TastyWorks Review

 

Overall, TastyWorks can be summarised as a reliable and trustworthy broker and is considered low-risk with competitive trading fees and spreads. TastyWorks has an overall trust score of 80 out of 99. TastyWorks offers low commissions and liquidity rating indicators.

 

TastyWorks At a Glance

 

Broker's Name	tastyworks
🏛️ Headquarters	Chicago, United States
📅 Year Founded	2017
⚖️ Regulating Authorities	FINRA, NFA
🌐 Countries not accepted for trade	Canada
📌 Accounts	The Works account Individual account Joint account Retirement account Corporate account Trust account International account
☪️ Islamic account (swap-free)	No
📒 Demo Account	No
✴️ Institutional Accounts	Yes
👨🏼‍💼 Managed Accounts	Yes
⬆️ Maximum Leverage	None
👉 Sign Up Bonus	No
💰 Minimum Deposit	None
💳Fees	No Deposit or withdrawal fees
💳 Deposit Options	ACH Cheque Inter-broker transfers Bank Wire Transfers
💳 Withdrawal Options	ACH Cheque Inter-broker transfers Bank Wire Transfers
📊 Platform Types	tastyworks web-based, desktop and mobile trading platform
📶 OS Compatibility	Windows, web browsers, iOS, and Android
📈 Tradable assets offered	Stock options Stocks Futures Micro Futures Small Futures
💬 Languages supported on Website	English
💬 Customer Support Languages	English
⏲️ Customer Service Hours	24/5
🔎 Open an Account	👉 Click Here

 

 

Choose your quick section of our TastyWorks below.

 

TastyWorks review – 20 key point quick overview:

 

1. TastyWorks At a Glance
2. TastyWorks Overview
3. TastyWorks Safety and Security
4. TastyWorks Sign-Up Bonus
5. TastyWorks Minimum Deposit
6. TastyWorks Demo Account
7. TastyWorks Leverage
8. TastyWorks Accounts
9. TastyWorks Market instruments
10. TastyWorks Fees, Spreads & Commissions
11. TastyWorks Deposit and withdrawal
12. TastyWorks Trading platforms
13. TastyWorks Best Countries by Traders
14. TastyWorks Current Popularity Trend
15. TastyWorks vs Exness vs XM – a Comparison
16. TastyWorks Customer Reviews
17. TastyWorks Pros and Cons
18. TastyWorks Conclusion
19. TastyWorks Disclaimer
20. Frequently Asked Questions

 

TastyWorks Overview

 

 

According to research in South Africa, TastyWorks is a Straight-Through-Processing (STP) broker that was founded in 2017 with its headquarters in Chicago, United States.

 

TastyWorks was founded by a vastly experienced team behind the TastyTrade online financial network as well as think or swim, which is today operated by TD Ameritrade.

 

The broker offers traders flexible trading solutions along with a variety of proprietary trading platforms. Trading is offered on a limited range of financial instruments that include stock options, stocks, options on futures, futures, micro futures, and small futures.

 

TastyWorks emphasizes fast and stable trading conditions, competitive rates, and fast and reliable execution speeds.

 

TastyWorks Safety and Security

 

 

TastyWorks Inc. is registered as a broker-dealer and is also a member of the Financial Industry Regulatory Authority (FINRA) and National Futures Association (NFA).

 

These are two regulatory authorities that operate in the United States. Traders are also protected by the Securities Investor Protection Corporation (SIPC) scheme. This scheme offers protection against the loss of cash and/or securities should the broker go bankrupt. The SIPC offers a limit of $ 500 000 for securities and $ 250 000 for cash.

 

A drawback with TastyWorks is that it does not offer negative balance protection, which means that if traders suffer substantial losses, their trading account may go into a negative.

 

TastyWorks Sign-Up Bonus

 

 

TastyWorks does not offer new traders a sign-up bonus or also known as a welcome bonus when signing up.

