How To Buy Tesla Stock in Canada In Just 4 Simple Steps?

If you are a Tesla devoted fan and looking at how to buy Tesla stock in Canada, we’ll let you know every bit of detail here to evaluate risks and volatility in the stock market. 

How To Buy Tesla Stock in Canada? 

As we all know, Tesla is one of the leading and supremely developed businesses of the auto manufacturers that aimed to incline towards sustainable energy goals. As a result, it hit the market with zero-emission targets and has vehicles with cutting-edge technology. 

If you are thinking of buying Tesla stock in Canada, there are four easy steps per se, but the important thing is how you scrutinize and understand the stock market to get the maximum benefits out of it. Here is how you can buy Tesla stock in Canada: 

Choose Investment Platform

• Every platform has different features and options w.r.t. various investors on their website. 

1. Choose any investing options through a Robo investing, managed portfolio or self-directed. 
2. Next, choose the type of account to invest from registered or non-registered accounts. 
3. Registered accounts’ profits come with added tax benefits. 
4. Hence, choose as per your preference and continue further to proceed. 

Open the Account to Deposit Funds 

1. Once you open an account, you have to deposit money into them to begin trading. 
2. You can deposit via debit card, bank transfer, e-transfer, debit card, Interac online, bank transfer and a few others. 
3. When you make an initial deposit, continue adding money to your account by setting up an auto-deposit. 

Look for Available Stocks 

1. After you open the account and invest money, start buying your Tesla stock. 
2. Go to the investment platform on your device. 
3. Search for the company, thereby stickers ranging from 1-4 letters. 
4. Type the Tesla sticker, and it displays several Tesla stocks with their price, earning reports, trading volume and other relevant details. 
5. Analyze the company quickly, looking at its share price and market cap. 
6. You can purchase only a fractional share for investing or go for an ETF. 
7. Once done, your next step is to decide the type of order you would like to use. 

Get Tesla Stock of Your Choice 

1. Different orders include the market order and a limit order. 
2. Market order fills at the current market price, whereas limit order executes trades only if the stock reaches a specific price. 
3. Look keenly at how the company operates before getting Tesla stock. 

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Broker’s To Consider When Buying Tesla’s Stocks in Canada

If you consider buying Tesla stocks in Canada, there are several brokers you might be interested in getting in touch with. Some of these are: 

Wealthsimple Trade 

Wealthsimple Trade is an investing company used by 1.5 million people to buy and sell stocks, and it is a perfect place for Canadians who wish to invest in the US stock market.

• The highlighting feature of this broker is that it provides commission-free stock trading and is one of a kind all over Canada.
• If you have an account balance up to $1 million, you get CIPF protection too. 
• Wealthsimple Trade has around $8.4 billion of assets, and you can get access to Exchange Trade Funds (ETFs) to trade with your account.
• While it is entirely free, it only charges the traders a currency conversion fee of only 1.5%.
• In addition, you can trade several stocks like NYSE and TSX on American and Canadian stock exchanges. 

Uphold

Uphold, too, does not charge any trading commission on the assets. You can also make instant remittances that are too free of cost and access the cheapest Forex rates on various currencies like EUR, GBP, and USD.

• Uphold is one of the potential brokers you must consider for investing in the Tesla stock in Canada. 
• Uphold allows you to trade between cryptocurrencies and national currencies seamlessly in a few seconds.
• It offers automated trading where you can schedule your transactions on the AutoPilot, reducing the impact of price volatility.
• Uphold provides a one-step trading capability, i.e., USD to AVAX, DASH to XRP
• Its card allows you to earn a 1% CashBack and 2% Crypto Reward.

Scotia iTrade 

Scotia iTrade is one of the low budget brokers in Canadian banking, allowing you to trade NYSE, TSX, EFTs, mutual funds and much more in affordable ranges.

• So if you are a beginner or an active day trader, Scotia iTrade is the perfect fit.
• You can also get you to $2000 cash and $4.99 stock, and even 500 free stocks with Scotia iTrade. 
• It has this Premium FlightDesk trading platform which costs an additional fee.
• Moreover, you are also charged an annual fee for both the registered and unregistered accounts, no matter what.
• But overall, it provides the lowest commission structures in trading.

Nest Wealth 

Nest Wealth is a perfect hub for digital wealth solutions that empower investors to attain their goals in the best possible ways.

• It helps you digitize your business and minimize the mistakes in investing, reducing the errors and operational costs.
• Several accounts that Nest Wealth supports includes individual, corporate, joint, and trust funds. 
• It charges different amounts based on the available assets in your account, and the fee typically ranges from $25 a month for 10k to under $75k to $150 a month for $325k and above.
• The additional cost is the ETF Management Expense Ratios (MERs), and their average portfolio MER is 0.13%.
• Clients who have less than $10k have to pay a minimum account fee of $5 per month. 

Justwealth 

Another broker to consider while investing in Tesla stock is the Justwealth online portfolio management platform.

