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Tastyworks Review & Rating USA 2021

Is Tastyworks Scam Or Legit?

Tastyworks is a privately-owned broker firm in the USA. Prior to the conception of Tastyworks, the owners founded thinkorswim, which is now owned by TD Ameritrade, which you can find more information about in our TD Ameritrade review. It is clear from the onset that Tastyworks is certainly in the hands of capable directors, who know a thing or two about the financial sector. Although the company is a relative newcomer on the scene, they’ve established themselves as a reliable broker that’s focal point is options trading.

Our Tastyworks review aims at analyzing the company in all facets – from sign-up offers to customer service and available payment options. From existing trading platforms to regulatory oversight. We’ll also provide you with a step-by-step guide on Tastyworks open account options. Furthermore, we’ll outline the products on offer through our Tastyworks review.

Read on to find out more about our Tastyworks review – it might be that you’ve just stumbled upon your next broker!

Tastyworks Pro and Con
  • Very competitive associated trading fees
  • Fantastic built-in analytical tools and research functions
  • Platform streams real-time quotes
  • Decent mobile application with secure connectivity protocols
  • Higher than average learning curve as Tastyworks is tailored for the active trader

Tastyworks New Customer Offers

In the modern world, particularly over the last 15 years, we’ve seen a large increase in the number of businesses that have digitized their operations. The extent of this has been seen across industries all over the globe. With ease of access, comes increased competition from competitors. Businesses are each competing for a finite number of customers. On the other end of the spectrum, as the consumer, we’ve almost come to expect deals and offers for our patronage. These two factors have forced businesses to create exciting sign-up offers in an effort to attract the highest possible number of clients or customers.

According to our Tastyworks USA review, it’s no different in the brokerage industry. When entering into a Tastyworks package, you’ll have the chance of receiving an exciting offer. Once you’ve created your account and deposited funds in excess of $2000, you’ll receive 100 shares of stock offer. The stock will be randomly selected from a range of 11 different stock options – each with a value between $1 and $6. The total value of the stock will amount to $200-$220.

If you find yourself in the United States and are 18 years and older, you’ll qualify for this offer. All you need to do to be eligible for this welcome offer, is create a valid account and deposit the required funds. With Tastyworks, you’re guaranteed a quick and rewarding sign-up process.

Usability, Look & Feel

The following section of our Tastyworks review is concerned with the overall usability of their official website. Included in this analysis is an overview of the website design and performance thereof.

There are various selling points in terms of this broker and ones which we’ll be certain to highlight in our Tastyworks review USA. However, the design and layout of the Tastyworks website is not necessarily one of them. If it was up to us, we’d have chosen a different color scheme and graphic design. It’s not the most appealing website we’ve ever visited. Having said that, the actual usability of the website is good. It’s easy to navigate and you’ll find all the necessary information required for you to create an account and start trading.

On their homepage, you’ll be able to browse different sections of the website or you can scroll down as you wish and read up more about what Tastyworks has to offer. You can visit the terms and conditions by scrolling right to the bottom of the page. If you do want to sign up, you’ll find a big red ‘OPEN AN ACCOUNT’ button in the top right of the screen. Lastly, we found no sign of any loading issues and page speed seems consistent. This definitely boosts our Tastyworks review.

Tastyworks Open Account Options

You’ll only be able to open an account if you reside in the USA. Our Tastyworks USA review has identified 6 different Tastyworks open account options. We’ll focus on the individual accounts and touch on the rest afterwards.

Individual/Joint Account 

The individual Tastyworks open account option is one of the most popular accounts. Tailored for traders who want a sole account and you’ll have the choice of either a margin or cash account. We’d recommend that active or experienced traders sign up for a margin account. As a beginner, it might seem somewhat overwhelming as you’re essentially loaning money from your broker to fund your investments. Here, your loan is collateralized by the securities you purchase and has an associated interest rate payment. Trading on margin allows for higher profit potential but you’ll also open yourself up to more risk. A cash account might be a wiser idea as you’ll only be able to purchase stock with your existing account balance.

