77 Bloor Street West, Main Floor
Toronto, ON
M5S 1M2
Website: https://www.td.com/
Email Address: td.waterhouse@td.com
Phone: 1-800-465-5463
Customer Service Hours: 24hrs, seven days a week
TD Direct Investing Review
Updated on: Feb. 8, 2019
TD Direct Investing (formerly known as TD Waterhouse Discount Brokerage) is one of Canada’s largest discount brokerages. As a bank-owned online brokerage, it is able to offer clients the ability to manage multiple accounts (including personal banking) and products via the TD online platform. What makes TD Direct Investing stand out relative to most of its bank-owned peers is the amount of education it provides as well as the diverse set of trading platforms. Specifically, TD Direct Investing offers web-based and desktop platforms for active traders as well as longer term investors.
Pricing & Fees
Although all clients are able to receive $9.99 per trade pricing, clients with balances underneath $15,000 are subject to a “custody fee” ($25) which is charged on a quarterly basis. Fortunately, there are certain conditions under which this fee can be waived, including:
1. Making at least 2 commission-generating trades within 6 months
2. Having a TD Direct Investing registered account
3. Being enrolled in a pre-authorized contribution plan of $100 per month or more
Account Types
In terms of non-registered account types, TD Direct Investing offers cash and margin accounts. In order to trade options and to short sell, a margin account and approval is required.
For several years, one of the biggest disadvantages concerning TD has been the lack of USD registered accounts. The ‘official line’ is that these accounts are forthcoming in 2014 and are currently undergoing testing, however the actual roll out date has not been announced. In the meantime, to address the currency conversions within registered accounts, TD Direct Investing has implemented a service called the U.S. Dollar Money Market Sweep & Redemption Service. Although the name is long, basically the service automatically routes the funds required to settle the transaction through a US dollar money market fund in such a way that a client doesn’t pay the foreign currency conversion fee. They have also extended this service to dividend payments so that clients receiving dividend payments (or making purchases) in US dollars won’t have to pay additional conversion fees. TD Direct Investing’s website details this process, so if it is of interest, be sure to review how it works.
Platform/Data
TD Direct Investing offers a broad selection of trading platforms that cater to investors of all activity levels. As a bank-owned discount brokerage, they are in the minority of providers that has web browser based as well as desktop based trading platforms. Although the platforms each have their strengths and limitations, choosing the right platform largely comes down to what kind of trading style you expect to have. TD’s online trading platforms include:
Platform | Web/Desktop Based |
---|---|
Webbroker | Web |
Advanced Dashboard | Web |
Active Trader | Desktop |
US Trading Platform (ThinkOrSwim) | Desktop |
TD Direct Investing also offers mobile trading on the WebBroker and US Trading Platform. TD’s mobile/tablet apps are available for iOS, Android and Blackberry (smartphone) devices.
Reviews & Ratings
Review | What Review Measures | Score | Date of Ranking |
---|---|---|---|
Dalbar Canada Review | Client Service | Below Average Below Average |
January 2015 January 2014 |
Globe and Mail Review | Overall Impression | Letter Grade “A” Letter Grade “B” Letter Grade “B+” 3rd out of 12 Letter Grade “B+” 4th out of 12 Letter Grade “B” 6th out of 12 Letter Grade “C” |
February 2019 February 2018 December 2016 December 2016 December 2015 December 2015 November 2014 November 2014 November 2013 |
JD Power Review | Investor Satisfaction | 7th out of 8 7th out of 10 6th out of 10 3rd out of 10 4th out of 7 4th out of 11 |
September 2018 September 2017 September 2016 September 2015 September 2014 September 2013 |
MoneySense | Getting Started Market Data |
Runner Up Top Pick |
July 2017 July 2017 |
Compare
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Home › Community › Canadian Online Brokerage Review – TD Direct Investing (TD Waterhouse)
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