TastyWorks is a trading platform with more than 13 years of experience on the market. They are known to offer forex trading, as well as share dealing trading and social trading. It is also considered a great broker for options. The broker was created by the same individuals who came up with Thinkorswim, and it is privately owned.
Despite seeming a wonderful option thanks to its popularity, its experience, and the amazing features it has to offer, TastyWorks has some negative reviews. These may be enough to create a deep feeling of doubt in your mind, causing you to hesitate a lot before actually testing out this trading platform. Well, this review is meant to tell you exactly what TastyWorks can do for its users, so keep reading to find out whether it’s legit or a scam.
Who Is TastyWorks for?
People who will benefit the most from TastyWorks are those who want a platform with low fees, specifically people who are on a budget. It can be tough to trade on a platform with high fees when you don’t earn a lot, but TastyWorks makes sure to make trading accessible even for this category of people.
There isn’t any minimum balance requirement either, making this low-price aspect even more advantageous. But that’s not all – TastyWorks also offers a variety of educational materials. This way, users can learn while enjoying a stress-free trading experience.
The broker is also a great option for active traders, particularly people who trade futures or options. Many consider the options pricing schedule and trading technology of TastyWorks to be one of the best in the business.
Things We Like
TastyWorks succeeded in impressing us in certain aspects. First of all, there is the low fee benefit and the fact that there isn’t any minimum balance requirement. We think it’s always important to make sure a trading platform is available even for those without great financial means. There are no closing trades either, which is also an aspect we liked.
Then, we also loved the fact that there are IRA options for traders, so those who are interested can invest in a Roth, Traditional, or SEP IRA.
The number and quality of the educational materials available also left a very good impression on us. This ensures that people can get better at trading while using TastyWorks, and we found this to be incredible.
Things We Don’t Like
There are a few things that we weren’t too happy to see. First of all, there isn’t any demo account and while that isn’t the worst thing out there, it can put off a lot of people. Many individuals want to test the waters before they agree to use a trading platform, and the fact that there isn’t any demo account may be unpleasant to them.
Then, we didn’t like the fact that there aren’t a lot of deposit and withdrawal methods. People should have multiple options to choose from so in the end, they can pick the one that is the most convenient for them. A lack of such options can make people regret using TastyWorks, to begin with.
Lastly, the product selection is not that diverse – it’s actually quite limited in comparison to other brokers. Some traders may not be happy about this and might consider switching to another platform instead.
Pros / Cons
- The research tools are amazing
- It offers several wonderful educational materials
- The trading fees are low
- Many strategies and order types
- There aren’t a lot of deposit and withdrawal options
- Product selection is pretty limited
- There is no demo account
Safety and Regulation
Before you proceed with signing up on TastyWorks, you should know some things regarding safety and regulation. Making sure that a broker is safe before using it is necessary if you don’t want to deal with unpleasant surprises later on. That being said, let’s take a look at some safety-related matters.
Who Is TastyWorks?
TastyWorks is a trading platform established back in 2008, and it was founded by the same people who also made Thinkorswim. The brokerage mainly offers options and stocks trading, and it is intended for active traders for the most part, especially people who love the online video service offered by it. TastyWorks has a unique structure for fees, which is what brings the overall price to a smaller number compared to other brokerage firms.
On top of being used for stocks, options on stocks, options on futures, and futures trading, TastyWorks also offers IRA accounts.
Is TastyWorks Regulated?
TastyWorks is regulated by a few top-tier authorities. These include the Financial Industry Regulatory Authority, the Exchange Commission, and the Australian Securities and Investments Commission.
- Authorized by the Financial Industry Regulatory Authority (FINRA)
Is TastyWorks Safe or a Scam?
TastyWorks ensures some safety, especially considering it is monitored by some top-tier authorities on the market. But that isn’t all. The safety also comes from the fact that its financial information is available publicly, and also the fact that there is a lot of investor protection. On top of that, most clients belong to a top-tier financial authority.
We do have a few concerns, though, mainly regarding the fact that TastyWorks has no banking license. There isn’t any negative balance protection either, and apart from that, the broker isn’t listed on the stock exchange.
Countries It Accepts Clients from
People from most countries are accepted on TastyWorks, and almost every EU country is accepted. Most Central and South American countries are also accepted. Overall, it can be accessed in more than 194 countries.
TastyWorks was on top of Investopedia’s “2020 Best Online Broker for Low Costs” and “2020 Best Online Broker for Options Traders”.
Range of Offerings and Products
TastyWorks allows people to trade on US stocks, as well as some future and options. Only U.S. markets are covered. There isn’t a lot of information regarding how many tradable products there are, though. Not to mention that the broker doesn’t offer crypto, CFD, bond, fund, and Forex trading. Compared to some of its competitors, TastyWorks has a limited product range.
Portfolio Margin Accounts have a 5:1 leverage, while standard margin accounts have a 2:1 leverage.
Experienced and active traders will have a great time using the platforms because they offer various features. People can choose between a web, desktop, and mobile platform.
With the web platform, people can get price alerts, a clear fee report, and 2-step authentication. Sadly, it is not great for beginners because it may take a while to discover the way some functions work. There is limited customizability with it too.
The desktop trading platform is pretty similar to the web one. The advantage with it is that it works more smoothly, and it also comes with some additional features. For example, it has better customizability than the web version. Still, this one is not the best for beginners either.
Lastly, we have a mobile trading platform that has order confirmation and comes with a Face ID/Touch login. It is quite user-friendly and allows you to easily trade wherever you are. There are no price alerts, though.
There are two types of accounts offered by TastyWorks, respectively cash and margin accounts. The benefit of margin accounts is that you can use leverage.
Apart from that, you can also get retirement accounts if you are interested in them.
Unfortunately, no demo account is offered by TastyWorks.
Deposits and Withdrawals
When it comes to deposits and withdrawals, the platform lacks a lot. Although it is user-friendly and there is no fee for deposits, the options are very limited. You can only make deposits and withdrawals using bank transfers. Cards and e-wallets are not available.
What Is TastyWorks Minimum Deposit?
No minimum deposit is required by TastyWorks.
Withdrawals can be done by bank transfer just like deposits. The fee for them is pretty high, though.
TastyWorks has a few promotions going on at times. For example, they currently have a promotion granting $50 or $200 in cryptocurrency for people who open accounts and fund them before September 30, 2021.
Client Support and Education
The broker is great in terms of education. There are a lot of study materials to use. Educational videos are accompanied by a trading platform tutorial, webinars, and educational articles, making sure you get as much information as you need. The only downside is that there is no demo account.
Verdict – Overall Rating
TastyWorks is good when it comes to fees, education, and overall trading experience, but it has some issues. Not only is there no demo account, but there are also no other ways to deposit and withdraw money apart from bank transfers. Moreover, the product selection is limited, and the trading platforms are not that suitable for beginners. So, it’s best to try out the platform with caution and only if you are an experienced trader.
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There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
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There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
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