A joint Tastyworks open account option is available for use by two people. You can choose a margin or cash account. Furthermore, you’ll have the option of deciding between a tenants in common (TIC) account and a with rights of survivorship (WROS) account. Ultimately, you’ll need to decide how you wish to split the assets of the account.

Retirement Account 

A retirement Tastyworks open account option will allow you to contribute income to your account. A traditional individual retirement account will allow you to contribute up to $6,000 annually. This account is tax-deferred and you’ll be responsible to pay tax after withdrawal.

An individual retirement account (ROTH IRA) is available to persons with earned-income. Here, you can contribute after-tax income which can be withdrawn tax and penalty free at any time.

If you’re a self-employed individual, we’d recommend looking into a SEP IRA account which allows you to contribute tax-deferred amounts as is the case with a traditional retirement account.

International Account 

International customers can take their pick from a standard cash account to a more complex margin and portfolio margin account option. Tastyworks open account options are not available to Canadian citizens. However, this might change in the foreseeable future.

Corporate/Trust Accounts  

Corporate accounts can be opened on behalf of an established American entity. Available options include LLC, Partnership, C Corp, S Corp accounts.

The final Tastyworks account option is a trust – either a revocable or irrevocable trust, depending on the preferences of the granter. You will be required to submit a Trust Certificate upon opening a trust account with Tastyworks.

Tastyworks Trading Platforms

Our Tastyworks review USA has taken a look at the company’s trading platforms. Tastyworks offers a mobile app in addition to their standard web trading platform. Both have been designed in a way that allows customers to easily create an account and begin trading in a short space of time. As a US customer, you’ll have full access to these platforms and the added features that come with it.

Web Trading Platform 

The traditional web trading platform is easy to navigate and has been set up in an intuitive way. The tools implemented allow traders to follow a simple, yet effective trading process. Tastyworks uses a “SEE IT/ CLICK IT/ TRADE IT” method which harnesses the efficiency of a click and drag interface. The platform displays clear profit and loss zones and you’ll be able to keep a watchful eye on your profit probability.

Mobile Trading Platform 

Although a necessary addition to the traditional web platform, the Tastyworks mobile app lacks the efficient and effective tools that come with the web platform. According to Tastyworks opinions, the mobile app’s biometric login feature has proved underwhelming, while it’s rather difficult to navigate. There’s certainly light at the end of the tunnel though, as the app provides traders with an options selection design that rivals the best in the business. The technical issues that have accompanied the mobile app can be remedied over time, and shouldn’t cause you to discard the idea of using Tastyworks as your next broker!

Payments

Once you’ve created an account, you’ll be eager to hit the ground running. You’ll need to fund your account and there are several ways to do so. The most popular method offered and used on the Tastyworks platform is by linking your bank account and Tastyworks account. Known as an automated clearing house (ACH) payment, funds will be pulled directly from your bank account into your Tastyworks account.

Visit your account and click on the ‘My Money’ option. You’ll now need to select your current account and click on the black box at the bottom of the page – ‘Link Your Bank Account’. Manually add your account details or use the instant linking system. The process is relatively simple. Once you’ve linked the two accounts, you’ll be free to make deposits and withdrawals as you see fit. Keep in mind that Tastyworks is not available in other territories of North America. Thus, you’ll need a valid domestic bank account in America to complete this process.

It might be that your bank is not registered on the Tastyworks instant linking system. Another option is establishing an ACH relationship through micro-deposits. As mentioned above, you can do so manually. Follow the same process and input your account details in the relevant box. Make sure you include your routing number. This process takes 2-3 days to clear. Once you’ve received two installments of micro-deposits, revisit your account (MY MONEY>DEPOSITS) and enter the micro-amounts in the correct fields. Your account will now be linked and you’ll be able to make deposits and withdrawals via your bank account.

