TastyWorks Grade Review
Overall Grade: 9.5/10
TastyWorks is graded on the following ten sections:
1. Trade Commission Fees
No closing commissions (delete ‘fees’) ($0.10 clearing fee applies)*. Can’t beat that. ThinkOrSwim may be a better commission fee structure if doing large chunk trades. Frequent smaller trades and scale in trades are much better for tastyworks.
Interactive Brokers has a great, and better, fee structure when it comes to direct buying and selling of stock. However, tastyworks wins when it comes specifically to stock option commissions (delete: fees).
*All opening and closing transactions incur the following clearing fees: Options: $0.10 per contract; Stock: $0.0008 per share; Futures: $0.30 per contract.
2. Platform Fees
Very competitive, listed in above post. There as an incident where retirement accounts (IRA) received a $35 monthly fee. Tastyworks proactively refunded the fees and sent an email to all users (even those not effected) to notify of both the issue and resolution.
Compare Tastyworks to Tradestation platform fees. Tradestation charges $90 per month for their platform. Traders can avoid the fee if they conduct a certain number of trades.
The typical platform mentality is to charge traders for tools.
Tradestation mentality is to attract trades from traders to avoid fees.
Tastyworks mentality is to attract traders with tools to use the platform.
3. Options Exercise Fees
Cheap cheap cheap. $5 to be exercised and assigned options. Very reasonable if you use the feature.
4. Trading Platform
Easy to use. Drag and drop interface with basic ability to add complex options trades within just a few clicks. Great.
5. Analysis Tools
Proprietary Implied Volatility ranking system along with many other indicators. Indicators list growing and more being introduced.
6. Data Subscription
No fees. Can’t beat that.
7. Ease of Use
Very easy if you have used ThinkorSwim. One of the original creators of ThinkorSwim is one of the brains behind tastyworks. The rest of the paragraph is fine as is.
8. Platform Stability
The platform is very fluid. Switching tabs/pages is near-instant without lag. Changing contract details when attempting to alter details on an options contract (such as quantity/expiration/strike) is fast, smooth, and mostly drag-and-drop or button pushing. The drag-and-drop features are VERY nice and INCREDIBLY user-friendly.
9. Research Information/Tools
There’s additional technology tools available exclusively to them such as their implied volatility ranking system. Even if I wasn’t using their platform for actual trading, I would consider having it just for the extra tools embedded in the tastyworks platform and for access to the wealth of live trading (delete ‘of their group’) and educational content made available by the tastytrade team. This area needs improvement. Good news is that the improvement is underway.
10. Customer Service
Interviewed an active trader on Tastyworks:
Hard evidence supports real trading issue occurred by a trader. Trader contacted Tastyworks via phone call. No wait time. Resolved in under ten minutes.
Trader cited five additional contacts with customer service over three months since January 2017. Three by phone, two by email. Email responses were under 2 hour response window. All phone calls had zero wait time. Each phone issue resolved on the phone without follow up calls needed. Excellent.
It needs folders like td ameritrade has to move stock symbol contracts you don't want to get rid of but want to hide. Otherwise good. Want this feature!!
I like the charting. Very easy to understand and move things around.
Love it. So glad they finally let me open my account. I am international customer so I had to wait but I can now open the account. I used link on right of the page here to do it for direct forms.
Enjoying tastytrade so far well
Perfect for international account. I love the trading simple and easy good tastyworks for international user.
I am happy with it so far. I make money more easily with lower fees.
I agree the Tastyworks platform works great. Using it since February 10th. Love it. Love the big text compared to thinkorswim platform. Easier to read. Easier to select contracts you want too.