TastyWorks
Table of Contents
Useful Links
Tastyworks Pricing — how much it costs to trade with Tastyworks
Tastytrade Live — A live educations video feed
Help Center — a support page for common issues
Technology page — The latest technology that Tastyworks uses
Background
Used by: Active Traders, especially good for Options Trading
Tastywokrs is a new and upcoming brokerage for active traders. Founded in 2017, Tastyworks has quickly garnered the attention that accommodates the recent rise in demand for Options trading.
Tastyworks was founded in Chicago, where its headquarters are. Founder Tom Sosnoff was also behind Thinkorswim, a successful trading platform aimed at both beginners and advanced traders.
Tastyworks does offer stocks, futures and ETFs, but it, predominantly focuses on Options trading. In this Tastywork review we will discuss the and trading platform’s tools, charting, indicators, as well as its costs and limitations.
Affiliations or Secondary Platforms
As mentioned above, Tom Sosnoff (the Founder of Tastyworks) was the man behind Thinkorswim, a well-known trading platform that still operates.
Tastytrade is also under a sister’s name because its a part of the Tastyworks company, which is where the educational content resides.
Market Access for Live Trading
| Market Access | Instruments |
|---|---|
|
Stocks |
Only US-listed stokcs are available for trade |
|
Commodities |
N/A |
|
Futures |
CME, CBOT, NYMEX, COMEX, ICE, EUREX |
|
Options |
Only US-listed Options are available for trade |
|
CFDs |
N/A |
|
Forex |
N/A |
|
Mutual Funds |
N/A |
|
Hedge Funds |
N/A |
|
Bonds |
N/A |
|
ETFs |
Only US-listed ETFs are available for trade |
|
Futures Options |
US-listed futures options only |
|
Crypto |
Bitcoin futures only |
|
IPOs |
N/A |
|
Direct Market Access |
Tastyworks doesn't have Direct Market Access |
|
Account Types |
Individual, Margin accounts, Cash accounts, Joint, Retirement (including Traditional IRA, Roth IRA), Corporate: LLC, Trust, International |
TastyWorks Market Access
TastyWorks supports trading in US-listed stocks, futures, options, and ETFs. The platform also offers Bitcoin futures, but it does not support commodities, forex, mutual funds, hedge funds, bonds, or CFDs. This limited market access might be restrictive for some traders
Market Data and Software Costs
| Market Data | TastyWorks fees and margin rates are frequently discussed topics. While many reviews offer basic information, Quant Savvy provides a detailed breakdown and comparison with other trading platforms |
|---|---|
|
Data Feeds Compatible |
Tastyworks uses dxFeed for their market data, which doesn't have any delay. Tastyworks is closed source software that has very few supported APIs. This is a big drawback of Tastyworks, as you have less choice regarding data feeds. |
|
Minimum Account Opening Balance |
$0 for cash accounts, $2,000 for margin accounts |
|
Time to open account |
A 10 minute application and a waiting time of up to 3 days |
|
Inactivity fee |
No inactivity fees, meaning you’re not forced to use your account to avoid being charged |
|
Withdrawal Fee |
$25 for US traders and $45 for non-US users |
|
Desktop |
Free |
|
Mobile App |
Free |
|
Web Trading |
N/A |
|
Stocks & ETFs |
Free |
|
Stock Options |
Opening commission: $1.00 per contract ($10 max per leg) Closing commission: $0 |
|
Futures |
Opening commission: $1.25 per contract; Closing commission: $1.25 per contract |
|
Futures Micro E-mini |
Opening commission: $0.85 per contract; Closing commission: $0.85 per contract |
|
Futures Options |
Opening commission: $2.50 per contract; Closing commission: $0 |
|
Images |
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User Interface and Technology
Charting, Indicators and Tools
Tastyworks charting: Experienced traders will find the user interface a pleasure to work with. Charting and the general experience of the software (and web and mobile app) is intuitive and very smooth.
Charting indicators include Average Directional Index, Bollinger bands, Moving average convergence divergence and relative strength index. There’s a chart drawing tool to add drawings such as trend lines. Bare in mind, this is directed towards options trading. You can make quick informed decisions when options trading because this is who it’s for. There’s a tonne of great options charting features, with an analysis page that displays charting on positions. You can assess the risk profiles of multiple open positions, and thus see how adjusting one position will affect it.
ChartGrid has recently been added on the desktop application, which allows the user to load 10 underlyings on a given page. When equities trading however, things aren’t quite so smooth. All that exists is prices and input orders, meaning there’s very limited apparatus to perform advanced analysis.
