Review - Why I Like the Tastyworks Trading Platform (2023)

In this post:

  • What is the biggest advantage of Tastyworks?
  • Which platform is the easiest to use for trading and options trading in particular?
  • How can you create a single strike trade on Tastyworks?

Choosing a trading platform is an extremely personal decision. There are many different platform options out there, and they each have their own unique strengths and drawbacks. Just like anything else, it’s important to spend time learning about the platform options available to you. That way you can see which one is the best fit to suit your personal trading needs. I’ve used many (and I mean, many) of the platforms extensively, and while there are great platforms out there, my personal preference is Tastyworks.

Benefits of the Tastyworks Platform

I love Tastyworks for a number of reasons – the biggest reason is because it’s extremely user-friendly. This ease of use translates into many benefits. Let’s talk about a few!

Quick Features for Options Trading

Out of all the platforms I’ve traded over the years across multiple brokerage companies, Tastyworks is by far the easiest to use for trading and options trading in particular. This is especially true in comparison to some of the other trading platforms out there, like Think or Swim (TOS). With Tastyworks, you have the ability to simply click on strikes you want to set up regardless of whatever options strategy you’re looking to use. This might seem like a no-brainer thing to do, but oftentimes I’ve run across trading platforms that make trading an options spread strategy very confusing.

For example, on Think or Swim, if you want to create a vertical debit spread it can get tricky. If you click on the first strike and then go to click on the second strike, it’ll cancel out the first strike only to replace it with the new one. Unless you know all the little shortcuts behind that platform (like hitting the control button), you end up creating a new single strike trade when you really wanted an option vertical debit spread.

Straightforward Choices for New Traders

I think that Tastyworks is a great platform to consider as a newer trader because of its user simplicity. The straightforwardness I mentioned for putting on a simpler vertical spread is a constant presence on their platform. For example, if I need to look at buying a long call, I can just go to the strike that I want to buy and click on the Strategy column and it sets it up based on what I need.

(Video) I Switched to TastyWorks... (TasyWorks Review)

Or, say I needed to create a credit spread, like a cover order for my profit recycling trade. I can just go to that other strike I need and click on the bid side. Then the platform effortlessly and automatically sets it up as a vertical, pairing the first available strike with the second. I love that I don’t have to know the shortcuts of the platform, or technically figure out how to set it up as a vertical spread for the platform to pair it for me. This feature on Tastyworks makes the platform very easy to use.

Beyond that, the same thing is also true in the order ticket section of the trade. If I need to change the contract amount, it’s simple to add and subtract, or to go from one expiration to the next with a simple + or – button.

Similarly, to clear you can just right-click and delete the legs.

(Video) How I Use tastyworks' Platform - A Quick And Simple Tutorial Using My Favorite Trading Platform

Last but not least, I love that in their positions page you now have the ability to sort it by spread as well as by the individual options strikes.

A Versatile Mobile App

Tastyworks’ simplicity isn’t limited to their desktop platform. They also have a mobile app, and I’ve found their app to be one of the most user friendly trading apps out there. If you’re familiar with the Tastyworks platform on your computer, then it’s an easy transition to trade off the app. The same interface they have for the desktop has been simplified down for the mobile app. The simplicity of use for opening, closing, and viewing your trades has been translated well onto the app. Plus, the app gives you the flexibility to switch between accounts with ease so you can keep track of everything in one place.

I’ve also found that for both the desktop and mobile app, I didn’t need to spend extra time watching YouTube tutorial videos or Googling my questions. Tastyworks allowed me to download the platform, fund it, and then jump right into trading.

Overall, I use Tastyworks because it’s just so easy. And I’m so excited that they’re still building and developing the platform. This leaves room for even more improvements and new tools to be added.

