Once you are in the home page, navigate to the bottom of the home page and you will see a button that says “Generate Your Referral Link”. When you click on the button you will see your link, the number of people who have used your tastyworks referral code, and the number of people who have used your referral code and have funded their brokerage account.
Redeeming your tastyworks referrals
Every time someone uses your tastyworks referral code to open a tastyworks account, and if they fund their account with $2,000 within 60 days, you will receive one referral credit. You can redeem your tastyworks referral credits once you have at least two funded referrals. It may be tempting to cash out your credits as soon as you have two credits. However, if you can wait to redeem them until you have at least 5 credits, you will earn more cash!
Clicking on “Redeem Now” will take you to a page where you can select your prize. You can redeem your tastyworks referral credit for the following items or cash deposited into your tastyworks account. Personally, I like to redeem the prize in cash and it makes more sense to redeem credits in 5 credit increments.
Refer 5 friends and get $500 Referal Bonus ($100 per referral)
You can claim your referral bonus once you have referred at least two friends to Tastyworks. However, if you cash out 2 referral credits you will only get $75 per referral. To get $100 per referral, you must redeem at least 5 credits. Do you have 5 friends who could open and fund a tastyworks account with $2,000? If so, it’s worth waiting to get the $100 per referral bonus.
How long will it take to get your Tastyworks referral prize?
You have redeemed your tastyworks referral credits and are wondering when you will get your referral prize or cash. Interestingly, this depends on the time of the month you redeemed your referral credit. According to the tastyworks website, all referral credit prizes are processed at the end of each calendar month and delivered to your account within 1-2 weeks. Based on my experience, prizes are delivered around the 15th of the following month.
As a new broker in an already competitive stockbroker landscape, tastyworks is investing quite a bit on new user acquisition with very generous promotions. Currently, Tastyworks has 2 active promotions:
$250 Trading Challenge Promotion
With this tastyworks promotion, you can get paid $250 for trying out the tastyworks platform. To take advantage of this promotion, you must have an eligible account funded with at least $2,000 USD. However, you won’t actually trade with your own money. Instead, tastyworks will fund your account with $5,000 USD and you’ll have 2 days to make $250 with their money. Read more details about this promotion and how to sign-up in our other post.
$200 Crypto Promotion
If you are a cryptocurrency trader, you can receive up to $200 in free cash when you sign-up and fund your tastyworks cryptocurrency account. To qualify for this promotion, you must be a U.S. Citizen, not live in New York or Hawaii, be over the age of 18, and not have opened a tastyworks account before. To receive the tastyworks $200 crypto promotion, open and fund your tastyworks account with $2,000 before 6/30/2021. You may also fund your account with $200, in which case you will only receive $50 worth of crypto. You can learn more about this promotion in our tastyworks promotions post.
100 Free Stocks Promotion
Just like Robinhood and other new stockbrokers, Tastyworks is offering free stocks to new users when they sign up and fund their accounts. But instead of 1 share, you will get 100 shares with this tastyworks promotion. According to the promotion terms, the stocks will be priced between $1 and $6 USD, with 70% chance of being under $2 USD and 30% chance of being over $2 USD. Again, you will need to fund your account with $2,000 USD and keep the funds in your account for at least 3 months to receive the 100 shares. This promotion is set to expire on 06/30/2021. Check out my tastyworks promotions post to learn more about this promotion.
Tastyworks Review: Designed for Active Options Traders
Tastyworks is a trading platform developed by the brains who created the highly popular ThinkorSwim platform. The platform is designed for the active trader who is primarily interested in trading derivatives. Tastytrade founder Tom Sosnoff and co-host Tony Battista produce live TV segments Monday through Friday on options and futures trading that you can watch using the embedded video viewer.
Unlike some of the competitor platforms, tastyworks was built from scratch using modern tools including middleware. As a result, tastyworks can handle unthrottled data transfer and has an overall improved performance. Tastyworks is geared more towards the active options trader and their investment offerings reflect that. Unfortunately, you can’t trade bonds or mutual funds on their platform. However, you can trade U.S. stocks and ETFs, futures, and options (on stocks and futures). If you are interested in buying passive products, such as mutual funds, you can still call the trade desk to buy some. Did we mention that you can get up to $75,000 in cash deposited in your trading account by tastyworks? That’s correct, if you start referring friends tastyworks will pay for your investment. You can use our tastyworks referral code GNXN4FRRTW if you want to support our efforts to provide you reviews like this. Read our Tastyworks Review to know if Tatyworks is the best broker in 2021.