Platform Reviews by Users
“They have Good research tools but No demo account with Deposit and withdrawal options limited. If you’ve invested already but no withdrawal granted, its not a problem.”
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TastyWorks User Interface
In summary, TastyWorks offers a sophisticated and efficient trading platform ideal for active traders, particularly those focused on options. Its robust charting tools, extensive order management features, and supportive community make it a strong contender in the trading platform market, earning it a 4 out of 5 stars rating
Day Trading Platform Tools, Live Trading, Research and Portfolio Risk Software
Scanners, Screeners, Watch Lists, Software tools, Alerts
Tastyworks doesn’t perform too great when it comes to scanners and watch lists. There’s no backtesting capability for example, though the watchlist that does exist has intuitive filters and is easy to view (as well as being consistent across all platforms).
There’s an interesting “watch list” of sorts regarding the social feed. You can follow other traders and duplicate their trades as well as watchlists of recommendations. There’s a greater filter where you can view the top 10 most frequently traded in the previous hour by Tastywork traders. This feature is very similar to what eToro trading app is offering, which we’ve discussed in Best Trading App‘ review
Placing Live Trades and Trading Technology
Placing trades: In Tastyworks review we’ve alluded to the fact you may need to research your trades elsewhere, but executing the trades themselves on Tastyworks is fast and functional. You will want to use the desktop version though if fast data streams are important to your strategy. You can’t send stage orders or multiple orders for later entry, but you can display open positions in charts and adjust them. Very recently, the functionality of trading from a chart has been improved with the Chart Grid feature. There are a number of trading strategies and order types, such as straddle, iron condor, strangle, limit, stop market, stop limit, GTD, GTC and more.
Portfolio, Risk Management and Software Tools
Tastyworks has a feed of other traders in which you can view their trades to gain inspiration and insight.
The software however lacks features and tools for portfolio and risk management. There are only a few basic pages to check the portfolio, social feed, or simply start trading – it’s quite barebones.
This means that there’s not a lot of room for portfolio management on the software itself. You can see at the top of the platform your portfolio statistics, however, which include: theta, delta, profit, liquidity and buying power. Any further analysis and you can log on to Quite Foundation. There’s no tax information or internal rate of return.
Research and News Feeds
Fundamental Data: Tastyworks is very limited when it comes to fundamental data, which is essentially non-existent on the platform. This means research and data is limited only to technical stuff. However, there is a fantastic educational platform packed full of content and even live trading streams. Here, you can not only learn strategies but also hear some relevant news. There is also streaming of news from Acquire media on the quote sidebar. There are also dates of upcoming earnings reports for different companies, which is very helpful.
TastyWorks Platform Tools
TastyWorks is limited in scanners and watch lists, lacking advanced features like backtesting. Its social feed lets users follow and copy trades, adding a social aspect to trading. While trade execution is smooth, especially on the desktop, the platform lacks advanced portfolio and risk management tools. Fundamental data is minimal, but TastyWorks offers a good educational platform with live trading streams and news updates
Mobile App
Mobile App Rating
Apple Store Rating: 3.0 stars
Android Rating: 4.0 stars
Mobile Trading
Functionality:
The Tastytrade mobile app is designed to offer most of the functionality available on its web and desktop platforms. It allows users to trade stocks, options, and futures with ease. Key features include:
Trading Options: Users can place a variety of orders, including market, limit, stop, and stop limit orders. The app also supports complex options strategies like iron condors and straddles.
User Interface: The app is well-organized and user-friendly, providing a clean and modern design. However, the absence of certain features, such as price alerts, may be a drawback for some users.
Security: The app offers two-step authentication and biometric login, ensuring a secure trading experience
Mobile App Reviews
“Great platform, and desktop platform. Great educational content from tasty everyday. The trade desk is highly responsive with any questions and to let you know if you have any expiring options and how to deal with them. I would highly recommend.”
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TastyWorks Mobile App
The Tastytrade app receives mixed reviews. Users appreciate the app's comprehensive functionality and intuitive design. However, some users have reported issues with the lack of price alerts and the complexity of the app for beginners. Overall, the app is highly functional but may have a learning curve for new traders.
