TD Direct Investing Review 2025: A Big Bank Trading Platform

If you’re looking for way to invest but you want a big brand name backing it, then TD Direct Investing might be the right trading platform for you.

It will be a bit more expensive than other options on my best trading platforms in Canada list.

But some people won’t mind and need the security of a huge multi-billion dollar corporation before they hand over their money to them.

Readers Choice

Interactive Brokers

• Professional platform for all investors
• No account minimum
• Very low trade commissions
• Access to great tools and resources
• Transparenr and trustworthy

Commissions start at $0

Slick Interface

Wealthsimple Trade

• Stock and ETF buys and sells have $0 trading fees
• Desktop and mobile trading
• Reputable fintech company
• Fractional shares available

Get $25 Signup Bonus

Well-Rounded

Questrade

• ETF buys have $0 trading fees
• Excellent market research tools
• Most types of registered accounts available

Get $50 Free Trades

In this TD Direct Investing review, I will tell you all about this online discount brokerage offered by TD Bank.

Our Verdict

7.6

TD Direct Investing

Online Broker/Trading Platform

TD is a solid big bank pick for a trading platform, yet it still falls short of the best that Canada has to offer.

Learn more

• Offered by a big bank with a nationally recognized brand
• Has flexible platforms
• Offers Markets and Research Center
• Has a Learning Center
• Excellent choice if you already bank with TD

• High fees compared to competitors
• Limited funding options
• No free ETF trades
• Only high-cost Series A mutual funds are available
• Restricted leverage

Things to consider before choosing a discount broker

Discount brokers, also known as trading platforms, are usually the cheapest way for Canadians. Here are some important things you should consider when choosing a discount broker:

1. Fees: The name of the service is discount broker, so having low fees should be one of the most important factor in choosing one.
2. Platform: No matter how cheap a discount broker is, you must make sure that the trading platform is easy to use and that the reporting features are easy to understand.
3. Features: You must see if the discount brokers’ features satisfy your investment needs. For example, if you plan to make lots of trades, you might need different analytics and research tools than a buy-and-hold investor.
4. Customer service: Try to gauge how much support you can receive if you need it by contacting them before you buy or reading reviews like this one.

Let’s go over these points in detail and more below.

What is TD Direct Investing?

TD Direct Investing is seemingly a newer online brokerage. However, it is one of the first online trading platforms in the country that helped people make various trades.

Founded in 1984, it began as TD Waterhouse Discount Brokerage. It is one of the largest discount brokers in the country with the backing of the Toronto-Dominion Bank.

As of early 2025, TD Bank Group, which includes TD Direct Investing, had assets totaling approximately $2.09 trillion, further cementing its position as a leading global financial institution. This substantial growth highlights TD’s continued expansion and influence in the financial sector worldwide

TD Direct Investing allows you to work with a discount brokerage offered by one of the most reputable banks in the country.

TD was also the first online broker in Canada when it introduced WebBroker in 1996. TD Direct Investing is its latest offering that started in 2011, allowing its clients to trade on various platforms, from desktop computers to smartphones.

Features and Benefits

I will cover the online brokerage’s essential features in this section of my TD Direct Investing review. I will highlight basic information you should know about the platform, how much you can expect to pay in commissions and fees while using it, and other aspects that give you a better idea about how TD Direct Investing is different from its peers.

Accounts Offered by TD Direct Investing

TD Direct Investing offers you a broad range of account types you can open with the broker. You can use various account types to cater to different short- and long-term trading goals. The account types include most of the accounts you can expect to open with online brokers and traditional banks, including:

• Cash accounts
• Margin accounts
• Tax-Free Savings Account (TFSA)
• Registered Retirement Savings Plan (RRSP)
• Registered Education Savings Plan (RESP)
• Locked-In Retirement Accounts (LIRA)
• Registered Retirement Income Fund (RRIF)
• Life Income Funds (LIF)
• Registered Disability Savings Plan (RDSP)

