Tastyworks is unfortunately not open to Canadians at this time.
An online brokerage platform that focuses on options trading, Tastyworks is available in the United States and 50 other countries.
Best Tastyworks Alternatives for Canadians
Interactive Brokers is a global brokerage offering the ability to trade many different securities. Canadians can access the platform and take advantage of low fees and the wide range of research tools.
- Low fees
- Robust platform with access to many research tools
- Learning curve for beginner traders
Questrade is an established Canadian company that allows investors to trade various securities. The company offers various pricing structures to meet the needs of both beginner and professional traders.
- Simple and easy to use mobile and desktop applications
- Wide range of tradable securities
- No fractional trading
Investor’s Edge is a no-frills, low-cost platform that attracts many clients looking to keep their investments with one of the big five banks
- Transparent fee structure
- As an established institution, clients have a sense of familiarity
- User experience is not ideal
With Tastyworks not currently available in Canada, there are several alternatives that traders have access to.
These platforms are great substitutes for Tastyworks and offer many products and services at similar costs.
Interactive Brokers is a platform catered to experienced traders, offering the ability to trade stocks, ETFs, options, and other securities in markets all over the world as well as access to a range of research tools.
With clients in over 200 countries, the U.S.-based company received Barron’s best online brokerage title in 2021.
Prominent benefits of Interactive Brokers include the low fees and the large variety of securities available for trading.
Aside from commonly recognized equities like stocks and ETFs, the platform also allows trading on more obscure ones like precious metals.
Another big draw to the platform is access to its research tools.
Users of the platform have access to a library of different tools that can be used to analyze trades.
The company is constantly innovating, and this was evident with the recent announcement and launch of their GlobalAnalyst tool, which allows traders to discover undervalued stocks from around the world.
Questrade is another excellent alternative to Tastyworks that is available to Canadians.
Founded over 20 years ago, Questrade is a Canadian company offering a low-cost trading platform.
Like Tastyworks, stocks, ETFs, and options are all available for trading on Questrade.
The platform offers an easy-to-use mobile and web experience and access to a wide selection of research tools.
Overall, the platform is excellent for both beginner and professional traders alike.
Higher frequency traders are rewarded with lower fees with both a fixed and tiered pricing model.
The platform also offers paid subscriptions to give access to live streaming data.
Traders will be happy to know that Questrade offers the ability to open just about any account type you can think of.
From RRSPs to TFSAs to LIRAs to RIFs, Questrade has options to meet a wide range of financial goals.
CIBC Investor’s Edge
CIBC’s trading platform Investor’s Edge is an good option for traders who prefer to stay with one of the big five banks.
The platform shares many similarities with Tastyworks, including the ability to trade options.
While most of the big five banks have this feature, CIBC stands out through its transparent and easy-to-understand pricing structure.
Standard, student and active pricing tiers are available for options trading.
Compared to other platforms, CIBC’s pricing is very favourable ($6.95 + $1.25 per contract, $5.95 + $1.25 per contract, and $4.95 + $1.25 per contract for standard, student, and active traders, respectively).
While CIBC’s Investor Edge may be missing the sleek interface and superior user experience found in other platforms, the no-frills, low-cost offering is still a reasonable alternative for Canadians looking to trade options.
Will Tastyworks Ever Come to Canada?
Tastyworks has mentioned that they have expansion plans in motion and specifically mentions plans to offer services in Canada.
The company allows Canadians to join a waitlist, which will allow users first access once the platform comes to Canada.
What is Tastyworks?
Tastyworks is one of the newer online brokerage platforms to emerge in recent years.
The company was established in 2017 by the same team that created Thinkorswim, a very well received trading platform that was bought out by TD Ameritrade.
The platform focuses specifically on options and futures trading.
While trading stocks and ETFs is possible, the platform is not catered towards those types of securities in the way Questrade or Interactive Brokers are.
The platform also boasts a great selection of educational content, allowing both new and experienced traders to learn more about options trading.
Did You Know?
Thinkorswim was acquired by TD Ameritrade in 2009 for $606 million to expand options trading to existing clients.
Frequently Asked Questions
- Can non-US citizens use Tastyworks?
Yes, while the company is based in the United States, clients from over 50 countries worldwide can sign up to the platform by opening an International Account, however Canada is not one of them. Given the different tax laws around the world, Tastyworks has developed a FAQ page that gives clients information on what type of tax withholdings may be applicable to their accounts.
- Can you trade options in Canada?
While Tastyworks is not available in Canada, several other platforms allow for options trading. Interactive Brokers and Questrade are two good options for Canadians that offer options trading.