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TD WebBroker Review: All You Need to Know About This Online Broker

TD WebBroker

TD Direct Investing is among the first online discount brokerage in Canada. Its platform (Web Broker) was introduced way back in 1996 and is quite popular among DIY investors. 

However, other brokerages like Questrade and Wealthsimple have overtaken it in terms of fees and commissions. So, this review will give you everything you need to know about TD WebBroker because there’s more to a broker than fees and commissions.

How does TD Direct Investing work?

The company will provide you with three platforms where you can trade mutual funds, stocks, and ETFs among other assets.

  • WebBroker
  • TD App
  • TD Advanced Dashboard
WebBrokerTD appAdvanced Dashboard
Best forInvestors and tradersInvestors and tradersActive traders
North American stocks and options tradingYes          YesYes
Minimum deposit for account activation and minimum account balance000
CustomizationPersonalized homepageCustomizable dashboardFull customization
Advanced order types: stop, stop limit, trailing stops (by price and %), trailing stop limitYesYesYes
Contingent ordersYesNoYes
Multi-leg option strategiesUp to 2 legs      Up to 2 legsUp to 2 legs
Streaming market dataNo    NoYes
Market researchDaily, weekly, and special reports Include Morningstar and TD Economics Fundamentals Equity and mutual fund screeners ChartingHigh-level research including fundamentals and dynamic full-screen chartingFinancial statements, earnings estimates, and ratio analysis Analyst ratings

TD Accounts

TD Direct Investing login

TD Direct Investing account opening is a relatively fast and simple process. All you have to do is fill in your personal information, select the type of account and upload the required documents for verification purposes. 

Account verification can take a few days. Once verified, you can fund it and start enjoying the broker’s financial services. The customer support team is always available to help you out during the entire account opening process. 

Is TD WebBroker good?

To answer this question, let us look at the pros and cons of the platform.

Pros

  • You will have a variety of investments to choose from. For instance, equities, fixed income assets, ETFs, mutual funds options, and term deposits.
  • The mobile app is easy to navigate.
  • TD Investing is among the most established brokerage in Canada.
  • Availability of advanced tools for expert traders.
  • You have access to daily, weekly and special resources
  • Human customer service personnel

Cons

  • $25 quarterly fees
  • The platform is for DIY investors only. No Robo-advisors.
  • No 24/7 customer service. They open at 7.00 am and close at 6.00 pm
  • Generally, you pay higher fees than in other platforms like Wealthsimple

TD WebBroker fees

TD Accounts

TD Direct Investing login

 TD Direct Investing account opening is a relatively fast and simple process. All you have to do is fill in your personal information, select the type of account and upload the required documents for verification purposes. 

Account verification can take a few days. Once verified, you can fund it and start enjoying broker financial services. The customer support team is always available to help you out during the entire account opening process. 

Is TD WebBroker good?

To answer this question, let us look at the pros and cons of the platform.

Pros

  • You will have a variety of investments to choose from. For instance, equities, fixed income assets, ETFs, mutual funds options, and term deposits.
  • The mobile app is easy to navigate.
  • TD Investing is among the most established brokerage in Canada.
  • Availability of advanced tools for expert traders.
  • You have access to daily, weekly and special resources
  • Human customer service personnel

Cons

  • $25 quarterly fees
  • The platform is for DIY investors only. No Robo-advisors.
  • No 24/7 customer service. They open at 7.00 am and close at 6.00 pm
  • Generally, you pay higher fees than in other platforms like Wealthsimple

TD WebBroker fees

How you tradeOnline Commissions2
Standard Rate
Flat fee online commission rates
Canadian & U.S. Stocks
$9.99 flat Canadian & U.S. Options
$9.99 + $1.25 per contract All prices are quoted and commissions charged in the currency of the trade.
Active Trader Pricing
150+ Trades/Quarter3
Canadian & U.S. Stocks
$7.00 flat Canadian & U.S. Options
$7.00 + $1.25 per contract All prices are quoted and commissions charged in the currency of the trade.
  • No commissions to buy, sell or switch mutual funds but a short-term redemption fee may apply
  • No commissions for IPOs and New Issues
  • Commissions for bonds, GICs, strip coupons, T-bills, and other fixed-income assets are included in the quoted price
  • Placing orders over the phone attracts a minimum of $43 if you buy stocks and $35+$1.50 per contract if you buy options.
  • Gold bullion trades: $30+$1/oz
  • Silver bullion trades: $30+$0.10/oz
  • The maintenance fee per quarter for accounts with less than $15,000 is $25. However, you can avoid the fee if the total of your household accounts is $15,000 and above, or you made more than 3 trades that incurred a commission within the last quarter.

The company also waives maintenance fees for new accounts (not older than 6 months) and Registered Disability Savings Plan accounts.

  • Mailed account statement: $2 each
  • Full or partial account transfer: $150
  • Full or partial RRSP account withdrawals are $100 and $25 respectively
  • Various charges for market data

How Safe and Legit is TD Direct Investing?

Being one of the direct TD Bank Group subsidiaries makes TD Direct Investing among the most reliable financial service firms in the world. You can always rely on TD Bank’s security and safety provisions as a customer. 

TD Direct Investing is an ICAP Securities and Derivatives Exchange member that offers oversight to the first and helps in protecting investors. The brokerage is also a member of the Investment Industry Regulatory Organization in Canada, which helps in protecting clients’ investments. 

Conclusion 

Due to the high number of online brokers currently available in the market, any company that has the backing of a reliable firm can easily be accepted by several self-directed investors. In case you are interested in having more control over your investments, and the integrity of a reliable financial institution, TD Direct Investing is the most preferable option. 


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