tastyworks trading software may be new to the options world, but the people behind it are far from inexperienced. Six years after launching a thriving online financial network called tastytrade, they drew upon their knowledge and experience to create the state-of-the-art option-specific platform that is the subject of this review.
The company claims that it is “ridiculously transparent,” and after having thoroughly examined its website, we’re happy to confirm that the statement is quite true.
Not only is everything you’d want to know clearly displayed, but it is written in an easy-to-understand manner for the benefit of newcomers to the trading life. The site’s pages are neatly organized, allowing you to sift through all of the important information quickly.
Commissions & Fees
tastyworks has a unique pricing scheme for options trading, which makes it one of the best options trading platforms for budget-conscious investors. Closing a position is free, while opening a trade costs $1 per contract for options on stocks and ETFs, $2.50 per contract for options on futures, and $1.50 per contract for options on micro futures. As an extra perk, equity commissions are capped at $10 per leg.
You also won’t be charged for not using or closing your account.
However, tastyworks does impose a few banking and trade-related fees that you should look out for. For example, every options trade incurs a clearing fee of either $0.10 or $0.30 per contract, and the outgoing automated customer account transfer fee is $75.
The tastyworks downloadable desktop software and web-based options trading platforms are almost identical, the only significant difference being that the desktop version is slightly faster when it comes to streaming data.
Experienced users shouldn’t have any issues navigating them, but the number of exposed features could confuse beginners. Despite this small inconvenience, the platforms are a dream come true for frequent users who prefer a fast trading style.
The software offers a fair amount of customizability, and the predefined options strategies allow you to open a position within seconds. You’ll also have superb analysis functions at your disposal, with numerous technical indicators and quite a few drawing tools.
But what sets tastyworks apart from other top trading platforms are its watchlists. They provide invaluable information such as the ask and bid prices, liquidity, implied volatility, and much more. You’ll be able to adapt the lists to your trading strategy by using the many filtering mechanisms tastyworks provides. If the tastyworks watchlists aren’t to your liking, you can easily create your own.
The mobile app includes most of the features present in the desktop and web platforms. Although all the columns, charts, and controls could be arranged slightly better considering the dimensions of mobile devices’ small screens, it’s still one of the best options trading mobile apps we’ve seen.
Even if you are a new trader, you shouldn’t be discouraged from trying tastyworks. It might take you a little while to figure out where everything is, but you’ll have copious amounts of top-quality educational content to help you out. You can access it directly from inside the platform.
If you’re unable to find the answer to your question in the extensive tastyworks help center, you can contact the customer support team via live chat and receive expert advice. We were surprised to learn that a company with such a great options trading platform doesn’t provide any other contact options and that customer-service agents are not available 24/7.
Reasons to Use This Platform:
- High level of transparency
- Numerous technical indicators
- Superb watchlists