SPX options fees in Tastyworks vs TOS

J

JohnY

New member
Trying to figure out SPX options cost in Tastyworks vs TOS. Here's what I found...

For Tastyworks:

From the SPX options example near the end of page: https://support.tastyworks.com/support/solutions/articles/43000521134
  • Cost to open 2 verticals (2 legs x 2) : 7.12 USD.
  • Cost to close 2 verticals (2 legs x 2) : 3.10 USD.
Cost of round trip for 2 verticals = 7.12 + 3.10 = 10.22 USD.

A. Thus, cost of round trip per leg = 10.22 / 2 / 2 = 2.555 USD.

and

B. There's no cap for SPX options commission.
Based on the fine print text just below the tables in https://www.tastyworks.com/pricing/


For TOS:
  • Commission per leg per side: 0.65 USD
  • Exchange fee per leg per side: Range fr 0.49 to 0.66 USD
C. So cost of round trip per leg = 2x (0.65 + 0.49 to 0.66) = 2.28 to 2.62


Did I get A, B, C above correct? Thank you!
 
That looks about right
To be more exact and compare apples to apples
Tastyworks round trip for SPX weekly = 2.56 per leg round trip for 1 lot
TOS round trip for exact same contract =2.48
So if you close it before expiration Tastyworks is always the most expensive compared to other discount brokers for SPX
 
What is unclear what happens if you have more than 10 legs in SPX, because Tasty has this claim :
($10 max per leg)
It is unclear if this is applied for SPX or not.
Also Amy distributed a code that would allow you to have $0.5 to open instead of $1.0 (again I need to check if this is applied for SPX)
 
Yes that's another gimmick they like to play but there is an asterisk next to it that says
*Exchange, clearing and regulatory fees still apply. All Futures options and the following index products are excluded from this offer: SPX, RUT, VIX, OEX, XEO, DJX and NDX.

So that does not apply to SPX unfortunately

About the 0.5 commission that may be a special deal just for her because that is not something that is available to just anyone
Than again it could be another thing that does not apply to SPX


 
Amy passed the code to everybody, I have 0.50$ per leg to open.
There is fee breakdown

1639225901082.png
it makes $1.27 open leg. and I hope they respect $0 fee to close, so the whole roundtrip will be $2.04

If you are interested, ask Amy for the code, she offered it to everyone
 
Looks like that code is for new customers only
I already have an account there so the discount is not for everyone
 
status1 said:
Looks like that code is for new customers only
I already have an account there so the discount is not for everyone
Click to expand...
Not necessary, I had account and sent the request to a contact Amy provided and he applied the discount to my account.
 
I wonder why Tastyworks SPX fees are higher than TDA. As SergB shows Tastyworks exchange fees are .77 per side. I just Checked my TOS account for the last SPX trade and the fees were .59. I thought the exchange fees would be the same no matter which broker was used??????
 
They are the same but each broker has it's own additional twist to it and not all brokers have this fee (Schwab does not)
For Tastyworks the SPX fee is 65 cents but they add another 10 cents for index fees ( that's only on Tastyworks) so essentially it's 75 cents plus 2 cents transaction fee

For TOS it's more like a tiered fee structure here is a link to their fee structure
That's why JohnY showed a range instead of a single price because it depends if it's a monthly/weekly or <> $1
So for a weekly that's more than $1 it's 58 cents plus 1 cent reg fee so 59 cents per leg
 
SergB said:
Not necessary, I had account and sent the request to a contact Amy provided and he applied the discount to my account.
Click to expand...
Hi SergB,
Can you provided me Amys contact?
I want to open a new account in Tastyworks. I am operating with IB wich is quite more expensive.
Thank you in advance.
 
Just started getting the new commission from Tastyworks with my first trade after they reduced the commission to 0.50 cents per leg and while it is a lot better it's still the highest among all the other discount brokers with 10 contracts it's 12.70 per leg while TOS is at 12.39
It used to be 17.85 before the discount
 
Just a slight correction
I did not figure in the 0 commission on closing so including that now it's more in line with the other brokers so now it's just 2 cents more than Etrade on a 10 lot basis for SPX
 
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