Tastyworks Promotion: $250 Sign-up Promotion
Another ongoing tastyworks promotion is the $250 trading challenge. Basically, tastyworks will pay you to try out their platform. All you have to do is open an account and let the tastyworks support team know that you want to participate in the tastyworks trading challenge. You will get two days or two consecutive trading sessions to paper trade stocks and ETFs. Note that while you will have access to real-time equity, ETF, and Futures option data during your simulated trading sessions, equity and Futures option profits do not count towards the profit for this promotion.
At the end of the two days, tastyworks tallies up your earnings, and if you earn at least $250, they’ll pay you the earnings (up to $250) in real cash in your account. Lastly, to receive this promotional award, you must fund your tastyworks account with at least $2,000 USD within 30 days of completing this challenge.
Somethings to keep in mind about this tastyworks promotion:
- You are limited to $5,000 in buying power during the trading challenge period.
- You must complete the trading challenge period within 14 days of registering for a trading challenge account.
- The only accounts that qualify for this promotion are individual margin or cash accounts.
- You must fund your account with a minimum of $2,000 USD within 30 days after completing the trading challenge.
Tips for winning the Tastyworks promotion challenge
Making $250 with $5,000 in two days may seem difficult, especially if you are new to trading. However, it is doable during the recent market volatility. Before you read further, keep in mind that any trading advice provided on this blog are for educational purposes only. Nothing in the trading challenge simulation is intended to perfectly replicate the real trading environment. With that said, here are our tips to win the $250 trading challenge:
First, stay away from penny stocks for this challenge (or to be honest ever). The current market volatility offers enough opportunity to make $250 in highly liquid stocks. Second, follow the trend. We have seen 1-2% moves almost every day in major indexes since March. That said, on any given day, you can get a decent idea about the broader market direction from the pre-market moves. Start the trading challenge as early as possible on the first day because your challenge ends at the second market close. Fortunately, some rules of trading such as pattern day trading (PDT), use of unsettled funds, and hard-to-borrow status do not apply to this trading challenge. This means that you can make as many trades as you want during the trading challenge period.
The biggest advice we can give you is to not risk more than 10-15% of your account balance ($1000-1500) on any trade during this challenge. You don’t have to make all $250 in one trade. If you are not sure which stocks to trade, try using an online stock screeners such as trade-ideas or Finwiz. Additionally, you can hop on the trade-ideas free trading chat room every morning, where expert day trader Barrie Einarson shows you his trade-ideas scanner and takes live trades in real-time. We love and have been using the trade-ideas for over a decade and highly recommend it.
Can you combine Tastyworks promotions?
You may be wondering if you can combine tastyworks promotions to earn up to $1050 ($250 from the trade challenge, $200 in crypto, and up to $600 from free shares). We reached out to the Tastyworks support team to find out. Unfortunately, sign-up promotions cannot be combined. We recommend the 100 shares promotion as it requires less work and is guaranteed cash in your account (requires less work). Based on our internal referrals, most shares are priced at about $2.00-$2.50 when they post to your account. However, this should not keep you from trying the $250 trade challenge or open a crypto account. If you’re a skilled trader and feel confident that you can earn $250 with $5000 paper money, then you should give it a shot.
Tastyworks Traders Day Appreciation Promotion
Every August, tastyworks offers commission-free trading on a single day as a token of appreciation for using their platform. The tastyworks promotion applies to equity options only and is a great opportunity to place many small multi-legged options trades (such as iron condors) with a high probability of profit. Note that this promotion is for free commissions only. Clearing, regulatory, exchange, and proprietary index option fees still apply to both opening and closing trades. This year, Trader Appreciation Day is on the 20th of August. This promotion expires on 06/30/2021.
Tastyworks Referrals: Receive $100 per referral
In addition to tastywroks sign-up promotions, you can receive cash prizes from tastyworks referrals. Tastywork’s referral program is quite generous, paying $75-100 in cash prizes for each referral. Read my full review of the tastyworks referral program or sign-up for a tastyworks account with this referral link. If you haven’t made your mind about opening an account yet, read this tastyworks review and learn why tastyworks has the potential to be one of the best stock brokers out there.
Past Tastyworks Promotions
For newcomers, it may be interesting to know some of the most recent tastyworks promotions. On May 1, 2020, Tastyworks awarded a model 3 Tesla to one tastyworks customer. To qualify for that promotion, all you needed was a tastyworks account with a minimum of $2,000 balance at the time of the drawing. Tastyworks is a new brokerage firm, and as with all start-ups, customer acquisition comes at a cost. Let’s be honest, there is no shortage of stock/options brokers today, though there is a shortage of professional brokers with low fees and commissions. Commission and fees are where tastyworks truly shines, as tastyworks has the lowest commissions and fees for options and stocks among professional brokers. While the higher cost of user acquisition may be a heavy expense for tastyworks, it presents a great opportunity for new customers to benefit from tastyworks promotions.
One of tastyworks’ competitors is Robinhood. If you want to know how these two platforms compare, read Tastyworks vs Robinhood.