Tastyworks review (2021) Review
Tastyworks CFD broker’s team are well-known people in the field of trading. Their trading experience is more than 35 years. Company founders started their work on Chicago Stock Exchange in 1981, and already in 1995, they organized their first brokerage firm. Since 1999, they have been developing software to use CFD contracts. The broker’s website tastyworks.com, as well as its trading platform, is constantly updated. At the same time, the broker’s work is aimed more at experienced traders. The firm is regulated by FINRA, SIPC and NFA.
The minimum deposit amount at Tastyworks is not set, you can start with any amount. Traders can trade options, futures and stocks. The broker offers more than 20 strategies. If a client chooses margin trading, then he needs to replenish the deposit of $2,000.
Tastyworks trading platform review
The company has developed three versions of its own trading terminal:
- It is installed on the PC in the form of an application. This platform works fast enough, without failures. Here you can also watch the video, which is prepared by analysts every week;
Browser version. It can be opened in any browser. It allows you to do trading even on someone else’s computer. The functionality of this version is fully identical to the computer version; mobile. The application is installed on smartphones and tablets with Android and iOS. It allows you to trade in the mood 24/7. The interface of the terminal is customizable. According to customer reviews, it has everything you need for successful trading: charts, tools, analytical data, etc.
Overview of deposit methods at tastyworks.com
To make a trade you need to deposit money to your account. Broker accepts U.S. dollars for payment. Depositing account is carried out by one of the following ways:
- ACH. This is a popular money transfer system in the USA. It allows transferring funds from the client’s bank account directly to the deposit at the broker. This is also a way to withdraw the earned money;
- the bank transfer- to make it, you will need to provide payment details of the brokerage account. They can be found at tastyworks.com in the corresponding section;
- a check- it’s necessary to indicate the addressee of funds by sending a check to the broker’s address. Money deposited in this manner becomes available within 3 banking days;
- transfer from the account with another broker. The client can make a transfer by specifying the details. In their feedback users note that these are standard US money transfers. They do not cause any problems and are executed according to transparent algorithms.
Overview of CFD broker trading accounts
Tastyworks offers several types of trading accounts to its clients. They differ in working conditions and available assets for trading with CFD contracts. At tastyworks.com you may find the detailed description of each account plan:
- The Works. Here there is an individual margin account, it is possible to trade CFD-contracts for raw materials etc.;
- It is intended for work with individuals. According to reviews, it is the most common of the offered options. 2 types of accounts are available: margin and cash. In the first case, for trading the client takes a loan from the CFD broker. In case of a positive result of trading, the credited sum and interest for its use are returned to the intermediary. The remaining difference is credited to the trader’s account. When trading for cash the client uses only his own funds;
- It is a joint account that belongs to two people at the same time. Tastyworks offers the following types of joint account: TIC and WROS. What sets them apart is that in the former, each tenant manages their own portion of the funds. If one of them dies, this right passes to his heirs. When WROS is opened, each owner’s share is 50%. If one of them dies, the other becomes the full owner of the deposit;
- These are retirement accounts. The client provides funds, receiving a percentage of remuneration for it. There are several types of them. They differ in the presence of tax deductions from the profit. More details about the conditions can be found at tastyworks.com;
- This is a brokerage trading plan for working with legal entities of different forms of ownership;
- It is opened by third parties on behalf of the broker’s client. To do this, you need the appropriate power of attorney. Actually, the management is carried out by the traders who are not owners of funds and the deposit itself;
- Accounts for international partners from other countries. Some restrictions are possible, for example, for Canada.
Listening to customer feedback, Tastyworks is planning to open a guardian account in the near future. Guardians of minors would be able to open such an account for investing funds.
Review of pros and cons
Evaluating the reviews, the website and the terminal, we can highlight the positive aspects of working with Tastyworks:
- The company has been on the market for a very long time;
- Its reliability has been proved by many years of activity;
- The platform is constantly improving, tools are added;
The negative sides of CFD-broker are as follows:
- the work is aimed at experienced traders;
- for deposits they use systems that are popular in the USA and not available in other countries.
- no demo accounts
Pros / Cons