How much does it cost and how to open a brokerage account at Tastytrade? Sign up minimum requirements.

Tastytrade Overview

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, Tastytrade 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 Tastytrade co-founders were also behind the development of ThinkorSwim, which they sold to TD Ameritrade in 2009.

Tastytrade Platform Requirements

Tastytrade 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 Tastytrade Account

Open Tastytrade Account

Cost to Open a Tastytrade Account

It’s simple to open an account at Tastytrade, 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.

Tastytrade account types

How to Open a Tastytrade Account

Tastytrade offers various account types to cater to different needs. These include INDIVIDUAL accounts, which can be either standard cash accounts or margin accounts. JOINT accounts are also available, with two options: Tenants in Common (TIC) accounts that allow proportional ownership between two owners, or With Rights of Survivorship (WROS) accounts where the surviving owner gains full account rights if one owner passes away.

In terms of retirement accounts, Tastytrade provides Traditional, Roth, and SEP IRAs. US entities organized as C Corps, S Corps, LLCs, and/or Partnerships can open CORPORATE accounts. Moreover, Tastytrade allows the opening of accounts on behalf of revocable or irrevocable trusts with a valid trust certificate. For international traders (excluding Canada), Tastytrade supports margin, portfolio margin (PM), and cash accounts.

Tastytrade offers a Portfolio Margin (PM) account that provides greater leverage, making it their highest margin account level. However, this account type is not available for cash accounts or IRAs. Traders can apply for a PM account if they have an initial account equity of $175,000, with a maintenance minimum balance of $150,000. This upgrade allows for a risk-based approach with leverage of approximately ~5:1, compared to the standard margin account's 2:1 leverage.

Custodial accounts are not currently offered on Tastytrade. However, the platform has plans to develop UGMA/UTMA accounts, which are opened by adults on behalf of minors, and Coverdell accounts, designed for qualified education expenses savings for individuals under 18.

For traders interested in stocks, ETFs, covered/uncovered options and options spreads, futures, options on futures, and crypto, Tastytrade provides a comprehensive trading platform. Ther referral program rewards existing customers who introduce the platform to new traders.

Open Tastytrade Account

Open Tastytrade Account

charles schwab review

Continue Reading