Cryptocurrencies have become increasingly popular since their inception in 2009. With the value of Bitcoin skyrocketing, many investors have turned to cryptocurrencies as a way to diversify their portfolios. Tastyworks, a popular trading platform, has recently introduced cryptocurrency trading to its users. In this article, we will explore Tastyworks crypto fees and everything you need to know about them in 2023.
What is Tastyworks?
Tastyworks is a trading platform that allows users to trade stocks, options, and futures. It was founded in 2017 by the same team that created Thinkorswim, which was acquired by TD Ameritrade in 2009. Tastyworks is known for its user-friendly platform and low fees, making it a popular choice for traders.
Tastyworks Crypto Fees
Tastyworks recently added cryptocurrency trading to its platform. Users can now buy and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Tastyworks charges a $5 flat fee for cryptocurrency trades, regardless of the size of the trade. This fee is in addition to any fees charged by the cryptocurrency exchange.
How Does Tastyworks Compare to Other Crypto Trading Platforms?
When compared to other crypto trading platforms, Tastyworks’ fees are on the lower end. For example, Coinbase charges a variable fee based on the size of the trade. For trades under $10, Coinbase charges a fee of $0.99, while trades over $200 are charged a fee of 1.49%. Binance charges a fee of 0.1% for all trades.
Are There Any Other Fees I Should Be Aware of?
In addition to the $5 flat fee, Tastyworks charges a $25 fee for outgoing cryptocurrency transfers. There are no fees for incoming transfers. Tastyworks does not charge any fees for deposits or withdrawals in USD.
Pros and Cons of Trading Cryptocurrency on Tastyworks
One of the biggest advantages of trading cryptocurrency on Tastyworks is the low fees. The $5 flat fee is much lower than what other trading platforms charge. Additionally, Tastyworks’ user-friendly platform makes it easy for beginners to start trading.
One of the biggest drawbacks of trading cryptocurrency on Tastyworks is the limited selection. Currently, Tastyworks only offers four cryptocurrencies for trading. Additionally, the $25 fee for outgoing transfers can be a deterrent for users who frequently transfer their cryptocurrency to other wallets.
In conclusion, Tastyworks is a great option for traders who are looking to trade cryptocurrencies with low fees. While the selection of cryptocurrencies is limited, the user-friendly platform and low fees make it a popular choice among traders. As always, it is important to do your research before investing in any cryptocurrency.