Gatsby Review 2024

Stock Trade Fee:N/A

Account Minimum:$10

Promotion:N/A

Open Account

Trading involves substantial risk of loss

Eric Rosenberg

Last updated: Sep 24, 2020

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Pros:	Cons:
Easily trade options in a streamlined trading platform Very low fees for regular activity Learn from others in the Gatsby community Rewards program pays you back for trading activity	No support for assets other than options Mobile only – no web platform Limited customer support options

Gatsby Overall Rating

2.5

Here's how we rate brokers

Cost & Fees

4.5

Banking

0.0

Account Types

1.5

Customer Support

1.0

Tradable Securities

1.5

Promotions

1.0

Account Opening

4.5

Regulations, Reputation & Security

5.0

Trading Platforms

3.5

Research & Education

1.5

Order Types

2.5

Trading Specs
General Information
Trading Features

Official Site:https://www.trygatsby.comDemo Account:Open Demo AccountAccount Minimum:$10Stock Trade Fee:N/APromotion:N/AETF Trade Fee:$0Mutual Fund Trade Fee:$0Options Base Fee:$0Options Per Contract Fee:$0.05Bonds Trade Fee:$0Futures Trade Fee:N/AForex Trade Fee:N/A
Phone Trades:N/ABroker Assisted Trades Fee:$0Annual Account Fee:N/AAccount Transfer Fee:$75Account Closing Fee:$0Account Inactivity Fee:$0IRA Annual Fee:$30IRA Closure Fee:$60Tradable Securities:Stocks, Options, ETFs, Mutual Funds, BondsCommissions Free ETFs:N/ACommission Free Mutual Funds:N/A
Number of Mutual Funds (Total):N/AComplex Options Max Legs:N/AAccount Types:Taxable, Retirement AccountsOS compatibility :N/AWeb Platform:NoMobile Trading:iOS App, Android AppOrder Types:Market, Limit, Algo

Introduction

Gatsby is a mobile-first brokerage that is dedicated to online options traders. It charges no commissions, and you can get started with just $10.

Gatsby is an online brokerage focused on options traders. If you are an active trader with a preference for options, you may enjoy the focused and streamlined approach at Gatsby. Gatsby offers a mobile-first experience to Android and iPhones with a slick and easy to navigate interface. You can start with a $10 minimum account balance.

In addition to commission-free trading experience, Gatsby includes social features, a rewards program, and an API for algorithmic traders. If you are new to options or want an options-only platform for mobile, keep reading to learn more about how it works and

Cost & Fees4.5

Summary: Gatsby charges no commissions and minimal fees for typical activity. There is no base fee on options trade and per-contract fees are less than 10 cents per contract, including regulatory fees.

Gatsby is a commission-free brokerage. While there are no commissions and no base fee when you enter trades, there are some fees for every contract you trade. There a five-cent per contract fee called an “LQT fee,” as well as very small charges of less than a cent per contract from the SEC and FINRA. There’s also an Options Regulatory Fee of four cents per contract.

That means fees add up to between nine and 10 cents per contract. You would pay nearly identical regulatory fees at any options brokerage. That five-cent per contract LQT fee is very low compared to most brokerages, but there are a couple of options out there that may be cheaper.

There are other less-common fees for bank wires, paper checks, paper statements and confirms, and other uncommon needs. You can view a full fee schedule here.

Account Types1.5

Summary: Gatsby primarily supports taxable, active options trading accounts. Retirement accounts are available by request.

Gatsby offers one type of account through the app. This is a taxable brokerage account where you pay regular capital gains taxes. You can’t open an IRA, Roth IRA, or other retirement accounts directly through the app, though the FAQ section of the website says they can do it by request via email.

In general, Gatsby isn’t focused on retirement accounts. It’s all about options trading to make money in the near-term.

Tradable Securities1.5

Summary: You can only trade options at Gatsby. Gatsby supports options that follow the prices of U.S. stocks and ETFs.

You can’t trade stocks or ETFs at Gatsby. Gatbsy is all about options on stocks and ETFs. That means your trades will follow underlying stocks and ETFs, but you are not buying them directly. Options are a form of derivative, which means they get their value from another underlying asset.

Options involve a degree of risk and are not right for all traders. Ensure you understand how options work before entering large trades or risking more than you can afford to lose.

Account Opening4.5

Summary: Opening an account at Gatsby takes less than 10 minutes with the Gatbsy mobile app for iOS or Android and requires a $10 minimum starting deposit.

There is no signup link directly at the Gatsby website. To start, you’ll have to download the Gatsby mobile app. Opening an account takes five to 10 minutes if you have all of your information handy.

