TastyWorks Promotion Code
Open Tastyworks Account
TastyWorks Promotion Code Details
Regulatory fees still apply. All futures options and the following index products are excluded
from this offer: SPX, RUT, VIX, OEX, XEO, DJX and NDX. Certain complex options strategies carry additional risk.
What is TastyWorks?
TastyWorks’ brokerage platform is part of the TastyTrade family and it offers a unique trading experience geared towards active options traders. This article offers an overview of TastyWorks and discusses what they do well as well as where they do just okay.
What Can I Trade?
TastyWorks lets you trade most U.S.-listed stocks, ETFs, futures, stock options, and options on futures. However, you can’t currently trade mutual funds or bonds on their platform.
Investor Education
One of the unique selling points of TastyWorks is for options traders that are already familiar with the Tasty Family. Your account automatically includes eight hours a week of live broadcasts from TastyTrade. Where TastyWorks falls behind in this area is its lack of stock research reports financial education articles.
Customer Service
TastyWorks offers customer support through a couple different channels. You can get live phone support or online chat support during the week from 7:00am to 5:00pm (Central Time). Email support is also available for those less urgent inquiries.
Summary
TastyWorks sets itself apart from the competition through their unique pricing structure and by trying to appeal to a specific type of investor, specifically the active options traders. If you’re already familiar with the TastyTrade broadcasts, you may fit right in trading on TastyWorks.
TastyWorks IRA Fees
If you are an avid options trader, you’ve probably heard of the popular Tasty Trade broadcast from the Tasty
Family. Tastyworks is the Tasty Family’s brokerage service and they offer both taxable and retirement brokerage
accounts, including Traditional and Roth IRAs. Below will cover the fees you should anticipate if you open a TastyWorks IRA.
TastyWorks Promotion
$0 commissions + $75 for each friend referred with this referral code.
Open Tastyworks Account
Types of IRAs
There are three types of IRA accounts offered by Tastyworks: Traditional, Roth, and SEP IRAs. The Traditional IRA is the most common and is where you make pre-tax contributions so that you lower your current taxable income while also saving for your retirement. Once you retire and withdraw from your Traditional IRA you will owe taxes on both your contributions and capital gains.
If you open a Tastyworks Roth IRA your contributions are made from after-tax income so that there are no tax savings up front. But once you reach retirement and withdraw from your Roth IRA you won’t owe any taxes, not even on the capital gains. So while a Traditional IRA offers tax savings right now, a Roth offers them later in life.
Lastly, the SEP IRA is functionally similar to the Traditional IRA in that contributions are made with pre-tax income and you will face taxes once you withdraw your money in retirement. The SEP IRA is geared specifically towards self-employed individuals and employees of small businesses that are not large enough to offer an employer-sponsored retirement plan.
TastyWorks IRA Account Fees
Some brokers will charge you an account setup or transfer fee for opening an IRA, but Tastyworks does not. On the flip side, they will charge you a $60 closing fee when/if you close your IRA. Tastyworks does not charge any annual maintenance fees for having an IRA, nor do they have any minimum balance requirements to maintain.
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Tastyworks IRA Trading Fees
When it comes to trading in your Tastyworks IRA, their commissions generally compare favorably to other brokers, especially if you plan to use options. Buying stocks or ETFs will cost you a flat $5 and selling these shares is commission-free. Opening an options position will cost you $1 per contract ($10 maximum), and similar to ETFs, these positions are free to close out. However, if you ever wanted to exercise an option, this will cost you a flat $5. Futures trades are $1.25 per contract on both the opening and closing trades.
Opening an IRA account with Tastyworks has a number of positives for those who are already familiar with and like the Tasty brand.
Their commission schedule and account fee structure is fairly attractive, and we like that it’s free to close out most trades as
psychologically, it can be hard enough to sell losing positions even without being faced with a commission. One thing that retirement
planners might not like about a Tastyworks IRA is their lack of mutual funds.
TastyWorks Promotion Code Disclaimer
TastyWorks promotion incentive details can change without notice. Read TastyWorks promotion offer's fine print before opening an account.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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