Do-it-yourself traders have a new way of doing business with the launch of tastyworks, a new brokerage firm from the team at tastytrade. The brokerage combines the methodology the tastytrade teaches in its daily content with technology that makes that kind of trading easy — all at a price that matches those strategies.
“Tastyworks is the next pillar in completing the full customer experience for the active retail investor,” said tastytrade president and co-CEO Kristi Ross. “We've taken the content [and] the technology, and the next step for us is tastyworks, which is the actual brokerage firm that encompasses everything we're about.”
The brokerage was built from the ground up to help take advantage of the company’s “trade small, trade often” philosophy. Not only can traders access tastytrade content right from the platform, but they can also follow tastytrade traders to see where they’re investing — alongside explanations for why they’re putting their money there.
Tastyworks also incorporates visuals that highlight data important to tastytrade’s approach to investing. And because tastyworks is so closely integrated, tastytrade hosts can talk about specific tools DIY traders can start to use on their own.
In addition to Ross, tastyworks' development also comes from tastytrade co-CEO Tom Sosnoff and CTO Linwood Ma, in addition to new tastyworks CEO Scott Sheridan. If that team sounds familiar, it’s because they were all together back at thinkorswim before it was acquired by TD Ameritrade.
“We really have a mission around debunking the myths around active versus passive investing,” Ross said. “With tastyworks, you're the one making decisions about your money, versus handing money off to a roboadvisor that you're not even sure how they're making those decisions.”
But the team is also looking to expand what active trading looks like by using new, more accessible tech and teaching traders how to use it to make money while managing risk.
“The word 'active' in the trading industry has historically been associated with high-frequency trading or professional day traders, visualizing the type of individual sitting behind a desk with eight screens around them,” Ross said. “That's not the person that we are trying to reach. We're talking about the everyday person who maybe has a day job or is retired or is in college and teaching them this logical, mechanical approach where you're trading small and trading often.”
Traders can open a tastyworks account starting today. The company has software for desktop and browser-based trading, with a mobile app coming soon to help meet DIY traders where they are whenever the market starts to move.
Images via tastyworks