In summary, while the Tastytrade mobile app offers a robust trading experience, its limitations in alert functionalities and complexity for new users have garnered it a mixed reception
Programming Language
Language
N/A: Tastyworks does not offer a dedicated programming language for scripting or algorithmic trading, which limits its appeal for traders looking to automate their strategies
Learning Curve
Support: There’s no demo account for traders to practice their strategy on, which is a significant limitation, making it slower learning curve. If you’re new to trading options, then the user interface looks very overwhelming and busy, making it difficult to comprehend. Furthermore, there is no built-in guidance when using the software.
There’s no popup boxes that helps guide new users through the user interface. There may be external video content, but it’s not built-in meaning the UI takes longer to get to grips with.
YouTube Video Channel
Much of the Tastyworks learning content comes from Tastytrade website and not Tastyworks Youtube. However, this is streamed onto the Youtube channel, as well as an abundance of other content specifically for the channel. There are uploads at least 5 times a week, and the channel has almost 200k subscribers, which is a good indication that there’s some quality content.
Compatibility and Design
Tastyworks falls behind its competitors when it comes to APIs and compatibility. As it’s not open-sourced and has no programmable environment, you’re left with only the software they provide. The design of the desktop software is fantastic but limiting. It’s almost entirely directed towards options trading, leaving equities behind.
The desktop software is well-designed for options trading but is less versatile for equity traders. Beginners might find the design complex, but it offers smooth and efficient trading for experienced options traders. The desktop version allows some customization, such as changing font sizes and colors, while the mobile app lacks customization options
The mobile app may have terrible customization surrounding the design, but the desktop version does allow you to change font sizes, colors, and chart settings.
Speed and Performance Considerations
Performance: Tastyworks is built on modern infrastructure, providing fast execution for trades and customer service. The platform’s overall speed is one of its strong points, ensuring quick transactions and responsive performance
Resilience and Limitations
Limitations: Tastyworks is primarily designed for options trading, leaving equity traders and beginners at a disadvantage. The platform lacks extensive features for portfolio and risk management and offers limited chart customization.
User Reviews: Users have expressed mixed feelings, highlighting issues with the platform’s usability and support. Complaints often focus on the lack of flexibility and guidance for new traders
User Reviews
“Love the app and service so far it was little confusing at first but turn out very easy and super fast execution, after watching many tasty trade show and when I open the account and deposit money the prompt asking would you like us front you the money before your deposit settle so you can start.”
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TastyWorks Programming Review
Tastyworks excels in options trading with a well-designed, fast platform but falls short in areas like scripting, beginner support, and equity trading. It offers a good educational channel but lacks built-in learning tools, making it less suitable for new traders or those looking for extensive customization. Overall, Tastyworks scores 2 out of 5 stars in the programming language and ease of use category
Automated Trading and Backtesting
Backtesting
You cannot perform backtesting on Tastyworks. If you are looking for a trading platform with well-designed backtesting, nothing can beat Amibroker. AmiBroker claims they are the world’s fastest portfolio backtesting and optimization.
Quant Savvy ran some basic optimizations across all platforms and can confirm that AmiBroker was the fastest
Live Automated Trading
Tastytrade does not support live algorithmic trading beyond basic order automation. This limitation makes it less appealing for traders who rely on sophisticated automated trading strategies
Trade Management and Historical Trades
Trade Management: The activity tab allows you to see open positions very clearly, which exists both on desktop and the mobile app. You can apply filters here and also view historical trades. Fortunately, the watchlists are the same across all of Tastywork’s platforms. The tab is always on the left, and then you can view options chains and access tools for analysis, strategy, and charting. The portfolio report is great, albeit options-focused. It shows the theta and delta values, though these columns can be customized. The portfolio and fee report can both be exported to CSV, and are very easy to digest and manage.
Portfolio Testing and Trading
Portfolio testing actually requires a separate website. You can view profit and loss using the dedicated software, but you have to log on to The Quiet Foundation if you want to perform any further portfolio analysis. Whilst this is a bit inefficient, The Quiet Foundation is still part of the same company group.
In so far as account performance and general portfolio analysis, Tastyworks is very limited.
Data Stability and Speed
Tastyworks is renowned for fast and reliable data feeds. The information you receive, as well as the trades you make, are performed to a high standard of speed. If speed is important to the user, then the desktop version should be preferred over the web and app platform, because it will stream data much faster.
