TD Bank Group on Monday announced the launch of its new mobile trading app, called TD Easy Trade, which offers 50 commission-free stock trades per year, along with unlimited free trades of TD Exchange Traded Funds.
The trading app is offering a solution similar to what we’ve seen from fintech startups such as Wealthsimple Trade, offering commission-free stock trading. With TD Easy Trade, there are no minimums to trade, plus there are no account fees required monthly or quarterly, for the app gears towards beginner investors.
The TD Easy Trade app also offers both Canadian and U.S. dollar accounts for your TFSA, RRSP and cash accounts. Users will see a conversion cost when funding their U.S. account with Canadian dollars, but after that, there are no currency conversion costs, when your trade currency and account currency are the same.
The app will have real-time quotes and market data, while also let users create and manage a watchlist of trending stocks, plus offer educational videos and resources for beginners.
After your first 50 free stock trades per year, regular commissions of $9.99 CAD per trade will kick in.
“Investors are looking for an easy and affordable way to invest, right from the palm of their hands,” said Tony Ierullo, Vice President, New to Investing and Emerging Investor Solutions, TD Direct Investing, in a statement. “With the TD Easy Trade mobile app, they will have the tools to start trading and investing with confidence. How individuals want to invest is changing and we couldn’t be more excited about being at the forefront in making investing accessible for all Canadians.”
TD says if you already have investment accounts set up with TD Direct Investing, you need to open up separate investment accounts for TD Easy Trade. Funds can be sent to your TD Easy Trade account via EasyWeb for existing TD bank customers. For non-TD accounts, users can fund TD Easy Trade from their financial institution by setting up a bill payment.
TD Easy Trade will be available for iOS and Android, but the apps have yet to make it into the App Store or Google Play.
Update: A TD Bank spokesperson sent iPhone in Canada the following download links below. The iOS app has yet to receive Face ID or Touch ID support.