tastyworks is a platform built specifically for frequent options traders. It is the brokerage companion to tastytrade, a sassy financial news and education platform. All of the tools are designed to get you focused on liquidity, probability, and volatility. You won't be nudged to contact a financial advisor or check out some passive investing choices here. It's all about making decisions and taking action. We'll look at how tastyworks stacks up against its more established rivals to help you decide whether it is the right fit for your trading needs.
Rated our best broker for options trading and best for low costs.
Strong set of tools for frequent derivatives traders and a design that keeps all the key features accessible during your session.
Trade ticket has key analytics built in, so you can see the probability of profit as you adjust the strike, size, or expiry date.
A derivatives-focused platform, though you can also trade stocks, ETFs, and mutual funds (the latter by calling a live broker).
Products from The Small Exchange were integrated into tastyworks in June 2020.
Who Tastyworks Is For
Tastyworks is aimed squarely at active traders and is very upfront about it. The company says that more than 90% of the trades placed by its customers are derivatives, so there are a lot of tools for options and futures traders. When asked to describe its target customer, CEO Tom Sosnoff says, "An unregenerate market junkie who can tell you the price of an AAPL 260 put faster than her Mom's birthday, but whose Mom would follow her into the depths of the Wall St. jungle and emerge victorious. Learn fast, trade hard, and leave a good looking account when you're gone."
Customizable trading platform with streaming real-time quotes
Options-focused charting that helps you understand the probability of making a profit
A video player for keeping an eye on the tastytrade personalities is built in
If you're new to trading options, the platform looks bewildering at first
No bonds or CDs available
Portfolio analysis requires using a separate website
All of the tools you'll need for analyzing and trading derivatives are built into the platform. You won't have to skip over to the website for some analytical tasks if you're using the downloadable system. Features you don't use can just be closed, but they're available if you want to use them in the future.
The charting capabilities are uniquely tuned for the options trader. If you have multiple positions on a particular underlying, such as an iron condor and a butterfly on the same underlying, you can analyze the risk profiles of the combined position. You can put together a modification to an existing position using the chart and quickly enter the order.
There are hours of original video from tastytrade every weekday, offering up-to-the-minute trading ideas, plus a huge library of pre-recorded videos and shows.
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