Can I upgrade my account?
Margin vs. Cash Accounts
Only margin accounts can be upgraded. The ability to upgrade your trading level is based on two factors: your account type and your investor profile. To view your current account type, please sign in to your account at tastyworks.com. Your account type lists beneath the Account Status heading, as illustrated below.
There are three margin account trading levels: Limited, Basic, and The Works. Your trading level is based on your investor profile. If your trading objectives, knowledge, or financial standing has changed, then you may adjust your investor profile by signing into your account at tastyworks.com and navigating to My Profile>Investor or click here for a shortcut.
Cash accounts CANNOT be upgraded since there is only one trading level. If you want to open a margin account, you will need to open another account, which you can quickly do by clicking Open Another Account beneath the Account Status section. To check if you have a Cash account, then please log in to your account at tastyworks.com and view the Account Status area, as illustrated below. Additionally, accounts cannot be converted from cash to margin and vice-versa, and you must open another account.
To learn how to open another account, please click here.
To learn more about our trading levels and permissible strategies, please click here.
How to update your Investor Profile
Your trading level is based on your investor profile
Entity account holders (S-Corp, C-Corp, LLC, Partnership, and Trust) that wish to upgrade their trading level must reach out to email@example.com to update their investor profile.
- Sign in to tastyworks.com, or for a shortcut, click here. Then go to My Profile>Investor.
Once signed in, accounts that are eligible for an upgrade will have an orange UPGRADE button to the left of each trading account(s), as illustrated below.
- Once on the Investor Profile page, please select the account you want to upgrade. If you have more than one account, click on the Current Account dropdown to select the account you wish to upgrade.
- After selecting the account, you will see what you are eligible to upgrade to under “My Current Plan." Your current trading level is based on your current investor profile. Any trading level your account is not suitable for will be greyed out, as illustrated in the example below. If an account is already suitable for an upgrade, then the next trading level will not be grayed out.
- Your ability to upgrade is solely based on how you self-report within three different criteria: Trading Objectives, Trading Knowledge, and Financial Standing. You may edit your investor profile by editing each criterion by scrolling down to each section and clicking EDIT.
- After completing your investor profile update, you will see your eligible trading level(s), based on how you self-reported, under the My Current Plan section. Below is an example of what you will see when the next trading level becomes eligible to upgrade.
- If you do not see the trading level you were anticipating to upgrade to, you may reevaluate your investor profile.