Tastyworks Overview

How much does it cost to open a brokerage or IRA account at Tastyworks? Sign up minimum requirements.

In the competitive landscape of online brokers, there’s one that stands out when it comes to options and futures trading. Started in 2017 by former CBOE (Chicago Board Options Exchange) floor traders, Tastyworks is a FINRA/NFA-approved platform geared toward technical analysis, providing active retail traders with up-to-date information about implied volatility, IV rank, and more. It also features advanced charting and full access to their education platform Tastytrade. The Tastyworks co-founders were also behind the development of ThinkorSwim, which they sold to TDAmeritrade in 2009.

Tastyworks Running Requirements

Tastyworks provides traders access to stocks, options, ETFs, futures, options on futures, and crypto using proprietary technology which is best accessed on their downloadable desktop app for MacOS, Windows 64-bit, or Linux 64-bit. They recommend a 2GB RAM minimum system, with 8GB recommended and a fast connection speed of at least 1.5 Mbps/min, with 6 Mbps/min recommended. Other versions of the platform are accessible by web browser (Chrome, Edge, Firefox, or Safari), or on mobile for both iOS (iPhone 6 or later) and Android (Nexus 6 comparable or better).

Open Tastyworks Account

Open TastyWorks Account

Cost to Open a Tastyworks Account

It’s simple to open an account at Tastyworks, and takes only a few minutes. There is no cost to open an account, but a $2000 minimum deposit is the industry standard for margin accounts. You just need your social security number (or ITIN), email address, a physical mailing address, and the full name of each applicant.

tastyworks account types

How to Open a Tastyworks Account

Their current available account types range from INDIVIDUAL (a standard cash account or margin), JOINT, RETIREMENT, CORPORATE, TRUST, or INTERNATIONAL.

For JOINT accounts, Tastyworks offers Tenants in Common accounts (TIC), essentially a two-owner proportional account, or With Rights of Survivorship (WROS) accounts, with equal shares unless an owner dies giving the surviving owner full account rights.

Tastyworks’ retirement offerings include Traditional, Roth, and SEP IRAs. Corporate accounts can also be opened by US entities organized as C Corps, S Corps, LLCs, and/or Partnerships. With a valid trust certificate, Tastyworks accounts can be opened on behalf of revocable or irrevocable trusts. For international traders (except Canada at this time), Tastyworks can open margin, portfolio margin (PM), and cash accounts.

Tastyworks offers a Portfolio Margin (PM) account to all traders for access to greater leverage — essentially their highest margin account level. It’s not available inside their cash accounts or IRAs, but can be applied to accounts with an initial account equity of $175,000, with a maintenance minimum balance of $150,000. This moves their standard margin account of 2:1 leverage to a risk-based approach that gets closer to about ~5:1 margin.

At the current time, custodial accounts are not yet available on Tastyworks, but UGMA/UTMA (accounts opened by adults on behalf of minors who are the intended beneficiaries) and Coverdell accounts (qualified education expenses savings plan for individuals under 18) are on Tastyworks’ development roadmap.

For traders looking to trade stocks, ETFs, covered/uncovered options and options spreads, futures, options on futures, and crypto, Tastyworks is worth a look. They regularly run promotions for new signups and also have an active referral program to reward current customers who introduce the platform to new traders.

Open Tastyworks Account

Open TastyWorks Account

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