TD Launches New App for Stock Trading

TD Direct Investing (TSE: TD) has launched a new mobile trading app, TD Easy Trade. 

Investing Simplified 

With its simple, user-friendly design and built-in tutorials, TD Easy Trade makes it easy for new investors. According to a TD survey conducted for TD Easy Trade, three-quarters (74%) of Canadians surveyed believe they need experience before they can start trading and investing, and 30% have never invested because they think they don’t have enough money to do it.  

TD Easy Trade has no minimum balance requirement or monthly fee and offers a pricing structure of 50 commission-free stock trades per year. It also includes unlimited commission-free trading on all TD ETFs, as well as U.S. dollar accounts to avoid currency conversion fees.

TD Securities also includes educational videos and investment resources for users, plus access to a team of certified investment specialists ready to help and answer questions as needed. 

Management Commentary 

“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,” Tony Ierullo, vice president, New to Investing and Emerging Investor Solutions, TD Direct Investing. 

“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.” 

Wall Street’s Take

Two weeks ago, RBC Capital analyst Darko Mihelic kept a Hold rating on TD, with a price target of C$104. This implies 1.2% upside potential.

Overall, TD scores a Moderate Buy rating among Wall Street analysts based on six Buys, four Holds and one Sell. The average Toronto-Dominion Bank price target of C$105.26 implies 2.4% upside potential to current levels. 

TipRanks’ Smart Score

TD scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns have good chances to beat the overall market.  

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