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The comparison reads the same evidence fields used by broker profiles, so users can scan scores, regulation, costs, platforms, withdrawals, and caveats side by side.

Broker 1

Broker 2

VS field	TD Direct Investing td.com Multi Asset BrokerStock BrokerETF	E*TRADE from Morgan Stanley us.etrade.com Stock BrokerETF BrokerBond
Decision summary

Trust score	91	93

Cost score	78	86

Platform score	88	89

Withdrawal score	74	89

Best for	Canadian self-directed investors · TD Bank clients · investors who want registered accounts plus North American stocks/ETFs/options	U.S. self-directed stock/ETF investors · Options traders · Futures traders needing CME/ICE US/CFE access

Watch out	Needs verification	Needs verification

Trust & regulation
Regulators	["Canadian Investment Regulatory Organization (CIRO)"] Source	FINRA/SEC/SIPC for Morgan Stanley Smith Barney LLC; NFA/CFTC for futures; FDIC for Morgan Stanley Private Bank deposits; NYDFS for Zero Hash crypto-related services disclosed by E*TRADE. Source
License numbers	CIRO dealer member; specific license/registration number not found in reviewed public TD pages Source	Morgan Stanley Smith Barney LLC: CRD# 149777; SEC# 801-70103 and 8-68191. E*TRADE Futures LLC: NFA ID 0401545 from NFA BASIC search result. Source
Regulated entities	["TD Waterhouse Canada Inc."] Source	Securities and advisory services: Morgan Stanley Smith Barney LLC; commodity futures/options on futures: E*TRADE Futures LLC; banking: Morgan Stanley Private Bank, National Association; crypto commission charged by zerohash with Zero Hash NYDFS virtual currency business licenses noted on crypto page. Source
Negative balance protection	Not disclosed as a formal negative-balance-protection policy; margin/cash account debit balances and under-margined/debit balance handling fees are disclosed Source	No negative balance protection found; official margin/futures disclosures state customers may lose more than deposited funds and be liable for deficits. Source
Investor compensation	Canadian Investor Protection Fund (CIPF) coverage through TD Waterhouse Canada Inc. as a CIPF Investment Dealer member firm Source	SIPC: up to $500,000 including $250,000 cash; excess of SIPC policy: $1B aggregate firmwide, $1.9M per client uninvested cash; FDIC: brokerage sweep up to $500,000 individual/$1,000,000 joint and bank deposits at least $250,000 or $500,000 for Premium Savings where conditions are met. Source
Restricted countries	["Canada-focused; account eligibility generally requires Canadian residency/SIN for many account types; temporary Canadian residents may apply for a non-registered cash account in branch"] Source	Official promotional terms exclude non-U.S. residents and residents of any jurisdiction where an offer is not valid. Full account-opening country availability/restriction list was not located in public pages checked. Source

Trust & regulation

Regulators

["Canadian Investment Regulatory Organization (CIRO)"]

Source

FINRA/SEC/SIPC for Morgan Stanley Smith Barney LLC; NFA/CFTC for futures; FDIC for Morgan Stanley Private Bank deposits; NYDFS for Zero Hash crypto-related services disclosed by E*TRADE.

Source

License numbers

CIRO dealer member; specific license/registration number not found in reviewed public TD pages

Source

Morgan Stanley Smith Barney LLC: CRD# 149777; SEC# 801-70103 and 8-68191. E*TRADE Futures LLC: NFA ID 0401545 from NFA BASIC search result.

Source

Regulated entities

["TD Waterhouse Canada Inc."]

Source

Securities and advisory services: Morgan Stanley Smith Barney LLC; commodity futures/options on futures: E*TRADE Futures LLC; banking: Morgan Stanley Private Bank, National Association; crypto commission charged by zerohash with Zero Hash NYDFS virtual currency business licenses noted on crypto page.

Source

Negative balance protection

Not disclosed as a formal negative-balance-protection policy; margin/cash account debit balances and under-margined/debit balance handling fees are disclosed

Source

No negative balance protection found; official margin/futures disclosures state customers may lose more than deposited funds and be liable for deficits.

