If you are looking for an upgrade from your current platform to a simple and cost effective options trading broker, I would highly recommend TastyWorks. (they even have a cherry as part of their logo :) This article covers the reasons why they are a leader in Options trading and how those currently trading with Robinhood should move over! If your already thinking about it, click this link Sign Up Today For TastyWorks!
By using our referral link you will get access to their small exchange as well.
Beautiful Interface For Options Traders
Main Features
Tasty Works is a new but highly reputable brokerage with a lot to offer, especially with regard to trading options, and for this reason, it is by far one of Pineapple Stocks favorite brokerages, and many of our members take advantage of it on a consistent basis. In addition to its powerful suite of options trading functionality (which includes options on futures as well!), Tasty Works also offers traders the more common stock, ETFs, and futures trading most brokers provide.
Why You Need To Move From Robinhood?
If you are currently using one of the more common and beginner established brokers such as Robin Hood, you may have noticed that trading can be quite restrictive when it comes to weekly options or day-to-day trading styles. If that sounds like something you’ve had frustration with, then Tasty Works is definitely worth your consideration given all of its great features geared toward this type of trading. Case in point, one of the more powerful features that Tasty Works allows (and that is currently not supported by most popular brokers such as Robin Hood) is the ability to set a stop loss on an option. Such a basic function of trading can often be critical when using options because it helps manage risk by better controlling how much you are gaining and losing per trade with automation.
That all said, it’s also worth mentioning that TastyWorks is excellent when it comes to important equity analysis tools such as charts, indicators, and relevant stock data such as the Ask, Bid, Change, and IV, all presented in an easy-to-digest fashion.
Account Types
When signing up for Tasty Works you can choose between two account types; a Margin Account and a Cash Account. A margin account is a type of brokerage account that allows investors to purchase securities with borrowed funds, requiring a deposit of cash or assets as collateral to cover the risk on such transactions. A cash account is a type of brokerage account in which a customer is required to pay the full amount for securities purchased. One of the biggest advantages of a cash account is that you are able to trade both options and have unlimited day trades which can be a very useful perk to new and veteran traders alike. A huge perk to keep in mind also is that Tasty Works has a highly acclaimed support team to help you with any account or general use needs. Their support easily competes with any of the top brokerages out there, and they provide quick turnaround via email or a live chat that is built into their website.
Best Pricing In The Market!
Where TastyWorks really excels is its cost-effective pricing. They charge no fee for closing trades, charge minimally with regard to trading, and charge fees on par with most brokers when it comes to opening stock trades. It costs only $1 per option contract, which is very attractive when you account for the unlimited day trade ability, assuming a cash account is in use. The price to open a regular equity trade is $5.00, which you’ll also find is quite competitive when compared to other top brokers. Compare that to TDA and Schwab which starts at $6.95 per regular equities. For beginners to option trading, one will find that low commissions are especially crucial, as it dramatically lowers the cost of entry for a type of trading that takes quite a bit of time to learn effectively. That’s not to mention also the money you’ll save given the ability to day trade on the fly and take advantage of options features such as stop losses which will greatly increase your trade flexibility and maximize your profit potential.
What's The Conclusion: Overall TastyWorks is great for both new and experienced traders who need both the flexibility of unlimited day trades and the very low fees. If you are looking for a community-driven, cost-effective platform that is primarily geared towards options traders then this is the platform for you. Feel free to sign up below and start trading! Use link below for an extra special subscription to their small exchange for free!
