Tastyworks cryptocurrencies trading. Can you buy crypto (Bitcoin, Ethereum, and Dogecoin) at Tastyworks?

Can I Buy Crypto on Tastyworks?

Tastyworks by tastytrade is widely regarded in the trading community as a low-cost, one-stop-shop for equities, options, and futures trading. Recently the platform has stepped into the cryptocurrency space, by offering traders access to a handful of cryptocurrencies through a hot wallet serviced by a partnership with the digital wallet servicer Zero Hash.

Brokerages are constantly adding new features to their platforms and it’s impossible to singlehandedly tryout all the new toys. We decided to give this one a test drive, so that you do not have to.

Getting Started

Tastyworks makes setting up an account a nonissue, although there is the industry standard wait times associated with connecting a bank account, wire transfers, and options approval.

If you already have a Tastyworks account, it is extremely quick and easy to open a wallet. You simply need to enable cryptocurrency trading in your account preferences. From there, cryptocurrency trading becomes available immediately and the crypto extension is integrated seamlessly on both the web and desktop trading software.

Tastyworks uses a different clearing service for securities trading than it does for crypto trading, so your account funds are allocated through a “cash sweep” function on a mark-to-market basis.

Despite this distinction, the platform combines your cryptocurrency and securities trading into one account view and provides market-order fills without delays.

A downside to this is the more active traders among us may need to plan ahead. Funds used in securities transactions may take overnight to clear with Tasty’s securities clearinghouse, making them unavailable for a cash sweep until the next day and preventing users from immediately rolling those funds into a crypto transaction.

Another unfortunate downside of the clearing distinction is that users with margin accounts cannot utilize their margin benefits to leverage their crypto positions.

Tastyworks crypto buying

Coins Offered on Tastyworks

Since initially launching crypto trading in December 2020 with Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), Tastyworks has expanded to offering. Here are the cryptocurrencies available for trading on Tastyworks today:

tastyworks crypto

Open Tastyworks Account

Get $75 for each person you refer when you sign up with this referral link.

Open TastyWorks Account

Tastyworks Crypto Fees

Tastyworks currently charges a 1% transaction fee, up to $10, on every crypto purchase or sale. Although it could lead traders feeling incentivized to avoid dollar-cost-averaging, this fee structure is low cost and every dollar after $1,000 is free.

Tasty’s fee structure cannot quite top Webull “free” crypto trading, but it does edge out Coinbase’s fee structure because it is capped at $10 and a bit more transparent.

Tastyworks trade bitcoin

Wallet Functionality

Those looking for a crypto wallet with more transaction functionality, may need to look elsewhere, as Tasty’s access to cryptocurrency is strictly purposed for trading. Tastyworks does not support transfers of cryptocurrency positions, nor can coins be redeemed or exchanged for other coins.

Charts and Tools

Tastyworks charting features should be the industry standard. The charting interface is neatly organized, fully customizable, and easy to navigate. Users have access to 100+ adjustable indicators and 20 different charting tools. Users can even find some unconventional candlestick timeframes, like 12- and 2-hour candlesticks, that some platforms charge for access to.

Another really useful tool is the “tastycharts” feature, which allows users to monitor multiple charts side-by-side. This feature adapts to the user’s screen size, allowing for the addition of even more charts.

Placing Orders

The “tastycrypto” tab is arguably the most well-designed feature of the platform and serves as mission control for all crypto trading. Here users can place orders to manage their current cryptocurrency positions or open new ones.

Virtually all the features that users have access to in the tastycharts tab, besides the application of indicators, are accessible here. This means users have the same ability to observe the price action of multiple charts side-by-side, but with the buy and sell functions packaged neatly underneath each chart. This feature serves as a powerful tool, allowing traders to manage multiple trades without losing track of entries, price action, or a setup that had to be placed on the backburner while that support test played out.

Customer Service

On some cryptocurrency brokerage platforms customer service is non-existent and even some United States based equity brokerages can only be reached by email.

This is another category in which Tastyworks sets itself apart. The Tastyworks customer service desk can be contacted every weekday from 7 AM to 5 PM via phone or their “Chat Now” option located on the tastytrade website.

Tastyworks Crypto Trading Verdict

Tastyworks offers a streamlined platform with one-stop-shop account management in mind. It becomes noticeable quickly that the platform was designed by experienced pros. Low trading fees are a plus, but the real value of Tastyworks comes from the practicality and maneuverability of their platform without of the “fluff” that can clog up decision making when juggling multiple trades on some other platforms. For options and equities traders looking to increase their exposure to cryptocurrency it is a must try.

For crypto only traders however, it leaves some things to be desired. The platform has a selection of altcoins that do provide exposure but is still missing some popular blockchain projects like Cardano (ADA), Dogecoin (DOGE), and Ripple (XRP).

Additionally, the inability to transfer cryptocurrency from Tastyworks to another wallet prevents holders from exchanging coins for a good, service, or equivalent nominal value of another cryptocurrency without using fiat currency as a medium. This stifles some of the mobility characteristics that make cryptocurrencies so sensational.

Open Tastyworks Account

Get $75 for each person you refer when you sign up with this referral link.

Open TastyWorks Account


Continue Reading