Tastyworks Deposit and Withdrawal In Detail | Low Fees

Pros

Cons

  • No deposit fees
  • Only one base currency is available
  • High withdrawal fees
  • Limited deposit and withdrawal methods

Introduction

Tastyworks is a new broker in the market. It was founded in 2017 in Chicago. Although Tastyworks is fresh, it’s regulated by top-tier financial authorities including FINRA and NFA, and it’s also a member of SIPC. Tastyworks is not a Forex or CFD broker, but its main products are stocks, options, and futures. The good thing about it is that it has very competitive commissions among similar brokers.

Account Currencies

The Tastyworks account has only one base currency available, the USD

Notes:

  • You will not be charged with conversion fees if your account has the same currency with your bank account or when you trade assets with the same currency of your account.
  • If you want to avoid being charged with conversion fees, you can open a multi-currency bank account at a digital bank.

Deposit

Tastyworks supports depositing using different methods such that:

  • Wire Transfer
  • ACH transfer (for the US clients)
  • Cheques

Tastyworks deposit methods

 

Tastyworks

Credit cards

No

Bank Transfers

Yes

Electronic wallet

No

Fees and Time

The deposits are free of charge and take from 2 to 3 business days to proceed.

Withdrawal

Tastyworks has the same withdrawal methods as the deposits:

  • Wire Transfer
  • ACH transfer (for the US clients)
  • Cheques

Tastyworks withdrawal methods

 

Tastyworks

Credit cards

No

Bank Transfers

Yes

Electronic wallet

No

Fees

Tastyworks charges $45 on withdrawals using international wire transfers while US clients only have $25.

Time

It takes from 3 to 5 business days to withdraw your money from the Tastyworks broker.

Note:

For security reasons, you may have to verify your identity with the payment department for the first time through the registered email or the phone number.

FAQs

  1. Can I transfer cash/ positions between two Tastyworks accounts?
  1. Does Tastyworks give a bonus?
  • Yes, it does. You can get $200 after depositing $2000+ into your account after signing up using a promo code and buying some cryptocurrencies.
  1. Does Tastyworks allow scalping and hedging?
  • Yes, Tastyworks allows both of them on their trading platforms.
  1. Does Tastyworks have a swap-free account?
  • No, it doesn’t.
  1. When trading forex, will you lose more than your initial deposit?
  • Yes, as the Tastyworks broker doesn’t have any negative balance protection. In other words, your account can have a negative balance.
  1. Does Tastyworks accept payments from third parties?
  • No, payments should be from a bank account that holds the same name as yours.


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