A couple of days ago, I mentioned a new marketing campaign that the tastyworks brokerage is running right now (basically letting you pretend-trade with $5,000 virtual bucks, from which you could earn $250 in real cash if you made at least $250 in profits over a two day span). They sent me a bit more information I wanted to share. Click here if you want to play.
Does it cost money to participate?
No, it does not. In order to keep your winnings ($250 maximum), you must fund your account within 30 calendar days from the date your challenge ends.
How long is the trading challenge?
The Trading Challenge Period is good for only two (2), consecutive market sessions beginning at 8:30am CT or the time the Participant elects to start their Trading Challenge Period, whichever is later, until the market close on the next trading day at 3:00pm CT, unless otherwise specified due to a market holiday. For example, if I start the challenge at 10:00am CT on Monday, my challenge will end at 3:00pm CT on Tuesday.
What products can I trade?
Exchange listed stocks and ETFs – NO Options; NO Futures
What order types can I use?
Can I go long and short stock?
Yes, you can buy stock to open, or short stock to open, but you cannot be long and short the same stock.
How much buying power will I start with?
$5,000 in buying power in a margin account, which equates to $2500 in cash.
Will I be able to trade on margin?
Yes you can, up to the available buying power in the account
Can I add my own money?
No, you cannot add any money to the trading challenge.
What counts as starting the challenge?
You start your challenge by placing a trade. Even if trade does not execute, placing the trade indicates you have started the challenge.
What happens if my two sessions include a holiday (market closed?)
The holiday (meaning the market was closed) does not count towards your two trading sessions – only active market sessions count towards your challenge.
What happens if one of the two sessions is an abbreviated trading session (market holiday)
The abbreviated session counts, since the day is still considered an active market session.
Why didn’t we offer options or futures in the trading challenge?
Due to the length of the challenge, we wanted traders to focus on simple stock trading rather than learning the complexities the platform has to offer for futures & options trading.
How many times can I sign up for the trading challenge?
Regardless of how many times you participate in this promotion, you will never be awarded the promotional credit more than once. We verify your identity as part of the Account Opening Process, and will ensure that Individuals are only eligible for one payout.
Who is eligible to participate?
Anyone can participate in the Trading Challenge but only US residents are eligible to receive the winnings.
How will I be given my winnings?
It will be a cash credit deposited in their newly opened tastyworks brokerage account that is funded with $2,000. Earned cash credits from the Promotion will be posted in the participant’s qualified brokerage account within forty-five (45) days after completing the Trading Challenge and funding the account with a minimum of $2,000 USD.
What is considered a trading session?
The Trading Challenge Period will begin at the time the Participant elects to start their Trading Challenge Period and will end at the close of the market session (3:00pm CT) on the next trading day (unless such day is a market holiday then the Participantâ€™s Trading Challenge Period will end at the close of the market session for the particular market holiday, which may be before 3:00pm CT). Participants who elect to start their Trading Challenge Period after 3:00pm CT and before 8:30am CT Monday – Friday will begin their Trading Challenge Period at 8:30am CT on the next trading day. Participants who elect to start their Trading Challenge Period on a Saturday or Sunday will begin their Trading Challenge Period at 8:30am CT on the next trading day.
How much do I have to fund my new account with to keep my winnings?
$2000, the minimum funding for a margin account, and funding must be completed within 30 calendar days of the conclusion of your challenge.