Before I start with the review, I just want to leave a short note on the fast development and improvement of tastyworks. Since its launch, the tastyworks team has added many new great features. If a feature seems missing to you, chances are high that they will implement it later down the road. Additionally, tatsyworks offers a lot of exciting and generous sign-up promotions. Read my other review for the full list of the current active tastyworks promotions.
Tastyworks Trading Platforms
Tastyworks offers different trading platforms for various needs. The desktop platform, which is their flagship platform, gives you higher-powered speed with a particular emphasis on high-volume trading. Additionally, the desktop platform supports multi-account management with an intuitive dashboard layout and workflow. Ultimately, this is a market tool that will keep you up-to-date on news. It offers blazing-fast pass-through technology, all with very little in the way of demand on your computer. Other great features include excellent charting, analytics, and the ability to access tastytrade videos and news from the Tastyworks cast of analysts. Furthermore, the desktop platform gives you all of the technical analysis and information that you need to trade the markets.
There is also a browser-based platform that you can use, for those who prefer to trade within a browser. Even though it is a browser-based client, it is extraordinarily robust and able to be accessed from any computer with Internet access. You get all the same functionality as the desktop version, but with a light footprint that you can use anywhere. The browser version is completely customizable just as the desktop version. It can be saved on the cloud so that your trading environment is the same regardless of where you are accessing it from. One of the competitors of Tastyworks is TD Ameritrade, know how these two platforms compare in Tastyworks vs TD Ameritrade.
Tastyworks has a fully functional and robust mobile app that you can use on both iOS or android. The mobile app is fast enough to trade a moving market, while on the go. Expectedly, the mobile app follows the same layout as the web and desktop platforms. Unfortunately, some features are not yet available on the mobile platform. For instance, you cannot access your tastyworks referral code or check your referral credits. Overall, the mobile app complements the web and desktop platforms. It allows you to keep an eye on the financial markets and take advantage of opportunities wherever they happen.
Tasyworks Commissions and Fees
Commissions and fees are where Tastyworks truly shines. Tastyworks offers zero commission for opening and closing stock and ETF positions. Options on stocks are charged at $1.00 per contract for opening a position, with a maximum of $10.00 per leg. Closing stocks options positions is free! Options on futures are only $2.50 per contract, while closing is free. Futures markets are traded at $1.25 per contract per side. These are extraordinarily low costs, which of course can help over the longer-term. What is of particular interest is the fact that stock trading is free to open and close, regardless of the size of the trade. If you are trading large amounts of stock, that could truly make a massive difference down the road. You would be hard-pressed to find better pricing on futures as well.
Capped Commissions on Equity Option Trades
Tastyworks has also launched their next commission modification: capped commissions. As a result, now you pay a maximum of $10 commission per options trade leg. Below, you can find some examples of how capped commissions impact each trade:
- 100 Puts or Calls (one leg) would have normally cost you $100 in commissions alone ($1 per contract). Now, the exact same trade would cost you $10 in commissions. The low commission is revolutionary compared to other brokers. Just to give you an example, at the time of this writing (April 2020), the same trade would cost you $65 in fees at TD Ameritrade. Additionally, you would pay $65 to close that trade at TD Ameritrade.
- 200 Credit Spreads (two legs) would normally cost you $400 ($2 commissions per spread). This and other spreads with two legs is now capped at $20 in commissions. I don’t know what to say more…
Tastyworks Review Summary
In conclusion, tastyworks is an ideal platform for active stock options and futures traders. It’s a platform designed by traders for traders. For those who like trading advice, the tastytrade network host and tastyworks co-founder, Tom Sosnoff, offers a truly unique trading experience live every Monday through Friday. The social trading aspect of the tastyworks platform is very innovative. You can follow other professional traders and duplicate their trades. As discussed above, commissions and fees are where tastyworks truly shines. If you are looking for a low-cost professional trading platform, look no further than tastyworks. I hope you liked this review. If you plan to open a tastyworks account, use our tastyworks referral code GNXN4FRRTW to support future reviews.