Deposits 

There are stipulated cutoff times for deposits on the Tastyworks platform. Our Tastyworks review has noted that you’ll need to make deposits before 2p.m. weekly, if you wish for your funds to be processed on the same day. Deposit requests made after 2p.m. will be processed the following day.

If you use the Tastyworks instant linking system, you can expect your funds to be ready for trading the following day. Keep in mind, you must make your deposit before the cutoff time for this to happen (2p.m.). If you’re funding your account via the micro-deposit option, your funds will be made available 4 business days after the deposit was made.

If you’re an international customer, you can make use of CurrencyFair. You can do so by processing your deposit as a SWIFT wire transfer. Deposits will take between 3-5 business days and CurrencyFair charges a $20 fee to forward your funds.

Our Tastyworks review wants to make it clear to readers that TransferWise deposits are not accepted by Tastyworks. Deposits made via this method will be rejected and you’ll be liable to pay a $30 reversal fee. You will also find that it is not possible to make deposits via a credit card nor an electronic wallet. It’s best to link your account via the ACH payment method, if possible.

Withdrawals 

Withdrawal requests made before 1p.m. on weekdays will be processed on the same day. However, this does not mean you’ll receive them instantly. Withdrawals take between 1-3 business days to reflect in your bank account. Tastyworks opinions have noted that, for the most part, you can expect your bank account to be credited the following day.

Tastyworks Customer Service

It’s imperative to know whether or not a company has implemented a sufficient customer service platform in conjunction with their daily services. This is particularly true when you’re funding your account with real money.

Tastyworks is based in Chicago and their mailing address is 1000 W. Fulton Market, Suite 220, Chicago, IL, 60607. You can reach them via fax on 312-724-7364.

Their online platform allows you to make direct contact via a chat box. For all account, trading, and technical help, you can click on the link at the bottom of the page under ‘Contact Us’. A chat box will pop-up and you’ll be able to input any relevant query. Expect an answer immediately.

If you’d prefer to talk to a representative of Tastyworks, you can fill in a secure form via the Tastyworks website, and an agent will get in touch with you. Alternatively, you can call their offices on 888-247-1963 from Monday to Thursday, 7a.m. to 5p.m., and on a Friday from 7a.m. to 4p.m.

Regulation and Deposit Protection

Tastyworks is a licensed and registered online broker firm. They are regulated by the Financial Industry Regulatory Authority (FINRA). Tastyworks is a proud member of the National Futures Association and the Securities Investor Protection Corporation. These top-tier regulatory bodies ensure transparent and fair practices. You can rest assured that you are entering into a partnership with a trusted broker that conforms to market standards and practices.

Real-time monitoring and enhanced security authentication is employed for deposits and withdrawals, ensuring a seamless and secure process in this regard.

Tastyworks has adopted the latest in encryption protocols and holds various SSL certificates. For the most part, your transactions and flow of sensitive information is encrypted and safely stored on the Tastyworks database. In 2013, Tastytrade (Parent company to Tastyworks), won the Chicago People’s Award for Innovation. The owners have also won various awards over the years for their entrepreneurship while Kristi Ross, Co-CEO and President, won the Top Women in Tech Award in 2017.

Additional Offers

When it comes to additional offers by Tastworks, it is imperative to note that there is no demo account on offer. As Tastyworks leans more to the active trader than the beginner, you will not be able to make use of this service on the Tastyworks platform. If you’d like to make use of an online broker that offers a demo account, check out our TradeStation review.

However, if you have a valid, active account, you’ll be eager to hear about the Tastyworks referral program. After choosing a Tastyworks account option, you can enter the Tastyworks referral program. For each qualified referral, you’ll receive a referral credit. You’ll be able to redeem your credits for a predetermined good or exchange it for a maximum cash value. For more information on the Tastyworks referral program, you can visit the official website.

Tastyworks Stocks

Tastyworks Stocks

Tastyworks provides traders with the option to trade a selection of domestic stocks. Coupled with extremely competitive cost structures, Tastyworks is a great online stock broker alternative for newcomers looking to experience online stock trading. There is a sufficient number of stocks available for traders – both long and short stock options.