Source

Investor compensation

Canadian Investor Protection Fund (CIPF) coverage through TD Waterhouse Canada Inc. as a CIPF Investment Dealer member firm

Source

SIPC: up to $500,000 including $250,000 cash; excess of SIPC policy: $1B aggregate firmwide, $1.9M per client uninvested cash; FDIC: brokerage sweep up to $500,000 individual/$1,000,000 joint and bank deposits at least $250,000 or $500,000 for Premium Savings where conditions are met.

Source

Restricted countries

["Canada-focused; account eligibility generally requires Canadian residency/SIN for many account types; temporary Canadian residents may apply for a non-registered cash account in branch"]

Source

Official promotional terms exclude non-U.S. residents and residents of any jurisdiction where an offer is not valid. Full account-opening country availability/restriction list was not located in public pages checked.

Source

Costs & account conditions
Minimum deposit	0 Source	Brokerage accounts: no minimum funding requirements; Core Portfolios: $500 minimum; Premium Savings/Bank CD/Checking: $0 minimum opening deposit but must be funded within 90 days to remain open where disclosed. Source
Spread from	Not applicable to disclosed stock/ETF/options commission model; bond/GIC fixed-income commissions are embedded in quoted prices Source	Not applicable as a primary pricing metric for this U.S. securities/futures/banking platform; E*TRADE discloses commissions, contract fees, bond markups/markdowns and margin rates rather than forex/CFD-style spreads. Source
Commission	Online/app: select ETFs $0; Canadian and U.S. stocks $9.99 per trade standard or $7.00 active trader; partial shares $1.99; options $9.99 + $1.25/contract standard or $7.00 + $1.25/contract active trader Source	stock_commission: $0 for online U.S. exchange-listed stock trades; OTC stock trades $6.95 online or $4.95 for 30+ trades/quarter; broker-assisted trades add $25.; etf_commission: $0 online ETF trades.; options_commission: Options: $0 base commission, $0.65 per contract, reduced to $0.50 with 30+ trades per quarter; exercise/assignments $0; regulatory/exchange fees may apply.; futures_commission: Futures and options on futures: $1.50 per contract per side plus exchange, NFA and other fees.; mutual_fund_commission: $0 for no-load, no-transaction-fee funds; load funds per prospectus; ETRADE states $0 for online U.S.-listed mutual fund trades in FAQs.; bond_commission: Bonds/CDs: $1 per bond for online secondary trades ($10 min/$250 max); U.S. Treasury auction and online Treasury secondary trades $0; broker-assisted online secondary pricing plus $20 commission.; crypto_commission: Cryptocurrency commission: 0.50% on notional trade value, charged by zerohash, of which ETRADE receives a portion. Source
Maximum leverage	Security- and margin-account dependent; public reviewed pages do not disclose a single maximum leverage ratio Source	Product-dependent. For securities margin, official margin disclosure gives minimum Reg T margin account equity of $2,000 and portfolio margin eligibility at $100,000 equity plus Level 4 options approval, but no single maximum leverage ratio. For futures, overnight margin is 100% of exchange minimum requirements and intraday margin is 50% of initial requirements for all products except Bitcoin; eligible futures IRAs are 200% of initial requirements with $25k minimum equity. Source
Deposit fee	No charge for deposits/contributions through EasyLine, EasyWeb, TD Canada Trust branch or TD Direct Investing location; third-party/ABM/banking fees may apply for MoneyLink/other services Source	ACH Transfer Money is free; incoming wire transfers listed as $0; incoming non-U.S. currency may incur conversion fees from Wells Fargo/MSPBNA note says MSPBNA does not charge fees on incoming USD wires. Source
Withdrawal fee	EFT fee not disclosed in reviewed sources; cheque pick-up $6.50; registered full withdrawal $100 excluding RDSP/RESP/TFSA/RRIF; partial RRSP/Basic RRSP/LIRA/LRSP withdrawal $25; account transfer out $150 Source	Outgoing wire transfers: $25; full outgoing account transfer: $75; check requests: $0; stop payment requests: $25. Source
Inactivity fee	No inactivity fee found; TD discloses a $25 quarterly maintenance fee for households under $15,000 unless waiver criteria are met Source	No inactivity fee found in checked official Pricing and Rates account activity, special request and brokerage account pages. Source

Costs & account conditions

Minimum deposit

Source

Brokerage accounts: no minimum funding requirements; Core Portfolios: $500 minimum; Premium Savings/Bank CD/Checking: $0 minimum opening deposit but must be funded within 90 days to remain open where disclosed.

