Greetings, Terry’s Tips subscriber!
One of our best relationships over the course of 2017 has been with the guys that created thinkorswim. They have now moved on from that experience to introduce to us the newest kid on the brokerage block: tastyworks! If you ask us, we think their commission structure is absolutely the best one around, especially if you are a heavy options trader like we are. We love the things they are doing and don’t want you to miss out. Read on to see the message they sent to their tastyworks and tastytrade friends.
It’s time to join their nation!
To start off 2018 just right, we want to thank you for your show of unconditional support and irreplaceable loyalty for tastytrade and tastyworks. You are the reason we’re driving change to the financial industry. We’ve not only planned more of what you love, like more live tastytrade shows in 25 cities, more trading tools, more mind-blowing content, more new daily shows – but also stuff that will leave you thinking, “How’d they do THAT?”
tastyworks introduced zero commissions to close trades on Jan 3rd, 2017. Starting tomorrow, on Jan 2nd, 2018, tastyworks is introducing capped commissions for large option trades. This means the most commission you will pay for any single leg option trade is $10* (plus clearing fees). That’s right, just $10* per leg!
Eighteen years ago, when we built thinkorswim, 100 option contracts to open and close was $300+. At the time, we thought $1.50 per contract was cheap. Today, the industry average per contract is about $.70 plus a small ticket charge. So, 100 option contracts today is approximately $150 to open and close at most firms. With tastyworks’ new rate schedule, the same trade will cost $10 in commissions to open, zero in commissions to close and a $20 clearing fee for a total of $30. Compare that rate to any other firm on the planet and remember how good our technology and content is as well. Fees for small options trades (10 contracts or less) stay the same.
But we’re not done. As an added bonus, tastyworks will have twelve monthly drawings for funded accounts (minimum of $2,000) and each month, one customer will win free commissions for 5 years. And no, we haven’t lost our minds. We simply want to do something special and this is just the start.
On the technology side, tastyworks is releasing a new analysis tab, portfolio margin, options on futures, paper trading, an open API, a new scripting language and lots of new mobile features.
So thank you again for the incredible engagement over the past year. You have helped to make tastytrade and tastyworks one of America’s fastest growing financial innovators.
Scott / Woody & the tastyworks team
Kristi / Tom & the tastytrade team
**The only exclusions are futures options and a few cash-settled indices. Clearing, regulatory and exchange fees still apply. See website for full details. Clearing fees are $.10 per contract. tastyworks does not have ticket charges, monthly minimums, platform fees, data fees, cancel fees, excess risk fees or fees for access to live trade desk support.”
tastytrade content is provided solely by tastytrade, Inc. (“tastytrade”) and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, transaction or investment strategy is suitable for any person. Trading securities can involve high risk and the loss of any funds invested. tastytrade, through its content, financial programming or otherwise, does not provide investment or financial advice or make investment recommendations. Investment information provided may not be appropriate for all investors, and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. tastytrade is not in the business of transacting securities trades, nor does it direct client commodity accounts or give commodity trading advice tailored to any particular client’s situation or investment objectives. tastytrade is not a licensed financial advisor, registered investment advisor, or a registered broker-dealer.
tastyworks, Inc. (“tastyworks”) is a registered broker-dealer and member of FINRA, NFA, and SIPC. tastyworks is a wholly owned subsidiary of tastytrade, Inc. (“tastytrade”). tastyworks and tastytrade are separate but affiliated companies that are not responsible for each other’s products, services or policies. Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses. Please read Characteristics and Risks of Standardized Options before investing in options. Options trading is subject to tastyworks account review and approval.
tastyworks, Inc. (“tastyworks”) has entered into a Market Agreement with [Insert Agent] (“Marketing Agent”) whereby tastyworks pays compensation to Marketing Agent to recommend tastyworks’ brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Marketing Agent by tastyworks and/or any of its affiliated companies. Neither tastyworks nor any of its affiliated companies is responsible for the privacy practices of Marketing Agent, its website or this email. tastyworks does not warrant the accuracy or content of the products or services offered by Marketing Agent, its website, or this email.