TD Easy Trade review: Pros, cons, promos and fees

Colin Graves

By Colin Graves

🗓️

Updated: December 18, 2024

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TD Easy TradeTM is a basic stock trading app that does many things right but has shortcomings.

You can open an account online within minutes and trade via its user-friendly mobile app. It includes 50 free stock trades per year, commission-free TD exchange-traded funds (ETFs) and supports fractional shares.

It’s a compelling offer, but with limited account types and research tools and no access to non-TD ETFs, it may not be enough to steer young investors away from some of the best trading platforms in Canada, such as Questrade, Wealthsimple or Moomoo (more below).  

Questrade Wealthsimple Moomoo
Questrade logo Wealthsimple logo Moomoo logo
◦ Low trading fees: $0.01/share, min $4.95, max $9.95
◦ Advanced trading platforms: web, desktop, mobile
◦ No inactivity fees; free ETF purchases 		◦ Intuitive, sleek interface for easy navigation
◦ Low management fees starting at 0.5% annually
◦ Automated investing with tax-loss harvesting 		◦ Low commissions: CAD$0.014/share, min $1.49/trade
◦ Free real-time Level 2 market data
◦ No account minimums or inactivity fees
Go to Questrade Go to Wealthsimple Go to Moomoo

Who TD Easy Trade is for

TD Easy Trade is a solid choice for young investors who want a basic self-directed investing experience with access to free stock trades, especially those who already bank with TD. It’s not well-suited for experienced investors looking for advanced market research tools and a wide range of investment options. The lack of non-TD ETFs is a definite turn-off for dedicated ETF investors.

Available accounts

You can open one or more of the following account types through TD Easy Trade: 

Additionally, every TD Easy Trade account includes a Canadian and US currency component, so you can trade in the same currency a stock is listed in. Keep in mind that a currency conversion must occur to move funds into the US side of your account. 

While you can’t open RRIFs, RESPs, LIRAs, etc., it’s unlikely that these account types will be in high demand with TD Easy Trade’s target customer.  

Pros and cons

Pros

Pros

  • 50 free stock trades annually*

  • Unlimited free TD ETFs

  • Supports fractional shares

  • Supports DRIP investing

  • Access educational videos in-app

  • Simple, easy-to-use mobile app

Cons

Cons

  • Cannot trade non-TD ETFs or mutual funds

  • Mobile-only, can’t access from desktop

  • Only supports three account types

  • Research tools are limited

*Note that the 50 free stock trades are per client, not per account. 

TD Easy Trade fees and commissions

Trading fees

  • First 50 stock trades per year: Free 
  • After 50 stock trades: $9.99
  • Fractional share trades: $1.99 (trades for less than one share)
  • TD ETF trades: Free (unlimited) 
  • Third-party ETFs: Not available to trade
  • Mutual funds: Not available to trade 
  • Options: Not available to trade

Account fees

There are no fees to open a TD Easy Trade account, nor are there any annual account fees. 

Other notable fees

Depending on your account activity, you may encounter the following fees: 

  • Account transfer out fees (partial and full): $150 
  • RRSP plan withdrawal fees: $100 (full withdrawal) or $25 (partial)
  • Outgoing wire payments: $30 - $80
  • Incoming wire payments: $17.50 
  • Delivery of registered certificates (and DRS statement): $56.50

TD Easy Trade offers one trading platform via its mobile app. It has 4.3 out of 5 stars on the App Store and 4.2 stars on Google Play. Its trading platform is easy to use. You can browse the list of available stocks and ETFs or search by symbol or name.

Buy/Sell, Order Status and Watchlist tabs are displayed at the top of the portfolio screen, and you can easily submit an order based on the number of shares or dollar amount. The app will automatically let you know if fractional shares are available. You can also access market news and activity, and educational videos inside the app. 

TD Easy Trade offers little in the way of research tools through its mobile trading platform. Remember, this is trading at its most basic. You can access real-time market data and simplified market research tools. Also, a goal-planning feature lets you set, plan and monitor your investing goals. 

