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Review of Tastyworks - Best Broker for Options Trading - 2017 - YouTube
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recently tastytrade launched a new
platform called tasty works and with
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no bias it is probably the best platform
as of 2017
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especially for options traders hey guys
this is Izzy and by the way it is the
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first time I'm filming a video you know
I just got my tastyworks account opened
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and decided to make you know an honest
review and what I think about the
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platform and stuff and there aren't a
lot of videos explaining the tastyworks
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so I decided to
make this one and I hope this will
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answer all your questions so this video
will be broken down into four parts
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Commission's trading platform customer
service and requirements okay so this is
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the quote from tasty works and as you
guys can see it's one dollar per options
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contract meaning that you are paying
only for contract you are not paying any
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base fees nothing like that so let's say
you do a vertical spread it's going to
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cost you two dollars to open it then you
have five dollars to open a stock
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position and 2.5 for futures contract
and here's the biggest thing zero
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dollars for all closing trades for every
single trade no matter stocks options or
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futures just to illustrate how much
money could be saved with tasty works
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take a look at this table guys so here I
compare five major brokerage firms
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including tasty works and these are
commissions for complete two legs
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options trades meaning you open it and
close it for example vertical spreads
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straddles strangles and I mean as you
guys can see you can save a bunch of
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money with tastyworks and here's
another example for four-legged options
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you know you save even more and they
also have no hidden fees these are all
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the fees you guys should expect I mean
every single firm as goes it just don't
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show it to you or you simply don't know
about them but they are there so some
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may say you know low Commission's
translates into into a bad customer
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service as it as with any other firms
but in fact that is not true
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I personally called them you know when
the service was great didn't have to
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wait a lot you know the staff was pretty
helpful so the other thing is I haven't
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personally tried it so I cannot confirm
it but you know users say that it takes
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about 1 to 3 hours for them to respond
you on Twitter and about 1 to 2 business
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days to respond to your email you may be
saying to yourself if customer service
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is good then the platform must be bad
and that is not true also because tasty
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works is actually built by tastytrade
and tastytrade those are the guys who
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made that thicker or swim and then sold
it for almost billion dollars to TD
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Ameritrade then they made another
platform and now it's tasty words so
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those guys are probably the most
experienced platform builders in the
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industry if you look at it it looks
pretty fresh you know it does not have
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any unnecessary stuff I could have done
a detailed explanation of the platform
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but the video would have been too long
and was not meant to be too long so I'll
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probably make a separate video on it but
in short this is the position tab it's
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blank now because I don't have any
positions open yet because it just got
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my account open and it funded pretty
recently but then we have the trade tab
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and again it was designed specifically
for options traders you have your curve
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view table view and table views to see
the bigger picture strike prices
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volatility and curve view is you know
this is where you actually do your
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trades you know you change stuff you
move it you see your profit zone you see
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a loss own you can change stuff at the
bottom yes it's it's very convenient and
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once you guys get used to it you will
love it then we have the activity page
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and it's blank also mainly because again
I have I don't have any positions open
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yet
yeah then we have the watch list tab and
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watch this you can customize it to
yourself or you can do the pre-prepared
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ones as I do right now so there's a lot
of flexibility in it and then we have
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the tastytrade tab and these are the
guys that i've
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earlier I would recommend watching them
a daily basis that's not on the platform
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but on the website then we have a chart
tab and I like it because of its
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simplicity and you know it doesn't mean
that it doesn't have enough indicators
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it does have a lot you know it has all
the tools that I need and to me for be
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personal this will affect from that I
would prefer you know I do technicals a
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lot but you know I'm not you know savvy
trader as you know a savvy technical
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analyst as Forex or day traders you know
who use that a lot so for you guys this
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may not be the right place but for
everyone else you do have everything I
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mean using normal platform so this is
not an exceptional and it's great simple
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and fast and convenient and lastly we
have a follow tab where you can see
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trades place by tastytrade people and
those guys have a very experience so you
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can track those trades for your own
reference but in general the platform
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works on smartphones iOS Android desktop
iPads and they also have a web version
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of it so pretty good platform basically
the same thing you got to be 18 years
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old you got to be a resident or a legal
permanent resident internationally I'm
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not quite sure but if you guys want to
know I just post a comment and I promise
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I will figure that out for you what else
no account minimums here's the thing if
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you want to actually be able to trade on
margin which probably most of you will
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you will have to fund your account
within 60 days to be able to actually
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place a trade you don't have to fund it
immediately so I mean you can just
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basically make your application open
your account and you gotta found it in
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the 60 days and then you're good to go
last thing I'll talk about here which is
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probably the reason I like tasty works
the most that is they don't have any
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restrictions on what kind of options
trades you want to place I hope you guys
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know that all firms out there have four
or five levels you know depends on the
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firm and if you start like I did with
you know with no experience with $3000
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account options have options house
placed me in
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level one and they told me that you know
all I can do is I could buy calls I
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could buy puts and I could do a cover
calls called the customer service I
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asked how long it takes to get from
level one to level four level four
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basically gives you all the freedom and
they told me you know typically takes
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two to three years and the biggest thing
they also want you to have bigger
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account like twenty five possibly thirty
thousand dollars account and you know
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I'm from a low-income family so that was
that was a big thing to me you know so
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it was hard at a moment because I've
been starting hard working hard to that
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moment reading a lot of books you know
researching watching videos and boom you
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know they wouldn't let me do it but then
tasty oaks came out in January 2017 was
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impressed in conclusion I give five
stars for the customer service because
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staff was nice and kind and very helpful
I give four and a half stars for the
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trading platform simply because it's not
for everyone
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you know forks and day traders may not
feel comfortable in the platform then I
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rated Commission's as the best in the
industry because they have not seen
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anything anywhere close to tasty works
and for some extra stuff you get Bob the
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trader and the biggest thing is you have
no more tears no more levels no no
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restrictions do whatever trades you like
just to summarize I don't see a single
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reason why should not have your account
at a stores I mean unless you trade
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Forex and day trade it may be something
specific I don't know about but
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generally if you do options futures
stocks that's the best place to be like
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I have not used all the other firms to
say that I don't think that someone is
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better based on the criteria is that I
just gave you I don't think that someone
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is better than those guys and this is it
thank you so much for your attention I
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appreciate your time and I'll put the
link down below if you guys are
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interested I will definitely encourage
you to do so it took me about it took me
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less than three minutes to feel to fill
all the stuff in about two days to get
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it completely (This was a review of tastyworks)
thank you so much
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