Is TD Direct Investing good?
- Asked By
- Updated On:02-Dec-2022
- Replies:1
Short Answer
TD Direct investing is good for investors who are pro in trading and investing, those is in need of real time market data to do research and construct tailored portfolios.
Detailed Answer
What is TD Direct Investing
TD Direct Investing is the investment management wing of TD Bank, which is one of the big 5 banks in Canada. It has been in the business for more than 30 years now and you can trade in shares, bonds, mutual funds, options, GICs and new issues within this account.
You can open a Tax-free Savings Account, Registered Retirement Savings Plan, locked in retirement account, Registered Retirement Income Fund, Registered Education Savings Plan, Cash Trading Account, life income funds, registered disability savings plan and margin accounts using TD Direct Investing platform.
Significant Features of TD Direct Investing
- Online Trading Platforms such as Webbroker and TD app that are suitable for investors and traders, advanced dashboard best suited for active traders and Thinkorswim for active US options traders. There is no minimum deposit for the accounts, except for thinkorswim. One can customize the platforms based on their needs.
- Webbroker offers frequent reporting, Morningstar research, fundamental analysis, charts, equity and mutual fund screeners. TD app provides best research including fundamental analysis and charts. Advanced dashboard provides ratings, financial statements and ratio analysis. Thinkorswim presents live streaming, technical studies, technical analysis tools, and economic data tools.
- Active customer service team that works from Monday to Friday from 7 am to 6pm.
- Real time market data of level 1 TSX, MX, TSX venture, OPRA, NASADAQ and NYSE.
- Access to trade in Canadian and US shares
- Easy application process, especially for TD bank customers. Account opening process can be completed online,
- Safe and secure as the account will be with one of the leading banks. TD Bank is a member of the Investment Industry regulatory Organization of Canada and Canadian Investor Protection Fund.
Disadvantages of TD Direct Investing
- It is costlier than the trading platforms of the other big 5 banks.
- High account keeping fees of $25 per quarter.
- ETF trading is not free of cost.
- Standard commission fee is upto $9.99
Is TD Direct Investing good?
TD Direct investing is suitable and is good for investors who are pro in trading and investing, those who use real time market data to research and construct portfolios.
However, if you are a novice and if you prefer low-cost platforms that offer default portfolios and robo advisors, it is wise that you choose another e-trading platform.
In addition, if you are already a long term customer of TD bank and if you wish to keep all your money under the same shelter, you may choose TD direct investing as your investment platform.
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Discussion (0)
There are many alternatives to Thinkorswim in Canada. Some noteworthy platforms are Questrade, Wealthsimple & Scotia iTrade.
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There are a number of types of online trading platforms available in Canada. Let's checkout what kind of trading portals are available for Canadian users and the benefits these offer in general.
Yes there are a number of platforms that offers commission free trading in Canada. Let's dig deeper into which are the brokerage firms offering zero commission trading to Canadian investors.
TD Direct Investing has re-enabled the ability for new Canadian customers to sign up for Thinkorswim platform. So, now you can open an account with a requirement of minimum deposit of $25,000 USD. You can find Thinkorswim as a top-of-your game-traders platform on their official site.
Earlier, ThinkorSwim was not available to Canadian users for sometime. TD-Direct Investing, which was providing the platform to its users had replaced it with another trading platform known as Advanced Dashboard.
But, now Canadian citizens who have a TD account can access ThinkorSwim. In order to get ThinkorSwim, you need to have a TD Ameritrade account which is a U.S based broker.
Determine your objective and investment capital. Open a trading account of your choice and purchase the shares of your preference after making an analysis of the market.