TastyTrade Review (TastyWorks): TastyTrade is one of the premier brokers for options trading. They used to be called TastyWorks, and many still call them by that name. This review will refer to them with both names.
The founder of TastyTrade is Tom Sosnoff, who created TD Ameritrade’s ThinkorSwim platform. So, he knows what he’s doing when creating trading platforms. Their desktop platform is geared towards advanced traders. You get lightning-speed quotes, fast delivery speeds on orders, advanced support, and an intuitive dashboard layout.
Table of Contents
TastyTrade aka TastyWorks Review Introduction
Read our TastyTrade Review to learn more about this great broker. Having options for brokers allows you, the trader, to get the best bang for your buck. And who doesn’t want to get the best possible deal?
If you’re into options trading, this broker has high marks for trading options. Options are a great way to make money in any market. When the market is up, down, and even sideways, there’s a strategy to profit.
Not only does this TastyTrade review look at itself, but we also look at other brokers. So, you want the bottom line?
How do the commission costs to open and close an equity option trade at Tastyworks compared to other major brokers? Look no further than the chart below. As you can see, the numbers speak for themselves…
TastyTrade (TastyWorks) Platforms
TastyWorks allows trading through desktop, browser, and mobile platforms like other brokers. If you’re an experienced options trader, you will love the ease of use of the platforms.
However, if you are new to options trading, you may find all the features overwhelming. Trust me, with a bit of practice and experience, it gets easier. Did you know that in 2022, TastyTrade won the titles of “Best Broker for Options” by Investopedia and “Best Broker for Options” by BrokerChooser?
If you like this TastyTrade review, check out a list of the top trading companies.
Desktop & Web Based
Generally speaking, the desktop platform is geared towards experienced traders. You get lightning-fast quotes, fast execution speeds, advanced support, and an intuitive dashboard layout. Just like the browser platform, option chains are available. Options prices load quickly, and buy/sell trade tickets are easily created just by clicking on bid/call prices.
This is great because options have many moving parts. As a result, worrying about trade execution is something you don’t have to do.
You can use the web-based trading platform from any computer. Not to mention, it has the same functionalities as the downloadable version.
Be warned, the learning curve is steep. New traders might be intimidated.
This is the most complex of all the options chains in the world. However, once I figured out how to select execution dates and strike prices, it wasn’t that bad.
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Data & Charting
In my opinion, the importance of technical analysis for the day trader is like oxygen for the scuba diver. Without it, you won’t survive to trade or dive another day. That’s the goal. Hence, our trade rooms delve into the technicals. Unfortunately, the ability to conduct both technical and fundamental analysis is limited. We found in this Tasyworks review that compared to other brokers, they fall short here.
Thus, this may be a deal-breaker for the day trader wanting all their analysis and execution in one system.
So, if you trade stocks based on charts, this is NOT your platform.
Additionally, the mobile platform is very similar to the web platform. What’s nice is it’s available on both iOS and Android devices. They’ve released a beta iPad app and launched a new Android app.
It’s well organized but can feel overwhelming to the new trader. As a result, take your time to learn it.
TastyTrade Fees and Pricing Review
- Options on Stocks & ETFs – $1.00 per contract ($10 max per leg) $0 closing commission
- Options on Futures – $2.50 per contract. $0 closing commission
- Stock & ETFs – $0 unlimited shares. $0 closing commission
- Futures – $1.25 per contract. $1.25 per contract closing commission
- Futures E-Micros – $0.85 per contract. $0.85 per contract closing commission
Get updated pricing here.
Pricing is subject to change in this Tastyworks Review. The cost of trade is important to all traders. As a result, pricing is Tastyworks’ strong point.
First of all, there is no account minimum at Tastyworks. Secondly, their initial commissions are almost non-existent. And finally, there are no commissions on closing trades. I have not seen any other broker do this.
Additionally, commissions and options for futures are extremely competitive. It only costs $1.25 to open and close a futures contract and $2.50 for an options futures contract.
Remember, it will set you back $5 to trade a stock with TastyTrade. This is, however, in line with comparable brokers such as E*TRADE, TD Ameritrade, and Schwab.
Top 5 Pros & Cons
Pros
- Cheap
- Commissions Capped
- No Fees to Open or Minimum Balance Required
- Ideal Platform for Experienced Options Traders
- No Software or Data Fees
Cons
- Platform Can Be Overwhelming
- No 24/7 Customer Support
- No Depth Technical and Fundamental Analysis
- Only for US markets
- No Practice Account
Final Thoughts: TastyTrade (TastyWorks) Review
If you trade options, there’s no reason you should use a different platform. But, if options trading isn’t your focus, this isn’t the platform for you. After all, even though the fees are competitive for equities and futures, better platforms exist.
TastyTrade is an EXCELLENT broker for options trading. Since the focus on order execution and fees is unmatched in the industry, you won’t be disappointed.
Because there are no minimum deposits, inactivity, or monthly fees with TastyWorks, try it. You’ve got nothing to lose! Our moderators use TastyTrade and LOVE it. Hence our TastyTrade review.
Frequently Asked Questions
Tastyworks is a regulated discount brokerage run by the creators of ThinkorSwim. They are very safe and are a legitimate broker. Who's it for, you may ask? Well, it's designed with the options trader in mind. A beginner might find the platform overwhelming, but it fits the experienced options trader perfectly. Users can choose from US Equities, Options, Futures & ETFs. But, if stock trading is your only focus, cheaper brokers exist. Let's keep going in our Tastyworks review.
TastyWorks does not have a traditional type of paper trading platform. They have a unique program allowing you to trade with their money and keep up to $250 of the profits. The best part is that you aren’t responsible for the losses. Let’s keep going in our Tastyworks review.
The same PDT rule applies to day trading with TastyWorks. You are limited to 3 day trades per week if you do not have $25,000 in your account. A cash account doesn’t limit you to the pattern day trading rule.
Investors cannot purchase shares of TastyWorks because the company is privately held.