Source

Spread from

Not applicable to disclosed stock/ETF/options commission model; bond/GIC fixed-income commissions are embedded in quoted prices

Source

Not applicable as a primary pricing metric for this U.S. securities/futures/banking platform; E*TRADE discloses commissions, contract fees, bond markups/markdowns and margin rates rather than forex/CFD-style spreads.

Source

Commission

Online/app: select ETFs $0; Canadian and U.S. stocks $9.99 per trade standard or $7.00 active trader; partial shares $1.99; options $9.99 + $1.25/contract standard or $7.00 + $1.25/contract active trader

Source

stock_commission: $0 for online U.S. exchange-listed stock trades; OTC stock trades $6.95 online or $4.95 for 30+ trades/quarter; broker-assisted trades add $25.; etf_commission: $0 online ETF trades.; options_commission: Options: $0 base commission, $0.65 per contract, reduced to $0.50 with 30+ trades per quarter; exercise/assignments $0; regulatory/exchange fees may apply.; futures_commission: Futures and options on futures: $1.50 per contract per side plus exchange, NFA and other fees.; mutual_fund_commission: $0 for no-load, no-transaction-fee funds; load funds per prospectus; E*TRADE states $0 for online U.S.-listed mutual fund trades in FAQs.; bond_commission: Bonds/CDs: $1 per bond for online secondary trades ($10 min/$250 max); U.S. Treasury auction and online Treasury secondary trades $0; broker-assisted online secondary pricing plus $20 commission.; crypto_commission: Cryptocurrency commission: 0.50% on notional trade value, charged by zerohash, of which E*TRADE receives a portion.

Source

Maximum leverage

Security- and margin-account dependent; public reviewed pages do not disclose a single maximum leverage ratio

Source

Product-dependent. For securities margin, official margin disclosure gives minimum Reg T margin account equity of $2,000 and portfolio margin eligibility at $100,000 equity plus Level 4 options approval, but no single maximum leverage ratio. For futures, overnight margin is 100% of exchange minimum requirements and intraday margin is 50% of initial requirements for all products except Bitcoin; eligible futures IRAs are 200% of initial requirements with $25k minimum equity.

Source

Deposit fee

No charge for deposits/contributions through EasyLine, EasyWeb, TD Canada Trust branch or TD Direct Investing location; third-party/ABM/banking fees may apply for MoneyLink/other services

Source

ACH Transfer Money is free; incoming wire transfers listed as $0; incoming non-U.S. currency may incur conversion fees from Wells Fargo/MSPBNA note says MSPBNA does not charge fees on incoming USD wires.

Source

Withdrawal fee

EFT fee not disclosed in reviewed sources; cheque pick-up $6.50; registered full withdrawal $100 excluding RDSP/RESP/TFSA/RRIF; partial RRSP/Basic RRSP/LIRA/LRSP withdrawal $25; account transfer out $150

Source

Outgoing wire transfers: $25; full outgoing account transfer: $75; check requests: $0; stop payment requests: $25.

Source

Inactivity fee

No inactivity fee found; TD discloses a $25 quarterly maintenance fee for households under $15,000 unless waiver criteria are met

Source

No inactivity fee found in checked official Pricing and Rates account activity, special request and brokerage account pages.

