I’ve been using TastyWorks for about a month now to mainly sell options. Since my strategy aligns with their mindset of “trade small, trade often.” If you’re just starting off in the world of trading/investing looking to open an account, this TastyWorks brokerage review might be right for you.
I had switched over to Tastyworks from Interactive Brokers. Primarily because of the colorful and easy-to-use interface. I think IB is a great broker and probably has the best pricing structure. Additionally, IB has an API available to algorithmic traders and developers. However, their interface was a bit lacking in the “user friendly” department. It seemed very old and outdated.
TastyWorks Brokerage Review with Pictures
The Normal Distribution Chart
Interactive Brokers’ interface alone wasn’t a deal breaker to me. As a lot of my trader friends still stick with them as it tailors to their trading strategies. The unique thing about the Tastyworks brokerage is that the interface is made for probability traders. The screen contains statistics and tables. The “Trading” tab includes a nice normal distribution curve that shows the standard deviations around strike prices. The table makes it easy for traders to point their mouse and click. When you see a trade you want, you can click on the chart and select “Buy”. Moving over from the traditional order tickets to the new graphical formats makes trading much easier. Additionally, you can click and drag the mouse along the charts to see profit/losses.
For statistics nerds out there, this is a great way to mechanically trade based on probabilities. The field that says “POP” is the probability of profit. In the picture above, you can see that it says 72%. This means that there is a 72% probability that you make at least $0.01.
TastyWorks Brokerage Commissions and Fees
In terms of fees and commissions, TW is very competitive. Based on how you trade, the best fees will come either from TW or IB. Their pricing structure for Tastyworks brokerage is as follows:
Additionally, FINRA charges a $0.15 mandatory fee for each traded contract. Unfortunately, we cannot avoid these fees.
Tastyworks has two options for trading, one through a desktop platform and another through their web platform. If any of you used Dough before, the web platform will look very familiar. You can access the web platform via Trade.Tastyworks.Com. This is great if you’re trading at work and aren’t able to download the desktop platform. Additionally, once they release their mobile app, you won’t need to worry about web platforms.
There are a few minor differences between the web and desktop platform. The desktop platform is still pretty barebones. The screen falls short if you are accustomed to using ThinkorSwim for doing scans and analysis. As the Tastyworks Brokerage adds more functionality to the platform, TW might become the primary tool for trading. The web platform contains errors and don’t quite work on all browsers yet. You’ll see weird glitches here and there in terms of aesthetics.
Tastyworks Brokerage Web Platform
Sign up for an account at Tastyworks, or use my referral code: https://start.tastyworks.com#/login?referralCode=H58H5BEDXW