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Canadian Online Brokerage Review – TD Direct Investing (TD Waterhouse)

Canadian Discount Broker - TD Direct Investing

Mailing Address
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.

Quick Info

Standard Equity Commission $9.99
Best Commission Price $7
Minimum to Open Account Not Required
Maintenance/Inactivity Fees $25/quarter
Commission Free ETFs No
Young Investor Offer No

» Get Full Pricing Details

Pricing & Fees

As with several of its peers, earlier in 2014 TD Direct Investing lowered their standard commission pricing in this case to $9.99 per trade (flat). There are no deposit or trading minimums required in order to qualify for the standard pricing. For active traders, defined as clients who trade 150 or more times per quarter, the cost per trade is $7 flat. Options trading has also seen a reduction in price with the standard fee per options trade as $9.99 + $1.25 per contract and $7 + $1.25 per contract for active traders.

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

Like many other online brokerages, TD Direct Investing offers registered and non-registered accounts. The registered account types include TFSAs, RDSPs, RRSPs and RESPs. TD Direct Investing has two kinds of RRSP accounts the ‘self-directed’ RSPs (and RIFs) and the ‘basic’ RSP. The important difference between the two is that the ‘basic’ RSP plan does not let users directly hold equities, options or mortgages whereas the ‘self-directed’ plan does.

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 8
7th out of 10
6th out of 10
3rd out of 10
4th out of 7
4th out of 11
June 2019
September 2018
September 2017
September 2016
September 2015
September 2014
September 2013
MoneySense Top Pick – Market Data
Top Pick – Market Data
Runner Up – Getting Started
Top Pick – Market Data
June 2019
July 2018
July 2017
July 2017

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Home Community Canadian Online Brokerage Review – TD Direct Investing (TD Waterhouse)

This topic contains 72 replies, has 3 voices, and was last updated by  Kevin Baigent 3 days, 5 hours ago.

Viewing 10 posts - 11 through 20 (of 73 total)
  • Author
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  • #29297 Reply

    ravijot gill

    Worst than worst..Never have worst experience than this company ever in my life. trying to connect on the phone since last Friday. They will put me on hold for 60 minutes and then cut off with message..experiencing technical difficulty. Charged me $100+GST without any notification or my permission for their system error. when I called them on Thursday(when they were atleast picking up the phone) to explain them then the guy told me to go to the lawyer. I sent 2 emails with all the evidences and requesting them to please review it, correct the account and refund $100+GST. I am getting the email from the president to call the number which I am trying since friday. All other companies are deferring the payments, relaxing the interests in this difficult time but this company is charging you for no reason, Reps are rude and unreasonable.

    I will keep trying everyday until this get resolved. Will change my account to other bank. its very very frustrating. I hope someone in this institution reads the review and will get back to me ASAP to help resolve this issue.

    #29176 Reply

    Annonymous

    March 23, 2020 (Toronto, Ontario) – Following a disciplinary hearing held on December 11 and 13, 2019, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) fined TD Waterhouse Canada Inc. $4 million for failing to include position cost information within the quarterly retail client account statements for certain securities positions.

    #29103 Reply

    Michael Soliman

    You must be one of their developers working for TD Bank

    #29102 Reply

    Michael Soliman

    TD waterhouse is the worst ever trading banks. I have tones of issues with them and when you call for any I spend an hour at least and I hang up since it is enough westing an hour of my time. Some stocks EX. CEE can’t buy on line and have to call. prices changes up/down and you lost all the chances you have.

    I give TD Waterhouse ZERO out 1000000000 for my losses and time spent on the phone without answers listening to their stupid music.

    #29072 Reply

    Richservat

    The worst platform of all is Td webbroker. I would never open an account with them if I had the info. that I have right now.
    They are very much unable to handle their task. The always have their excuses for their error and faults.

    #28571 Reply

    Ron O

    I requested TD Ameritrade to transfer my funds from my retail account to my bank account. After a week I checked my bank account. I discovered there was no posting from TD Ameritrade. I contacted TD Ameritrade. I was informed that my funds were instead transferred to an institutional account without my knowledge or authorization! Now I have to fill out some paperwork and was told it may take another 1-2 weeks until I finally get my funds transferred from my TD Ameritrade Institutional Account to my bank account. Ridiculous.

    #28290 Reply

    A Customer

    TD WebBroker Watchlist and Holdings pages displays bad data
    Yet again, TD WebBroker is displaying garbage data in my WebBroker Watchlist and Holdings page:
    Eg. it is 9:26am Aug.14/2019
    Enbridge (ENB) closed at $45.48 yesterday, and it is now trading at $44.16/share. Therefore it is down $1.32/share, but my WebBroker account is displaying that it is -$0.58
    THIS IS GARBAGE DATA!
    I have reported this same problem many times over the past couple of years, but TD doesn’t seem to be able to fix this problem. How am I expected to rely on the data in my WebBroker account?
    This problem never seemed to occur for the 10 years prior to a couple of years ago. Did they hire an IT manager who doesn’t know what he is doing?
    Jeez, fix the problem, TD!

    #28271 Reply

    Brock

    Pro: nice looking interface, multi-leg orders on US, Ink research (insider trading), Think or Swim available for US Margin Accounts

    Con: poor website navigation, no multi-leg orders for Canadian ticker, only 2 leg orders for US, switched to Morningstar quant reports from CFRA, website instability – many, many bugs in coding, poor customer service when issues are escalated, incorrect options data, Advanced Dashboard is terrible (a high school kid could create a better platform), high fees, poor education offered, past activity limited to only 90 days.

    #26570 Reply

    Kenneth

    After two decades of being TD Direct Investing customer, I moved my accounts to other brokerages, namely Interactive Brokers and Questrade.

    Here are my reasons:
    TD Direct Investing is way behind Interactive Brokers in terms of what they offer through their platform (Compare TD Advanced Dashboard with Interactive Brokers Traders Workstation)
    TD Direct investing flat rate commission of $9.99 means I pay 10 times more to TD for buying or selling 100 shares than I pay Interactive Brokers (only $1) for same shares!!!
    When it comes to Option trading: TD Direct investing charges around $42 for exercise or assignment of options and Interactive Brokers charges $0 for being assigned and very small amount for exercise.
    Incompetence: The main reason for my switch was constant frustration dealing with incompetent TD Direct Investing employees and their operating system. Giving wrong answers to my questions, sending money to the wrong TD branch for customer to pick up, making mistakes in implementing my instructions, prolonging a simple process that should not take more than two weeks to months, etc.

    Bottom line: Avoid TD Direct Investing if you are an average stocks/options trader with average investing knowledge and sophistication and you want to:
    Save big on trade commissions and avoid frustration

    #26529 Reply

    Don Piears

    I have shares bought through you but I cannot access your site. The only site I have been able to look at demands a log-in password, but previously I used to give parts of my password as requested.Also, the site doesn’t recognise my account user name. Please help.

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