There is no minimum deposit required by tastyworks. This makes it an ideal broker if you want to trade or invest with a smaller amount.
In general, tastyworks' 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
-
ACH (automated clearing house)
-
checks
| tastyworks | 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 tastyworks' website, ACH transfers take 4 business days. However, some US bank accounts can be linked to tastyworks, making instant transfers possible.
You can only deposit money from accounts that are in your name.
Deposit currencies
| tastyworks | ChoiceTrade | XTB | |
|---|---|---|---|
| Number of base currencies | 1 | 1 | 5 |
Unfortunately, tastyworks only supports USD. If you send your deposit in another currency, tastyworks 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 tastyworks review for 2022
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- How to withdraw money on tastyworks
- tastyworks fees
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