Tastyworks-Overview of Minimum Deposit, Spreads & Leverage

General Information& Regulation

Tastyworks is a brokerage firm that was founded in 2017 and has headquarters in Chicago, US. Tastyworks is also a partnering brokerage to the financial news network Tastytrade. Tastyworks is licensed and regulated by the Financial Industry Regulatory Authority (FINRA) and is a member of the National Futures Association (NFA). US clients are also protected by the Securities Investor Protection Corporation (SIPC) scheme for up to USD 500,000. Australian residents, on the other hand, are protected by the Australian Securities and Investments Commission (ASIC).

Market Instruments

Unlike competitors, Tastyworks assets are focused on options and futures trading. Although investors can also buy and sell stocks, ETFs and 13 cryptocurrency digital tokens, those seeking a comprehensive investment brokerage firm with forex, international trading, bonds and mutual funds should look elsewhere.

Accounts & Leverage

Tastyworks offers the following account types: individual and joint brokerage, retirement, corporate, trust, and international. Standard margin trading accounts (non-IRA) have leverage rates of 1:2 for stocks (like GME), according to FINRA regulation. However, the Portfolio Margin accounts allow up to 1:5 leverage.

Commissions & Fees

Tastyworks caps commissions at $10 per leg on equity options trades and $10 per side for opening and closing crypto trades. The broker charges $1 per contract for stock options and $2.50 per contract for options on futures when opening a position. Closing a position does not incur any charges. Futures contracts are charged at $1.25 per contract, while micro futures contracts have a $0.85 per contract exercise fee. Stock and ETF trading is commission-free.

Trading Platform

Tastyworks traders can access three trading platforms: desktop, browser and mobile. Keep in mind that the platforms are designed for options and futures traders.

Deposit & Withdrawal

Tastyworks offers four methods for funding and withdrawing from your account with no deposit fees. However, withdrawal fees are quite high at USD 45 for international wire transfers and USD 25 for wire transfers within the US. The options are: ACH (4 business days), Cheque (3 business days), Wire transfer (1 business day), Transfer between broker accounts via ACAT. International accounts can only use the bank wire and Currency Fair methods and payments can only be made in USD.

Trading Hours

Tastyworks executes equity security trades during regular trading hours, i.e. Monday through Friday from 08:30 CT until 15:00 CT for equities and from 08:30 CT until 15:15 CT for ETFs.

Accepted Countries

Tastyworks accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Customer Support

Customer service options include phone, chat and email. Phone representatives are accessible weekdays from 7 a.m. to 5 p.m. Eastern.