How to buy Tesla (TSLA) stock from Canada

Nikita Sheth avatar
Written by   |  
Andrew Boyd avatar
Verified by
Updated 17 Oct 2023

Tesla (NASDAQ: TSLA) is the world's most renowned electric vehicle manufacturer. Led by its influential and unconventional CEO, Elon Musk, the company has made EV the future and brought innovation to the auto segment with features like the controversial autopilot function in its cars.

Tesla is somewhat of a cult stock. It has a huge following in the millennial and Gen Z demographics and a checkered past with short sellers. This guide unpacks everything you need to know about buying Tesla stock from Canada.

New to trading the US markets? Read our complete guide to buying US stock.

About the company

Tesla overview

Founded in July 2003, with headquarters in San Carlos, CA, Tesla launched its IPO in June 2010, listing at US$17 a stock, making it the most successful EV IPO in history. In 2020, Tesla turned an annual profit for the first time. In late 2020, Musk decided to open to Texas to reduce his tax burden. Texas is also the location of a Tesla gigafactory and Spacex operations.

Tesla's competitors include Nikola (NASDAQ: NKLA) and Fisker (NYSE: FSR), but also incumbent car manufacturers such as Ford (NYSE: F) and GM (NYSE: GM), who are also producing electric vehicles. Being a pioneer in self-driving automation, Tesla also counts tech heavyweights Apple (NASDAQ: AAPL) and Google (NASDAQ: GOOGL) as competitors.

Unsure about what trading platform to use?

Where to buy Tesla stock

CIBC Investor's Edge

Not available for application via this website

CIBC Investor's Edge

Highlights

  • Trade Canadian and U.S. stocks online for a flat $6.95 per trade — with no account minimums.
  • Students benefit from a reduced $5.95 flat fee and no annual account fees.
  • Access both registered (RRSP, TFSA) and non-registered accounts in one place.
  • Research tools include analyst ratings, stock screeners, and market news powered by Thomson Reuters.

Pros

  • Backed by one of Canada’s Big Five banks, with integrated banking and investing through your CIBC account.
  • Easy-to-use platform suitable for long-term investors who want a simple, self-directed option.
  • Joint accounts, spousal RRSPs, and RESP accounts are available, giving flexibility for families.
  • Dividend reinvestment plans (DRIPs) are supported with no extra charge.
  • CIBC Mobile Wealth app makes it easy to monitor your portfolio on the go.
  • No inactivity fees, which is rare among bank-owned brokerages.

Cons

  • No access to commission-free ETFs, which some other platforms now offer.
  • Trading platform lacks advanced charting and technical tools for active traders.
  • U.S. dollar accounts are not available for all account types, so currency conversion fees can add up.
Qtrade Direct Investing™

On website

Apply by October 31, 2025

Qtrade Direct Investing™

Highlights

  • Low trading fees with no hidden costs and consistently competitive pricing across Canadian markets.
  • Clean and intuitive platform with robust tools for stock screening, charting, and portfolio tracking.
  • Trade on the go with the new Qtrade app, featuring options trading, portfolio insights, alerts, and a sleeker design.
  • Options Lab simplifies complex strategies into step-by-step guided selections.
  • Stay informed with a personalized AI-powered newsfeed through Qtrade’s integration with PersonaFin.
  • Known for award-winning customer service that follows through when you need help.

Pros

  • Consistently low trading commissions make it a smart choice for long-term investors and active traders alike.
  • Well-designed desktop and mobile platforms offer both simplicity for beginners and depth for experienced investors.
  • The Options Lab tool demystifies options trading with tailored strategy recommendations.
  • Access to a wide selection of ETFs, stocks, mutual funds, and fixed income products in one place.
  • Strong research tools including screeners, watchlists, and analyst ratings help users make more confident decisions.
  • Responsive and knowledgeable client service, often ranked among the best in Canada.

Cons

  • $25 quarterly fee applies if you don’t maintain a minimum balance or meet trading activity — but this can be waived easily with regular use.
  • No commission-free ETF trading unlike some competitors.
  • While robust, the mobile app may still lack some advanced features.
Questrade

On website

Highlights

  • Trade stocks, ETFs, options, and more with low commissions starting at 1¢ per share (min. $4.95, max. $9.95).
  • No annual RRSP or TFSA account fees.
  • Wide range of account types, including registered, non-registered, corporate, and margin accounts.
  • Buy ETFs commission-free, which helps reduce costs for passive investors.
  • Robust research tools, market data packages, and customizable trading platforms.
  • Fund your account easily with Interac e-Transfer, bank transfer, or pre-authorized deposit.

Pros

  • One of the most cost-effective platforms in Canada for self-directed investors.
  • Buying ETFs for free makes it highly appealing for those following long-term, passive strategies.
  • Flexible platform options. From easy-to-use Questrade Trading to the more advanced Questrade Edge.
  • Offers both USD and CAD accounts, so you can avoid currency conversion fees when trading U.S. stocks.
  • Access to IPOs and international equities gives investors more diversification opportunities.
  • Educational resources and real-time market data packages help users trade with more confidence.
  • Registered with IIROC and CIPF, ensuring regulation and investor protection.

Cons

  • Charges apply when selling ETFs.
  • Currency conversion fees can still apply if you're not using a dual-currency setup.
  • Some of the more advanced data packages cost extra, which may be a consideration for budget-conscious users.