TD Direct Investing Pricing and Fees

TD Direct Investing Pricing and Fees: TD Direct Investing has updated its fee structure to enhance affordability and transparency. Here’s a breakdown of the current fees:

• Equity Trades: The platform has reduced the flat rate for stock trades to $6.95 for all traders, making it more competitive against other brokerage firms.
• ETFs: Buy and sell ETFs with no commission fees, promoting cost-effective investment strategies.
• Mutual Funds: No transaction fees for buying or selling mutual funds, offering access to a wide range of funds without additional costs.
• Options Trading: Reduced options trading fees now include a base rate of $6.95 plus $0.75 per contract, aligning with industry standards.
• Account Fees: The quarterly maintenance fee is waived for accounts with balances above $15,000, or for those who execute at least two trades in the previous six months, fostering more active investment.

TD Direct Investing Exchange-Traded Funds and Mutual Fund Commissions

As of 2025, TD Direct Investing has introduced commission-free trading on select Canadian and U.S. ETFs, making it more competitive with other brokerage firms. This update aims to provide more cost-effective trading options for investors, aligning with industry trends towards lower trading costs

No bank-based online brokers offer free ETF purchases except for Scotiabank’s iTrade. TD Direct Investing’s commission applies to each trade, no matter what the size is.

Example: If Person A purchases $100 worth of ETFs in one trade through the platform and Person B purchases $100,000 of ETFs in a single trade through the platform, both of the clients will have to pay $9.99 for their respective trades.

Person A would have to pay a massive 9.99% of the total amount in fees, while Person B will have to pay a meager 0.000099%.

The flat rate makes it more attractive to purchase ETFs through the platform for larger trades. While the flat rates put TD Direct Investing in line with most bank-based brokerages, it is still quite expensive compared to most non-bank-based platforms.

TD Direct Investing does not charge you any commissions to help you buy, sell, or switch mutual funds through the platform. The no-cost mutual fund trading comes at the cost of limited options compared to other platforms. 

TD Direct Investing allows you to only trade with A series mutual funds, which come with a management fee of 2.25% in addition to the cost of the funds. That is twice as expensive as F series funds with a management fee of 1.11% available through other platforms.

In short, I do not recommend buying mutual funds at all through the TD Direct Investing platform.

TD Direct Investing Stock Commissions

In 2025, TD Direct Investing has revised its equity trading fees to encourage more frequent trading. The standard commission remains $9.99 per trade, but for active traders who execute more than 120 trades per quarter, the commission is reduced to $6.99 per trade. This reduction aims to cater to high-volume traders by making trading costs more competitive.

It may be more expensive than most non-bank brokerages, but it is a massive change from the $45 commission that TD Direct Investing used to charge most of its clients.

TD Direct Investing Options Commissions

As of 2025, TD Direct Investing has adjusted its options trading fees. The base commission per trade remains $9.99 for standard trading and is reduced to $6.99 for active traders who execute over 120 trades per quarter. Additionally, the cost per options contract has been decreased to $1.00, promoting more active options trading among its clients

TD Direct Investing also charges a quarterly fee of $25 for clients with an overall balance with the firm of less than $15,000. The firm waives this quarterly fee if you place three or more commissionable trades per quarter or maintain a Registered Disability Savings Plan. Mailing any paper statements carries the charge of $2 per statement and $2 for trading confirmation mail.

Investment Options

Investment Options: TD Direct Investing continuously expands its investment options to cater to diverse investor needs. Here’s what you can trade:

• Securities: Engage in trades involving a wide variety of securities including stocks and bonds across global markets.
• Mutual Funds: Access a comprehensive selection of mutual funds, including cost-efficient Series F funds, which offer lower management fees compared to traditional Series A funds.
• ETFs: Trade a wide range of ETFs with competitive management fees. TD Direct Investing now also offers several commission-free ETFs, enhancing affordability for frequent traders.
• Options and Futures: Advanced traders can leverage options and futures to speculate on or hedge against future price movements in various markets.
• International Equities: Expand your portfolio globally by trading equities across major international exchanges.”