Potential Drawback to Trading with Tastyworks

While it’s exciting to use a platform that’s still being built and developed, there is also a slight drawback to its newness. On their charting side, Tastyworks is still building their charting platform and has some room for development. I currently have some of my Simpler Trading indicators added, but not all of them. Hopefully soon, you’ll have the ability to add any indicator that you already have from me or Simpler Trading onto Tastyworks. While they’re working to add more indicators onto the platform, it’s a process that takes time. I’m mindful, though, that the team at Tastyworks is consistently working to add to the functionality of the platform, which is extremely helpful.

(Video) Tastyworks Review: Desktop Options Trading Platform

If Tastyworks lacks the charting that you like, and you prefer to go with a different trading platform, I’d suggest considering Tastyworks as your backup platform. It’s always good to have a backup.

For instance, oftentimes, I find that Think or Swim might be down, having issues, or lagging. In this situation, you want to make sure you have a secondary trading platform. With Tastyworks as your backup, you’ll still be able to trade not only on the brokerage side but on the charting side as well.

While all of the same indicators might not be entirely built in yet, I’m beginning to see the indicators I use on Think or Swim being added to Tastyworks as well. This tells me that with time, Tastyworks will be a strong rival to Think or Swim even in that area. The best part is by having both brokerage platforms, when one runs into technical issues, I can always switch to the other, and therefore, won’t miss the opportunity to jump into a good setup.

And because I like passing along a good deal, here’s my link to sign up for Tastyworks. If you follow the instructions for funding, you can be eligible for discount credit in the Simpler Trading Store!

What Makes Tastyworks my Platform of Choice

Ultimately, between the extremely low commission cost and simplicity of use around it, I’ve found that Tastyworks is an ideal trading platform for myself and my trading needs. While it does have a small drawback, I believe that the platform will only get better from here. If nothing else, I highly recommend using Tastyworks as a backup platform until you’re familiar enough with it to use it all the time.

(Video) Tastyworks Desktop Tutorial for Beginners 2022 | Step-by-Step Guide to Get Started on Tastyworks

Are you ready to see first-hand how I use these easy Tastyworks features in my trading? Sign up for my Profit Recycling Mastery, get access to live-trading sessions, along with instant alerts and more!

FAQs

Q: How to change the contract amount on thinkorswim?

A: In order to do that, or to go from one expiration to the next one, simply use the + or – buttons on your order screen.

Q: Is tastyworks better than thinkorswim?

A: While there is more than one answer to that question, my preference is tastyworks because of its smooth user experience.

FAQs

Can I trust tastyworks? ›

tastyworks is privately owned; it was established in 2017 and is headquartered in Chicago. We selected tastyworks as Best broker for options for 2022, based on an in-depth analysis of 100+ online brokers that included testing their live accounts.

What is tastyworks trading platform? ›

1 Tastyworks, a subsidiary of tastytrade, is an online brokerage platform that specializes in options, futures, and stock trading. Launched in 2017, the relatively new online broker is one of the fastest-growing online financial networks in the world.

Which is the best trading platform? ›

Here is the list of best trading platforms in India.
  • Zerodha KITE trading platform.
  • Upstox PRO trading platform.
  • Angel Broking Speed PRO trading platform.
  • ICICI Direct Trade Racer trading platform.
  • 5Paisa Trader Terminal trading platform.
  • FYERS ONE trading platform.
  • Sharekhan TradeTiger trading platform.
16 Oct 2022

What is the difference between tastyworks and tastytrade? ›

tastytrade is the parent company of tastyworks. tastyworks and Marketing Agent are separate entities with their own products and services. tastytrade has different privacy policies than tastyworks.

Can I withdraw all my money from tastyworks? ›

Start by logging in at tastyworks.com>My Money>Withdrawals

To withdraw funds by wire, please log in to your account at tastyworks.com. After logging in, navigate to My Money and select Withdrawals. Or, click here for a shortcut. When you reach the Withdrawals page, click the By Wire tab.

Is my money safe with tastyworks? ›

tastyworks is a member of the Securities Investor Protection Corporation ("SIPC"). Therefore, funds are available to meet customer claims up to $500,000, which includes a maximum of $250,000 for cash claims.