One nice feature is the in-app educational videos that can help you learn about different aspects of self-directed investing. But you’ll likely be disappointed if you want more in-depth investing tools.

At TD Easy Trade, you can speak with a representative from Monday to Friday, 7 am to 10 pm ET. You can also get answers to the most common questions via the TD Easy Trade Help Centre. 

When it comes to customer reviews, Trustpilot does not offer a rating for TD Easy Trade, just TD overall. I perused several investing-related Reddit threads and found reviews on TD Easy Trade to be mixed at best. Many users compare it unfavourably to Wealthsimple. 

The most common complaint I noticed was the inability to trade non-TD ETFs. One user called it a “more restrictive version” of Wealthsimple Trade1, one of TD Easy Trade's biggest competitors. On a positive note, some felt that it was a solid choice for young investors who already bank with TD. 

What I like and don’t like about TD Easy Trade

My overall view of TD Easy Trade is positive. As an experienced investor, I would not use the platform; it’s simply too basic and the investment options are far too restrictive, especially due to the lack of non-TD ETFs. 

However, I think it’s a solid choice for young people just starting to invest. In fact, two of my children have opened TD Easy Trade accounts and have enjoyed learning how to invest on the platform. You can open an account online in minutes and get 50 free stock trades per year, which is more than enough for most novice traders. You can also purchase fractional shares, something most big brokers in Canada don’t yet offer.  

How TD Easy Trade compares to the competition

TD Easy Trade vs. TD Direct Investing

TD Direct Investing has long been one of Canada’s top online brokerages. In fact, it claimed top spot in The Globe and Mail’s Digital Brokerage rankings for the second straight year in 20242. And while TD Easy Trade factored into The Globe’s decision, the two platforms are separate and meant for entirely different users. 

TD Direct Investing is a much more robust platform than Easy Trade. It offers a full desktop and mobile trading experience, access to far more investments and enough investing tools and research capabilities to satisfy the most sophisticated investors. TD Easy Trade, on the other hand, is meant for newer investors. Its mobile-only trading app includes 50 free stock trades annually and unlimited TD ETF trades. Both platforms support fractional shares. 

TD Direct Investing is the better of the two platforms if you’re looking for anything beyond the most basic trading experience. 

Read our full TD Direct Investing review.

Questrade vs. TD Easy Trade

Questrade, Canada’s largest independent brokerage, has more in common with TD Direct Investing than TD Easy Trade. One key advantage of Questrade is that it offers unlimited free ETF purchases. But unlike Easy Trade, you can choose from thousands of ETFs — you’re not limited to one company. 

Questrade doesn’t offer free stock trades; however, its standard trading fees are lower than most Canadian online brokers. One thing Questrade doesn’t offer that Easy Trade does is fractional shares. Overall, Questrade is the superior platform. 

Read our full Questrade review.

Go to Questrade

Wealthsimple vs. TD Easy Trade

In a way, TD Easy Trade is TD’s answer to Wealthsimple’s stock trading app, often called Wealthsimple Trade. Like Wealthsimple, Easy Trade is geared to newer investors looking for a simple way to trade. It also offers free stock trades, albeit limited to 50, and supports fractional shares. 

However, Wealthsimple has been around a few years longer than Easy Trade and has more to offer investors. You can trade via mobile app and desktop and purchase a wider range of investments, including over 14,000 Canadian and US stocks and ETFs and options. 

If you’re an existing TD client, you may decide that keeping all your accounts under one roof is more convenient and stick with TD Easy Trade. Otherwise, Wealthsimple remains the better of the two. 

Read our full Wealthsimple review.

Go to Wealthsimple

TD Easy Trade is currently offering a $50 cash promotion from November 1, 2024 until March 31, 2025 to new and existing account holders who transfer in $500 or more to a new or existing account. Plus, a bonus $25 Amazon.ca gift card is added when you fund your account within 30 days of registering.†

To qualify for the $50 cash bonus, you must open a new account using the promo code: GETSTARTED, or register an existing account using the registration form on the offer public site page. Then, you must transfer in $500 or more in qualifying assets by April 30, 2025 and maintain the assets in your account until June 30, 2025. The cash will be rewarded by July 31, 2025. 

