TD launches new stock trading app

This article originally appeared on TipRanks.com

TD Direct Investing (EAST: TD) 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 requires no minimum balance or monthly fees 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 US dollar accounts to avoid currency conversion fees.

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

Management commentary

“During the pandemic, we have seen a significant increase in demand for investing online, with more people trying to invest themselves from home, and for the first time,” Tony Ierullo, Vice President, New to Investing and Emerging Investor Solutions, TD Direct Investing.

“As a result, transactions and new account openings reached record levels. This growth in new accounts and trading volumes was largely driven by new, younger investors, which is why it was important for us to launch An easy-to-use app, with low trading fees and support available to ensure investing is accessible to everyone in this emerging and fast-growing investment segment.

The Taking of Wall Street

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

Overall, TD earns a moderate buy rating among Wall Street analysts based on six buys, four holds and one sell. The Toronto-Dominion Bank’s average price target of C$105.26 implies upside potential of 2.4% from current levels.

TipRanks smart score

TD scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that stock returns have a good chance of beating the broader market.

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