Still not sure about which stock broker to use? Check out our stock trading comparison to compare fees, tradable assets, and more.

First time buying?

How to buy Tesla stock

Step 1: Open a trading account with a broker

To buy Tesla stock — or any stock for that matter — you need to open an account with a broker. The broker acts as the bridge between you and the market, allowing you to trade. Here's what you need to look for.

Commission-free trading

There is no reason to pay commissions on your trades. Apps like Uphold make it possible to trade for free and many other large brokers like TD Ameritrade have also adopted the zero-commission model.

Fractional stock trading

A single stock of TSLA is expensive, which is above many small and beginner investor budgets. With fractional stocks, you can buy part of a stock of TSLA, giving you exposure to the price action at a risk you can afford while also allowing you to invest in other companies to diversify your risk.

Demo account for paper trades

Look for brokers offering paper trading accounts to let you test out their platform before signing up. This feature is less common among the recent crop of investment apps, but can be found on trading platforms such as Interactive Brokers.

Low account fees

Look for charges on inactivity, as well as account fees and transaction fees. Choose the broker offering you the best deal.

Margin trading

Margin trading lets you leverage the capital you have in your account. As an example, with a 6:1 leverage ratio, you can trade $3,000 of TSLA stock with a $500 account balance. If Tesla stocks fall in value though, you may have to put up additional maintenance margin so be sure to have back up liquidity. Trading on margin is inherently risky and not suitable for beginners.

Real-time data and charts

All trading platforms come with charts, but those charts typically display market data that has been delayed by up to 15 minutes. Look for brokers offering real-time data for an affordable subscription fee.

Step 2: Transfer funds to your trading account

To buy Tesla stock, you'll need to open an account with your broker and fund it through a wire transfer or a debit card transaction. However, it's important to note that your first deposit and withdrawal may take up to two weeks to hit your account. The broker needs to verify your information before they open your account, and this process could take up to two weeks.

Step 3: Decide your investment amount

What would you do if you lost your life savings tomorrow? If your answer involves financial panic and disaster, then it's probably not a good idea to dump your life savings into your trading account.

Start small with an amount you can afford to lose. Trading is an acquired skill, and you'll get better with practice. However, risking everything you have as a newbie is a haphazard trading strategy. Be sensible with your risk management.

Step 4: Share of stock or ETFs?

Tesla stock is available as an individual stock or bundled together with equities from other firms in an ETF. Exchange-traded funds offer traders a less volatile trading experience, safeguarding them from heavy price movements of any one stock.

ETFs spread your risk across multiple stocks in a weighted basket, with a professional asset manager overseeing the ETF stock selection and performance. ETFs are a great choice for new investors.

ETFs such as Invesco QQQ Trust (QQQ), SPDR S&P 500 ETF Trust (SPY), iShares Core S&P 500 ETF (IVV), Vanguard S&P 500 ETF (VOO), and ARK Autonomous Technology & Robotics ETF (ARKQ) all have exposure to Tesla.

Step 5: Configure your order

After choosing the best vehicle for your trade, it's time to place your order.

Market order

The market order lets you buy Tesla stock at the next price available in the order book. However, the issue with this order type is the slippage you receive when executing your order. You might click the buy button at US$600, but the broker only fills you at US$610. The extra US$10 is known as the "slippage."

Limit order

The limit order prevents you from absorbing slippage in your fill. You'll enter the limit order price, and the broker can only fill you at this price. It's the best choice for professional day traders that want accurate pricing in their trades.

Stop limit

The stop limit order lets you take profit when your trade reaches your profit target. If you enter Tesla at US$600, with a price target of US$630, the broker sells your stock when the price reaches that level.

Stop loss

This order type is essential for newbie traders and an important risk management tool. If you buy at US$600, you set the stop-loss order at US$580, per your risk tolerance. If the price moves to this level, the broker liquidates the trade to prevent you from taking a loss you can't afford.

Step 6: Place your order

With the configuration done, it's time to place your order using your broker's trading platform. You'll see that your platform has data fields for the ticker, limit price, stock size, and order type. Complete the relevant fields and when you're ready to buy, click the buy button.

After you buy

What moves Tesla's stock price?

Tesla stock experiences volatility in price action from earnings reports. However, market developments like limitations in the lithium-ion market or news of fatal car crashes from drivers using autopilot may also swing the price.

Interestingly, Elon Musk, Tesla's CEO, likes to tweet about the stock, generating stock price volatility. An example would be when Musk tweeted that he intended to take the company private if the stock price hit US$420, with "funding secured," causing the stock to jump up 14% intraday.

Disclaimer: We put our customer’s needs first. The views expressed in this article are those of the writer’s alone and do not constitute financial advice. Advertisers cannot influence editorial content. However, Finty and/or the writer may have a financial interest in the companies mentioned. Finty is committed to providing factual, honest, and accurate information that is compliant with governing laws and regulations. Do your own due diligence and seek professional advice before deciding to invest in one of the products mentioned. For more information, see Finty’s editorial guidelines and terms and conditions.

As seen on

Media - Forbes
Media - Yahoo Finance
Media - MSN
Media - Fox News
Media - Daily News
Media - Vox