TD Direct Investing Platform Ease of Use

TD Direct Investing Platform Options: TD Direct Investing continues to offer a robust suite of trading platforms tailored to meet various investor needs. The platforms include:

• WebBroker: This flagship platform remains popular for its comprehensive tools and features, now with an updated user interface for smoother navigation and enhanced customizability.
• TD app: Optimized for mobile users, the TD app has been upgraded with improved functionality for trading on the go, including real-time alerts and simplified portfolio management.
• Advanced Dashboard: Replacing Active Trader, this new platform offers real-time data, enhanced charting capabilities, and customizable modules for active traders.
• thinkorswim: Perfect for options traders, thinkorswim continues to provide powerful trading tools, complex options strategies, and extensive charting capabilities.”

The different platforms allow TD Direct Investing customers to trade using various devices. You can take control of your individual investments and portfolio, manage your investments, research markets in substantial detail with the tools they provide, and trade across different markets.

The platforms are surprisingly elegant, simple, and intuitive. The menu has more straightforward options that make navigating the platform easier, whether you are using it through a desktop computer or a smartphone.

TD Direct Investing Education and Trading Tools

TD Direct Investing Education and Trading Resources: TD Direct Investing continues to enhance its offering of educational resources and trading tools, designed to support both novice and experienced investors. WebBroker remains central to delivering these educational services, with updated features and more comprehensive learning materials. New and improved offerings include:

• Expanded library of how-to videos and educational content, covering everything from basic trading techniques to complex investment strategies.
• An enhanced schedule of live webinars and master classes, now including more frequent sessions and a wider range of topics.
• A newly designed Markets and Research Center, offering more powerful tools and deeper insights:
  • Advanced screeners with more customizable options to help investors effectively target investment opportunities.
  • Up-to-the-minute market news and expert commentary to keep investors informed on the latest developments.
  • In-depth research reports from TD Securities, TD Economics, and respected third-party sources like Morningstar and Thomson Reuters.
  • Sophisticated charting tools for detailed technical analysis.
  • More intuitive watchlists and alert systems to monitor market movements and portfolio performance.
  • Enhanced MoneyTalk videos, now featuring more detailed analyses and actionable investment ideas

TD Direct Investing certainly beats most of its closest competitors when it comes to its educational and market research tools.

TD Direct Investing Customer Service

TD Direct Investing Customer Service: TD Direct Investing has continued to invest in improving customer support, maintaining 24/7 availability with investment representatives ready to assist you via phone. Recognizing the need for more dynamic support options, TD Direct Investing has now introduced a live chat feature, enhancing accessibility and providing immediate assistance. This service complements the existing phone support, ensuring comprehensive coverage that meets various client needs. Both services are available in multiple languages, catering to a diverse clientele

Is TD Direct Investing Safe and Legit?

TD Direct Investing is a direct subsidiary of the TD Bank Group, one of the world’s largest financial services companies. That is one of the biggest factors working in favour of the platform.

As a customer, you can rely on the provision of safety and security from TD Bank itself. The integrity of the online brokerage is never in question.

TD Direct Investing is a member of the London Stock Exchange and a member of the ICAP Securities and Derivatives Exchange that provides oversight of the firm to protect investors further. TD Direct Investing is a member of the Investment Industry Regulatory Organization of Canada (IIROC) that protects its clients’ investments.

Alternatives for TD Direct Investing

When I think of alternatives for the platform TD Direct Investing, Questrade and Wealthsimple Trade come to mind. Here’s how they compare to TD:

TD Direct Investing vs. RBC Direct Investing

RBC Direct Investing is the online brokerage product offered by the Royal Bank of Canada. Similar in many ways to TD Direct Investing, RBC Direct Investing has a very strong customer support experience. It has an industry-leading response time to answer client queries, and it offers online live chat functionality. 

