tastytrade minimum deposit

Apr 2023

There is no minimum deposit required by tastytrade. This makes it an ideal broker if you want to trade or invest with a smaller amount.

In general, tastytrade' deposit and withdrawal functions are easy to use and there's no deposit fee. However, you can use only bank transfers and withdrawals can be expensive especially for non-US clients.

Pros	Cons
• No deposit fee	• Credit/Debit card not available
• User-friendly	• High fee for wire withdrawals
• Free ACH withdrawals in the US

Deposit fees and options

tastytrade deposit is free of charge. However, non-US citizens can only use bank transfers, known as wire transfers in US banking lingo.

If you are from the US, you can also use

ACH (automated clearing house)
checks

tastytrade deposit options
	tastytrade	ChoiceTrade	TradeStation
Bank transfer	Yes	Yes	Yes
Credit/debit card	No	No	No
Electronic wallets	No	No	No

We tested the non-US wire transfer and it took 3 business days.

According to tastytrade' website, ACH transfers take 4 business days. However, some US bank accounts can be linked to tastytrade, making instant transfers possible.

You can only deposit money from accounts that are in your name.

tastyworks review - Deposit and withdrawal - Deposit

Visit tastytrade

Deposit currencies

As a rule, your deposited money will be held in the base currency of your trading trading account. In the case of tastytrade, this means the USD. Some brokers allow you to have multiple trading accounts that are based in different currencies.

This is why it matters: if you make a deposit in a currency other than the base currency for the target trading account, a fee will apply for that conversion.

tastytrade trading account currencies vs. similar brokers
	tastytrade	ChoiceTrade	XTB
Number of base currencies	1	1	5

Unfortunately, tastytrade only supports USD. If you send your deposit in another currency, tastytrade will convert it and charge you (see more on currency conversion fees here). If you deposit in USD, this isn't an issue.

An easy way to save the currency conversion fee is to open a multicurrency bank account. After opening an account at a digital bank, you can upload your currency to your new account and exchange it right within the app at great rates. You can then deposit your currency into your brokerage account free of charge or cheaply.

-> Back to tastytrade review for 2022

Related topics: