Are you looking to open a new account at tastyworks and take advantage of the stock award 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/get200
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_2022 into their referral code field when initially registering with tastyworks will receive 5 shares of stock. Awarded stocks are chosen at random from a list of stocks priced between $40-$50 for a total award value of $200-$250 at the time of purchase.
Customers that receive a stock award can expect the following:
- 5 shares
- Valued between $40-$50 a share at the time of purchase
- Total value at the time of purchase $200-$250
Due to market fluctuations, your awarded 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?
- International customers
- Autotrade enabled accounts
- Trusts & IRA accounts are not eligible for the stock awards due to tax reasons.
New customers that register with tastyworks who open and fund an account with $2,000 or more from March 1st, 2022, to August 31st, 2022, with the referral code STOCK_AWARD_2022 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.
When initially registering with tastyworks, you may enter STOCK_AWARD_2022 into the referral code field, as illustrated below:
How can I still participate if I forgot to enter the STOCK_AWARD_2022 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_2022 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_2022 into the referral code field beneath the Generate Your Referral Link button, as illustrated below. For instructions, please click here.
Am I eligible for the stock offer if I am already a tastyworks customer?
The stock award 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 valid in combination with any marketing partner code used. It cannot be applied on top of other TW intial funding offerings, such as the OPEN_NOW_2022 award. 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.
Opened a tastyworks account before the offer, but never funded my account?
Customers that opened a tastyworks account before the Offer period (before March 1st, 2022) and never funded it may participate. Before funding, please enter STOCK_AWARD_2022 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 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 stock shares offer.
Which stocks are included in the stock award offer?
Please note that the list of stocks is subject to change. Awarded shares are chosen by random.
Can I choose which stock 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.
Stock Awards: Within 5 business days after the position fills and settles.
Can I specify when to purchase my shares?
Awarded shares are automatically purchased. As a result, you cannot specify when the shares can be purchased.
What is the value of an awarded stock position?
The value of an awarded stock award will average $200-$250 based on the price when tastyworks fills the position. There are some instances where the awarded value can be above or below the average. Since it takes several business days for the awarded shares to settle and update to your account, the net value of the position may drop below $200 due to price flucuations.
Can the value of the stock 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, 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.
How long does it take for the proceeds of my shares to settle?
Stocks settle T+2 or trade date + 2 trading days. 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 an awarded 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 position to prevent receiving a Good Faith Violation when day trading.
Will I receive a trade confirmation for my stock award?
Awarded positions do not generate a trade confirmation.
When can I withdrawal the proceeds from the sale of my awarded stock 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
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 withdraw my 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 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.