 

TastyWorks Minimum Deposit

 

⭐ Features	ℹ️ Information
💰 Minimum Deposit	$0.00 USD / R0.00 ZAR
📊 Average spreads from	From 0.01 pips
💳 Deposit / Withdrawal fees	None
📊 Maximum leverage	0
🔥 Bonus	none
☎️ Customer support	24/5

 

The minimum deposit amount required to register a TastyWorks trading account is $0.00 USD. This minimum deposit is equivalent to R0.00 ZAR at the current exchange rate between the  South African Rand & United States Dollar.

 

TastyWorks Demo Account

 

 

TastyWorks does not offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment.

 

TastyWorks Leverage

 

 

Leverage is a tool that is offered by numerous brokers to traders. With leverage, traders can open larger positions, allowing traders more exposure to the market in which they are trading despite their initial deposit.

 

However, as beneficial as leverage may be, it can also be detrimental when used incorrectly or abused. Leverage increases a trader’s chance of gains and thus, it also increases the risk of losses.

 

Traders are at risk of incurring losses that may exceed their initial deposit, leading to a negative balance on their trading account if the trader does not have the benefit of negative balance protection.

 

Leverage is expressed as a ratio, for instance, 1:1, 1:50, 1:100, 1:500, and even up to 1:3000. Leverage and margin go together, with the margin being the amount required from the trader at the start of the trade. This amount serves as collateral for any credit risks which may arise.

 

When traders apply leverage, the margin requirement is reduced, and the trader can open larger positions.

 

TastyWorks makes provision for margin trading under its account types. Unfortunately, the broker does not indicate what the exact margin is that traders will have access to.

 

 

TastyWorks Accounts

 

💠Feature	📈 The Works Account	📈 Individual Account	📈 Joint Account	📈 Retirement Account	📈 Trust Account	📈 International Account
📊 Minimum Deposit	$ 0.00 USD / R 0.00 ZAR	$ 0.00 USD / R 0.00 ZAR	$ 0.00 USD / R 0.00 ZAR	$ 0.00 USD / R 0.00 ZAR	$ 0.00 USD / R 0.00 ZAR	$ 0.00 USD / R 0.00 ZAR
📈 Account Purpose	Flexible account package for active retail traders	Standard trading account for an individual. Select either a Margin or Cash Account	Standard trading account for two people and can be a margin or cash account	IRA account that best fits your retirement goals.	Opened on behalf of a revocable trust or an irrevocable trust	Margin, portfolio margin, and cash accounts are available to our international customers
👉 Open an Account	👉 Click Here	👉 Click Here	👉 Click Here	👉 Click Here	👉 Click Here	👉 Click Here

 

A Forex account is a trading account that traders hold with a specific broker for the purpose of trading financial instruments.

 

TastyWorks offers traders a choice between seven main trading accounts, namely The Works, Individual, Joint, Retirement, Corporate, Trust and International.

 

The Works

This account type is the most flexible account and tailor-made for active retail traders. Traders have access to trading in all the available trading instruments.

 

To open this kind of account takes between 3 to 5 minutes and traders will need their social security or ITIN number, a valid email address and a physical mailing address.

 

Individual Account

This account type is the standard account for individuals, and they have a further choice between a Margin or Cash account.

 

With the Margin Account, traders can lend cash from the broker to trade in any of the trading instruments. They will also be charged interest. Beginner traders should not apply for this account type if they do not have the necessary knowledge of margin trading. Although it has benefits, traders can also experience significant losses.

 

The Cash account does not have any margin benefits, which means that traders must have enough capital in their trading account to cover the full purchase price of their trade.

 

Joint Account

The Joint account is the standard account for two people and can be a margin or a cash account. Here traders have a choice between a Tenants in Common (TIC) account or a With Right of Survivorship (WROS) account.

 

With the TIC account, both have a specific proportion of the assets in the account, and should one of the owners dies, the assets automatically pass on to their estate.

 

With the WROS account, the two owners have equal shares, and should one owner die, the surviving owner will have full rights to the account.

 

Retirement Account

This account type makes provision for retirement and traders have a choice between a Tradition IRA, Roth IRA, or a SEP IRA account.

 

The Traditional IRA is a retirement account tailored for investors who have earned an income or filed for a joint return with their spouse still earning an income.

 

The ROTH IRA account is for individuals who still earn an income. After-tax contributions are made into the account and are available to withdraw tax and penalty-free at any time.