Source

Markets, platforms & payments
Tradable assets	["Stocks", "ETFs", "Options", "Fixed income securities", "GICs", "Mutual funds", "New Issues", "Gold and silver certificates"] Source	E*TRADE offers stocks, ETFs, options, futures, mutual funds, bonds/CDs, IPOs, crypto-related securities/futures, cash savings and managed portfolios. Source
Trading platforms	["WebBroker", "TD app", "Advanced Dashboard", "TD Active Trader", "Telephone Services"] Source	ETRADE Web/App for investors; Power ETRADE Web/App/Pro for active and advanced traders. Source
Account types	["Self-Directed Cash Trading Account", "Self-Directed Margin Account", "Self-Directed Active Trader Margin Account", "TFSA", "FHSA", "RRSP", "RRIF", "RESP", "RDSP"] Source	Brokerage, retirement, managed portfolios, small-business retirement, banking and crypto-related account/exposure categories are listed on the official accounts page. Source
Deposit methods	["TD Canada Trust EasyWeb/TD app transfers", "WebBroker transfer", "Interac e-Transfer from another bank", "online bill payment", "TD Canada Trust branch", "TD Bank U.S. branch", "EasyLine telephone banking", "transfer in cash or in kind from another brokerage"] Source	Funding methods include Transfer Money (ACH), wire, external asset/account transfer, mobile or mailed checks, direct deposit and internal transfers. Source
Withdrawal methods	["Electronic Fund Transfer (EFT)", "TD Canada Trust branch or TD Direct Investing location cheque pick-up", "systematic mutual fund withdrawals", "investment income sweeps"] Source	Withdrawals/money movement supported via Transfer Money, wires, check requests, internal transfers and account transfers; exact outbound methods depend on account type and destination. Source
Withdrawal processing time	Not disclosed; TD reserves the right to require a seven-day notice period for intended withdrawals Source	ACH outbound to external account: contact receiving external institution; wire transfer: same business day if received before 6 p.m. ET; internal transfers generally immediate; full brokerage transfer electronically typically 10+ business days, paper/mail 3-6 weeks. Source

Markets, platforms & payments

Tradable assets

["Stocks", "ETFs", "Options", "Fixed income securities", "GICs", "Mutual funds", "New Issues", "Gold and silver certificates"]

Source

E*TRADE offers stocks, ETFs, options, futures, mutual funds, bonds/CDs, IPOs, crypto-related securities/futures, cash savings and managed portfolios.

Source

Trading platforms

["WebBroker", "TD app", "Advanced Dashboard", "TD Active Trader", "Telephone Services"]

Source

E*TRADE Web/App for investors; Power E*TRADE Web/App/Pro for active and advanced traders.

Source

Account types

["Self-Directed Cash Trading Account", "Self-Directed Margin Account", "Self-Directed Active Trader Margin Account", "TFSA", "FHSA", "RRSP", "RRIF", "RESP", "RDSP"]

Source

Brokerage, retirement, managed portfolios, small-business retirement, banking and crypto-related account/exposure categories are listed on the official accounts page.

Source

Deposit methods

["TD Canada Trust EasyWeb/TD app transfers", "WebBroker transfer", "Interac e-Transfer from another bank", "online bill payment", "TD Canada Trust branch", "TD Bank U.S. branch", "EasyLine telephone banking", "transfer in cash or in kind from another brokerage"]

Source

Funding methods include Transfer Money (ACH), wire, external asset/account transfer, mobile or mailed checks, direct deposit and internal transfers.

Source

Withdrawal methods

["Electronic Fund Transfer (EFT)", "TD Canada Trust branch or TD Direct Investing location cheque pick-up", "systematic mutual fund withdrawals", "investment income sweeps"]

Source

Withdrawals/money movement supported via Transfer Money, wires, check requests, internal transfers and account transfers; exact outbound methods depend on account type and destination.

Source

Withdrawal processing time

Not disclosed; TD reserves the right to require a seven-day notice period for intended withdrawals

Source

ACH outbound to external account: contact receiving external institution; wire transfer: same business day if received before 6 p.m. ET; internal transfers generally immediate; full brokerage transfer electronically typically 10+ business days, paper/mail 3-6 weeks.

Source

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