†Terms and Conditions Apply

I could not locate an email address for TD Easy Trade customer support, nor is there a live chat feature. However, customers can contact TD Easy Trade at 1-877-250-2588 to speak with a representative Monday to Friday, 7 am to 10 pm ET. 

Existing customers will experience shorter wait times by initiating calls from within the TD Easy Trade app, which expedites the authentication process. I have called TD Easy Trade a few times and found the representatives to be responsive and helpful.

To be eligible to open a TD Easy Trade account, you must be a Canadian resident, the age of majority in the province where you live and have a valid social insurance number (SIN). You’ll also need to provide the following information: 

  • Address 
  • Birthdate 
  • Phone number(s) 
  • Email address 

Existing TD clients can initiate an application after logging into EasyWeb using their online banking credentials. This will allow TD to prepopulate your application with the information they already have on file. 

Once you’ve checked to ensure you’ve met the eligibility requirements, you’re ready to open a TD Easy Trade account. You have the choice of a cash account, TFSA or RRSP, and you can open one or more of these account types with a single application. Here are the steps: 

  1. 1.

    Head to the TD Easy Trade website and select “Open an Account.” If you’re an existing TD client, you can complete the account opening process within the TD app. 

  2. 2.

    After selecting the type(s) of accounts you wish to open, you’ll be asked to provide personal information, such as your name, address and government-issued ID. 

  3. 3.

    Submit your application. 

  4. 4.

    Download the TD Easy Trade app and fund your account. You can do this using the Transfers button on the TD Easy Trade home screen. You can transfer-in funds from your existing TD account or an account at a different bank. 

FAQs

  • What is TD Easy Trade?

    +

    TD Easy Trade is a mobile trading app provided by TD Direct Investing, one of Canada’s largest online brokers. It’s a separate platform designed specifically for novice investors. Standout features include 50 free stock trades per year, unlimited free TD ETF trades and the ability to purchase fractional shares.

  • Is TD Easy Trade good?

    +

    TD Easy Trade is an excellent choice for newer investors looking for a low-cost trading platform. If you plan to make less than 50 stock trades per year and aren’t looking to buy non-TD ETFs or mutual funds, then TD Easy Trade is worth considering. If you are looking for a more in-depth trading platform and want fewer limitations over the types of investments you can buy, you may want to look elsewhere.

  • How does TD Easy Trade work?

    +

    TD Easy Trade is a mobile-only trading platform, which means you can’t access it from a desktop computer. Its simple user interface makes trading in Canadian and US currency easy. The app also allows you to set investment goals and watch educational videos.

  • Is Easy Trade the same as Webbroker?

    +

    No. TD Easy Trade is a separate platform from TD Webbroker. Unlike Webbroker, it’s only available via a mobile app and is more limited in terms of investment options and market and research tools. That said, TD Easy Trade users benefit from 50 free stock trades annually and unlimited free TD ETFs. Webbroker charges a $9.99 commission on all stock and ETF trades.

  • Does TD Easy Trade have DRIP?

    +

    Yes. You can enrol eligible shares in a Dividend Reinvestment Program (DRIP) with TD Easy Trade; however, the DRIP program does not currently purchase partial shares. Also, you must call TD Easy Trade to enrol in the DRIP program — you cannot sign up in the app.

  • Sources:

    +

    1. https://www.reddit.com/r/PersonalFinanceCanada/comments/13wy5z0/td_easy_trade_what_are_the_pros_and_cons_from/

    2. https://td.mediaroom.com/2024-02-16-TD-Direct-Investing-tops-The-Globe-and-Mail-Digital-Brokerage-Ranking-for-second-straight-year

Colin Graves Freelance Writer

Colin Graves is a Winnipeg-based financial writer and editor whose work has been featured in publications such as Time, MoneySense, MapleMoney, Retire Happy, The College Investor, and more. Before becoming a full-time writer, Colin was a bank manager for over 15 years.

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