Intro
Web trading platform
BrokerChooser review score: 3.4
The tastyworks web platform is great for experienced traders, especially for options trading. However, it takes time to figure out how its functions work and customizability is limited.
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Pros |
Cons |
|
• Clear fee report |
• Limited customizability (for charts, workspace) |
|
• Price alerts |
• Not suited for beginners |
|
• Two-step (safer) authentication for certain functions |
|
| tastyworks | Available | |
|---|---|---|
| Web platform score | 3.4 stars | Yes |
| Mobile platform score | 4.2 stars | Yes |
| Desktop platform score | 3.9 stars | Yes |
tastyworks has a proprietary trading platform that is targeted mainly at options and futures traders, with stock trading only as a secondary focus.
The platform is available only in English.
Look and feel
Login and security
tastyworks requires two-step authentication for certain functions, which ensures an extra layer of security. Two-step authentication is required for the following actions within the account:
- Email changes
- Password changes or forgotten passwords
- Money movements (initiated from within your tastyworks profile)
To use this security feature, you'll need to download an authenticator app, like Authy, Google Authenticator, Microsoft Authenticator or 2FAS Authenticator.
Search functions
The platform's search functions are OK but could use some improvement. If you know the ticker, you're good to go. However, if you want to search for various emerging market ETFs and start typing 'Emerging', the results will only have ETFs starting with the word 'Emerging'. So for example the biggest ETF, the iShares MSCI Emerging Market Fund will not be shown because it starts with 'Ishares' not 'Emerging'.
Placing orders
tastyworks's order management has great functions but it's a bit complicated. It is primarily designed for options trading but it can also be used for stock trading. You will find three different order panels: two for options trading and one for stock trading.
The stock-trading panel is of medium quality, offering four order types:
- Market
- Limit
- Stop limit
- Stop market
To get a better understanding of these terms, read this overview of order types.
There are various order time limits you can use:
- Good 'til cancelled (GTC)
- Good 'til date (GTD)
For options trading, you can choose between two views: the standard option chain, called 'Table', and a unique visual trading interface, called 'Curve'.
Under both views, you can use many predefined strategies:
- Vertical
- Strangle
- Straddle
- Option
- Iron condor
- Covered stock
- Butterfly
- Jade lizard
- Calendar
It looks very complicated at first, but it's a very functional platform once you get the hang of it. For example, it has a list of predefined option strategies, so opening an iron condor takes only two clicks.
You can also drag and drop the different option orders and easily edit the default parameters. We think this is one of the biggest selling points of the platform.
Alerts and notifications
It is easy to set up price alerts and order notifications. You can set up alerts for each asset for price and implied volatility (IV). You can also set up email and push notifications, as well as text messages if you are in the US.
There is a great watchlist called the 'Grid' that offers an overview of a wide range of assets all in one place. Selected stocks have a well organized mini-infographic with some fundamental data. This is also tailored for options trading, as the most visible data points are IV ranks.
Portfolio and fee reports
The portfolio report is well structured. Its default setting is options-focused as it shows delta and theta values. However, the columns of the table can be easily customized.
The fee report is also clear. Both the portfolio and fee report can be exported to a CSV file.
Desktop trading platform
BrokerChooser review score: 3.9
The desktop platform is very similar to the web trading platform and has extra features such as good customizability. On the other hand, it is likewise not well suited for beginners.
|
Pros |
Cons |
|
• Clear fee report |
• Not suited for beginners |
|
• Good customiozability (for charts, workspace) |
|
|
• Price alerts |
|
You can download the desktop trading platform for OSX, Windows and Linux. It is only available in English.
Look and feel
The tastyworks desktop trading platform is OK. Similarly to the web platform, it is quite complicated and it takes some time to figure out where things are. However, it's slightly more intuitive and has more customizability options.
Login and security
tastyworks provides two-step authentication for the same features as the web trading platform.
Search functions
The platform's search functions are the same as those on the web platform.
Placing orders
You can place orders in the same way as on the web platform.
Alerts and notifications
You can set price alerts and order notifications on the desktop trading platform in the same way as on the web platform.
Portfolio and fee reports
You can access clear portfolio and fee reports on the desktop platform as well.
-> Back to tastyworks review for 2022
Related topics:
- About tastyworks
- Trading stocks on tastyworks
- Options trading on tastyworks
- Crypto trading on tastyworks
- Futures trading on tastyworks
- tastyworks margin minimums
- How to withdraw money on tastyworks
- tastyworks fees
- How to open a tastyworks account
- tastyworks minimum deposit
- tastyworks customer service
- Is tastyworks legit and safe?
- tastyworks app
- tastyworks alternatives
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