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Tastytrade Broker Review 2024

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Tastytrade Broker Review 2024
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Your Capital is at risk.

Your Capital is at risk.

Investing and trading in financial markets such as the stock exchange, forex, digital currencies in the form of spot or with leverage face a high inherent risk. According to the statistics of all exchanges and brokers, more than 75% of people lose!

Overview
Company:Tastytrade
Founded:-
Min Deposit:$1
Max Leverage:6
Headquarter:Chicago, US
US Accepted:
About
Tastytrade Broker is founded by industry experts Scott Sheridan and Tom Sosnoff. Regulated by FINRA, the SEC, and NFA, it supports transactions in USD, imposes no minimum deposit requirement, and allows trading in stocks, options, futures, and cryptocurrencies.
Contact
1330 W. Fulton St. Suite 600 Chicago, IL, 60607
Rank and Score
Pros and Cons
Account Types
Platforms
Pros
Low commission
Advanced trading platform
Strong Educational Sources
Cons
Long registration process
No FX Support

Tastytrade offers various account types, including standard brokerage accounts, retirement accounts, and entity corporate accounts.

The commission structure includes $0 for stocks & ETFs and $1 per leg for options on stocks & ETFs, with other commissions such as $1.25 for futures and $2.5 for options on futures.

The platform supports diverse payment methods, including ACH, wire transfers, and ACAT transfers.

Tastytrade Review
Unlock your trading potential with Tastytrade's innovative platform and expert resources

Tastytrade Company Information & Regulation Status

Tasty Trade is more than just a broker; it's a financial ecosystem designed for traders. The company's roots run deep in the financial industry, with its founders having previously co-founded Thinkorswim, a highly successful brokerage firm later acquired for $750 million. This pedigree is evident in Tastytrade's approach to trading and investor education. Key points about Tasty trade's company information and regulation:

  • Founded by Scott Sheridan and Tom Sosnoff (in 2017);
  • Approved as an Introducing Broker-Dealer;
  • Offers trading in futures, options, stocks and cryptocurrencies;
  • Regulated by FINRA, SEC, and National Futures Association.

Tastytrade's commitment to transparency and innovation is reflected in its low, straightforward trading rates and intuitive, feature-rich platform.

Tastytrade Regulation
Tastytrade is regulated by Financial Industry Regulatory Authority (FINRA)

Tastytrade Summary of Specifics

Here is a complete summary of what this broker is and its offerings:

Broker

Tastytrade

Account Types

Standard, Retirement, Entity Corporate

Regulating Authorities

FINRA, SEC, NFA

Based Currencies

USD

Minimum Deposit

No minimum

Deposit Methods

ACH, Wire, Check, ACAT

Withdrawal Methods

Bank Transfer

Minimum Order

$1

Maximum Leverage

1:2 (for Stocks)

Investment Options

NO

Trading Platforms & Apps

Own Platform (Desktop, Web, Mobile App)

Markets

Stocks, Options, Futures, Options on Futures, Cryptocurrencies, ETF, Commodities, Indices

Spread

0

Commission

From 0

Orders Execution

Market , Limit, Stop market, Stop limit

Margin Call/Stop Out

N/A

Trading Features

Follow Feed, Video Feed

Affiliate Program

YES

Bonus & Promotions

YES

Islamic Account

NO

PAMM Account

NO

Customer Support Ways

Email, Online Chat, Phone Call

Customer Support Hours

(7:00 AM CST - 5:00 PM CST, Monday-Thursday and 7:00 AM CST - 4:00 PM CST on Friday)

Tastytrade's competitive edge lies in its options-centric approach, offering features tailored to active traders that are often missing from more generalist platforms.

