Are you looking to open a new account at tastyworks and take advantage of the 100 Share or 10 Options Offer ("Offer")? If so, and you got some questions about the promotion, then check out our FAQ below.
For full terms and conditions, please refer to https://info.tastyworks.com/10or100.
New customers that open and fund a tastyworks account with $2,000 or more in cash or by an account transfer (ACATS) and enter STOCK_AWARD_21 into their referral code field when initially registering with tastyworks will have the choice to receive 100 shares of stock OR 10 long options contracts. An awarded options position will come in the form of ten long calls or ten long puts. In some instances, your total awarded options value can be above or below the average. The stock award and options award are chosen at random.
Customers that opt for the Options Award can expect the following:
- 10 Long Calls or 10 Long Puts
- Valued between $0.15 to $0.25 per contract ($15 to $25) at the time of purchase
- Average total value: ±$200 (can be above or below)
- Average Days to Expiration (DTE): 15-25 days
Customers that opt for a Stock Award can expect the following:
- 100 shares
- Valued between $1-$6 a share at the time of purchase
- Average total value ±$200 (can be above or below)
Due to market fluctuations, your awarded options or stock position may gain or lose value by the time the position gets delivered to your account.
Who is eligible?
- NEW CUSTOMERS ONLY
- Must be 18 when you open the account
- Must be a US Resident
What account types are eligible?
- Individual (cash or margin)
- Joint (cash or margin)
- LLC, Partnerships, S-Corp, C-Corp (cash or margin)
What account types are not eligible?
Trusts or IRA accounts are not eligible for the stock or options award due to tax reasons.
New customers that register with tastyworks who open and fund an account with $2,000 or more from July 1, 2020, to June 30, 2021, with the referral code STOCK_AWARD_21 are eligible. You must enter the code when you register with tastyworks when completing a trading account application. If you are a new customer and forgot to enter the referral code, then please click here.
Can I choose between a stock or options award?
Yes, you may! After entering STOCK_AWARD_21 into the referral code when initially registering with tastyworks you will have the choice of what kind of award you would like to receive.
When initially registering with tastyworks, you may enter STOCK_AWARD_21 into the referral code field and then select your Award Preference, as illustrated below:
How can I still participate if I forgot to enter the STOCK_AWARD_21 referral code when applying?
If you did not enter a referral code when you initially applied to tastyworks and did not fund yet, then you can still enter STOCK_AWARD_21 by logging in to your account at manage.tastyworks.com then scroll down to the Referral section. If you did not enter a referral code, then you can enter the STOCK_AWARD_21 into the referral code field beneath the Generate Your Referral Link button, as illustrated below. For instructions, please click here.
After entering STOCK_AWARD_21 and submitting the code, an Award Preference button will appear beneath the referral code field where you can choose between Stock or Options. If you do not indicate your Award Preference, then you will receive 10 options by default.
Finally, choose your award preference from the dropdown menu and click Update Award Preference.
Can I change my Award Preference after choosing?
You may only change your award preference only if your award order has not been processed. After your award order processes, you no longer can change your award preference. To change your award preference, sign in to your account at manage.tastyworks.com and scroll down to the Referral section, and click the Award Preferences button in the Referral code area to update your award preference.
Am I eligible for the Stock or Options Offer if I am already a tastyworks customer?
The 100 Shares and 10 Options Offer is only open to new tastyworks customers. Unfortunately, if you already have an open and funded a tastyworks trading account, regardless of account type, then you are not eligible for this promotion.
Can I stack or use multiple promotions?
This offer is not valid with or in combination with any other offer or promotion. However, If you already entered a referral code and did not fund your account yet, then please reach out to our support team at email@example.com.
Can I still participate if I opened a tastyworks account before the Offer, but never funded my account?
Customers that opened a tastyworks account before the Offer period (before July 1, 2020) and never funded it may participate. Before funding, please enter STOCK_AWARD_21 into the referral code field then reach out to firstname.lastname@example.org so that we can process your request. For instructions on entering a referral code, please click here. Only customers that do not have any existing and funded tastyworks accounts may participate.
If I am an existing customer and open a new trading account and make a $2,000+ deposit or account transfer, then can I get 100 free shares?
Again, this promotion is only open to new customers. New customers are determined by Tax ID (SSN), so if you already have an open and funded tastyworks account, then you will not be eligible for the 100 Shares Offer.
Which stocks are included in the 100 Shares Offer?
Please note that the list of stocks is subject to change. Awarded shares are chosen by random.
Which stocks are included in the 10 Options Offer?
