Are you looking to take control of your investment portfolio but aren’t sure where to start? If so, TD Easy Trade may be for you.
This self-directed investment platform allows you to trade independently through your account and enjoy commission-free trades.
In this TD Easy Trade review, we’ll take a close look at how this platform works and how you can open a trading account on the app.
We’ll also explore the advantages and disadvantages of using this self-directed investing platform, so you can make an informed decision about whether it’s right for you.
Without further Ado, let’s get into the details!
Table of Contents
What is TD Easy Trade?
TD Easy Trade (formerly known as TD GoalAssist) is a self-directed investment platform owned by one of Canada’s largest banks TD Bank.
The platform is a beginner-friendly online investing tool that allows users to trade stocks without paying any commissions.
TD Bank’s Easy Trade platform is a great option for investors who want to get started in the stock market with minimal effort.
In addition to being commission-free, TD Easy Trade also offers a wealth of educational tools to help users get started.
The educational tools offered by TD Easy Trade include webinars, video tutorials and live chats.
These resources are extremely helpful for those who are new to investing, as they provide an overview of the stock market and how to trade effectively.
Also, with its simple design and easy-to-use features, Easy Trade is an ideal platform for those who are new to online investing.
And best of all, it can be accessed entirely on your terms – no need to work with a broker or financial advisor.
So if you’re looking for a convenient and affordable way to start trading stocks, TD Bank’s Easy Trade platform is worth considering.
Pros and Cons of TD Easy Trade
TD Easy Trade is a popular trading platform for self-directed investors, who want to invest in the stock market on their terms.
However, like many other trading platforms out there, TD Easy Trade has its pros and cons that you should be aware of before deciding whether to use the platform or not.
Let’s look at some of the pros and cons of TD Easy Trade so that you can make an informed investment decision:
Pros
Easy to get started
The process of getting started with TD Easy Trade is very straightforward. It is as easy as just downloading the app and funding your account. The best part is that you can start investing on the platform with just $1.
Welcome offer
If you sign-up on the TD, you will get a welcome bonus of $100. To get this $100, you must open your TD Easy Trade account on March 1, 2023, and fund the account with at least $500.
You also have to maintain a minimum balance of $500 till June 30, 2023. TD will also give you an additional $50 if you have a Pre-authorized Deposit or a Monthly Contribution Plan of a minimum of $100 on April 30, 2023
No experience is required to get started
You don’t need to be a professional investor before you can start investing on the TD Easy Trade platform. This is because the platform provides you with several “how-to” videos and other educational tools to help you start on the right track
Save on currency conversion fees
When you open a TD Easy Trade account, you can invest in USD. For you to convert CAD into USD, you will only be charged a conversion fee for the first time. After the first time, you will no longer be charged a conversion fee. This can be a great way to save on foreign exchange fees.
No monthly fees
There are no monthly fees when you invest on the TD Easy Trade platform. This makes the platform a good option for investors who don’t want to pay high fees to trade.
Commission-free trades
When you open an account on the TD Easy Trade platform, you will make your first 50 stock trades without paying any commission. You will also make all your ETF trades without paying any commission
No minimum account balance requirements
There is no minimum balance requirement for you to trade on the TD Easy Trade platform. This makes it an affordable option for beginner investors who want to start small before investing big
Convenience
As long as you have a reliable connection to the Internet, you can easily trade on the TD Easy platform anywhere and at any time. This allows you to have access to your Investments no matter where you are, whether you are at home or on the road.
Customer support
TD Bank has a team of dedicated customer service representatives ready to assist you 24 hours a day, 7 days a week. If you need urgent assistance, you can also talk to the company directly using their live chat option
Cons
Limited account types
One of the disadvantages of trading on the TD Easy Trade platform is that there are a limited number of account types. Currently, the only trading accounts you can open on the platform are RRSP, TFSA and cash accounts
Limited research tools
The TD Easy Trade platform offers you several learning tools. However, when it comes to research tools, there is a limited number
Not all trades are completely free
Although you can make commission-free trades on the TD Easy Trade platform, you can only make free trades for a limited number. TD ETF trades are the only trades that are absolutely commission-free on the platform
TD Easy Trade Fees
As mentioned earlier, there are no annual or monthly fees associated with trading on the TD Easy Trade platform.
With this platform, you can buy and sell stocks and ETFs without incurring any fees.
When you open a trading account on the platform, you will be allowed to make your first 50 trades in stock without paying any commission.
After you are done making the 50 free trades, you will then be charged a trading fee of $9.99 per each trade you make on the platform.
This means that no matter the amount of trade you make on the platform after your 50 free trades, you will be charged a fee of $9.99 per trade.
Also, it doesn’t matter if you are buying or selling on the platform. The $9.99 fee applies to both buying and selling.
How to Open a TD Easy Trade Account
So now that you have gone through everything you need to know about the TD Easy Trade platform, how do you open an account?
Well, the process of opening an account on the platform is very simple. First, you have to download the TD Easy Trade app from Apple’s App Store or Google play store.
Once you have successfully downloaded and installed the app, the next step is to sign up.
After signing up, you will have to fund your new TD Easy Trade account before you can start trading.
