Status: v2 (marketing-strategist, 2026-04-21). Pricing unverified — WebFetch/WebSearch denied in this session. All numbers from training cutoff January 2026. Attempted live URL: https://tastytrade.com/pricing/. Timestamp of attempted fetch: 2026-04-21T00:00Z (blocked).
What they are
tastytrade (formerly tastyworks) is a retail brokerage built explicitly around options traders. Spun out of the tastylive media property, it pairs a commission-based brokerage with a large library of education content hosted by Tom Sosnoff and crew. The demographic is opinionated: self-directed options traders, many of whom came up through thinkorswim pre-Schwab acquisition.
Owned by IG Group since 2021.
Positioning (what they say about themselves)
"Built by traders, for traders." Options-native UX, not an equities UI with options bolted on.
Transparent commission schedule. No subscription; revenue is commissions + PFOF + interest on cash balances.
Deep content: daily live shows, probability-of-profit heuristics, "the mechanics of trading" framing.
Pricing (as of training cutoff 2026-01 — unverified)
The $10/leg open cap remains the headline. A 10-wide iron condor (4 legs) costs at most $40 open / $0 close regardless of size. Structurally cheaper than IBKR Pro for multi-contract retail volume.
How Raxx differentiates (the one-paragraph answer)
tastytrade is a broker; Raxx is the research layer a broker cannot credibly build. A tastytrade recommendation is implicitly "do this on tastytrade" — their revenue (commissions + PFOF) depends on it. Raxx has no brokerage revenue and no PFOF, so our proposal engine is free to recommend the structure that hits the user's P/L target regardless of which venue executes it cheapest. We also treat paper trading as a multi-year audit-traced qualifying round, not a tutorial mode — that's a product category tastytrade hasn't entered because brokerages get paid on live fills, not paper retention. The positioning: "Keep your tastytrade account and its commission cap. Run Raxx on top."
Content-as-acquisition. tastylive is one of the most effective retail content funnels in the industry. Tom Sosnoff is a brand unto himself.
Commission cap is a real moat for high-contract-count traders.
Cash-secured-put and credit-spread workflows are first-class, not buried.
Tight content-to-platform loop. Show recommends a structure → app supports clicking straight into it.
Where Raxx has room
They are a broker, not a research layer. Business-model conflict prevents cross-broker recommendations.
No AI proposal engine. UI is great at building a spread once you know what you want; it does not answer "what structure hits $1k/week with <$3k risk on SPX right now?"
Paper trading is not audit-traced, tiered retention. Our paper-first-pipeline framing is net-new.
Content is the funnel, not the product. A tastylive viewer still spends their afternoon in a spreadsheet. We are the spreadsheet's replacement.
Closed ecosystem. You cannot bring a tastytrade paper book anywhere else; you cannot run tastytrade probabilities against an IBKR live account.
Where they have room (honest)
Commission cap + zero close fee is genuinely cheaper than us for certain volumes. We don't compete on execution cost.
Brand equity with options traders is enormous. Winning their power-users is about capability (AI proposals, cross-broker, retention), not brand.
Probability-of-profit heuristic is a real edge in trade selection UX. We match it at minimum and show historical validation on top.
Implications for positioning
Do not position as "cheaper than tastytrade." We're not. Position as "the research layer tastytrade can't build."
Do not attack their content. It's free, high-quality, and validates our market.
Integrate with tastytrade as a broker target in Pro+ tier (see pricing-v2.md). Their API supports this.
Watch-list signals
Any move by tastytrade into AI-assisted order entry. Would narrow the wedge.
Pricing changes on the $10 leg cap (possible if IG Group pushes ARPU).
Retention of Tom Sosnoff personally — load-bearing for the brand.
Verification queue for human
[ ] Confirm $1.10/contract open, $0 close on equity options
[ ] Confirm $10/leg open cap (and whether close cap still $0)
[ ] Confirm index options commission structure (SPX separate cap)
[ ] Confirm no subscription tier has been introduced