Tastytrade Types of Accounts

Tasty Trade offers a diverse range of account types to cater to various investor needs and goals:

Category

Accounts

Description

Standard Brokerage Accounts

Individual

Single ownership, providing options for both cash and margin trading with flexibility and access to leverage for different strategies

TIC Joint

Joint ownership where each individual holds a defined share of the account. In case of death, the deceased’s portion is transferred to their estate

Joint with Rights of Survivorship

Joint ownership with equal division of assets. Upon the death of one owner, the surviving party takes full ownership of the account

Retirement Accounts

Traditional IRA

Contributions grow tax-deferred, and withdrawals are taxed as income. Eligibility is based on earned income

Roth IRA

Contributions made post-tax, with the potential for tax-free withdrawals during retirement for qualifying individuals

SEP-IRA

Designed for small business owners and self-employed individuals, offering tax-deferred growth and allowing larger contributions than other IRAs

Beneficiary Traditional IRA

An account set up for a beneficiary after inheriting an IRA, with specific tax rules depending on the original IRA type

Beneficiary Roth IRA

Entity Corporate

Accounts

C Corp

Legally recognized entities authorized by a US state to operate as businesses

S Corp

Similar to C Corps, but with no income tax at the corporate level and limited to 100 shareholders

LLC

Unincorporated entities offering limited liability to owners with income passed through for tax purposes

Partnership

Entities formed by two or more individuals, with profits and losses passed to individual partners for taxation

Each account type offers unique benefits and is designed to accommodate different trading styles and investment objectives.

Tastytrade account types
Tastytrade account types are defined in three categories: Standard, Retirement, and Entity Corporate accounts

The flexibility in account options allows traders to choose the structure that best aligns with their financial goals and tax considerations.

Tastytrade Advantages and Disadvantages

While Tasty Trade is not primarily a forex broker, its platform offers several advantages and disadvantages for traders:

Pros

Cons

Low commissions and fees for options and futures trading

Steep learning curve for new traders

Sophisticated trading platforms and tools for active traders

Limited investment choices beyond options, futures, stocks, and cryptocurrencies

Extensive educational content focused on options strategies

Narrowly focused research and educational resources

Tastytrade's platform is well-suited for experienced options and futures traders seeking low-cost, advanced trading capabilities. However, its specialized approach may not be ideal for novice investors or those looking for a more diverse range of investment products.

Tastytrade Broker Signing Up & Verification Process

Signing up for a Tastytrade broker account is a straightforward process:

  1. Go the official website and click on “Open an Account”;
  2. Enter personal information (Contact information, citizenship status, tax information, employment details, affiliation info);
  3. Setup your account;
  4. Pass the security section;
  5. Upload the required documents.

Tastytrade’s Trading Platform

Tasty trade's trading platform is a cornerstone of its offering, designed to cater to the needs of active traders. Here are the available versions:

  • Desktop;
  • Browser-Based;
  • Mobile/Tablet.

Desktop Platform

  • Advanced Charting Tools: Analyze price movements with customizable indicators and studies, allowing for in-depth technical analysis;
  • Multi-Chart Viewing: Monitor multiple stock and futures charts simultaneously in tastycharts mode, enhancing your ability to track various assets at once;
  • Order Chains Feature: Evaluate the performance of equity and ETF options positions, providing a comprehensive view of your investment strategies;
  • Alerts System: Configure alerts that notify you via email when specific price points or implied volatility levels are reached, ensuring you stay informed about market movements.

Browser-Based Platform

  • Trade Anywhere: Engage in trading activities from any location using tastytrade's online platform;
  • Account Management: Fund and oversee your tastytrade accounts and user profile seamlessly;
  • Visual Trading Options: Utilize the curve trading mode for a graphical approach or the traditional table view to trade and monitor multiple stock and futures options expirations simultaneously;
  • Interactive Options Trading: Click and drag options along the strike plane for a customized trading experience.
Tastytrade Platforms
Tastytrade Platforms are available for Desktop, Mobile, and Web

Mobile/Tablet Platform

  • Account Funding and Tracking: Deposit funds into your account and monitor your transaction history;
  • Performance Monitoring: Review the recent performance of equities, futures, and ETFs using curated watchlists or create personalized ones;
  • Chart Analysis: Utilize tastytrade’s charting tools to evaluate price movements effectively;
  • Order Activity Overview: Access the activity tab to track all orders, whether they are pending, completed, or canceled.

