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Canadian Online Discount Broker – TD Direct Investing

Canadian Discount Broker - TD Waterhouse

Contact Information

Phone: 1-800-465-5463

Email: td.waterhouse@td.com

Website:www.tdwaterhouse.ca

Headquarters:

77 Bloor Street West, Main Floor
Toronto, Ontario M5S 1M2

Customer Service Hours of Operation:
Mon to Fri 24hrs

Sat-Sun 8am – 10pm ET

TD Direct Investing (formerly TD Waterhouse Discount Brokerage) – Review of Pricing

(updated March 18/14)

TD Direct Investing is one of the largest discount brokerage companies in the Canadian market.  They have a strong presence all across the country because of their connection with TD Canada Trust branches, which they use quite significantly for investor seminars and events.

Over the course of 2013, they have made a number of changes to their website in an attempt to make it easier for visitors to navigate the wide variety of products and services they offer. For beginner investors the amount of choices may be overwhelming. Fortunately, however, TD Direct Investing offers much the same as their peers.  Clients can trade stocks, ETFs, mutual funds, and options.

Pricing has been simplified as of 2014, with the standard commission rate for all clients now being $9.99 (flat). Active traders (defined as those who trade 150 more times per quarter) benefit from $7 (flat) per trade pricing.  Options pricing has also lowered for 2014 with the per contract price being $1.25 and the minimum cost reflecting either the standard or the active plan accordingly (e.g. standard users options trades are $9.99 +$1.25).  There are ‘custody fees’ for individuals with balances under $15,000 however there are several ways to be exempt from these fees including placing at least 2 commission-generating trades within 6 months, subscribing to a pre-authorized investment plan of at least $100/per month or holding a registered account.

In terms of account types, TD Direct Investing offers both registered and non-registered account types. The popular registered accounts include tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs) and registered education savings plans (RESPs). For registered accounts you cannot use margin or short stocks. Options trading in registered accounts is limited to buying and selling options and writing of covered calls. Non-registered account types include cash and margin accounts, with short selling and options trading requiring approval as part of the margin account.

While one of the major criticisms of TD Direct Investing in the past has been the lack of the US dollar registered accounts, TD now has the ability for clients to use their US dollar currency money market sweep & redemption option. While it does require that clients ask for this via customer service, once it is set up transactions can be configured so that US currency exchange fees are not incurred. Unfortunately, this does not extend to dividend or interest payments.  Thus it is important to note that unless this service is requested, purchases of stocks priced in US dollars from registered accounts are subject to currency exchange rates set by TD Direct Investing at the time of purchase and sale.

Overall this discount brokerage provides platforms and pricing to active traders as well as long term investors. For those considering TD Direct Investing, it is important to understand what costs are associated with their trading needs and style to determine whether this online brokerage is an ideal fit.

Account Types OfferedFunding Requirements and FeesRegistered Account Types and Fees
TFSAMinimum Opening BalanceNot RequiredTFSAAnnual Charge$0
RRSPMinimum Account BalanceNot RequiredTransfer Out$135
RESPMinimum Balance for Best or Discounted CommissionNot RequiredWithdrawals$0
CashMinimum Commission per Equity Trade$7US Dollar Account
Margin ShortMaximum Commission per Equity Trade$9.99RRSPAnnual Charge$25 (see Conditions for Maintenance fees)
Margin OptionsMinimum Trades per Quarter for Best Commission Rate150Transfer Out$125 (Full)
$25 (Partial)
CIPF MemberInactivity or Maintenance Fees$25/quarterUS Dollar Account
Conditions for Inactivity/Maintenance FeesThe "Custody Fee" can be waived if:
- combined household1 value in all TDDI accounts is >$15,000
-complete > 3 commissionable trades in preceding quarter
-enroll in an automatic contribution plan with $100/month or more
RESPAnnual Charge$25/quarter (see Conditions for Maintenance fees)
Transfer Out$125
US Dollar Account
Last updated: Mar. 9, 2016
Notes:1. Household accounts are defined as those TD Direct Investing
accounts for clients living in the same household, with the same
address. You must advise TD Direct Investing of these multiple
account relationships.

