Advertisement
Open an Account With the Lowest-Cost Broker

tastyworks minimum deposit

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

 

tastyworks 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

tastyworks deposit options
  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.

tastyworks review - Deposit and withdrawal - Deposit

Deposit currencies

 

As a rule, your deposited money will be held in the base currency of your trading trading account. In the case of tastyworks, 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.  
tastyworks trading account currencies vs. similar brokers
  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

Related topics:

Author of this article

Dan Sallai

Author of this article

My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.

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

Share

Comments

×