Tastytrade Spreads and Commissions

Tasty trade's pricing model is one of its most attractive features:

Product Type

Opening Commission (per contract/Purchase)

Closing Commission (per contract/Purchase)

Cryptocurrency

$0

$0

Stock & ETFs

$0 (unlimited shares)

$0

Options on Micro Futures

$1.5

$0

Options on Futures

$2.5

$0

Options on Stock & ETFs

$1 ($10 max per leg)

$0

Micro Futures

$0.85

$0.85

Futures

$1.25

$1.25

Tastytrade Broker Deposit & Withdrawal [ACH, Wire, Check, and ACAT]

Tasty Trade offers several convenient funding options:

  • Bank Transfer: easy transfers by linking your bank account;
  • Wire transfers: direct deposit to your account;
  • Checks: by mailing the broker;
  • ACAT: No incoming fee, up to $75 reimbursement.

Copy Trading & Investment Option Offerings

While Tasty Trade does not offer a dedicated copy trading feature, the broker provides robust tools and resources for developing and implementing trading strategies. Traders can leverage Tastytrade's educational content and platform features to create their trading approaches or follow strategies discussed by experts on the platform.

Tastytrade Tradable Markets & Symbols Overview

The broker offers a wide range of tradable markets:

  • Stocks;
  • Options;
  • Futures;
  • Options on futures;
  • Cryptocurrencies;
  • ETF;
  • Commodities;
  • Indices.
Tastytrade’s Supported Markets
Tastytrade’s supported markets include Stocks, Options, Futures, Options on Futures, Cryptocurrencies, ETF, Commodities, and Indices

This diverse offering allows traders to implement various strategies across different asset classes, all from a single platform.

Tastytrade Bonuses and Promotions

Tasty Trade offers several attractive promotions:

Category

Details

Promotion

Tiered Account Opening Promotion

Eligibility

New customers only (determined by Tax ID)

Must be US Resident (at least 18 years old)

Eligible Account Types

Individual (cash or margin)

Joint (cash or margin)

S-Corp, LLC, C-Corp (cash or margin), Partnerships

Trust Accounts

Non-Eligible Account Types

International customers

IRAs (not eligible due to tax reasons)

Promotional Period

April 1, 2024, to December 31, 2024

Referral Code

MYNEWBONUS

Withdrawal Hold

12-month hold on the initial funding amount to retain the cash bonus

Here are the deposit funds and the bonus cash amount you get in return:

  • $2,000 - $4,999: $50;
  • $5,000 - $24,999: $100;
  • $25,000 - $99,999: $500;
  • $100,000 - $249,999: $2,000;
  • $250,000 - $499,999: $3,000;
  • $500,000 - $999,999: $4,000;
  • $1,000,000+: $5,000.

These promotions demonstrate Tastytrade's commitment to providing value to its trading community and incentivizing active participation on the platform.

Tastytrade Broker Support

The broker prides itself on comprehensive customer support:

  • Phone support: 888-247-1963;
  • Email assistance: Support@tastytrade.com;
  • Live chat.

The support team can help with various inquiries, from account-related questions to trading strategy guidance. This commitment to customer service contributes to Tastytrade's high user satisfaction ratings.