TD Direct Investing Website Links

Here are some useful links to important information on TD Direct Investing’s website.

Discount Broker Customer Survey Ratings by J.D. Power:
Link to 2013 online broker ratings by the Globe and Mail:

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

This topic contains 71 replies, has 3 voices, and was last updated by  William Goslett 1 week, 1 day ago.

Viewing 10 posts - 1 through 10 (of 72 total)
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  • #29446 Reply

    William Goslett

    Absolutely horrible horrible service. I have waited 2x for over 1hour this morning. Cheap banks will not man their lines with staff. They are always experiencing a higher than normal call volume.
    Some every day.
    They may as well just tell you that they have your money so drop dead we don’t want to give you service.

    Read the comments above. Pretty much identical. We are TD. We hate our customers and if we have your money, we don’t want to talk to you.We will abuse you waste your time and then disconnect you after having you on hold for hours.

    #29406 Reply

    Kumar k

    You can bang your head against the wall.
    I tried every 2-3 weeks when i end up hanging up.
    You divert you attention to the forehead bleeding instead of all the money you are losing

    WHO DO WE TELL

    #29405 Reply

    Kumar K

    This is the worst service ever. Every 2-3 days the dam shitty system does not allow assess.
    Yes no access and they keep claiming Techincal Difficulties. WHAT THE crap

    Loose money every other week as can not get in to buy or sell
    They should be dam sued or out of business

    WHO THE DAM DO WE TELL

    #29372 Reply

    Hermm

    What is a leg? the fees are high 9.99 a trade, but the only way to switch broker’s would be to cash in all your investments, and start fresh. is this correct????? Service is terrible took 2 days, to sell my td mutual funds in webbrocker and by that time i lost $500. the fund dropped? should have been the amount stated when i made the order April 30 20. and it sat there until fund dropped, i have heard of wealthsimple put is An app and takes awhile to transfer cash in to it. Feel handcuffed here.

    #29371 Reply

    Michael

    I have been a loyal customer of this bank. The service was excellent but now it is completely the opposite . Their software is crap. Their commission is high and their service does not exist. You call them and they put you on hold for one hour till you give up and hang off
    Be careful before you transfer your account to TDWaterhouse

    #29355 Reply

    Rob

    TD Direct worst service, they do not answer phone calls. This morning around 7:15am I was on the phone for 1 hour 15 minutes, after waiting that long voice message tells due to technical reasons they can not answer now call later. this is going on for last 3 months. Other brokers i.e. BMO Investorline is answering after reasonable wait. It is time to switch to another institution. TD Direct do not car for clients anymore. I am thinking about switching after 25 years.

    #29353 Reply

    Rajinder Dhaliwal

    I am TD Direct client for very long-time. Recently there costumer service is zero. I have been on the for an hour each time without luck. They tell you use automated services. How you correct execution error by using automated service.
    Today April 29th, I call 16:25pm to deal with the error, I am on the phone for over one hour no answer. During thins wait I also send email to tddirectinvesting@td.com, no response. I do not understand how one could spend one fifteen minutes waiting. My call was after market close. Their voice indicates that it may take longer but not response after hour & fifteen minutes.
    After 30years with them I am considering changing my brokerage.

    #29322 Reply

    Mel

    Yes, WebBroker does support two-leg option trading: Go to Trading –> Options –> Strategies –> Multi-Leg. This way you will be charged only one commission fee plus $1.25 per contract for each leg.

    #29307 Reply

    Preet Chawla

    I am considering TD Direct investing and I am being told that it does support two leg options for Canadian stock. Please let me know if this info is wrong. I would greatly appreciate your help. Thanks.

    #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.

Viewing 10 posts - 1 through 10 (of 72 total)
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