What is the minimum deposit for tastyworks? ›

No minimums

That's right, tastyworks has no minimum initial deposit when opening a brokerage account. You can make a stock or options trade as long as there's enough in your account to cover a single share or contract. However, it's worth noting that you'll need at least $2,000 to qualify for margin privileges.

Who is tastyworks owned by? ›

Scott Sheridan and Tom Sosnoff were floor traders in the 1980s on the Chicago Board Options Exchange (CBOE). Sheridan is now CEO of tastyworks, while Sosnoff is Co-CEO of tastytrade.

How long does it take to withdraw money from tastyworks? ›

When can I expect to see my withdrawal? Withdrawn funds typically land in your bank account in 1-3 business days. In most cases, funds land in your bank account the next business day if requested before the cutoff time.

Who is the No 1 broker? ›

Fidelity Investments: Best Overall, Best Broker for ETFs, and Best Broker for Low Costs. Get $100 when you open a new, eligible Fidelity account with $50 or more.

Which trading is best for beginners? ›

For beginners, swing trading is the ultimate trading form since it takes very little time and can be executed even by those who have a full-time job, while still having great profit potential. To provide some perspective you may be able to swing trade by spending as little time as 15 minutes each day only.

How much money do day traders with $10000 Accounts make per day on average? ›

Profit Margins

Day traders get a wide variety of results that largely depend on the amount of capital they can risk, and their skill at managing that money. If you have a trading account of $10,000, a good day might bring in a five percent gain, or $500.

Is tastyworks commission free? ›

Unlike most brokers that charge you a commission when you buy and sell, tastyworks charges a flat rate on buys and no charge on the sale. Tastyworks charges $1 per contract on the buy, translating into $0.50 per round-trip, compared to the industry standard of $0.65.

Can you day trade on tastyworks? ›

The tastyworks desktop platform does keep a running count of day trades. Your day trade counter displays within the account header details at the top of the platform. The Day Trade Counter resets on a rolling five-trading day period from your last day trade.

Did tastyworks get bought out? ›

IG, a London-based online trading platform, agreed to acquire tastytrade for $300 million in cash and 61 million IG shares, which are valued at $700 million. Tastytrade is the owner of tastyworks, a high-speed technology brokerage firm, and dough, a mobile-first brokerage firm.

Why can't I withdraw from tastyworks? ›

Only settled funds may be withdrawn

After signing in, navigate to My Money>Withdrawals, or for a shortcut click here. If you just closed a trade and see a $0.00 Available to Withdraw, then chances are your position has not settled yet.

How much money do you need to trade options on tastyworks? ›

No minimum, but requires $2,000+ for margin privileges

The trading strategies you wish to perform base on your margin trading level. When your account balance ends the day with $2,000 or more, your margin privileges reflect in your stock buying, which will be 2:1 of your options buying power.

How do I deposit money into tastyworks? ›

The most convenient way to fund your tastyworks account is by setting up an ACH. An ACH establishes an electronic relationship between your bank account and your tastyworks account. Once you link your bank account with tastyworks, you'll be able to move funds easily to and from your brokerage account.

Where is tastyworks located? ›

Where is Tastyworks 's headquarters? Tastyworks is located in Chicago, Illinois, United States .

How does tastytrade make money? ›

Because Tastytrade promotes its sister company, options brokerage Tastyworks, the company makes money by sending people to Tastyworks. Tastytrade does this by using high-risk and low-reward formulas.

Does tastyworks have a debit card? ›

Tastyworks doesn't offer a debit or credit card to withdraw money from your account, but you can withdraw and deposit via ACH—automated clearing house—for free. However, outgoing wire transfers incur a $25 fee for domestic transfers and $45 for international.

How do I buy stocks on tastyworks? ›

Click the “stock” tab, located on the top left-hand corner of the Trade window. Then type the symbol of the underlying you want to trade into the symbol field. Within the order ticket, you can see your resulting position from the order (1), quantity (2), price (3), order type (4), and time-in-force (TIF) (5).

