Is TastyWorks a Safe and Legitimate Broker? 

• 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 a bit overwhelming, but it’s a perfect fit for the experienced options trader. Users can choose from US Equities, Options, Futures & ETF’s.

But, if stock trading is your only focus, cheaper brokers exist. Let’s keep going in our Tastyworks review.

Let’s Compare Brokers

Not only does this Tastyworks review look at itself, but we also look at other brokers as well. 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 farther than the chart below. As you can see, the numbers speak for themselves…

Trading Platforms

Similar to other brokers, Tastyworks allows trading through three platforms: desktop, browser, and mobile. 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. In fact, did you know that in 2022, Tastyworks won the titles of “Best Broker for Options” by Investopedia and “Best Broker for Options” by BrokerChooser.

If you like this Tastyworks review, check out a list of the top trading companies. 

Desktop Platform

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. In fact, 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.

Can You Day Trade on TastyWorks?

• 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 though.

Web Based Platform

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.

Of all the options chains in the world, this perhaps is the most complex. However, once I figured out how to select execution dates and strike prices it wasn’t that bad.

Mobile Trading

Additionally, the mobile platform is very similar to the web platform. What’s nice is it’s available on both iOS and Android devices. In fact, they’ve released a beta iPad app and launched a new Android app in late February 2022.

It’s well organized but can feel overwhelming to the new trader. As a result, take your time to learn it. 

Crypto

Users can now trade crypto along with stocks, options, and futures. 22 coins are available to trade! You can find more information here. With how popular cryptocurrencies have become, we think you’ll love this option.

Does TastyWorks Have Paper Trading?

• TastyWorks does not have a traditional type of paper trading platform. They do have a unique program that allows you to trade with their money and keep up to $250 of the profits. Best part, you aren’t responsible for the losses. Let’s keep going in our Tastyworks review.

Data & Charting

In my opinion, the importance of technical analysis for the day trader is like oxygen for the scuba diver.

Without it, you’re not going to survive to trade or dive another day. That’s the goal, right? Hence why 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 of their analysis and execution in one system.

So if you trade stocks based on charts, this is definitely NOT your platform.

What Are TastyWorks Fees and Commissions? (Pricing Review)

1. Options on Stocks & ETF‘s – $1.00 per contract ($10 max per leg) $0 closing commission
2. Options on Futures – $2.50 per contract. $0 closing commission
3. Stock & ETF’s – $0 unlimited shares. $0 closing commission
4. Futures – $1.25 per contract. $1.25 per contract closing commission
5. 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 trades is important to all traders. As a result, pricing is the strong point of Tastyworks. 

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 on futures and on options on futures are extremely competitive. In fact, it only costs $1.25 to open and close a futures contract and $2.50 for a options futures contract.

Keep in mind, it will set you back $5 to trade a stock with Tastyworks. 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 an 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 in Depth Technical and Fundamental Analysis
• Only for Us Markets
• No Practice Account

Who TastyWorks Is Best For?

Quite frankly, if you trade options there’s no reason why 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.

At the end of the day, Tastyworks 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, give it a try. You’ve got nothing to lose! Our moderators use Tasyworks and LOVE it. Hence our Tasyworks review.