Wife and i would like to invest some of our moneys into stocks and heard aerospace can be a good thing to invest into. I'm just not sure where to start . I know of Binance and Ndax for cryptocurrency but what bout stocks?

Most Canadian banks will have many options for you. I won’t name my bank but I’m able to buy/sell almost anything via app/website/my bank rep.

Be cautious of online brokers as you may be buying an iou not the underlying asset.

Thanks. I'll look into my banks option to see if they allow me to purchase stocks.

questrade

Almost every Canadian bank's platform allows you to buy American securities, once you open a self-directed investment account you can exchange CAD for USD and purchase US equities.

Now with that said there's more efficient way to transfer CAD to USD though than straight exchange it at bank rates who are going to take a cut. That's where Norbert's Gambit comes in.

You can do this on the other common platforms as well. Questrade, IKBR, etc.

I won't go into depth on Norberts Gambit, there's step-by-step instructions depending on platform online.


And with all that said. honestly your best investment is likely not individual picks. Just usa a ETF, there's lots of Canadian ETF's that hold US market securities, VUN for example which is a US Total Market ETF. There's ones hedged for currency risk, there's S&P500 ETFS that are on the TSX, etc. etc.

No real point in converting to USD unless you want currency risk or individual US stock picks, which evidence shows goes poorly the majority of the time and you're better off with just a ETF.

This post was edited by SBD on Oct 8 2024 03:04pm

Thanks guys!



Good to know and thankyou for the explanation.