Stocks Trading Costs

Tastyworks prides itself on their low cost policy when it comes to trading stocks and ETFs. There is no commission fee on stocks. This applies to both the opening and closing commission. What’s even better is that the opening commission remains at 0% regardless of the amount of stocks traded. Thus, unlimited shares can be traded without incurring a commission fee. There is a clearing fee for stock trades which is set at $0.0008 per share.

Keep in mind that there are a number of accounts and additional fees that will apply. These can be found under the pricing policy page on the Tastyworks website. It is important to bear these costs in mind during the long run. However, when purely looking at stock transactions, Tastyworks is very price-friendly.

Stock Markets & Trading Places

Tastyworks prides itself on their low cost policy when it comes to trading stocks and ETFs. There is no commission fee on stocks. This applies to both the opening and closing commission. What’s even better is that the opening commission remains at 0% regardless of the amount of stocks traded. Thus, unlimited shares can be traded without incurring a commission fee. There is a clearing fee for stock trades which is set at $0.0008 per share.

Keep in mind that there are a number of accounts and additional fees that will apply. These can be found under the pricing policy page on the Tastyworks website. It is important to bear these costs in mind during the long run. However, when purely looking at stock transactions, Tastyworks is very price-friendly.

Product Summary & Conclusion

Tastyworks offers a low cost alternative to major online broker firms. The fact that traders can trade unlimited stocks without paying commission is a major standout feature!

Tastyworks Futures

Tastyworks Futures

If you understand how options trading works, you’ll have the gist of futures trading too. Trading in futures involves a buyer and seller entering into a contract. Both parties agree to trade an asset at an agreed upon price at a specified date. Futures trading can be very profitable if one is well-versed in a particular commodity and possesses the ability to account for future trends and occurrences.

For traders interested in futures, there is a great Tastyworks open account option called The Works. This is a very flexible account that grants access to all futures that are on display via the Tastyworks platform.

After one has chosen a Tastyworks open account option, you’ll be able to access a myriad of futures products. Equity index futures on the S&P 500, Dow 30, Nasdaq, and Russell 2000 are all included. Interest rate and foreign currency futures are also available. Furthermore, you’ll be able to trade in metals futures such as gold and silver or trade in energy futures (crude oil and natural gas). For traders with knowledge of the agricultural sector, can take out futures contracts on grains such as corn, wheat, and soybean.

Tastyworks Futures Pricing

In a nutshell, Tastyworks has applied a uniform fee for futures trading. The opening and closing commission rate is set at $1.25 each. Thus to open and close a contract, you’ll be charged a commission rate of $2.50 in total. Keep in mind that you might incur additional costs such as banking and trade-related fees. This varies accordingly, and we’d suggest you view the terms and conditions for futures trading on the Tastyworks website.

Product Summary

Although trading in futures is not the focal point of Tastyworks, they’ve incorporated a wide range of futures for investors and speculators alike, to trade in. The web platform has proven to be the most consistent platform in terms of usability and general functionality of all trading tools and features. The mobile app has some way to go before you’re likely to experience a seamless trading process.

Having said that, the Tastyworks open account option for futures trading is the most popular account to date – ultimately an individual account for the discerning trader. With lower than average industry fees and a wide selection of futures, we feel that Tastyworks provides a very decent futures trading platform.

Tastyworks Options

Tastyworks Options

Tastyworks focuses on options trading with a secondary interest in futures. The platform is geared toward options trading and thus, means it’s geared toward the active trader. As a novice, one wouldn’t necessarily recommend that you start by trading options. Options in itself, is rather complex. Inherently, an option is a contract that allows a buyer to buy or sell an asset at a predetermined price on or before a specified date. The buyer is not obligated to buy or sell, yet has the right to do as they choose.

Options are known as derivatives due to the fact that they derive their value from the asset in question. Traders invest in options as a way of income or in an effort to hedge risk. Options trading is versatile and diversifies an investor’s portfolio.