The platform also provides fantastic educational resources, but they are not as comprehensive as TD Direct Investing’s educational and research tools.

TD Direct Investing vs. Questrade

Questrade is the most popular online broker platform in Canada. It is one of the non-banking products that gives the likes of TD Direct Investing a run for its money due to the platform’s lower fee structure and overall functionality. In my opinion, Questrade is the best platform available.

While it may not offer the comprehensive educational and market research tools that TD Direct Investing has to offer, it offers substantially lower costs for you to use the platform. You can learn more about the platform in my Questrade Review.

For a more detailed head-to-head comparison, check out my TD Direct Investing vs Questrade article.

TD Direct Investing vs. Wealthsimple Trade

Wealthsimple Trade is another non-bank online brokerage in Canada that has become vastly popular among self-directed investors. It is one of the most inexpensive discount brokers you can use.

Wealthsimple Trade relies on foreign currency conversion fees to make revenue, and it does not charge you any commissions for trading stocks using the platform.

Since it relies on currency conversion fees, it does require you to trade US-listed securities with the platform. Using the platform, you will essentially be paying around 1.5% fees for every US stock and ETF you trade in your portfolio. You can learn more about the online broker in my Wealthsimple Trade Review.

For a more detailed head-to-head comparison, check out my Wealthsimple Trade vs TD Direct Investing review.

Conclusion

With an overwhelming number of online brokers available in the market, a firm with the backing of a reliable name can be a welcome sight for many self-directed investors.

If you want more control over your investments and prefer the integrity of a major financial institution to give you peace of mind over your funds’ safety, TD Direct Investing certainly seems like an excellent option. TD Direct Investing is certainly a great choice for those who already bank with TD, as it keeps everything within the same ecosystem.

The comfort comes at the cost of higher fees compared to non-banking firms like Questrade and Wealthsimple. However, it does give you a better chance to learn and become more confident with self-directed investing.

If you don’t mind the higher fees and commissions, TD Direct Investing gets a Wealth Awesome thumbs up from me. You can check out the platform yourself on TD Direct Investing’s website here.

Frequently Asked Questions (FAQ) about TD Direct Investing

1. What types of accounts can I open with TD Direct Investing?
TD Direct Investing offers a wide variety of accounts, including Cash accounts, Margin accounts, TFSA, RRSP, RESP, LIRA, RRIF, LIF, and RDSP.

2. Are there any fees associated with TD Direct Investing?
Yes, TD Direct Investing charges a flat rate of $9.99 per trade for stocks and ETFs. Active traders who execute more than 150 trades per quarter qualify for a reduced rate of $7 per trade. Additional fees include $25 quarterly maintenance fees for accounts with balances under $15,000, unless certain conditions are met.

3. Does TD Direct Investing offer educational resources?
Yes, TD Direct Investing provides a range of educational resources, including training videos, online master classes, webinars, and platform tours. These resources are designed to help both novice and experienced investors.

4. How does TD Direct Investing ensure the safety of my investments?
TD Direct Investing is a subsidiary of TD Bank Group, one of the largest financial services firms worldwide. It is regulated by IIROC and a member of the London Stock Exchange, ensuring high standards of safety and compliance.

5. Can I trade options with TD Direct Investing?
Yes, options trading is available on TD Direct Investing. The standard fee is $9.99 per trade plus $1.25 per contract. For active traders (more than 150 trades per quarter), the fee is reduced to $7 per trade plus $1.25 per contract.

6. How do I contact TD Direct Investing customer service?
TD Direct Investing offers 24/7 customer support through phone. There is no live chat feature, but the phone support is available in multiple languages to assist with various investment inquiries.

7. What platforms does TD Direct Investing offer for trading?
TD Direct Investing provides several platforms, including the WebBroker, TD app, Active Trader, and ThinkOrSwim. These platforms cater to different types of investors and trading styles, from mobile trading to comprehensive desktop solutions.