Best Stock Broker – Tastyworks Brokerage Review

It doesn’t matter if you are just learning how to trade stock options or are already using advanced stock options strategies, I strongly recommend that you open an account at tastyworks brokerage. Even if you are just buying stocks for a self directed IRA, account, tastyworks is the best online broker for new or experienced stock traders for many reasons.

Pricing

Brokerage fees can eat up your profits faster than a lot of traders and investors realize. When I first started, I understood that I had to pay a fee, but I was astonished at how much they added up to after 1 year. I had to pay a fee to open a position, and then pay the same fee again to close it. Its bad enough to pay when are closing a winning trade, but paying money to close a trade that lost you money really stings.

tastyworks review

Tastyworks has the lowest fees I’ve ever seen. Let my just start by saying that it costs ZERO TO CLOSE A POSITION! Yep $0.00 dollars. That is really going to help you save money.

You can see above that you will pay only $5.00 to buy stocks and zero in fees when you sell them. You can buy 1 stock or 1,000 (or even more) and you will still only pay $5. I’ve had other brokers require me to buy 100 at a time, or pay a higher fee for an odd lot, but not tastyworks. And in the past I’ve had to pay the same fee again when you close.

I options strategies exclusively, since that is the best way to minimize risk and maximize profit.

To open a position on stock options, it will cost you $1 per contract, but no more than $10 if you are buying multiple contracts. So if you are buying 1 contract, you will pay $1, if you are buying 9 contracts, you will pay $9. If you are going to buy 10 or even 100 contracts, you will only pay $10 for that opening transaction. THEN ZERO TO CLOSE.

If you are trading spreads, then each leg would be considered separate, so the most you would pay would be $20, and the same goes for iron condors, which will have a max commission of $40. And you can still close them for zero commissions, even if you only close one leg at a time or all at once.

Take a look below to see how much tastyworks will save you on commissions, compared to other online brokers. Here is the cost of opening and closing a single put or call, a vertical, and an iron condor with tastyworks, E*TRADE, Fidelity, Interactive Brokers, Schwab, and TD Ameritrade. You can see that tastyworks has the lowest commissions.

easy option trading

Tastyworks vs TD Ameritrade? Winner = tastyworks. Tastyworks vs Interactive Brokers? Winner = tastyworks. When it comes to keeping your money where it belongs, tastyworks brokerage beats the competition.

As you put more and more trades on, the savings becomes even more of an issue. Look at what the cost of 100 trades would be.

easy option trading

And as your account grows, you will put on more trades, and will save even more money on commissions by using tastytrade brokerage. Tastyworks is the best online broker for saving money on commissions when trading stock options.

easy option trading

 

Account Types

Tastyworks offers a full line of trading and retirement accounts. You can trade to provide short term income, or maybe you are investing for your future. Either way, tastyworks has you covered.

Individual Margin Account

This is the type of account I have. It is the most flexible trading account available. With a margin account you will be able to utilize option trading strategies that I discuss in this blog.

  • Stocks
  • Covered and uncovered calls and puts
  • Covered and uncovered option spreads
  • Futures

Currently, the minimum required to open a margin account at tastyworks is $2,000.

online stock trading account

Individual Cash Account

A cash account does not have the same benefits that a margin account does. In order to make a trade in a cash account, you must have the account funded with enough cash to cover the full trade.

There is no minimum deposit required to open an individual cash account at tastyworks.

stock market trading account

Retirement Account – Traditional IRA

This is an account allows contributions of $5,500 per year to earn tax deferred income. Your earnings will grow tax deferred until you withdraw. At that time you will be taxed at your tax rate then.

open online trading account

Retirement Account – Roth IRA

This is retirement account is for anybody with earned income. You contributions are made with after tax dollars, and withdrawals can be made at anytime, without penalty. Your earnings from this account may be made tax-free and penalty free for certain instances.

online stock trading account

Retirement Account – SEP IRA

This is another type of individual retirement account. This account is for self employed and small business owners / employees. In this account your earnings grow tax deferred, and they are taxed at your rate when withdrawal.

stock market trading account

Corporate Accounts

Legally established US entities operating under C Corp, S Corp, LLC, and Partnerships can open a Corporate Account at tastyworks.

how to trade stock options

Trust

Available on behalf of revocable or irrevocable trusts. In order to open this account, you must provide a copy of the Trust Certificate when you open the account.

different options strategies

International

If you live outside of the US, you may still be able to join the tastywork community. Margin and cash accounts are available to some international customers.

tastyworks login

Joint – Tenants in Common

This type of trading account has two owners who each own s portion of the accounts value. When one of the account holders passes, their portion is passed on to their estate.

tastyworks com

Joint – With Rights of Survivorship (WROS)

This type account has two owners who have equal ownership to the accounts assets. When one owner passes away, the surviving owner has full ownership of the account.

online stock trading account

Learn How to Trade Stock Options

Tastyworks was build for people who trade, buy people who trade for a living. You will have the tools necessary to make trades just like the big guys. Besides having the lowest commission rates that I’ve ever seen, there is also no minimum to open a tastyworks trading account. You can open an account with zero money, and fund it a little, or a lot.


