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.
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.
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.
The app lets customers buy any stock listed on the major North American trading platforms. However, the only ETFs available to trade are TD ETFs.
There are no monthly or quarterly maintenance fees with TD Easy Trade. In addition, customers can enjoy commission-free trades on all TD ETFs.
As for stocks, TD allows clients to get 50 commission-free stock trades per year. After the 50 free stock trades, you pay $9.99 per trade.
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.
Through the platform, you can digitally open three account types – cash, a tax-free savings account (TFSA), and a registered retirement savings plan (RRSP).
Account-holders can view their investments through TD online banking and make money transfers between them.
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.
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.
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.
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.
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.
You can sign up for TD Easy Trade in three steps.
Choose from a personal account, TFSA, or RRSP and open it online.
You can download the app from the Apple store or through Google Play.
You can transfer funds from your existing TD account or set up a bill payment from another financial institution.
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.