• The accounts are protected by CIPF up to $1,000,000 amount.
• Information on the servers is encrypted using Extended Validation SSL technology.  
• It charges you an annual management account fee of $4.99/month for any account type.
• The minimum account size is $5000 for all the non-RESP accounts.
• On the contrary, there is no minimum limit for the RESP accounts other than $2.50/month.

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Purchase Tesla’s Stock Through Financial Advisor 

Financial advisors are well-equipped with the knowledge that they can guide you to the associated potential risks while investing in stocks and calculate risk tolerance for you. If you are a newbie or want to get a better idea of the investment plans, a financial advisor should be a go-to choice for you. 

These financial providers charge a flat fee or a minor percentage of the portfolio value for the investors. Still, they are always smart in evaluating downsides and benefits for you for investing in Tesla stock by devising a complete investment plan for the investor. 

Extra Reading

Tesla – In a Nutshell 

Tesla was founded in 2003 by dedicated engineers who wanted to introduce the concept of electric vehicles in the market, aiming to reduce hazardous emissions and maintain sustainable energy resources. 

• It has long been and continues to be the best in manufacturing affordable vehicles inclining towards clean transport and clean energy production. 

The first of the company’s products was the Tesla Roadster, which had cutting-edge technology built in. Proceeding to further growth, several models that the company have added to their creations. These included Model S, Model 3, Model X, and Model Y. 

Whether you want to place a custom order or choose one from the existing inventories, Tesla is always there to surprise you with its top-notch models and representations.

Tesla’s Performance Over the Years 

Initially, in February 2004, the company raised around $7.5 million, aiming to build a car manufacturer that would also be a technology company. Elon Musk is known to have played a vital role in the company’s first-generation Road Master. The company’s strategy was with premium sports cars slightly transitioning towards mainstream vehicles. 

• Two years later, in 2006, the company raised capital funding of $13 million from top-notch investors and continued with its innovations.

By July 2009, Tesla raised around $187 million and distributed 147 cars, later growing a considerable amount of $465 million. 

In June 2010, it became a public company and issued the shares of common stocks of 13.3 million for $17.00 per share, raising $226 million. Tesla then launched its Model S in January 2012, winning the title of Motor Trend Car of the Year.

• In 2016, the company introduced the Tesla Energy subsidiary inducing battery energy storage systems and solar power generation technology.

Then, acing the race and getting to the peak of success, Tesla opened its first Gigafactory in China in 2019. 

In January 2020, the company reached a market capitalization of $86 billion and broke all the existing records of its competitors. In February 2021, the company announced the investment of $1.5 billion in bitcoin, later revealing that it started accepting bitcoin as a payment method on its platform. 

Should You Invest in Tesla’s Stocks? 

Investing a considerable sum of money can get critical. Therefore, you must educate yourself enough and do extensive research to determine the lower-risk entry points, so you don’t get crushed while entering such a vast market. 

• If you wish to buy large-cap stocks, it would be best to conduct a technical analysis first to see whether they are in a buy zone or not.

For example, investing in Tesla can get too risky based on how much risks you can tolerate on your investments. 

If you are confident enough and hitting the market at the right time without any volatility, then you can go for it. But it would help if you considered both the quantitative and qualitative variables to experience the minor risks in the investing pool. 

Risks To Consider Before Investing in Stocks Industry 

Several risks glued to investing in the stock industry must never be ignored as they can lose you a massive sum of money in a blink. Few risks of investing in the stocks industry include:

• Commodity price risk occurs due to fluctuations in commodities and influences a company’s financial performance. 
• Volatility is another risk of stock or security fluctuations occurring due to geopolitical or economic events and inflation. 
• Headline risk puts the integrity of a company when large-scale bad news is displayed all over social media. 
• Legislative risk is the regulations of the government directly impacting the growth or development of a business in the stock market. 
• Timing is a critical determinant in investing and should be analyzed to avoid market fluctuations and downside risks. 
• Another one is the obsolescence risk. This means that the company won’t stand long and similar competitors will get ahead in the market.
• Detection risk is about reporting falsely displayed finances and stock records that you must always avoid.  

The Bottom Line 

Investing money is a huge step and has several potential risks attached where you are not sure whether you’ll be getting investment returns or not. Talking of Tesla’s growth, it has been electrifying in the past years, and it is all over the stock market in today’s date. 

The company also introduced several impeccable energy solutions to create sustainable energy ecosystems. To sum up, investing in such platforms come with equal risks. It would be best to get the help of financial advisors to know what and where to invest in. 

Frequently Asked Questions 

What is the best way of buying Tesla stock? 

The best way to purchase Tesla stock is to do it through a financial advisor’s brokerage account.

How much does it cost to buy stock in Tesla? 

You can invest as little as $1 to $1000 per share.

Can you buy one share of stock? 

Yes, you can buy one share of a stock and a fractional share if you want to.

What is the minimum number of Tesla shares I can buy? 

A minimum number of Tesla shares you can buy is One.