TD Easy Trade comes amid increased demand for online options for stock market investing
An increase in Canadians seeking online trading options has prompted TD Direct Investing to launch a new app.
TD Easy Trade aims to simplify mobile trading including a streamlined design, how-to educational videos, 50 commission-free stock trades and unlimited commission-free trades on TD’s ETFs.
The bank’s research found that almost three quarters of respondents believe they need experience before trading and 30% have never done so because they think they need to invest large amounts of money.
Its new app has no minimum balance or monthly fees and is an evolution of the TD GoalAssist platform that the firm launched in October 2020.
New and younger investors
"During the pandemic, we saw a significant increase in demand for online investing, with more people trying DIY investing from home, and for the first time," said TD Direct Investing VP, Tony Ierullo. "As a result, trades and new account openings hit record highs. This growth in new accounts and trading volumes was driven largely by new and younger investors, which is why it was important to us to launch an app that is easy-to-use, with low trading fees and available support to ensure investing is accessible to this emerging, fast growing investing segment."
According to the TD survey, many still invest for long-term goals like retirement (51%), while capitalizing on trending stocks (19%) and fear of missing out (5%) also play a role.