This is a live brokerage account, so you’ll have to submit your contact information, Social Security number, and other identifying information to open a new account. To finalize your new account, you will have to deposit at least $10. You can fund your account via ACH (electronic funds transfer), bank wire, or a paper check in the mail.

Trading Platforms3.5

Summary: Gatsby offers only a mobile trading platform for Android and iOS devices. The Gatsby platform offers a simple, streamlined options trading experience.

The Gatsby mobile platforms are fun to look at and simple to use. They offer a streamlined options trading experience that’s ideal for newer options traders and hobbyists. If you trade options on the side to make a few bucks, Gatsby could be a perfect fit.

Professional and expert traders may want the features offered by platforms from larger brokerages. There is no desktop or web trading platform. However, some experts will find Gatsby a great fit thanks to an API currently in early access.

Order Types2.5

Summary: Gatsby supports Level 2 options trading for long call and long put trades.

Gatsby keeps things simple with a relatively straightforward options trading menu. Customers can enter long call or long put contracts, which are bets on an asset price going up or down. You can choose between market and limit orders.

Traders who want to enter more complex trades may need to look elsewhere.

Banking0.0

Summary: Gatsby is a brokerage only. There are no bank accounts available.

Gatsby doesn’t currently offer any banking products. It only offers brokerage accounts.

Customer Support1.0

Summary: There is no phone or live chat support. You can get help via email or using an email contact form.

Gatsby doesn’t offer extensive customer support. It’s best for tech savvy traders who can handle most of their account needs on their own. Phone and live chat support are not available.

You can reach Gatsy support via email through a form on the website or a message to support@trygatsby.com.

Promotions1.0

Summary: All active accounts are part of a rewards program where you can redeem rewards points for gift cards.

Gatsby accounts are part of the Gatsby Rewards program. This program gives you between one and five cents per contract traded. Points are worth one cent each. Once you reach 1,000 points, you can redeem for a gift card.

Regulations, Reputation & Security5.0

Summary: Gatsby is regulated by the SEC and FINRA. Accounts are insured by the SIPC.

Gatbsy is a part of ViewTrade Securities. ViewTrade is a member of FINRA and accounts are insured by the SIPC. Like all U.S. brokerages, Gatsby falls under the jurisdiction of the SEC. It is also a Cboe, NYSE, and NASDAQ member and must comply with their governing rules.

Behind the scenes, ViewTrade Securities uses Apex Clearing, a major clearing firm that holds accounts for brokerages around the U.S.

ViewTrade Securities has a handful of disclosures for mostly minor errors around trade executions. All issues occurred about five years ago or longer, so it seems to be running a tight ship under the Gatbsy brand.

Research & Education1.5

Summary: Gatsby offers limited education resources, so you may want to read up before heading to the app to trade.

Gatsby is best for traders who are willing to do research online, often with freely available tools and news sources, and then come into Gatsby to enter trades. However, the app’s social aspect is perfect for learning about options trades from others on the go. Just try to avoid taking on risk by entering trades you don’t fully understand.

When getting ready to trade, Gatsby features basic news, alerts, and research details that help you make your final decision when entering your trade.

Trading experience

Summary: With only Level 2 options trading available, Gatsby is best for new options traders and hobbyists.

The fun and friendly Gatsby platform is best for newer traders, social traders, and those looking to earn a little money with an options-trading hobby.

Expert and professional traders will likely find the features and platform at Gatsby limiting compared to fuller featured mobile apps and desktop platforms.

FAQ

Is Gatsby regulated?

Yes, it is regulated by the SEC and is a member of FINRA and the SIPC.

Where is Gatsby based?

Gatsby’s parent company is located in Boca Raton, Florida, and is legally based in Delaware.

How do I deposit in a Gatsby account?

The easiest way to deposit into a Gatsby account is linking to a U.S. bank account for a funds transfer. You can also add funds via bank wire or mailing a check.

What is the minimum deposit for Gatsby?

Gatsby has a $10 minimum.

How do I withdraw money from Gatsby?

You can withdraw via ACH (bank transfer), wire, or paper check.

How do I open an account with Gatsby?

Download the Gatsby app to open an account. You can download it in the Apple or Android app stores.

Does Gatsby support MetaTrader?

Overall2.5

Summary: Gatsby is best for newer traders and those with relatively basic trading needs. If you fall into those categories, low pricing and social features could make it a great fit.

Gatsby is a simple and streamlined brokerage that’s great for learning your way around the options markets and practicing your options trade strategy. Expert and professional traders will find Gatbsy lacking, though many newer traders will enjoy the simple and straightforward interface.

Gatsby is ultra-low-cost and brings a social aspect into options trading. That makes it a fun platform compared to many competitors. If you want to get started with options for the first time, Gatsby could be a great choice.

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