There are lots of investing platforms to choose from, so how do you know which one is right for you?
You can go with a self-directed platform where you choose your own investments without help from an advisor – that’s how TD Easy Trade (formerly TD Goal Assist) works.
Some let financial advisors do all the work for you. The downside to those is more cost and less control.
After reviewing TD Easy Trade, I found that it’s a quality app that helps users invest and plan for the future. However, it does have some limitations that won’t please all investors.
If you’re looking to find out if TD Easy Trade is right for you, here’s what you should know.
Investing Platform
TD Easy Trade offers users another platform with zero commission ETFs and 50 free stocks. The app design sets customers up for success by detailing their goals and figuring the likelihood of hitting them within a certain timeframe.
- Commission-free trades on TD ETFs
- 50 free stock trades per year
- The app has goal-setting capabilities where users can monitor their progress.
- The platform only offers TD ETFs
- There is a fee charged for anything over the 50 stock trades.
What Is TD Goal Assist?
TD Direct Investing recently launched a new app, TD Easy Trade, a stand-alone app that lets clients invest their money while reaching their goals, all from the convenience of a mobile phone.
TD shows its willingness to evolve based on its customer base. The younger generation of investors are tech-savvy and expect to have a mobile app that’s streamlined to fit their needs.
With this in mind, TD created an app that includes self-directed investing, goal planning, and low fees.
Features and Benefits
With more people investing online, an easy-to-use app attracts new customers or appeals to existing ones. Here’s what TD Easy Trade has to offer.
Trading Platforms
TD Easy Trade offers you two trading platforms: WebBroker and Advanced Dashboard. WebBroker is a user-friendly platform that allows you to trade stocks, ETFs, options, and mutual funds.
It also has a customizable dashboard that lets you track your investments and monitor market trends. The Advanced Dashboard is a more sophisticated platform that offers advanced charting tools and real-time market data.
Mobile App
TD Easy Trade’s mobile app is available for both iOS and Android devices. The app is easy to use and allows you to trade stocks, ETFs, and options on the go. It also offers real-time market data, customizable watchlists, and the ability to set up price alerts.
TD GoalAssist – Create Goals and Monitor Progress
One of the major benefits to the app and the whole TD investing platform as a whole is allowing customers to create their own self-directed goals.
Before investing, users can enter how much they wish to earn, their expected contributions over time, and a target end date.
A projection of these goals will show up expressing the likelihood of those events. This helps customers plan and rearrange their goals based on specific outcomes.
It guides you through the process of setting up a personalized investment plan based on your goals, risk tolerance, and time horizon. TD GoalAssist also provides you with a recommended portfolio of TD ETFs that align with your investment plan.
Research Tools
TD Easy Trade provides you with a range of research tools to help you make informed investment decisions. These include real-time market data, analyst reports, and company profiles. The platform also offers a variety of educational resources, including webinars, articles, and videos.
Fees and Pricing
When it comes to choosing an online trading platform, fees and pricing are important factors to consider. TD Easy Trade offers a range of fees and charges that you should be aware of before opening an account. Here’s a breakdown of the different fees and pricing options:
Trading Fees
One of the major selling points of TD Easy Trade is its commission-free trading on TD ETFs. This means that you can buy and sell TD ETFs without paying any commission fees. However, if you want to trade stocks, you will need to pay a commission fee of $9.99 per trade.
Account Maintenance Fees
TD Easy Trade does not charge any monthly or quarterly account maintenance fees. This means that you won’t have to worry about paying any ongoing fees to keep your account open. However, it’s worth noting that other fees may apply depending on your account activity.
Conversion Costs
If you want to trade in a currency other than Canadian dollars, TD Easy Trade charges a conversion fee of 1.5%. This fee is applied to the total value of the trade, including any commission fees.
Account Transfer Fee
If you want to transfer your account to another brokerage, TD Easy Trade charges a transfer fee of $150. This fee applies to both partial and full transfers.
It’s worth noting that while TD Easy Trade offers commission-free trading on TD ETFs, the $9.99 commission fee for stock trades is relatively high compared to some other online trading platforms. Additionally, the 1.5% conversion fee can add up if you frequently trade in foreign currencies.
Accounts Types Available
When it comes to TD Easy Trade, there are four main account types available: Cash Accounts, Margin Accounts, RRSP, and TFSA. Each of these account types has its own unique features and benefits that you should be aware of before deciding which one is right for you.
Cash Accounts
A cash account is a type of account that allows you to trade using only the cash that you have in your account. This means that you cannot use margin or borrow money to make trades. Cash accounts are great for beginners who are just starting out with trading and want to limit their risk.
Margin Accounts
A margin account is a type of account that allows you to borrow money from the brokerage firm to make trades. This means that you can buy more shares than you would be able to with just the cash in your account. However, margin accounts come with higher risk, as you are essentially trading with borrowed money.
RRSP
An RRSP, or Registered Retirement Savings Plan, is a type of account that is designed to help you save for retirement. Contributions to an RRSP are tax-deductible, which means that you can reduce your taxable income by contributing to your RRSP. However, there are limits to how much you can contribute each year, so be sure to check the current limits before opening an RRSP.
TFSA
A TFSA, or Tax-Free Savings Account, is a type of account that allows you to save money without paying taxes on the earnings. This means that any gains you make on your investments in a TFSA are tax-free. However, there are also contribution limits for TFSA accounts, so be sure to check the current limits before opening an account.
Is TD Goal Assist a Robo Advisor?