Please note that the list of stocks is subject to change. Awarded calls or puts are chosen by random.
Can I choose which stock or option I want to be awarded?
Awarded positions are selected by random and cannot be chosen.
When is my awarded position purchased?
Your awarded position is purchased on the day your $2,000+ cash deposit or account transfer posts to your account net liquidation value (net liq).
When will I see the awarded shares in my account?
Awarded positions generally get delivered to your account the trading day after the position settles. That said, you can expect the following general timelines. For ACH deposits initiated after our cutoff time, please add one business day.
- Option Awards: Within 3 business days after the position fills and settles.
- Stock Awards: Within 5 business days after the position fills and settles.
Can I specify when to purchase my shares or options?
Awarded shares and options are automatically purchased. As a result, you cannot specify when the options or shares can be purchased.
If I previously received a Stock Award and have not sold it, then can I change my award and receive 10 options instead?
Unfortunately, once a stock award gets filled and delivered to your account, it cannot be reversed and replaced with an options position.
If I received an Option Award and have not sold it, can I change my award and receive 100 Shares instead?
Unfortunately, once your account receives an awarded position, it cannot be reversed and replaced.
What is the average value of an awarded stock or options position?
The value of an awarded stock or options award will average ±$200 based on the price when tastyworks fills the position. There are some instances where the awarded value can be above or below the average.
Can the value of the stock or options count towards the $2,000 minimum?
No, a deposit or account transfer of $2,000 or more into an eligible account type is required to receive the Offer.
When can I sell the awarded shares?
You may sell your awarded position once it appears in your account. However, the value of the stock or option, as well as the minimum $2,000 deposit must remain in your account for at least 90 days. Furthermore, there will be a withdrawal hold for the value of the awarded position, preventing you from withdrawing the value of the awarded position if you do not satisfy the account requirements.
If my account drops below $2,000 from trading, then will I become ineligible?
Principal fluctuations due to trading will not affect your eligibility to keep your awarded position or value. As long as you keep your original $2,000+ deposit in your account, then you will be able to keep your awarded position.
Can I sell a covered call against my 100 shares?
Yes, you may sell a call against your shares in a cash or margin account.
Can I create a spread with my awarded long options?
Margin accounts that have our Basic trading level and have enough buying power may turn their awarded options position into a long or short option spread position. Cash accounts cannot turn any awarded options position into a spread. You must have a margin account to trade options spreads. To learn about our different trading levels and allowable strategies, please click here.
How long does it take for the proceeds of my shares to settle?
Stocks settle T+2 or trade date + 2 trading days, and Options settle T+1. As a result, cash accounts must be aware of stock settlement if employing any day trading strategies. To learn more about Good Faith Violations in a cash account, please click here.
If I close out of my awarded position when they appear in my account, then does that count as a day trade?
Closing out of awarded options or stock position on the day they appear in your account does not count as a day trade. However, cash accounts must be aware of when the proceeds settle after the sale of an awarded stock or option position to prevent receiving a Good Faith Violation when day trading.
Will I receive a trade confirmation for my stock or options award?
Awarded positions do not generate a trade confirmation.
When can I withdrawal the proceeds from the sale of my awarded stock or options position?
The deposit ($2,000+ cash deposit or account transfer) plus the initial value of the stock received (less any losses on the stock) are required to remain in the account for a minimum of 90 days (3-months). As mentioned previously, any principal fluctuations due to trading will not preclude you from keeping the awarded position value after the 90-day period.
Will I be penalized If my account drops below $2,000 from trading within the 3-month holding period?
Principal value fluctuations are not considered. As long as the initial $2,000 (or more) remains in the account for 3-months (90-days), then the awarded position value will not be debited from your account.
What happens if I need to pull out my initial deposit before the 3-month holding period?
You are free to withdraw the deposit you made to your account. However, if the amount withdrawn no longer meets the minimum deposit requirements, then the value of the awarded stock or options position will be withheld from the withdrawal amount.
Will the value of the shares be applied to my buying power?
The value of the awarded position will be applied to your total net liquidating value but will not be applied to buying power until after the 3-month holding period has expired.
Can I transfer the shares out of my account?
Not until the 3-month hold period has lapsed.
Can I transfer the shares internally to a different tastyworks account?
Not until the 3-month hold period has lapsed. Furthermore, shares cannot be transferred to a like-account type (i.e., individual cash to individual cash, as well as, individual margin to individual margin).
When does the 3-month hold period start?
The date starts the day the awarded position is delivered to your account.