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TastyWorks Automated Trading Review
In summary, Tastytrade's limitations in backtesting and automated trading, combined with its focus on options trading, make it less versatile for some traders. While it excels in trade management and data reliability, the platform falls short in offering comprehensive tools for automated and portfolio trading. For these reasons, it receives a rating of 2 out of 5 stars
Customer Support and Learning Resources
Online, Telephone, Email and Account Services Support
Customer services are available over the phone, live-chat or by email. There are also different email addresses regarding different issues/needs of the customer. Generally, Tastyworks reviews indicate that customer service is adequate and usually quite fast. The Tastyworks help and support page on the website is quite strong. It’s divided into different topics, in which you can view solutions to common problems. If you can’t see it there, you can press “get help” and opt for the fast live chat option.
Forum and Community Support
Forum: Tastyworks doesn’t have a designated forum of its own, meaning that community support is difficult to find. There are other trading forums in which Tastyworks is discussed, but given its relatively new and not yet a market leader, community support isn’t in abundance.
Opening and Account
Traders from the US, EU as well as many other countries can open an account with Tastyworks.
The process is fully digital and is one of the fastest on the market. It takes only a few minutes to complete, and a couple of days to wait.
Deposits, Withdrawals Process
Depositing is free of charge, and can be completed via ACH, Check or wire for US citizens. For non-US citizens, you can only use wire (bank) transfer. This takes around 3 to 4 working days.
Withdrawals cost $25 for US traders and $45 for non-US users. The methods are the same as the deposits, as are the process times.
User Reviews
“No other brokerage in the world provides better service or rates than tastyworks”
General user feedback indicates satisfaction with Tastyworks’ customer service and competitive rates. However, the lack of a demo account and limited community support are notable drawbacks
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TastyWorks Customer Support & Learning
Tastyworks offers adequate customer service and a quick account opening process but falls short in community support and educational resources, resulting in a 3 out of 5 stars rating. While the support via phone, live chat, and email is generally responsive and helpful, the absence of a dedicated forum limits the community engagement and peer support that many traders find beneficial.
The platform’s educational resources are not integrated into the user interface, making the learning curve steeper, especially for beginners. Additionally, the withdrawal fees are relatively high compared to other brokers, and the lack of a demo account makes it challenging for new traders to practice and refine their strategies without financial risk. Overall, Tastyworks is more suited for experienced traders who can navigate the platform’s limitations and make the most of its fast and efficient trading capabilities
Security
Monitoring, Encryption
Encrypted Communication: Tastyworks claim to encrypt as much data and interactions as possible.
Monitoring: In regards to monitoring accounts, they’re in line with rigorous regulationsclaims to ensure they’re protected from cyber hacks as well as fraudulent activity.
Safety of Funds
Tastyworks is regulated by top-tier US regulator FINRA, as well as SEC and National Futures Association.
This means there is a high level of trader protection. All clients are protected up to $500,000 (cash limit of $250,000) by the SIPC protection fund. This is a lot higher than most European protection schemes.
It doesn’t have negative balance protection, however, and it’s not publicly listed on the stock exchange.
Two Factor Authentication
There is an option for 2-factor authentication on both the web version and mobile application.
The mobile app has a biometric option in which you can use a fingerprint to gain access to your app account.
TastyWorks Review Summary 2 out of 5 Stars
Tastyworks is a brokerage platform primarily catering to active traders with a focus on options trading. Founded in 2017 by Tom Sosnoff, who also created Thinkorswim, Tastyworks offers a modern interface and quick account setup but falls short in several key areas.
Pros:
Quick Account Opening: The process is fully digital and one of the fastest in the market, typically taking only a few minutes to complete with a waiting period of up to three days.
Low Fees: Tastyworks offers competitive pricing for options trading, with free stock and ETF trades and no inactivity fees.
Modern Interface: The platform's user interface is sleek and intuitive, designed for efficient trading. The mobile app supports most of the functionality available on the web and desktop platforms.
Cons:
Limited Market Access: Tastyworks only supports US-listed stocks, options, ETFs, and futures, with no access to commodities, forex, mutual funds, hedge funds, or bonds.
Poor Community Support: The absence of a dedicated forum limits peer support and community engagement, which are crucial for many traders.
High Withdrawal Fees: Withdrawal fees are relatively high, costing $25 for US traders and $45 for non-US users.
No Automated Trading: The platform lacks support for automated trading and backtesting, which limits its appeal to advanced traders looking to implement sophisticated trading strategies.
In summary, Tastyworks excels in options trading with a modern, user-friendly interface and competitive pricing. However, its limited market access, poor community support, high withdrawal fees, and lack of automated trading capabilities make it less appealing for a broader range of traders. These limitations, combined with the absence of a demo account and comprehensive educational resources, contribute to a rating of 2 out of 5 stars.
