| Tastyworks minimum investment to open brokerage account | $0 in cash and/or securities |
| Tastyworks minimum amount to open brokerage margin account | $2,000 in cash and/or securities |
| Tastyworks minimum initial deposit to open ROTH IRA, Traditional IRA, Simple IRA, or SEP IRA | $0 |
| Tastyworks minimum balance requirement for brokerage or IRA | none |
Open account and pay no commission when selling stocks, options or ETFs.
Tastyworks Review
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Tastyworks Overview
From the creators of Tastytrade, Tastyworks (member of SIPC) provides a one-of-a-kind online trading platform that specializes in teaching its users how to trade
options contracts. But, amazingly enough, that is only the beginning; because, even when showcased against the best-of-the-best brokerages in terms of
fees, technology, and research, Tastyworks gives any provider a run for their money.
The Tastytrade team originally set out to create a first-of-its-kind online platform that empowers users to take the mystique out of and trade options contracts. Stock trading is a beast of its own, but options trading tends to keep would-be traders at an arm’s distance due to the shroud created by the foreign jargon and abstract concepts that surround it. Tastytrade dispels the ‘financial experts only’ label around options and starts every user at the quintessential basics of trading options via an online learning center. Once this is complete, according to the platform’s prescribed process, the user is then ready to switch over to their online trading platform, Tastyworks.
Tastyworks Pricing
Whether you trade options, stocks, or futures, Tastyworks takes the lead when it comes to commissions through a unique pricing structure where commissions are charged only when a position is first opened. In other words, there is no commission charged for closing any position. Now at first you may say to yourself, as I did, “well, who cares if there is no closing charge because no doubt that is offset with high ‘opening’ rates.” And that’s the beauty of it - the rates are just about identical to what most brokerages charge on both sides of the position. Check out the rates here:
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tastyworks says on its website that it “does not provide investment, tax, or legal advice.” Sure enough, there's no portfolio management service here,
which obviously means it doesn't have a robo advisor. One of the broker's co-CEO's says that using a robo advisor is like stashing your money away in
jail because it sits there for years with no oversight.
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