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Tastyworks reviews from experts
About Tastyworks broker Tastyworks is an American broker founded by Tastytrade in 2017. In addition to the platform, the creators have run the brokerage firm since 1995 and have been producing CFD software since 2000. The trading platform can be used in browser-based, desktop and mobile versions. All tax documents, user agreements and documents are published on the website. There are several levels of registration, and to access the full functionality of the platform, in addition to an email address and phone number, a photo of the documents must be uploaded to the site. The developers themselves point out that Tastyworks is constantly updated and is suitable for experienced traders and beginners. Traders stream their strategies right on the website. It is also possible to follow other members of the platform, add them to subscriptions and choose the best trading strategies for yourself. Trading conditions Tastyworks offers 6 types of trading accounts. They are all based on the Works plan, which gives users margin trading, access to all asset classes on the platform, and the ability to see what strategies other traders are using. Once you sign up and open a Works account, you will be able to choose your trading direction: Individual is the most popular option, suitable for individuals and allows you to trade for your own money or on leverage. Joint - an account that partners can share with each other. At the time of opening, the share between them is distributed by 50% or in fixed portions (you can choose), in the event of death of one of the owners, all funds are transferred to the second. Retirement is a retirement account. The client makes a deposit and receives remuneration for his or her retirement savings. There are several modules in this package which differ in terms of taxation. Corporate - suitable for legal entities of different forms of ownership. Trust - an account which will be managed by a third party. To get this package you need to provide the appropriate power of attorney. International - accounts for companies that have representative offices in different countries. You need to read the restrictions (this account is not available in Canada). Leverage at Tastyworks is available to users with a deposit of $2,000 or more, and there is no minimum deposit threshold to open an account. The broker provides access to Percent-Of-Profit limit orders. The main news, in particular changes in quotations, are published online. Indicators, technical and graphical analyses can be set up in the private office. The desktop version of Tastyworks has a profit and loss calculator, and you can compare the performance of each strategy separately. Three types of orders are available: Market, Limit, Stop-Limit. Traders are also offered to use ready strategies, which is helpful for beginners. The registration page provides information on the current commissions. For example, traders will be charged $1 to open a position and $10 to open a position in options on shares and ETFs, with a minimum contract price. Options and futures trades are charged $2.5 for closing. Reviews In reviews of Tastyworks, customers note the good features of the trading platform. The terminals have a currency pair liquidity rating and around 50 tools are available for technical analysis. Unfortunately, the broker has not adapted the website to Russian, which significantly reduces the number of traders from the CIS. Pros There is no minimum deposit; Low commissions; Free streaming and access to traders' trading strategies available; Free mobile version with full access to tools. Cons No Russian language support; Margin trading available to traders with a deposit of $2000 or more; No demo version of the platform.