Is Tasty Trade their own brokerage? I always thought they were affiliated with TOS. I'm confused what is the difference. Is Tasty Trade a sub group within TOS or their own independent brokerage?
tastyworks announces fee structure
- Thread starter Sweet Bobby
- Start date
Robert Morse
Sponsor
MAV,
They are an introducing broker like us that just moved their business from TD to Apex.
Bob
They are an introducing broker like us that just moved their business from TD to Apex.
Bob
So they are no longer affiliated with TOS?
Robert Morse
Sponsor
Nope. Check their Finra Broker Check.
Who are you kidding? I don't work for anyone, but you clearly do and are trying to sell here so what's your point. We are talking about the bigger picture here with accessibility to trading for anyone, regardless of who you are. First of of all, you have 3 different account levels with 3 separate funding requirements, and then you charge a minimum monthly commission fee if not at a certain level. And then you have left out both clearing and exchange fees for futures, which varies with product. I know the total cost to trade lean hogs or copper, or most ICE products is more than trading bonds or index futures. Don't even try to front. I signed up for lightspeed before and was suckered in with the little fee disclosures you guys conveniently leave out. It does cost more. What happened to the $.68 per side(or however much it is now) emini s&p exchange fee.What about futures options? And how about routing fees for index options that have been conveniently left out in your pricing graphic?
For a lot of people, bar the professionals with mega contract sizes, the rates are pretty low, and substantially so for people with medium to small accounts. Either way, tastyworks is where I am going and definitely not with lightspeed. I'll leave you here to keep selling to people who don't know you have hidden fees and not being completely transparent.
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Robert Morse
Sponsor
-Yes, our account minimums for futures are $25,000 to start
-We charge a commission and pass through exchange clearing, regulatory fees and platfrom fees. Here is an example using CQG Qtrader which can handle futures and options on futures very well. We have other choices with different cost structures including CME Direct which is free.
These are my estimates as I know the costs for January 1, 2017 using CQG QTrader with no memberships- CQG QTrader cost 25₵ Per Contract + Monthly Fee of $40.00 (Maximum Cost $625.00) These costs are per side. BTW, our futures accounts have no minimum commissions fees per month. How is that for clarity?
Robert Morse
Sponsor
Different. I would say it comes down to personal taste. I'll save my personal favorite for my style of trading for a phone conversation. I only trade options spreads and find TOS does not fit my style, but others like it. I don't care about all the investment tabs. Keep in mind that TOS targets investors and then active traders. Their goal is to gather assets. We target active traders. We offer both SMART and DMA for both equities and options, they do not. We offer some investment tools, but not what they offer. We focus on speed and flexibility of execution. We offer a choice of broker neutral platforms and our own software.
I'd have to know more about your trading to tell you which I think is better for you. In the end, the software is just a tool. I like our tools.
YOU said your cost was less than half what tastyworks is offering. But then you display a breakdown $2.04 or $1.41 per side. I must be really terrible at math. You tell me how that costs less than half of $2.50 (or $3.10 with clearing roundtrip). Or maybe you just aren't still getting that they charge only clearing for closing trades for ALL products. If anything you are cutting it close, but then one would not deal with membership and monthly fees of any kind so they still got you beat in that regard. What about options and stocks? Break it down for us. I know you got a business to run, but stop coming on here denying the facts. It's just the way it is. Thanks for clarifying.
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