INTRODUCTION

TD Easy Trade is a mobile trading platform that’s designed for new investors & traders to easily get started in the stock market with ease and convenience on their mobile device. With the ability to trade U.S. & Canadian equities, as well as TD ETFs commission-free. Rivaling, other alternative brokerage platforms such as Wealthsimple Trade and National Bank.

FEATURES

The selling feature of TD Easy Trade is the commission-free trading (of up to 50 trades per year) on US & Canadian equities and unlimited commission-free trading on TD ETFs. TD Easy Trade accounts have zero maintenance/inactivity/account fees and no requirement of a minimum account balance. Accounts on TD Easy Trade come with $CAD and $USD accounts, therefore customers can avoid foreign exchange conversion fees by directing depositing their funds into the account that fits their fund’s currency.

TD Easy Trade’s platform is designed to be simple, intuitive, and easy for users to trade stocks and ETFs with little to no obstacles. The app includes features such as GoalAssist to assist users with planning their investment goals, and a detailed educational section to learn about investing and trading the stock market.

ACCOUNT TYPES AVAILABLE

Account types available include: Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), and cash-account. TD Easy Trade does not have margin accounts, Registered Education Savings Plan (RESP) or Registered Disability Savings Account (RDSP)

TRADING PRODUCTS AVAILABLE

TD Easy Trade allows the trading of the following products:

-       US Equities, Canadian Equities, and TD-ETFs.

Users cannot trade these following products on TD Easy Trade:

-       Non-TD ETFs, Options, Bonds, Mutual Funds, Metals.

TRADING PLATFORM

TD Easy Trade is a mobile-only trading platform available on IOS & Android, therefore users are unable to place trades or manage their account on a desktop computer nor can they call the telephone number to place trades compared to TD Direct Investing existing WebBroker platform.

The mobile application is designed similar to TD’s other mobile application in terms of user-interface. The layout is simple and intuitive, but lacks advanced trading/analysis features found on other mobile trading brokerage platforms.

The main page allows for account management/overview of balances, diversity in holdings and your current portfolio. There is a section for order entry and the ability to view simple line charts of any specified ticker you wish to see.

Aside from the main page, there is a GoalAssist feature that allows users to customize and plan out their financial/investment goals by visualizing investment returns, contributions and compound interest accumulating over time for a specified period.

Finally, there is an education page, where investors & traders can learn about trading, investing and the overall financial markets themselves.

PRICING

• COMMISSION FEES - Before 50 Trades:
  US & Canadian Equities - FREE
  TD ETFs - FREE
  

• COMMISSION FEES - After 50 Trades:
  US & Canadian Equtiies - $9.99 flat free per trade
  TD ETFs - Free
  

• ACCOUNT

  $0 monthly/quarterly fees and no minimum account balance required.

  Refer to TD Easy Trade’s full disclosure of fees here

PROS

●     50 Commission-Free Trades / Year for U.S. & Canadian Equities

●     Unlimited Commission-Free Trading on TD ETFs

●     Easy to sign up with an intuitive mobile application

●     Ability to hold $USD & $CAD

CONS

●     Limited to 50 Commission-Free Trades on US & Canadian Equities

●     ETF-trading limited to TD ETFs. (Vanguard, BlackRock, Invesco, etc are not available)

●     Limited Trading Products (no options, bonds, mutual funds, metals, etc)

●     Not Integrated with WebBroker (cannot trade from desktop)

●     No analyst research reports available

Conclusion

TD Easy Trade is stepping up to the competition against Wealthsimple Trade and National Bank by offering a commission-free trading platform to Canadians. TD Easy Trade is marketed towards the new retail-traders & investors that are looking to get started within the stock market with little to no obstacles and resistance. The platform itself is intuitive and simple to make trades on US and Canadian equities, as well as TD ETFs. The commission-free trading is great for customers who do not actively make trades, but more so for the passive investor/swing trader. Although the platform falls short on the limited number of ETFs available and the limited 50 commission-free equity trades, the platform is still a great option for beginners that are looking to test the waters within the stock market. However, experienced traders may find the platform lacking beneficial, convenient, and advanced features that can be found on other brokerage offerings like Wealthsimple Trade and National Bank. TD is stepping in the right direction by offering more diverse trading platforms to the market here in Canada that targets different demographics, especially when compared to the vastly much larger options available to our southern counterpart in the United States.