15 Replies to “Best Stock Broker – Tastyworks Brokerage Review”

  1. Josh

    I’ve been interested in stock trading but it was always the high fees that kept me from getting to involved with purchasing stocks. I will say have done some small trades using robinhood, but other than that  I don’t have a ton of experience.

    Thanks to tastyworks, high fees are a thing of the past. TastyWorks still beats them all in overall fees by a long shot.

    I opened an IRA account!!

  2. Murasa

    Just buying a stock and hoping it goes up is nice and all, but I like to make money EVERY month, and I do thanks to tastyworks.

    I opened my account with just $2,000 and can make the same trades that the big guys do, and I am learning a skill that I can use for the rest of my life.

    Tastyworks

    is better than TD Ameritrade and Interactive Brokers IMHO. Why pay those high fees?  

  3. charles39

    I used to trade with TD Ameritrade, I really liked the TOS platform.  The fees were killing me though!  I would pay 15 bucks to put on an iron condor, then another 15 to take it off!

    With tastyworks, I am only paying $4 to put on, then $0 to close, and I couldn’t be happier! Moving from TOS to tastyworks was pretty seamless, and tastyworks is better than TOS when making trades with your phone.

    I moved to tastyworks, and I love it!

  4. Michael

    I’ve been a big fan of tastyworks and tastytrade for a few years now.  I listen to their show almost daily while I am at work.  It is more than just talking about stocks like other shows do. They teach you how to trade in a way that you just can’t learn in school.

    My favorite thing that they do is the “Trades from the Research Team” every Thursday morning. I get some really good trade ideas almost every time.

    Another thing I like is that they have the Liz and Jny show, to give a different perspective than what Tom and Tony give in the morning. When Liz and Jny come on, I take notes!

  5. Henry

    Hi! Thank you very much for reviewing Tastyworks brokerage. I really like it doesn’t cost anything to close a deal.

    Looking at the description of the accounts, I believe that the account that best suits me is an Individual Cash Account. I like there is no minimum deposit required to open it.

    It’s exciting to make trades just like the big guys. I’ll definitely give Tastyworks brokerage a try! 

  6. Sujandar Mahesan

    The one thing that has prevented me from starting to learn simple option strategies was the fact that other brokers require such a high deposit to start.  Tastyworks only requires $2,000 to get a margin account, which is nice for people who are trying to learn about stocks and options.

    I like that I can access my account with my mobile phone too. I can trade no matter where I am.

    I recommend tastyworks to all of my friends.

  7. abioye olalekan

    Thanks for the review on tastyworks

    Although I don’t have an account with them but I am highly convinced with this write-up of yours and I hope to try them out. I have has series of bad experiences with different brokers but am hopeful tastyworks will be exceptional and distinct. Thanks, we appreciate

  8. Chris

    Tastyworks is the only brokerage I have ever heard of that wil cap their commissions for all of their investors.  I sold 50 vertical puts on FB prior to earnings.  The strike was right at the money.

    I was happy to close them all, and I didn’t have to worry about the closing commission charges. On any other platform I would be paying a lot of money, but with my tastyworks account, I paid ZERO commission charges, and got to keep all of  my earnings.

    Thank you Tastyworks!

  9. Autofreak

    As a self employed entrepreneur, I understand how important it is to keep your costs low.  When I was looking to open an IRA account, I wanted to compare Interactive Brokers, TD Ameritrade, Fidelity, and  ETrade.  

    At the time I was already a fan of tastytrade, listening to their show everyday. When I found out they were going to open their own brokerage, I knew exactly where I was going with my investment.

    With zero commisions to close, I recommend everybody open an account with Tastyworks, unless you hate money.

  10. Nuttanee

    I opened an IRA account with Tastyworks, and I put a little into my account every week.  I opened it up with zero deposit, and just set up weekly withdrawals from my checking account, every payday.

    I sell iron condors on SPY, IWM, and DIA, selling out around 45 days or so until expiration or less, using time decay to make money.

    I recommend anybody that is interested in taking control of their future learn how to use the basic option strategies and start making money, it isn’t that hard at all.

  11. AbiodunS

    I switched from Interactive Brokers to Tastyworks a few months ago. So far I am extremely happy that I did.  I like that I can trade from my phone, desktop, or on my Ipad, depending on where I am.

    Tastyworks is the best online stock broker IMHO, and the fact that I opened my account with such a low deposit helps out too.

    Tastyworks is good for anybody who is trying to learn how to trade stocks, options, or even futures.

  12. zuchii

    From the explanation and illustrations given above Tastyworks offers a really fair deal as compared to other brokers in thesame market place.The account options available is also impressive covering a wide range of of categories. In the past I have always ignored the stock market because of it’s volatility and ripoff by some company. I think doing business with the right online broker is as important as making the right invesment. TastyWorks seems like that company.

  13. Kenechi

    Tastyworks can’t be beat. Low commision to open, but let you close for free. I’ve gained more than enough to cover the commission, support and live data are very good too. 

    I opened and IRA and a margina account at tastyworks, and I am saving thousands of dollars a  month in fees! Step up to the big league!

  14. tracey spinney

    Very clearly explained about the charges to start trading and how there are no closing charges.
    Very well explained how the more trading that is done costs less, the charges are or the more that is purchased the most you will pay is 20 dollars.
    There are also about five other accounts that can be looked into for reference such as single account, retirement account.

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