tastyworks announces fee structure

ndtrader said:
I thought tastyworks commissions was 1.00. What is the extra 0.15 per leg?

Reduced commissions with IB are probably due to adding liquidity.
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I think that's the clearing fee (see 1st post on this thread).
Why it's 15 cents vs. 10 I don't know :(
 
ndtrader said:
For a NEW broker, those fees are pretty high, even considering no closing fee. IB cancellation fee is $0.01, not really a factor. Plus IB doesn't charge Exercise and Assignment fees, has 4 times lower margin rates, and has proven reputation of 40 years.
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@Kim Klaiman Is IB charging you cancellation fees on options? They used to charge me a cent or two per cancel, but when I ran some more reports on my account, it's been quite a long time since they've charged me any fees for this (and I cancel and re-submit option orders a lot.) Did I somehow choose some kind of different commission schedule from them, or are these fees waived if a certain amount of commission is generated in a month? I'm a little puzzled. When I stopped seeing these fees on my account, I just assumed IB got rid of the CXL fee for options.
 
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Ryan81 said:
@Kim Klaiman Is IB charging you cancellation fees on options? They used to charge me a cent or two per cancel, but when I ran some more reports on my account, it's been quite a long time since they've charged me any fees for this (and I cancel and re-submit option orders a lot.) Did I somehow choose some kind of different commission schedule from them, or are these fees waived if a certain amount of commission is generated in a month? I'm a little puzzled. When I stopped seeing these fees on my account, I just assumed IB got rid of the CXL fee for options.
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They don't charge cancellation fees on Smart routing orders, and charge 0.01 on API/CTCI Directed orders. I cannot remember last time I paid those fees.
 
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So if you are trading options, this really isn't anything shocking. Anyone who trades with at 10k can get these rates. I have been with Option House (OH) for a few years and I get 4.95 base and .25 a contract for options. Once you start trading more than 20 contracts or 10 vertical spreads, or 5 condors, flies etc, which isn't very much, my rates look better at OH than Tastyworks. You don't have to jump through hoops to get these rates. Send over your trading information showing at that you trade 10-20 contracts a month. They'll give you this rate. As for futures, which TastyWorks doesn't offer yet, the stated rates look a bit better than the $2 per contract plus exchange fees OH offers. Given, OH works with you, I bet they would match those rates too. Not trying to push OH here, because I am actually considering moving to Tasty works because the mobile platform looks way better than the OH one and I hate have two different accounts to trade, one for futures, one for options, even though it's the same broker. OH has assured me this won't be the case in the future, but I've been waiting over a year now for the new mobile app and in the beta it doesn't even have options trading or even a timeline for futures....
 
terramin said:
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.
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I pay $0.50 per at TOS with no ticket charge. You should renegotiate your rate... at least have them pull the ticket charge.
 
destriero said:
I pay $0.50 per at TOS with no ticket charge. You should renegotiate your rate... at least have them pull the ticket charge.
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How much do you pay each year in commission.
I pay 1$ - no ticket and thought I got a deal - last year I paid 23k in TOS commissions.
 
Maverick74 said:
So who is trading with these guys now? Any reviews?
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It's still pretty raw - like TOS in the very very early days (actually never saw it that early) but it's intuitive - works well and just needs additional features. Definitely better than IB right from the get go - less clicks- easier to handle via a remote desktop session and I'm sure the features will come
 
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