TastyWorks is a relatively new platform brought to you by the people who created the highly popular ThinkorSwim platform. TastyWorks focuses primarily on US equity options, though they also offer trading in US equities and US equity futures.
While TastyWorks is an ideal platform for experienced options traders, it can be a little overwhelming for beginners and its range of products is limited for people looking to trade beyond options and beyond the US markets.
Products and Services
- US equities
- US equities options
- US equities futures
- No minimum balance to open or maintain accounts
- No minimum activity
- $2,000 minimum balance for margin trading
- Up to $500,000 federal deposit insurance
Fees and Commissions
- $25 withdrawal fee ($45 for non-US accounts)
- $1 per contract for options trading (free closing)
- $2.50 per contract for futures trading (free closing)
- $5 flat fee for all equity trades
- 7% financing cost (adjusted for account balance)
- Web platform with full functionality
- Downloadable desktop platform with full functionality
- Mobile platform with full functionality (iOS only)
TastyWorks’s trading platform is where you can really tell what the focus for this broker is.
If you are an experienced options trader, then you will love the smooth and intuitive interface for options trading. Everything that you need to make quick and informed options trades is right at your fingertips, and it will just take a bit of exploring to get used to the set-up.
On the other hand, if you are not an experienced options trader or are looking to trade in equities or futures, then TastyWorks’s trading platform leaves a lot to be desired. The equities and futures interfaces provide bare-bones service, simply offering a place to check prices and input orders.
Furthermore, new traders will find all the bells and whistles on the options interface a little overwhelming, especially as there is no built in tutorial or help guide.
TastyWorks’s platform still has a few bugs that need to be ironed out, but they do not harm the overall effectiveness of the platform.
Data and Analysis
TastyWorks offers little in the way of additional data, news or tools for analysis.
They do offer some basic data on price and volume, but it is limited and non-customizable. They also offer the dates of recent and upcoming earnings reports for shares.
The ability to conduct technical and fundamental analysis is non-existent, which may be a deal-killer for some day traders who want all their analysis and execution to be on one system.
For those traders who do not mind using an alternate platform for analysis, TastyWorks serves as an effective execution platform for analysis performed elsewhere.
One nice feature of this area is a broad range of TastyWorks resources and videos, including some livestreams of TastyWorks investing news and events.
As would be expected of a trading platform focused on advanced options traders, TastyWorks offers the full range of preset options trading strategies. These include:
For equity trading the options include:
TastyWorks offers both a traditional helpline and a help chat service.
The help line was very responsive and courteous, and they answered all of our questions with ease. However, it is the help chat feature that truly shines, as this was like having a friendly guiding hand available to answer questions and help with problems at all times.
Any traders who dislike the distant feeling when interacting with many brokers will love the friendly and useful chat feature on TastyWorks.
If you are an experienced options trader or looking to become one, then there is no reason that you should be on any other platform. The focus on order execution for options trading is unparalleled, and the fees are the lowest in the market.
As long as you are prepared to use another platform to conduct your analysis and access data and news, then TastyWorks is by far the best broker on the market for your needs.
If you are not focused on options trading, then TastyWorks may not be the best choice for you at this time. While the fees are still very competitive for equities and futures, they are not as amazing as the options fees are.
Furthermore, the access to US only markets leads to more limited trading in equities and futures.
This focus on options aside, TastyWorks is a competitive broker and platform with high quality customer service. We recommend that anyone with a focus on US options trading gives them a try.