Tastyworks is a brokerage business that focuses on active options traders. It was launched in 2017. As a result, the platform is best suited for experienced traders. However, stocks and futures are also available. The firm is regulated by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the National Futures Association. It is located in Chicago, Illinois, and was founded by the Thinkorswim platform’s creators (NFA). The Australian Securities and Investments Commission protects the Australian people (ASIC).
Over 50 nations are represented in business, including European countries such as Germany, Greece, and the Netherlands, as well as the United Kingdom, Malaysia, New Zealand, Singapore, and the United Arab Emirates. The broker is, however, adding Canada to its list of recognized nations. Candia’s inhabitants were put on a waiting list by the business in 2021.
The company provides a single trading platform that may be used on a desktop, web, or mobile device. The platform was inspired by this strong interface, according to the designers. Among the unique traits were:
You might want to seek an alternative if you wish to trade Forex, commodities, or mutual funds. Options traders may expect a specialized and tailored offering that is tailor-made for them, despite the broker’s restricted product offering. The following assets are available through the broker:
When initiating a position, the broker costs $1 per contract for stock options and $2.50 per contract for futures options. A commission is not required to close a position. In addition, there are no inactivity or account maintenance fees on the platform.
Futures contracts carry a $1.25 contract execution cost, whereas micro futures contracts have a $0.85 contract execution fee. Stocks and ETFs can also be exchanged without paying a fee.
In compliance with FINRA standards, standard margin trading accounts have 1:1 stock leverage. For instance, if you have $10,000 in option purchasing power, you will have $20,000 in stock purchasing power in your account. Portfolio margin accounts, on the other hand, allow for leverage of up to 1:5. The trading level that results is determined by how you submit your investor profile. Access to Level 3 margin trading requires option assertion. Futures margin calls must usually be met within T+1 of the day they are issued, or else purchasing power may be harmed.
The iOS and Android versions of the software are also available for download. Many of the major elements of the online platform, such as watchlists, quotation information, and charts, are now available on the mobile app. However, there are certain limitations, such as the lack of price alerts and order notifications. The mobile app also offers two-step/two-factor authentication (2FA) through a QR code and an authenticator app.
There are four options for depositing and withdrawing money from your account, all of which have no deposit fees. Withdrawal costs, on the other hand, are quite high: $45 for international bank transfers and $25 for local bank transactions. Options:
Only bank transfers and Currency Fair are available for international accounts, and payments must be made in US dollars. International cash transfers take 3-5 business days to appear in your trading account. Withdrawals from US accounts, on the other hand, may take 1-3 business days. The broker does not take Revolut or debit/credit cards.
Members can earn referral points for each qualifying referral through the broker’s referral affiliate program. Prizes include Google Home, vacations to Chicago, and even a Tesla Model 5 for members. Members may also benefit from the broker’s 100-share or 10-option promotions, which allow them to choose between 100 shares or 10 long options.
This broker also offers benefits for opening new accounts regularly, such as the $250 Challenge, which allows you to win $250 by testing a simulated account.