Does tastyworks allow after hours trading? ›

Extended hour trading is only available for stocks/ETFs, you cannot place an extended hour trade on equity options. Our extended hour session is an hour before the open and an hour after the close. To learn more about extended hours trading, please click here.

How many accounts can I have with tastyworks? ›

Opening an additional account

Since trading accounts house by single username/email, customers may only have one customer profile. Any duplicate customer profile under a different username/email will get rejected when reviewed by our accounts team.

Is tastyworks better than Webull? ›

Webull beats tastyworks in fees

Non-trading fees and some trading fees (i.e. US stock and ETF commissions) are basically non-existent at both tastyworks and Webull. However, USD margin rates are different: at tastyworks the rate is 8.0%, against Webull's 7.0%.

Who does tastyworks clear through? ›

A DTC number, or Depository Trust Company Number, is used to facilitate account transfers to tastyworks via Apex, our clearing firm.

Does tastyworks have instant deposit? ›

If your bank account is linked with our instant bank linking system (Plaid), then you will be able to release buying power for a deposit immediately. If your deposit request can be verified, then you can have up to $1,000 of buying power applied to your account immediately.

How do I withdraw from tastyworks? ›

Login to your account at tastyworks.com>My Money>Withdrawal

Select WITHDRAWALS in the sub-menu that appears. Once you are on the Withdrawals page, please navigate to the By Check tab. Once on the By Check page, please select the account you wish to withdraw funds from (if you have more than one).

How do I open a tastyworks account? ›

Opening A tastyworks Account - YouTube

How long do ACH transfers take tastyworks? ›

All ACH deposits from bank accounts linked to your tastyworks trading account via micro-deposit verification or by check are held for four business days before they become available for trading. In other words, this means that funds will become available for trading on the 5th business day after the deposit request.

Which broker is best in USA? ›

Our top 5 picks for the best stock trading platforms in the US in 2022:
  • Interactive Brokers is our winner. - Low trading fees. ...
  • Fidelity - Commission-free US stocks and ETFs. Great trading platforms and research. ...
  • Zacks Trade - Low fees. ...
  • eToro - Free stock and ETF trading. ...
  • Charles Schwab - Free stock and ETF trading.

Which broker do big investors use? ›

Online broker Zerodha has the highest number of active clients with a 12.3 per cent market share, followed by ICICI Securities at 10.3 per cent, HDFC Securities at 7.1 per cent and Sharekhan at 5.4 per cent. In June 2019, Sebi tightened rules for usage of clients' funds by brokers.

Which is the biggest stock broker in USA? ›

They are often referred to as the "big four brokerages." Each of these firms—Charles Schwab, Fidelity Investments, E*TRADE, and TD Ameritrade—comprise the top in terms of customers and assets. This short article analyzes the products, services, and fee structure of each brokerage.

How much do day traders make per day? ›

Average Salary for a Day Trader

Day Traders in America make an average salary of $116,895 per year or $56 per hour.

Which trading is most profitable? ›

Intraday trading: This trading type makes you buy and sell your stocks on the same day before the market closes. You need to track your market position the entire day, looking for a good opportunity to sell your stocks. Intraday trading is a great method of making fast profits provided you invest in the right stocks.

What's the easiest type of trading? ›

The simplest and most common type of stock trade is carried out with a market order. Market orders indicate that you are willing to take whatever price is presented to you when your order is executed.

Can you make $1000 a day day trading? ›

Despite requiring a work ethic, being able to earn $1,000 per day is still highly achievable. Some opportunities will not require you to learn new skills. To make $1000/day with hot stock options, you'll need to know how to buy and sell stocks at the right time to buy and sell.

How many hours a day do day traders work? ›

Most independent day traders have short days, working two to five hours per day. Often they will practice making simulated trades for several months before beginning to make live trades.

