[Screenshot of TD Mobile iPhone App]

TD Canada Trust has recently released an update to its mobile app that now allows clients to place trade orders from their smartphone. The TD Canada Mobile App previously provided features such as viewing bank and brokerage account balances, bill payment, Interac e-Transfer, fund transfer between TD accounts, stock quotes etc. TD Waterhouse has now added mobile trading to the feature list. The trading feature allows clients to place orders to buy or sell Canadian and US stocks and change or cancel orders. However, the TD Mobile app, which is available on the iPhone, Android and BlackBerry devices does not allow trading in mutual funds.

It appears that adequate security measures are in place to prevent unauthorized access if the mobile phone gets stolen or is lost. First, the app offers to store the access card number or connect id but the password is not stored. Second, the app does not allow adding a new payee for bill payment or adding a new recipient for email transfer. Third, TD Canada Trust extends its security guarantee that reimburses losses due to unauthorized or fraudulent transactions to mobile banking.

Though I tested out the TD Mobile App, I don’t think I will be using a smartphone to execute my stock trades. However, the app includes a couple of features that will come in quite handy in certain situations. For example, if you are visiting an unfamiliar place and would like to access the nearest bank machine, the app automatically detects your current location and displays the nearest TD Bank branches. Another example is an accident toolkit that will allow motorists to document the details of a collision they are involved in.

I’m told that RBC will also be bringing mobile trading to smartphones in the near future.

This article has 7 comments

  1. More convenience for bill paying, account transfers, etc. sounds like a good idea (as long as there is adequate security), but I think I’d be happier if I could only trade in a 2-hour window once per week.

    • @Michael: Likewise. I don’t really see a need to trade from a smart phone and bill payment will be convenient. I also thought that locations could be very useful when travelling.

  2. This sounds interesting. Hopefully Scotia iTrade will offer something like this soon as well. I’d love to try it out on my ipod touch. I’m too frugal to get a smartphone. 😉
    I still have an underused account with RBC. Perhaps they could tempt me back if their app and trading platform are up to snuff.

  3. This is killer. I previously had the TD app and deleted due to lack of functionality. Now with with trading it is far more complete. Assuming you are comfortable with online banking/trading (and don’t drop your phone while logged into your trading account) I’d argue that the app is even more secure than a PC since it would be less susceptible to malware, keyboard loggers and the like. What I would REALLY like to see from TD from a security perspective is form them to support long passwords (long than the measly 8 they have today) and 2-factor authentication for clients that want the extra security (e.g. physical security token with a display or send a secret code by text if you login using a different computer)

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  5. It doesn’t let you purchase mutual funds from the app.

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