TD Direct Investing Review 2024

What is TD Direct Investing Brokerage?

The TD Directing Investing online brokerage is a solid option, even though it doesn’t quite make it to the top of my list of Canada’s best online discount brokerages. As Canada’s second biggest bank (and one of our largest companies, period) it’s probably not a surprise that the TD trading platform has evolved over the years and consistently gotten better.

The problem (and it’s a problem not unique to TD Direct Investing, as the other Big Bank brokerages have the same issue) is that the brokerage service provided just isn’t quite as good as the top online brokers out there – and it costs substantially more due to trading fees and account fees.

TD Direct Investing’s Trading Fees and Prices

When discussing TD Direct Investing’s Trading and account fees, it’s important to consider that TD (and their major competitors at BMO, Scotia, CIBC, and RBC) are not known for trying to be the lowest-cost providers of banking and investing services in Canada. Instead, they seek to provide ultra-safe products, and user-friendly customer experiences, at a competitive price model. 

TD Direct Investing certainly accomplishes that goal. They provide elite-level usability and user options, for a similar price point as their competitors.

That being said, there are a number of different fees you’ll encounter if investing with TD Direct Investing, and they vary depending on the particular platform you are using. 

Now we’ll have a look at the options under the TD umbrella and the fees that come with each, as well as look at how those fees compare to other trading platforms.

By looking at the chart, it’s easy to see that by no means is by no means the least expensive option. Low fees and commissions are key to maximizing your investment, but TD Direct Investing’s high costs simply do not make it competitive in our comparison.

TD Direct Investing Platform Comparison

TD Canada Investing has three separate platforms, which can be a bit confusing, especially since one of their platforms, thinkorswim, is not available in Canada. 

Below is a chart summarizing the highlights of each platform.

TD Direct Investing Account Types: TFSA, RRSP, Non-Registered

As a top-end online broker, TD Direct Investing offers all of the usual accounts including:

• Non-registered accounts (both CAD and USD)

• Margin Accounts

• RRSP (both CAD and USD)

• TFSA

• RESP

• RRIF

• LIF

• LIRA

The bottom line is that while you might pay more in commissions to use TD Direct Investing, you’re going to absolutely have access to all of the accounts that you could ask for as a Canadian Investor.

TD Direct Investing Platform and Tools

TD Direct Investing offers three different platforms, all offering a variety of investment tools. In this section of our TD Direct Investing Review we will dive into each one to check out what makes it unique.

TD WebBroker

WebBroker is the web-based platform used by most TD Direct Investing customers, as it’s easy to use. It allows for customers to personalize their homepage with useful at-a-glance information and training videos, and even interactive master classes.

WebBroker also provides access to analytical tools, market data, and reports to help users make the most of their investment opportunities.

TD App

Designed for on-the-go investors, the TD app allows users to easily execute orders, access up-to-date news and reports and monitor portfolio performance all from their mobile device. The app is 100% integrated with the WebBroker, offering users flexibility.

Advanced Dashboard

Active traders will have access to the Advanced Dashboard, which allows users to view real-time streaming data, and use features such as customizable research tools and charts, as well as access to both Canadian and US markets.

TD Easy Trade (Formerly TD GoalAssist)

The TD app is known as TD Easy Trade and the idea is to help DIY index investors through the use of TD’s in-house ETF portfolios.  The TD “one-click” portfolios (you can see how they compare to the rest of Canada’s all-in-one ETFs) are available through the app commission-free.

On top of offering free TD ETFs, TD Easy Trade doesn’t charge you for the first 50 stock trades per year. You won’t pay account maintenance fees either.

Paul Clark, the President of TD Direct Investing introduced the product by stating:

“We know investing can be intimidating and many Canadians may simply put off getting started as a result. We believe you shouldn’t need a lot of money or expertise to start building your investing journey, which is why we created TD GoalAssist. This new mobile-only investing service is straightforward, uses plain language and is grounded in what our clients have told us they’re looking for – goal planning, education and low cost.”

Clark then went on to add:

“We know a lot has changed in our lives this year as a result of the COVID-19 pandemic. From an investing perspective, we’ve seen a significant increase in demand for online investing and more people trying investing on their own. TD GoalAssist could not come at a better time as Canadians are looking for an easy and affordable way to invest.”

TD Easy Trade is a great place for beginners to learn about investing, but in our opinion, once you learn the ropes, there are better options out there.

First, you won’t want to be limited to only TD ETFs as your portfolio grows. You also won’t want to start paying $9.99 for stock trades if you make more than 50 per year when you can get them for free elsewhere. 

Since TD Easy Trade launched its app, it has received mixed reviews, with users commenting on negative aspects such as customer service issues, updates that caused major login complications, and trading limitations. Some of the positive comments were related to its ease of use as well as the fact that it offers so many educational resources to really help new investors learn about investing. Users also seem to appreciate the goal tracking function to help investors track their progress, which can be really motivating for newer investors.

Over time, we expect the app’s functionality to improve, but only time will tell. We’ll keep you updated here with any developments.

TD Direct Investing Improves Customer Service and Platform

After experiencing massive growth in 2020 and 2021, many of Canada’s discount brokerages sought to find solutions to their customer service delays. 

TD has been at the front of the pack (as one would expect from a well-funded full service big bank brokerage). In a recent article, TD Direct Investing Raymond Chun revealed that TD’s discount brokerage business had added 35% more licensed investors since March of 2020.

Additionally, they have majorly upgraded their overall platform so that it can perform across various devices.  Chun highlighted this work saying, “We’re at a place now where the majority of our customer transactions are being done through a mobile device… right from account opening to actual trades.”

TD’s focus on arming online DIY investors with a full toolbox of options resulted in the brokerage also offering online GIC purchases for the first time.

As part of their effort to reach out to more investors in 2022, TD launched MoneyTalk Live. They billed it as a “new live investing news program” that appeared on their TD WebBroker trading platform.

Kim Parlee, Vice President of TD Wealth, and Host of MoneyTalk on Bloomberg stated, “MoneyTalk Live is an empowering program for clients who want help investing with confidence, bringing daily news and exclusive financial insight to help them uncover, evaluate, and act on their investment goals.”

Personally, I’m not a fan of these talking heads investor programs as they are always under pressure to fill the time slot with something “new and exciting”. The truth is that successful investing is usually a boring process that follows the same principles year-in and year-out. Consequently, I don’t think I’ll be tuning in any time soon.

TD Direct Investing Review FAQ

Who Is TD Direct Investing Discount Broker Best for?

TD Direct Investing is a solid DIY investment platform. It has most of the bells and whistles that you want, and is very competitive with the online brokerages that the other Big Banks put out there.

For Canadian investors who prize the convenience of having all of their assets under “one roof” (and consequently, who can maybe negotiate some better fees) you can certainly do a lot worse than TD Direct Investing. It has a nice desktop user experience, and the app is similar to a lot of what’s out there. (I personally prefer to use my desktop for investing stuff anyway.)

But it wouldn’t be an accurate TD Direct Investing review if the final verdict was a blanket recommendation. The truth is that there are at least two better options when it comes to the world of Canadian online brokers. Check out my Questrade Review and Qtrade Review for in-depth looks at what the top brokerage competitors bring to the table.