Tastytrade Broker List of Restricted Countries

Due to regulatory constraints or other factors, Tasty Trade's services are not available in certain countries:

  • Afghanistan;
  • Albania;
  • Algeria;
  • Angola;
  • Anjouan;
  • Barbados;
  • Belarus;
  • Bosnia & Herzegovina;
  • Botswana;
  • Bulgaria;
  • Burkina Faso;
  • Burundi;
  • Cambodia;
  • Cayman Islands;
  • Central African Republic;
  • Chad;
  • Comoros;
  • Côte d'Ivoire (Ivory Coast);
  • Cuba;
  • Democratic Republic of the Congo;
  • Equatorial Guinea;
  • Eritrea;
  • Ethiopia;
  • Ghana;
  • Gibraltar;
  • Guinea;
  • Guyana;
  • Haiti;
  • Iran;
  • Iraq;
  • Jordan;
  • Kenya;
  • Lao PDR;
  • Latvia;
  • Lebanon;
  • Liberia;
  • Libya;
  • Mali;
  • Malta;
  • Mauritius;
  • Mauritania;
  • Mexico;
  • Morocco;
  • Montserrat;
  • Mozambique;
  • Myanmar;
  • Namibia;
  • Nicaragua;
  • Niger;
  • Nigeria;
  • North Korea;
  • Pakistan;
  • Palestinian Territory;
  • Panama;
  • Philippines;
  • Russia;
  • Sao Tome & Principe;
  • Senegal;
  • Sierra Leone;
  • Somalia;
  • South Africa;
  • South Sudan;
  • Sri Lanka;
  • Sudan;
  • Syria;
  • Tajikistan;
  • Tanzania;
  • Turkey;
  • Turkmenistan;
  • Uganda;
  • Ukraine;
  • UK;
  • Vanuatu;
  • Venezuela;
  • Western Sahara;
  • Yemen;
  • Zaire;
  • Zimbabwe.
Restricted countries for Tastytrade
Restricted countries for Tastytrade involve Russia, UK, Iran, Turkey and many others

Tastytrade Broker Trust Scores & Reviews

Tasty Trade has garnered impressive trust scores and reviews:

  • Trustpilot score: 4.3 out of 5 (Over 475 reviews);
  • Praised for easy-to-use platform and excellent customer support;
  • Highly rated for educational resources and advanced trading features.

While most reviews are positive, some users have reported issues with certain trading scenarios and occasional platform glitches.

Education on Tastytrade Broker

Tasty trade's Learn Center is a comprehensive educational resource:

Category

Topics

Accounts

Account Types

Cash vs. Margin Accounts

Stocks

Types of Securities

Stock Market Index

How to Buy & Sell Stocks

Fundamental Analysis

Futures

Futures Characteristics

Equity & Volatility Futures

Commodity Futures

Futures Trading 101

Futures Trading Strategies

The Greeks

Options Greeks

Delta

Gamma

Theta

Vega

Analyzing Greeks

Options

Long Call

Long Put

Short Call

Short Put

Long Call Vertical Spread

Short Call Vertical Spread

Long Put Vertical Spread

Short Put Vertical Spread

Long Call Calendar Spread

Short Call Calendar Spread

Long Put Calendar Spread

Short Put Calendar Spread

Long Call Diagonal Spread

Short Call Diagonal Spread

Iron Condor

Covered Call

Covered Put

These resources cater to traders of all experience levels, helping them develop and refine their trading skills using the Tastytrade approach.

Conclusion and final words

In conclusion, Tastytrade is a broker tailored to active options and futures traders. The platform is available on desktop, web, and mobile apps, providing a seamless trading experience across devices.

It offers advanced charting tools, video feeds, and an affiliate program. The Trustpilot rating of 4.3 out of 5 with over 475 reviews highlights its positive reception among users.

FAQs

Is Tastytrade suitable for beginner traders?

While Tasty Trade offers educational resources, its platform is more suited to experienced traders because it focuses on options and futures.

What are Tastytrade's commissions for options on Stock?

Tasty Trade charges $1 per contract to open trades and $0 to close.

Is Tastytrade regulated?

Yes, Tasty Trade is regulated by FINRA, NFA, and SEC.

Does Tastytrade Support Forex?

No, the broker only supports ETFs, Stocks, Options, Futures, Options on Futures, Commodities, Indices, and Cryptocurrencies.

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