 

The SEP-IRA account is suitable for self-employed individuals and small business owners. Earnings in this account grow tax-deferred and they are taxed at the typical tax rate when funds are withdrawn.

 

Corporate Account

Corporate accounts can only be opened by clients that reside and operate in the United States. Currently, TastyWorks offer C Corp, S Corp, LLC, and Partnership accounts.

 

Trust Account

A copy of the Trust Certificate must be provided when applying to open a Trust Account. It can be opened on behalf of a trust which is revocable, or a trust which is irrevocable.

 

International Account

Clients from outside of the United States can register for either margin, portfolio margin, or cash accounts. The only country that does not qualify for this kind of account is Canada.

How to open a TastyWorks account

 

1.  Step 1 – Register an account

 

To open an account with TastyWorks, traders can start by selecting ‘Open an account from the homepage.

 

 

2.  Step 2 – Complete information

 

This will redirect to a new page containing a digital application. Traders can complete the form by filling in all the required fields before continuing.

 

 

3.  Step 3 – Receive confirmation

 

Only after you have received the verifying email can you log onto the client portal. Your password will give you access to everything on offer with TastyWorks.

 

 

TastyWorks Market instruments

 

 

With TastyWorks traders can trade in the following financial instruments:

• Stock options
• Stocks
• Options on futures
• Futures
• Micro Futures
• Small Futures

 

TastyWorks Fees, Spreads & Commissions

 

 

Another crucial factor that traders must consider when evaluating a broker is the fees that they will incur. These fees relate to both trading and non-trading activities and actions.

 

Trading Fees

One of the first fees that traders will encounter concerns a minimum deposit fee which is paid after the trader has completed account registration. This is not the case with TastyWorks as the broker does not require any minimum deposit when opening an account.

 

Next, traders must consider the spreads, commissions, and margin requirements. TastyWorks does not indicate what the spreads are that can be expected.

 

Commissions are charged that vary depending on the financial instrument that the trader is trading in and is around $ 10.

 

Margin rates will depend on the trader’s debt balance and is a percentage rate with the Base rate for each level. There is a clear and transparent list on the broker’s website that stipulates what rates can be expected.

 

Non-trading fees

Where non-trading fees are considered, traders must consider fees relating to account inactivity, deposit and withdrawal fees, account management and maintenance fees, currency conversion fees, and others.

 

With TastyWorks, traders can expect overnight domestic and international mail fees, and banking fees of between $ 5 and $ 300 depending on the payment method used.

 

 

TastyWorks Deposit and withdrawal

 

 

TastyWorks provides the following ways through which deposits and withdrawals can be made, namely ACH, Cheque, Inter-broker transfers, and Bank Wire transfers.

 

These payment methods apply to traders that reside in the United States. For traders outside of the United States, TastyWorks requires that they must open a US bank account to enable them to fund their account via Cheque or ACH.

 

The only currency available is USD.

 

TastyWorks Trading platforms

 

 

The trading platform is the software that traders use to execute their trades. Each broker reserves the right to offer their preferred trading platform. While some brokers offer a variety of third-party platforms, others prefer offering their proprietary platforms, if they have one.

 

TastyWorks offers traders only the use of its proprietary trading platform which can be used either on desktop, web, or mobile devices.

 

TastyWorks Desktop trading platform is offered to traders who want high-powered, high-volume trading while offering a complete toolset of both features and functionality.

 

TastyWorks web browser trading platform can be used directly from any modern web browser. It can be accessed from any computer, and it has the functionality of the desktop platform.

 

TastyWorks mobile trading platform can be downloaded onto any mobile device running on Android or iOS. It has the same features as the other trading platforms with the exception that it is scaled down for trading convenience.

 

TastyWorks Best Countries by Traders

 

🌎 Country of Trade	📌 % of Traders
🥇 United States	78.63%
🥇 Germany	2.42%
🥇 Australia	2.20%
🥇 United Kingdom	2.14%
🥇 Poland	2.06%
🥇 Others	12.55%

 

 

TastyWorks Current Popularity Trend

 

According to Google Trends, here is an overview of how frequently the search term – “TastyWorks” is entered into Google’s search engine over a given period of time.

