Margin
On this type of account, you can trade with your funds, or
take a loan from a broker for trading and use all possible strategies.
Cash
It allows you to make transactions only using your funds,
and if the trader does not cover the commission or options, the transaction will not take place.
Retirement
A retirement account type that offers various benefits and
gives the user a limited margin. This allows the user to apply different trading strategies. In
Tastyworks, you can open these types of Retirement accounts: Traditional IRA,
Roth IRA, Sep IRA, Beneficiary Traditional IRA, Beneficiary Roth IRA.
Entity/Trust
The account is suitable for joint trading. The account has an owner who gives access to
trusted persons who can also give access to third parties. This account has the following
varieties: S Corp, C Corp, LLC, partnership, and trust:
-
S Corp is an account for Americans who have permission from the state to do business. The user of this type of account does not pay income tax.
-
C Corp is an account for legal entities with a business permit from a state or the United States. There are no restrictions on the number of users; income tax is levied at the corporate level.
-
LLC is an account for limited liability companies. This is an unincorporated legal entity that provides limited access to other users.
-
Partnerships are used for companies consisting of two or more persons. Account holders do not pay taxes, profit and loss are calculated individually for each partner.
-
Trust assumes that a power of attorney can be revoked or changed. The user's social security number is used as the tax identification number.
All account types can be opened in the subtypes Margin or Cash.
-
Joint. Allows you to open access to your account to another person. Account types: With rights of survivorship (WROS), Tenants in common.
-
The rights of survivorship (WROS) type assumes that both owners have equal rights, and in the event of the death of one of them, the other gains full control over the account.
-
Tenants in common give owners different rights to assets. If one of them dies, then a share of his assets goes into his estate and is not transferred to the co-owner. When opening any of the account types, you need to select the subtype: Margin or Cash.
Bonuses Paid by the Broker
The main bonus that Tastyworks clients receive is the ability to independently manage their portfolio and trade assets transparently. There are no financial bonuses for registration, trading, or other transactions. Contests among traders and investors are also not held.
Investment Education Online
Information
The broker Tastyworks is open to cooperation with novice users and those traders who already have experience in trading. In addition to favorable trading conditions, the company has created a special platform Tastytrade, where traders and investors can learn, be inspired by the examples of other traders, study historical data and discuss the market situation in live chat sessions. There is a lot of educational materials on the Tastytrade platform, and a trader with any experience can find something interesting and useful for himself.
Information available in the Education Section
Information not available at the Tastyworks site
Glossary
Educational podcasts
Educational courses
Educational videos
Trivia
Articles on option strategies, portfolio management, probabilities, statistics, and trade management
TastyTrade LIVE
Video on trading, asset management, and working on options or exchanges
Tastyworks does not allow its clients to open a demo account and test trading conditions, knowledge gained and different trading strategies risk-free.
Security (Protection for Investors)
Information
The Tastyworks broker is controlled by three independent financial regulators. They are NFA (National Futures Association), SIPC (regulator of financial markets and brokers), and FINRA (regulator of the financial services industry).
Tastyworks is actively developing in the field of encrypting the personal data of customers, checking the level of security, and taking additional measures to reliably protect its users. The broker engages independent experts to maintain a high level of confidentiality and monitors the access of company employees to customer data.
👍 Advantages
- The broker ensures that customer data is protected from all third-party users, including access to data that Tastyworks employees have
- The company's activities are regulated by independent bodies
- The relationship between the client and the broker is well-regulated
👎 Disadvantages
- Inability to create a segregated account
- To open an account, the client must provide the broker with documents confirming the existence of a business registered in the USA
Withdrawal Options and Fees
-
The withdrawal of funds and replenishment of the trading account are carried out in the user's personal account. Log into your account, open the "My money" tab, and select "Deposits" or "Withdrawals". If you have more than one open account, click on the account with which you want to make a transaction. The broker offers the opportunity to make both one-time transactions and repetitive ones. There is no transaction fee if your account is linked to an ACH bank account. In other cases, the commission is charged depending on the payment system used.
-
To fund a trading account, the broker recommends using an ACH bank account, which assumes no fee for any transactions. It is also possible to fund the account using bank transfers, checks, and ACAT (transfer of funds to an account from another brokerage company).
-
The broker does not provide data on the term for crediting funds to a trading account when replenishing an account or withdrawing funds to a personal bank account.
-
Transactions are made in USD. For information on the possibility of using a different currency for work, contact the Tastyworks support team.
-
Trading and financial transactions with the account will be available to the client after he verifies his account using the documents requested by the broker.
Customer Support Service
Information
During trading, account opening, replenishment, or other operations, the user may encounter problems. To solve them quickly and efficiently, the broker Tastyworks offers its clients assistance through its support staff.
👍 Advantages
- A trader can find answers to questions in a special section, without directly contacting the broker
👎 Disadvantages
- You can contact the employees of the brokerage company directly only by fax or mail
- There is no information about the schedule of the support service
- Inability to reach out to the broker via email
Available communication channels with customer support specialists include:
-
sending a letter to physical mail;
-
using the built-in chat on the broker's website;
-
contacting support by fax via the number listed in the Support section;
-
visiting the Help Center section, where the broker has collected answers to frequently asked questions (FAQs) from clients and categorized them by topic.
Contacts
| Foundation date | 2012 |
| Registration address | 1000 W. Fulton Market, Suite 220, Chicago, IL, 60607 |
| Regulation |
NFA, SIPC, FINRA |
| Official site | tastyworks.com |
| Contacts |
Phone:
312-724-7364
|
Review of the Personal Cabinet of Tastyworks
To be able to invest with Tastyworks, you need to open a personal trading account on the official website. Registration and trading with the presented broker are available to clients who have their own registered business in the United States. Before opening an account, the broker necessarily requests documents confirming this, and only after verification, can the client replenish the account and start investing.
1
Register on the official website of the Tastyworks broker. To do this, click on the "Open an account" button in the upper right corner.
2
Fill out the registration form and enter your email address, password, and username. Here you can also enter the referral code if you have one.
3
Select the type of trading account. Tastyworks offers three main types of accounts: Individual, Entity / Trust, Joint. Each of them has distinct characteristics. To familiarize yourself with them, select the type of account that interests you:
4
Fill in the form with your personal data and indicate your first and last name, residence address, phone number, date of birth, and more.
After filling in the required fields, click on the "Continue to trading access" button and indicate:
-
Information about your experience in trading and investing.
-
Activate the protection of your account with two-factor identification.
-
Upload documents. The broker requests them regardless of the type of trading account. Working with the assets is only possible after you submit these documents.
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FAQs
Do reviews by traders influence the Tastyworks rating?
Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about Tastyworks you need to go to the broker's profile.
How to leave a review about Tastyworks on the Traders Union website?
To leave a review about Tastyworks, register on the Traders Union website or you can also leave a review through Facebook.
Is it possible to leave a comment about Tastyworks on a non-Traders Union client?
Anyone can leave feedback about Tastyworks on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.
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