Tastyworks has created an in-depth platform that allows one to access and calculate multiple variables. The Tastyworks curve analysis allows traders to adjust their strikes and expirations with relative ease. The “quick roll” feature allows you to forward your options position into the next expiration cycle by way of a simple right click.

Tastyworks Options Pricing

For citizens who are eligible to trade on the Tastyworks platform, you’ll be ecstatic to hear about the competitive fees. Tastyworks open commission fees for options on stocks and ETFs is set at $1.00 per contract – with a $10 cap per leg. For options on futures, the subsequent opening commission fee is $2.50 per contract. There is no associated fee for options contracts on closing commission. However, there are still applicable clearing and regulatory fees for both opening and closing commission.

Product Summary

For the avid options trader, Tastyworks might be the broker for you! They’ve created a great web trading platform that allows for efficient options trading. The complex nature of options trading has been streamlined via the Tastyworks platform. With various Tastyworks open account options on display, you’ll be able to engage in options trading in next to no time. Although we’ve recommended options trading for active traders as opposed to beginners, don’t let this

In addition to the extremely competitive options costs and fees; there are fantastic education tools for beginners. You’ll be able to watch informative videos on options trading and even make use of the Tastyworks in-app trading inspiration. A direct feed streaming knowledgeable traders and their live trading action. With an abundance of research tools, you’ll be able teach yourself and will be leveraging those options before you know it.

Tastyworks ETF

Tastyworks ETFs

Exchange-traded funds happen to be traded on stock exchanges too. It’s no surprise that stocks and ETFs are usually grouped together on online broker platforms. Tastyworks offers traders the opportunity to buy and sell ETFs throughout day trading. These can be bought and sold by using the same process when trading stocks. Tastyworks has expanded their online ETF broker selection providing traders with the option to diversify their portfolio at a low cost.

ETF Trading Costs

Tastyworks implements the identical pricing model for ETFs as they do stocks. This means that traders will have the opportunity to trade ETFs without having to pay Tastyworks a commission. This favorable pricing policy applies to opening and closing commissions for ETFs.

There are various fees which will apply throughout the existence of your Tastyworks account. However, these fees apply across the board and do not have a direct correlation to ETF trades.

ETF Markets & Trading Places

Tastyworks offers domestic exchange-traded funds on a number of US exchanges. These ETFs can be traded by using the three platform options available to traders. With stable data feeds and enhanced trading features, tracking and trading ETFs is optimized for all types of online traders.

Product Summary & Conclusion

Tastyworks does not necessarily elaborate on their ETF offerings. This makes it slightly difficult to assess the actual ETF services and features of Tastyworks. But, if the stock options are anything to go by, then it is safe to assume there should be a considerable number of ETFs on display. With a decent trading platform underpinning the Tastyworks name, the overall ETF trading environment might be something to write home about.

Overall Conclusion of Our Tastyworks Review

We’ve come to the end of our Tastyworks review USA. Tastyworks provides traders with a decent platform that incorporates great educational and research tools and high-end functions. Our Tastyworks review recommends this broker to active traders, rather than newcomers. Beginners might find the platform somewhat overwhelming, and the lack of a demo account doesn’t help to this end. Low trading fees and an exciting free stock option definitely boosts the general public’s Tastyworks opinions.

If you’re into options trading, Tastyworks is a great online broker to look into. However, if your interests lie elsewhere, then Tastyworks might not be the broker for you. We’d suggest you take a look at our Vanguard review if you’re more interested in trading stocks and having a wider selection of investment products at your disposal. For the start up investor, or someone with an occasional eye to invest check out our Robinhood review.

Ultimately, you’ve got an online broker that has no prescribed minimum deposit for cash accounts and no monthly fee with a credible investor protection strategy. You don’t have much to lose by looking into Tastyworks and giving their platform a look-about.

In conjunction with our Tastyworks review, we also have an in-depth analysis of other brokers, such as our USAA investments review and TradingBlock review.

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