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How to buy silver on tastyworks

Okay so for your own reasons you have decided you'd like to buy silver. That's a good start. Let's see what lies ahead of you before you can officially state that you have a position in silver. If you'd like to buy silver, there are two important things you need to do:

  1. Decide which forms of silver you would like to trade.
  2. Find a broker that provides that form of silver and provides conditions that suit your needs.

Below we will go through the pros, cons, potential fees of each product category, including silver ETF, silver forex, silver CFD, silver futures, and silver options.

Silver is an available investment at tastyworks, you can use the following vehicles to invest into silver:

  • Silver options
  • Silver futures

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Buy silver on tastyworks
Ways to buy silver on tastyworks

Silver options

What is a silver option?

A silver option is a financial instrument that is a derivative based on the value of silver. Silver options are traded through the Chicago Mercantile Exchange (CME), trading under the symbol SO. An options contract offers the buyer the opportunity to buy or sell—depending on the type of contract they hold—the underlying asset.

  • Call option of silver means a financial contract that gives the owner the right, but not the obligation to buy silver at a specified price within a specific time period.
  • Put option of silver means a financial contract that gives the owner the right, but not the obligation to sell silver at a specified price within a specific time period.
If you would like to learn more about futures option trading, read this article.

Important features of a silver option
Can you use leverage / profit form price decrease? Yes, with a put option
What can be the important costs?
  • Spread
  • Commission
Ticker(s) of silver option SO
Further things to consider Great risk management tool if appropriately used

Silver futures

What is a silver futures?

Silver futures are derivative financial contracts that obligate the parties to transact an asset at a predetermined future date and price. Similar to silver forex, silver CFD, and silver options, silver futures are leveraged and complex products. The buyer must purchase or the seller must sell the underlying asset at the set price, regardless of the current market price at the expiration date. Underlying assets include physical commodities or other financial instruments. Silver is one of the commodities you can trade as a future. In the U.S., silver futures are primarily traded on COMEX (Commodity Exchange).

Important features of a silver futures
Can you use leverage / go short Yes
What can be the important costs?
  • Spread
  • Commission
Ticker(s) of silver futures SI (+month and year)
Further things to consider Liquidity is high, high margin requirement

Buy silver on tastyworks
Bottomline

We have given you a rundown of the main instruments available at tastyworks for investing in silver. Each one has different features and their availability varies from broker to broker. If you are interested in other vehicles, want to check out brokers that offer these instruments or want to read more about the history of silver, take a look at our article.

If silver is not your favorite in the precious metals asset class, check out our article on investing in gold.

Should you decide to invest in silver, bear in mind that these trades involve a certain amount of risk. We strongly suggest that you contact an investment advisor, as this article is not meant to be investment advice.

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Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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