Tastyworks is a relatively new brokerage firm produced by experienced creators of the popular ThinkorSwim. There are so many brokerage firms in the market today and we see a new one popping up every month or so. Choosing a brokerage platform is not an easy task and can be quite intimidating especially for beginners. We have to consider the user interface of the platform, trading fees, options and futures, and customer support before deciding on a brokerage platform.
In this article, we’ve explored the features offered by the Tastyworks platform. By the end of this guide, you’ll have enough information to figure out if Tastyworks is the right brokerage platform for you!
Best Features of Tastyworks
The web platform looks modern, but one needs to spend a good time on getting a grasp over where things are. It has got dozens of customization options. The search functions work like a charm.
The desktop application is available for Windows, Mac OS and Linux operating systems. The desktop version looks similar to the web version, with a bunch of other features that provide better customization for workspace and generating charts. You’ll get the price alerts as notifications which are good. However, the desktop platform may seem complicated and overwhelm new users.
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The procedure for placing orders on both web and desktop platforms is the same. It has a two-step login system for better security.
Right from their beginning, Tastyworks has been charging a lower fee than most of the brokerage firms. The customers are not charged any commissions to step out of the losing trades and to close the options strategies. They have also capped the maximum commission the customers pay for opening the option trades. It’s 10 USD for opening the option traders at the moment. It surely encourages the new option traders.
Tastyworks provides an incredible amount of good quality educational material for its customers to learn the platform. If you are a new customer, we suggest you spend some hours going through the Help Center section on the Tastyworks website to get a clear idea on the platform. There are many FAQs, tutorial videos, educational articles, webinars with great production quality. One of the things which we like about the Help Center is there are dozens of articles on options trading which can be really helpful for the beginners. However, it would have been really great if they have provided a demo account for the practice. You need to sign up for the platform to be able to access the education content and webinars.
Tastyworks offers customer support mainly through their chatbot system. Go to the Tastyworks website and scroll down to the bottom to see the Get Help link. Click on it and you’ll see a form. Fill the form and it automatically recommends the existing articles from the Help Center. However, if you do not find your question in the Help Center, you can directly email or call them – Phone: 855-GO-TASTY. Email: firstname.lastname@example.org
Telephone support is the best way to get quick solutions. The phone support works from 7 AM – 5 PM (GMT-6) on weekdays. The email support is available for 24/5.
Is Tastyworks a good choice for you?
You can consider Tastyworks if you want to trade the following.
- The US treasures through a live broker.
- Penny stocks (OTCBB) through a live broker. However, Tastyworks does not provide an option for opening a penny stock on its platform.
- Both short and long stocks. Over 4500 stocks are available for short sales on the easy-to-borrow list.
- Futures options
- Mutual funds through a live broker. The best part is there is no transaction fee up to 10,000.
- Multi-leg and simple options
Tastyworks is a perfect option for active traders who love to use lots of tools for futures trading and options. A typical Tastyworks client is expected to invest in futures, options, and other derivatives. Like any other brokerage firm, Tastyworks has got its own set of pros and cons. You do not need to pay any inactivity fee and even the trading fee is low. However, you must pay the withdrawal fees on Tastyworks.
Overall, Tastyworks is a sophisticated brokerage platform for options trading. Tastyworks platform may seem overwhelming if you are new to trading and you only want to trade stocks. We hope our write-up has given you a sneak peek of the Tastyworks brokerage platform. Subscribe to our blog for reviews on premier brokerage firms and investment platforms.
Smriti Jain is the owner and senior content publisher at Financesmarti. Financesmarti is a website where she shares a lot of useful stuff for the people and business of India. This includes small business ideas and other banking information, as well. Smriti completed her education in science & technology from Delhi University. Smriti usually has interests in digital marketing now, and she has chosen this career for the full-time opportunity. The primary purpose of starting this blog to provide quality information on the banking industry to the people.