TD Goal Assist is a self-directed investment platform. There aren’t advisors offering you their advice or monitoring your account regularly to make sure your investments are meeting your goals. Instead, that’s all up to the user.
The upside to a self-directed fund is that you call the shots. You’ll save on management fees and will only pay on stock trades once you go over the 50 you’re allotted each year.
The downside is that much of your success depends on your decisions. There isn’t someone telling you what to do, which may seem daunting if you aren’t knowledgeable about investments and the market.
But just because it’s a self-directed fund, it doesn’t mean you’re in it alone. TD Easy Trade offers educational videos, webinars, and other online support to aid in investment selections and goal-setting opportunities.
What’s the Difference Between TD Direct Investing and TD Easy Trade?
TD Direct Investing is a bank-owned, self-directed brokerage. It features different account options where users can choose to invest.
In addition, there’s more selection if you’re looking to trade – stocks, options, ETFs, mutual funds, and more.
TD Direct Investing does have high fees compared to some of the lower-cost trading platforms out there, but they offer an array of trading platforms to help you chart your investments, get real-time information, and stream live news feeds.
As for TD Easy Trade, it’s a part of TD Direct Investing but as a stand-alone app. It’s geared toward younger investors seeking the ease of managing their investments and financial goals via their mobile devices.
Is TD Advanced Dashboard Free?
Part of TD Direct Investing, TD Advanced Dashboard offers real-time streaming and advanced charting for customers that are experienced investors.
While keeping up with the news and the markets in real-time is helpful to any investor, it also doesn’t come free.
Per TD’s website, the Advanced Dashboard service doesn’t cost anything if you make 30 or more trades per quarter. However, if you’re under that number and access this feature, you’ll pay the following.
TD Easy Trade vs Wealthsimple Trade
Wealthsimple is another self-directed investing platform where you can trade ETFs and stocks commission-free. While you can trade both Canadian and US stocks, not all are available through the platform.
But with Wealthsimple, stocks and ETFs are commission-free. With TD Easy Trade, you only have 50 free stock trades until you need to pay per trade.
The TD Easy Trade mobile app provides much more than Wealthsimple Trade’s very basic one.
With TD, you can calculate, manage, and edit your goals – all through the app. In addition, there’s a learning section that shows educational videos to help increase your investing knowledge and guide your progress through the app.
Overall, both platforms allow you to trade ETFs and stocks for a low cost. While TD’s app has more options, Wealthsimple might have more stock and ETF choices.
TD Easy Trade vs Questrade
Questrade is another self-directed investment platform that includes more account options than both TD and Wealthsimple.
While purchases for ETFs are free, expect a fee when you sell them. In addition, there are stock trading and option fees.
Questrade also provides research and educational tools similar to TD. Overall, many features between the two are the same, and it really depends on the number of trades you plan on making before considering which one is worth it.
Customer Thoughts and Reviews
Users that tried TD’s Easy Trade app weren’t happy to find that you could only buy TD’s ETFs. Many users felt limited by this stipulation and weren’t sure if they would download the app.
Other reviewers were a little irritated that TD introduced another platform, giving away 50 free stock trades.
Others feel that TD should stop introducing new platforms and integrate their existing ones.
The overall impression from most Reddit reviewers skews to the negative. There aren’t many users that actually used the service and complained about it.
Instead, many just read the description of the platform and decided it wasn’t for them for one reason or another.
How To Sign Up for the Product
You can sign up for TD Easy Trade in three steps.
1. Open An Account Online
Choose from a personal account, TFSA, or RRSP and open it online.
2. Download the App
You can download the app from the Apple store or through Google Play.
3. Send Funds To the Account
You can transfer funds from your existing TD account or set up a bill payment from another financial institution.
Frequently Asked Questions
How does TD Easy Trade compare to other online trading platforms like Questrade and RBC Direct Investing?
TD Easy Trade is a simple, mobile-only trading platform that is best suited for beginner investors who want to trade stocks and TD ETFs. Compared to other online trading platforms like Questrade and RBC Direct Investing, TD Easy Trade has limited investment options and features. However, it offers commission-free trades on TD ETFs and 50 free stock trades per year.
What ETFs are available through TD Easy Trade?
TD Easy Trade offers a suite of TD Asset Management Inc. managed ETFs. These ETFs cover a range of asset classes, including Canadian equities, U.S. equities, international equities, fixed income, and cash equivalents.
What is the process for opening an account with TD Easy Trade?
To open an account with TD Easy Trade, you need to download the TD app and follow the steps to create an account. You will need to provide personal information, including your name, address, phone number, and email address. You will also need to provide your social insurance number and employment information. Once your account is open, you can fund it and start trading.
How does TD Easy Trade’s customer service compare to other online trading platforms?
TD Easy Trade offers customer service through the TD app, phone, and email. The customer service team is available during regular business hours. Compared to other online trading platforms, TD Easy Trade’s customer service is average. Some users have reported long wait times on the phone and slow response times to emails.
Is TD Easy Trade a good option for beginner investors?
Yes, TD Easy Trade is a great option for beginner investors who want a simple, easy-to-use trading platform. It offers commission-free trades on TD ETFs and 50 free stock trades per year. It also has a goal-setting feature that allows users to monitor their progress.
Final Thoughts
Investing on your own can be a scary prospect, but TD tries to lessen the burden by offering an app with goal-setting capabilities and educational videos.
The TD Easy Trade app is geared toward investors looking for convenience in a simple product.
If you’re interested in learning more about TD and their TD Direct Investing platform, check out the following review.