 

 

TastyWorks vs Exness vs XM – a Comparison

 

🔎 Broker	🥇 TastyWorks	🥈 Exness	🥉 XM
Established	Established in 2017	Established in 2008	Established in 2009
💵 Min. Deposit	$0.00 USD / R 0.00 ZAR	$1 USD / R16 USD	$5 USD / R80 ZAR
💳 Inactivity Fee	No	Yes	Yes
☪️ Islamic Account	📌 No	Yes	Yes
🎉 Demo Account	No	Yes	Yes

 

TastyWorks Customer Reviews

 

 

Tastyworks is by far the best trading platform

Tastyworks is by far the best trading platform for anyone, novice or pro. I’ve been with them since their inception. Also, and of great importance, these days, is their support team. It is the most knowledgeable in the business. My question and concerns are answered quickly.

 

 

Incredible customer support, transparency
I have needed help on a few different things – PDT maintenance call, the platform, funding a second account, etc. Tastyworks’ customer service is incredible. They also went out of their way to explain why certain securities were set to close trades only.

 

 

I’d like to point out that I had a…
I’d like to point out that I had a question concerning interest that I thought was unfairly charged to my Tastyworks IRA. My email to their help desk received IMMEDIATE attention from Stephen who provided a clear and detailed explanation of what happened. He also provided even more detail to a follow-up question.
I know, from experience, that my other, much larger, the online broker would have taken at least 24 hours to research and respond.
Thank you.

TastyWorks Pros and Cons

 

✔️ Pros	❌ Cons
Offers competitive fees	Clients from Canada not accepted
Offers margin and cash trading	No demo account
Offers various account types	No Islamic Account
Regulated through FINRA and NFA	No MetaTrader 4
Offers competitive and attractive trading conditions	No negative balance protection offered
Provides a 45-minute interactive demonstration	Not suitable for beginner traders
Does not indicate any overnight fees	No welcome bonus, deposit bonus, or sign-up bonus offered
Spreads are not charged	No referral bonus offered
The proprietary trading platform offered across multiple devices	No trading bonus for loyal customers
	Demo account not provided
	Commission charged are high
	Does not support online payment processors
	Multiple trading and non-trading fees
	No forex, CFD or cryptocurrency trading

 

TastyWorks Conclusion

 

TastyWorks seems to be a popular broker and has a vast number of clients. It is well-regulated in the United States.

 

The broker offers comprehensive services and solutions to traders from around the world except for Canada.

 

Although it offers a variety of account types it does not cater to the trading needs and objectives of all traders. It seems to be more suitable for experienced and professional trades who is familiar with the trading world and trade large volumes.

 

The broker has its own in-house platform that can be used on all kinds of devices but does not offer to trade on the familiar and globally known MetaTrader 4.

 

 

TastyWorks Disclaimer

 

TastyWorks warns that margin trading involves the potential for profit as well as the risk of loss. Forex and CFDs trading can carry an elevated risk and may not be suitable for all investors.

 

Movements in the price of foreign exchange and commodities are very unpredictable, hence TastyWorks cannot guarantee the maximum loss that a trader may suffer.

 

Before deciding to trade with TastyWorks, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose, according to research in South Africa.

 

You might also like: TastyWorks Account Types

You might also like: TastyWorks Demo Account

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You might also like: TastyWorks Minimum Deposit

You might also like: TastyWorks Sign Up Bonus

 

 

Frequently Asked Questions

 

 

Is TastyWorks a fake or scam broker?

 

No, TastyWorks is not a fake or scam broker as it adheres to strict regulation by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) as well as the National Futures Association.

 

What is the overall rating for TastyWorks out of 10?

 

The overall rating  is 8/10

 

Where is TastyWorks based?

 

TastyWorks is based in Chicago, Illinois in the United States.

 

How many clients does TastyWorks have?

 

At the time of writing this article, Tastyworks has 250 000+ clients.

 

Does TastyWorks offer mobile trading?

 

Yes, the TastyWorks mobile app is your number one solution when you are away from your web-based and desktop platform as the mobile app offers similar functionality.