tastyworks announces fee structure

Discussion in 'Retail Brokers' started by Sweet Bobby, Jan 1, 2017.

  1. I just received an email from tastyworks. I'm pretty excited about their fee structure. No commissions to close trades!
     
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  2. Robert Morse

    Robert Morse Sponsor

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  3. Handle123

    Handle123

    No commissions to close trade which means they get it on opening a trade, and if you a smaller trader, $5 bucks to buy few hundred shares of stocks is expensive. I noticed the numbers above words and usually they will define more fees at bottom of page but you left that out. So the fees might be higher.

    It is like when they started Forex, big advertisement of no commissions and gullible people running to trade it and yet giving away 3 pips was more than trading futures commissions and one tick spreads, so it was costing them twice as much to trade.
     
  4. DrugDoc

    DrugDoc

    You are underestimating how low cost this is compared to anywhere else. The issue with most low cost commision schedules is that they tie you to some other requirement, either account minimums, volume requirements, monthly platform fees, IRA vs Standard brokerage, etc
    They have none of those...just a low flat transparent rate, that's it. How is 5 bucks expensive for the small trader? That's essentially $2.50 per trade. Anywhere lower and you gotta meet requirements and jump through the kind of hoops I mentioned above, and the small trader can't meet those. For options esentially $.50 per contract, no ticket fees, no volume requirments, no minimum charges, etc.. nothing.
    The most mind blowing rates are the futures and futures options rates. That's effectively $2.50 plus clearing roundtrip, REGARDLESS of product. That is yuuuge!! No one else can match that!
    These are industry disrupting rates, especially for entry level trading...
     
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  5. terramin

    terramin

    Your rates are good but do you have a flat rate when people buy over a certain number of shares? For micro-caps we often buy 5k or more shares, what would the rate be on that? Is there a flat-rate with no per share cost?
     
    Last edited: Jan 1, 2017
  6. terramin

    terramin

    Absolutely loving those commissions. Works out to .60cents per contract with clearing costs on options. This will greatly help trading complicated spreads-- I can now think about trading ratio butterflies with 6 legs-- this cost me 6.60 on the opening side and .60 cents on the closing side, 7.20 only. On ToS that would cost me upwards of $18 to run the same spread, open and close at 1.50 per contract! This commission structure will help alot with scalping. It will also allow more exotic spreads to be more reasonable strategies.

    I also trade lots of microcaps-- usually anywhere from 1k to 5k shares on stocks from $1 to $10. 5k shares would be $5 plus $4 on the open side and $4 on the close side = $13 total. That is still cheaper than where I would pay $8 plus $8 = $ 16. Also, this fee structure allows me to scale out much more easily. I won't think hard about taking profits when it doesn't cost me more to do so. If anybody knows of a better brokerage for microcaps please let me know.

    Also need to figure out if they will give access to premarket and afterhours trading.
     
  7. I agree - those rates look amazing. Wondering how long it'll take for them to have an API and mobile interface and if they will be able to offer portfolio margin right from the beginning.
     
  8. algofy

    algofy

    Stocks and options look decent...futures no good.
     
  9. Robert Morse

    Robert Morse Sponsor

    $2.50 RT + clearing is Great? Have you looked at our rates? We are less than half that. I'm starting to get the idea that at least one of you works for them.
     
    vanzandt and Handle123 like this.
  10. Robert Morse

    Robert Morse Sponsor

    For equities, we offer per ticket or per share rates, but you can't choose on each order. 4.50/ticket or $0.0045/share are our base stock rates.
     
    Last edited: Jan 1, 2017
    #10     Jan 1, 2017