★ TD DIRECT INVESTING · REVIEW · 2026

The research-tank broker.

TD Direct Investing isn't the cheapest. It's the most equipped. 6 institutional-grade research providers, 4 distinct platforms for 4 different trader types, and the deepest US-dollar-registered-account integration of any Big-Six broker. You pay $9.99 a trade for an analyst stack that quants used to lock behind $50K/yr Bloomberg terminals.

$9.99PER TRADE
★ THE RESEARCH STACK ★

6 institutional providers, free with every account

Morningstar01
FOCUSMutual funds + ETFs
COVERAGEStar ratings on 30K+ funds
SIGNATUREStewardship Grades
Refinitiv02
FOCUSEquities
COVERAGE50K+ stocks globally
SIGNATUREStarMine Models
Argus Research03
FOCUSUS equities
COVERAGE1,500+ US stocks
SIGNATUREIndependent buy/sell
Trefis04
FOCUSPrice-target modeling
COVERAGE300+ US stocks
SIGNATUREInteractive DCF models
TD Research05
FOCUSCanadian equities
COVERAGE~250 TSX names
SIGNATURETD's own analysts
Recognia06
FOCUSTechnical analysis
COVERAGEPattern recognition
SIGNATUREAuto-detected setups
★ Compare: Wealthsimple Trade has zero. Questrade ships Morningstar only. TD is the only broker that gives retail clients the same research stack a hedge fund analyst uses.
★ THE PRICE TAG ★

What every trade actually costs

TRADE TYPE
TD COST
VS COMPETITION
Equity (standard)
$9.99
WS Trade $0
Equity (active 150+/qtr)
$7.00
Questrade $4.95
Options
$9.99 + $1.25/contract
IBKR $0.50
Mutual funds (TD/load)
$0
n/a
GICs / Treasury Bills
$0
EQ direct better
Maintenance fee (under $15K)
$25/qtr
Waived for RRSP/TFSA
★ 4 PLATFORMS, 1 BROKER ★

One account, four entry points

01
WebBroker

All clients

Full research, screeners, level-2 quotes, watchlists

02
TD App

Mobile-first

Quick trades, account view, integrated with TD banking

03
Advanced Dashboard

Active traders

Multi-window, hotkeys, options chains, real-time

04
TD Easy Trade

Beginners

Curated 50 ETFs, $0 commission, simplified UX

★ TD DIRECT vs WS TRADE ★

When the $9.99 actually pays off

★ TD DIRECT WINS IF
  • You research before you trade (Argus, Morningstar, Trefis)
  • You need US$ registered accounts (TFSA-USD, RRSP-USD)
  • You hold options or want Level-2 quotes
  • You bank with TD — instant transfers between accounts
  • You're a high-net-worth client (Goal Assist + Private Investment)
★ WS TRADE WINS IF
  • You only trade ETFs and buy-and-hold (zero research needed)
  • You make 20+ trades a year and the $9.99 × 20 = $200 matters
  • You don't need US$ in registered accounts
  • You want the cleanest mobile experience
8.4/10
FINAL VERDICT

TD Direct is what a Big-Six broker SHOULD look like.

The $9.99 trade is the entry fee for a research stack worth $50K/year if priced individually. If you trade fewer than 30 times a year and you actually use the research, TD is mathematically the best Big-Six. If you don't use the research, you're overpaying — go to Wealthsimple.

RELATED

Compare

Wealthsimple Trade

The free option.

Questrade

$4.95-9.95 + research.

RBC Direct

$9.95 + Avion sync.

BMO InvestorLine

$9.95 + adviceDirect option.