How to Buy Tesla Stock in Canada

Stocks Jul 17, 2024 6 min read
How to Buy Tesla Stock in Canada

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Tesla is traded on the NASDAQ stock exchange in the US.

As a Canadian investor, you can buy this stock on Canadian trading platforms. However, it is worth monitoring the USD/CAD exchange rate to determine the currency impact of your investment decisions.

There are a few simple steps you can follow to add the American electric vehicle (EV) manufacturer to your stock portfolio from the comfort of your own home!

1. Select a suitable trading platform

When it comes to selecting a trading platform, there are a few key factors to consider.

Firstly, you’ll want to look at the fees charged by the platform, including any annual or monthly fees as well as fees for specific types of trades.

It’s also important to think about the investment options available on the platform, as you’ll want to make sure it offers the types of assets you’re interested in trading.

The user experience of the platform is another important factor, as you’ll want to choose a platform that is easy to navigate and has the tools and features you need.

It’s also a good idea to research the platform’s reputation and look for reviews or ratings from other users.

Finally, make sure the platform is regulated by a reputable authority, as this can help ensure the safety of your funds and fair trading practices.

By considering these factors, you can help ensure that you select a trading platform that meets your needs and helps you achieve your investment goals.

Remember to do your own research and carefully consider your options before making a decision.

  • Ability to purchase Tesla stock in Canada
  • Low commissions
  • Aims to get you the best possible price
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2. Create an Account

Before you can start trading on your chosen platform, you’ll need to open an account with the platform first.

To open an account, you’ll typically be asked to provide some basic personal and identification information.

Having your proof of ID ready to go, such as a passport or driver’s license, can help speed up the account opening process.

It’s important to note that identity verification is a standard part of the account opening process, as it helps to validate that you are who you say you are.

This is done for security purposes and to ensure that you are able to trade on the platform.

3. Select the company you want to invest into

Search for Tesla stock: Once your account is set up and funded, you can start searching for Tesla stock.

Most brokerage platforms have a search bar or similar feature that allows you to enter the ticker symbol (NASDAQ:TSLA) or the name of the company (e.g. “Tesla, Inc” or “Tesla“).

4. Choose your order type and the number of shares you want to buy

Once you’ve identified the particular stock you want to invest in, the next step is to determine how many shares you’d like to buy.

To do this, you’ll need to select an order type that will guide the execution of your trade.

Your options may include a market order, a limit order, or a stop order.

A market order will be executed at the current market price, while a limit order allows you to set a maximum price that you’re willing to pay for the stock.

This order will only be filled if the market price meets or falls below your specified threshold.

A stop order, on the other hand, will initiate the purchase of the stock once it reaches a predetermined price point.

It’s important to carefully consider which type of order is most suitable for your investment goals and market conditions.

5. Execute the trade

To finalize the trade, simply click the “Purchase” button.

The brokerage platform will then find a seller who is willing to sell their Tesla shares for a price that both parties agree on.

Upon completion of the transaction, the order is considered “filled” and you will officially own a portion of Tesla‘s stock.

Keep in mind that it’s important to do your research and consider any potential risks before making any investment decisions.

How Many Tesla Shares Should I Buy?

When it comes to investing in Tesla, there are several factors to consider when deciding how many shares to buy.

Your personal financial situation, portfolio size, investment strategy, and risk tolerance will all play a role in determining the right number of shares for you.

Additionally, you may want to consider your current portfolio holdings and whether you want to add Tesla shares, replace existing shares with Tesla stock, or keep your portfolio as is.

Passive investors may prefer to invest in exchange-traded funds (ETFs) or mutual funds that hold Tesla stock rather than buying the stock directly.

Another important factor to consider is the potential volatility of auto stocks, which can be influenced by the general health of the economy.

If you have a optimistic outlook on the economy in the short to medium term, you may want to increase your exposure to Tesla.

However, if you have a more bearish outlook, you may want to reduce or eliminate your exposure to the company.

It’s also essential to research Tesla‘s business and financials by reviewing their annual and quarterly reports, press releases, and other publicly available information.

This can help inform your decision on the number of shares to purchase.

Additionally, it’s important to consider the fees and commissions associated with your chosen investment platform, as these can impact your overall return on investment. By carefully weighing these various factors, you can make an informed decision on the number of Tesla shares that are right for you.

Tesla Company Overview

Tesla has redefined the concept of electric vehicles (EVs) with its innovative lineup of cars.

Founded by Elon Musk in 2003, Tesla has become synonymous with cutting-edge technology, sleek design, and unparalleled performance.

The flagship Model S sedan, introduced in 2012, set a new standard for EVs with its long-range capabilities, rapid acceleration, and luxurious features.

Following its success, Tesla expanded its portfolio with the Model X, a groundbreaking SUV featuring falcon-wing doors and advanced safety features.

In 2017, Tesla introduced the Model 3, a more affordable sedan aimed at mass-market adoption.

With its sleek design, impressive range, and tech-forward interior, the Model 3 quickly became one of the best-selling EVs globally.

Building on this success, Tesla unveiled the Model Y in 2020, a compact SUV that combines the versatility of an SUV with the efficiency of an electric powertrain.

Tesla’s vehicles are not just about sustainable transportation; they represent a paradigm shift in the automotive industry, showcasing the potential of electric mobility to redefine performance, efficiency, and sustainability on a global scale.

Tesla Stock Performance

Tesla Stock Chart


 

Frequently Asked Questions

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Can I buy Tesla stock in Canada?

Yes, you can buy Tesla stock in Canada.

Can I buy Tesla stock on Wealthsimple?

Yes, you can buy Tesla shares on Wealthsimple.

Can I buy Tesla stock on Questrade?

Yes, you can buy Tesla shares on Questrade.

Can I buy Tesla stock on Interactive Brokers Canada?

Yes, you can buy Tesla shares on Interactive Brokers in Canada.

Contributors

Harshil Dhanky
AUTHOR

Harshil Dhanky

Harshil Dhanky is a financial services professional based out of Toronto, Ontario with extensive experience in the Canadian banking industry across Toronto, Calgary, and Vancouver in the capital markets, asset management, and lending sectors.

In the past, Harshil has worked with a range of consumer lending websites, personal finance advisors, investment managers, insurance companies, and other financial institutions to write and edit whitepapers, articles, blog posts, and other collateral read by consumer audiences to help them make better financial decisions.

His work spans a wide range of Canadian personal finance topics including savings and retirement programs, debt management tips, mortgages and personal loans, and other key financial issues for Canadian consumers at each stage of their life.

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