Why do most day traders fail? ›

Some common mistakes that are committed by the intraday traders are averaging your positions, not doing research, overtrading, following too much on recommendations. These mistakes have caused many day traders to take losses. Around 90% of intraday traders lose money in intraday trading.

What is the minimum deposit for tastyworks? ›

No minimums

That's right, tastyworks has no minimum initial deposit when opening a brokerage account. You can make a stock or options trade as long as there's enough in your account to cover a single share or contract. However, it's worth noting that you'll need at least $2,000 to qualify for margin privileges.

How much money do you need to trade options on tastyworks? ›

No minimum, but requires $2,000+ for margin privileges

The trading strategies you wish to perform base on your margin trading level. When your account balance ends the day with $2,000 or more, your margin privileges reflect in your stock buying, which will be 2:1 of your options buying power.

How long does it take to get approved for tastyworks? ›

Domestic Customers

Domestic accounts are opened and approved in 1-3 business days as long as there aren't any issues with any of the information provided in your application. If there are issues, our accounts team will promptly reach out via email and let you know what is needed to process your application properly.

How does Tastytrade make money? ›

Because Tastytrade promotes its sister company, options brokerage Tastyworks, the company makes money by sending people to Tastyworks. Tastytrade does this by using high-risk and low-reward formulas.

How long does it take to withdraw money from tastyworks? ›

When can I expect to see my withdrawal? Withdrawn funds typically land in your bank account in 1-3 business days. In most cases, funds land in your bank account the next business day if requested before the cutoff time.

Is tastyworks commission free? ›

Unlike most brokers that charge you a commission when you buy and sell, tastyworks charges a flat rate on buys and no charge on the sale. Tastyworks charges $1 per contract on the buy, translating into $0.50 per round-trip, compared to the industry standard of $0.65.

Can you day trade on tastyworks? ›

The tastyworks desktop platform does keep a running count of day trades. Your day trade counter displays within the account header details at the top of the platform. The Day Trade Counter resets on a rolling five-trading day period from your last day trade.

Can you sell naked options on tastyworks? ›

Margin requirement when selling naked calls

20% of the underlying price minus the out-of-the-money amount plus the option premium. 10% of the underlying price plus the option premium. $2.50.

Is tastyworks better than Webull? ›

Webull beats tastyworks in fees

Non-trading fees and some trading fees (i.e. US stock and ETF commissions) are basically non-existent at both tastyworks and Webull. However, USD margin rates are different: at tastyworks the rate is 8.0%, against Webull's 7.0%.

Where is tastyworks located? ›

Where is Tastyworks 's headquarters? Tastyworks is located in Chicago, Illinois, United States .

Does tastyworks require SSN? ›

As a result, domestic accounts that require additional documentation may be asked to supply a proof of address, ID, or social security document when your information needs to be verified. For customers that have a credit/security freeze, please click here.

Does tastyworks have a debit card? ›

Tastyworks doesn't offer a debit or credit card to withdraw money from your account, but you can withdraw and deposit via ACH—automated clearing house—for free. However, outgoing wire transfers incur a $25 fee for domestic transfers and $45 for international.

Does tastyworks have cash account? ›

What account types and trading levels does tastyworks provide? Read on, and you'll be filling orders in no time. First, there are two account types: cash accounts and margin accounts. You can trade within both account types, but there are differences between the trading strategies allowed.

How much is tastytrade worth? ›

IG, a London-based online trading platform, agreed to acquire tastytrade for $300 million in cash and 61 million IG shares, which are valued at $700 million.

Does tastyworks have instant deposit? ›

If your bank account is linked with our instant bank linking system (Plaid), then you will be able to release buying power for a deposit immediately. If your deposit request can be verified, then you can have up to $1,000 of buying power applied to your account immediately.

Does tastyworks have real time data? ›

If so, and you want to check out the platform with live quotes streaming through it, you'll have 14 calendar days of live market data to peruse the platform. If your account remains unfunded, then your account will switch to delayed data. However, real-time data will return once you fund your account with any amount.

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