You can do this by linking a bank account or transferring funds into your account using Interac e-Transfer. Once your account is funded, you can start investing.
To do this, you’ll need to choose what you want to invest in – you can either invest in stocks or ETFs.
Once you’ve chosen what you want to invest in, you’ll need to decide how much you want to invest.
You can start with as little as $1. Once you’ve made your investment, TD Easy Trade will track it for you and provide information on how it’s doing.
Is TD Easy Trade Legitimate?
If you’re thinking about using TD Easy Trade, you may be wondering if it’s a legitimate and regulated platform. The answer is yes.
TD Easy Trade is a legitimate online trading platform offered by one of the Big Five banks in Canada and is subject to all the same regulations as other banks in Canada.
By using comprehensive safeguards, TD keeps your financial transactions and personal information on the platform secure.
TD is also a member of the Canadian Deposit Insurance Corporation (CDIC), which means that your deposits are protected up to a certain amount in the event that the bank fails.
Overall, you can rest assured that your money is safe and secure if you choose to trade with TD Easy Trade.
Therefore, if you’re looking for a safe and secure way to trade online, TD Easy Trade may be worth considering.
TD Easy Trade vs TD Direct Investing
Both TD Easy Trade and TD Direct Investing are self-directed investment platforms offered by TD Bank.
If you are a beginner investor, TD Easy Trade may be a good option for you. The platform is easy to use and provides access to several educational tools.
And because you’re not dealing with a middleman, you can trade on the platform without incurring any commission fees.
However, if you are looking to make more advanced investments, then TD Direct Investing may be a better choice.
The platform offers a wider range of investment options, as well as more tools and resources for experienced investors.
So which platform is right for you? It all depends on your individual needs and circumstances.
When it comes to choosing the best trading platform between the two, there are a few things to consider.
First, what type of investor are you? Are you new to investing, or do you have years of experience? Second, how much money do you have to invest?
These factors will help to determine whether TD Easy Trade or TD Direct Investing is the best option for you.
Ultimately, the decision of choosing which of the two platforms is better for you will depend on your individual investing goals.
TD Easy Trade Alternatives
If you’re new to online stock trading, TD Easy Trade can be a great option. Through this platform, you can trade stocks and ETFs without paying a commission.
The platform also provides its users with several trading-related services, including expert advice and personalized guidance.
While TD Easy Trade is a great trading platform, there are several other great options out there if you want to receive the best possible experience on trading online.
Let’s look at some of the best TD Easy Trade alternatives in Canada:
TD Easy Trade vs Wealthsimple Trade
TD Easy Trade and Wealthsimple Trade are two of the most popular self-directed investment platforms in Canada.
If you’re considering using a self-directed online trading platform, you may be wondering whether TD Easy Trade or Wealthsimple Trade is the better option.
Both trading platforms offer commission-free trades and allow you to buy stocks and ETFs.
Also, both platforms have no monthly fees and minimum balance requirements. This means you can start trading any of the platforms with as little as $1.
However, Wealthsimple Trade has an edge when it comes to the number of commission-free trades.
With TD Easy Trade, you’re only able to make your first 50 stock trades commission-free. After that, you’ll be charged a commission fee.
However, you can make an unlimited number of trades on the Wealthsimple Trade platform.
This makes Wealthsimple Trade a better choice for active traders who want to minimize their costs.
But in terms of currency conversion fees, TD Easy Trade is a better option. You will only be charged a conversion fee the first time on TD Easy Trade.
Wealthsimple Trade, on the other hand, charges a flat currency conversion fee of 1.5%. This means that every time you want to convert CAD to USD, you will pay the conversation fee.
Ultimately, the best platform for you will depend on your individual trading needs and preferences.
TD Easy Trade vs Questrade
If you are looking for an easy-to-use TD Easy Trade alternative, Questrade is another great option that is worth looking at.
Just like TD Easy Trade, Questrade offers you several educational tools to help you make informed investment decisions.
Although the two platforms offer similar educational resources, there are some key differences between the two platforms.
First, TD Easy Trade offers you 50 stock trades commission-free and after that, you will start paying a commission fee of $9.99 per trade.
Questrade, on the other hand, allows you to purchase your investments without paying any fees, but after you sell your investment, you will have to pay a commission fee of $4.95 to $9.95 per trade.
Also, while you can only open a cash, RRSP and TFSA account on the TD Easy Trade platform, you have the option of opening several accounts on the Questrade platform including options and mutual funds accounts.
Overall, both platforms offer features that can be appealing to Canadian investors. However, the choice of which platform to use still comes down to your personal preferences or specific needs.
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Conclusion on TD Easy Trade Review
TD Easy Trade is a self-directed investment platform that aims to help investors make better financial decisions.
Through the platform, you can buy and sell stocks and ETFs without paying a commission.
The platform also offers its users access to a variety of investment tools to achieve their investment goals effectively and quickly.
This TD Easy Trade review has discussed everything you need to know about the investment platform and has also provided you with some alternatives.
I hope it has helped you in deciding whether this is the right trading platform for you. If so, please share it with your friends who may also be looking for a commission-free self-directed platform.
