HOW TO BUY TESLA STOCK
Step 1: Find a Good Online Broker:
One of the characteristics of an online broker is the exchanges they have access to. Not all brokers allow you to buy shares of Tesla, simply because they don’t have access to the NASDAQ. Needless to say, you need a broker that gives you access to this exchange.
The next important thing with a broker is that it should fit you as well. Not all brokers allow every citizen to open an account with them; some brokers are super expensive if you just want to buy a couple of Tesla shares every once in a while, some brokers can be absolutely free.
Step 2: Open your Brokerage Account (with CAPITAL STREET|FX):
You need to open an account. This is much like a regular bank account and opening one is usually a fully online process. At some brokers it’s as quick as opening a new Gmail account, at some brokers, it takes a couple of days until they do some background check on you. Instead of storing money on it, you will store your shares on this though, so you definitely need this to
buy Tesla shares and to store them.
Details about Tesla using Capital Street|FX:
Step 3: Deposit Money to your Account:
You will pay cash to buy those Tesla stocks. This cash first needs to be sent (deposited) to your broker. This is usually super easy and quick, actually even easier than opening your brokerage account.
The most common way you can deposit your money is bank transfer and using credit/debit card. At some brokers, you can deposit to your investment account even from different electronic wallets like Paypal.
Step 4: Buy the Tesla Share:
You have the account, the cash, and the share target. The last step is to press the buy button! You log in to your online brokerage, search for Tesla share, insert the number of shares you wish to buy, and click buy, which will initiate the purchase of shares.
A couple of hints around this: when placing an order, you can choose from different order types. The market order buys at the actual market price, while the limit order allows you to specify the exact price at which you want to buy the share.
Step 5: Review your Tesla Position Regularly:
You are not finished after you purchased your Tesla stock. Now it is key to monitor your investments. This basically means following your investment strategy. If you bought the Tesla share for holding it for a longer term, you might participate in the annual meeting and collect all the news and information about the company.
If you plan to sell it shortly after you see some increase in the price, you might use different position management tools. E.g. you can set the target price at which you want to sell the share with a profit, or use the stop-loss to set a price at which you want to sell the share to avoid further losses.
Now that you have mastered the 5 steps of buying shares