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Can I invest in the NYSE from Canada?
Yes, it’s relatively straightforward to invest in the New York Stock Exchange (NYSE) in Canada. These days, most trading platforms and brokers provide access to US stock markets, including the NYSE and NASDAQ. There are also stock trading apps and brokers that offer access to US stocks.
How to invest in the NYSE
Choose a broker or trading platform. When choosing a platform, make sure it gives you access to the NYSE, or at least lets you trade the specific NYSE stocks you want to invest in. Different brokers also have different fee structures, and it’s important to find the one that will be most cost-effective for the way you’d like to invest.
Open a share-trading account. Once you’ve selected a broker or platform, you’ll need to open a trading account before you can start investing in the NYSE.
Deposit funds. In order to begin trading, you’ll need to deposit money into your account. Depending on which platform you use, your money may be automatically converted from CAD into US dollars, and you may need to pay a forex fee.
Buy stocks on the NYSE . Once your account is funded, you’ll be able to buy and sell shares. Most brokers or platforms will let you search for the specific stocks on the NYSE you want to buy.
Compare trading platforms with access to the NYSE
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Canadians consider stocks a smart investment option in 2023
According to results from the Finder: Consumer Sentiment Tracker Q1 (CSTQ1), more than a third (36.18%) of Canadians considered equities to be a smart investment in the first quarter of 2023. This dropped only slightly in the second quarter of 2023 to 27%, according to the Finder: Consumer Sentiment Tracker Q2 (CSTQ2).
Men preferred stocks as an investment option, with 41% considered Q1 2023 a “good time to invest in stocks,” compared to 32% of female investors.(1)
Age also had an impact on an investor’s confidence in stocks as an investment opportunity. The youngest generation, Gen Z (investors up to the age of 24) had the most confidence in stocks as a good investment opportunity in the first quarter of 2023 with 53% believing “now is a good time to invest in stocks,” compared to 42% of millennials, 31% of Gen X and 19% of baby boomers.
In general, almost a third of Canadians investors (31%) held stocks outside of their registered accounts, such a retirement savings fund (RRSP) or Tax-Free Savings Fund Account (TFSA) and almost three quarters (72%) bought or sold stock through an online stock platform or app. This seems logical, given that 29% of respondents in the CSTQ2 stated they had never worked with and had no plans to use the services of a financial advisor.(2)
How much does it cost to invest in the NYSE?
This will depend on the specific broker or trading platform you use, as each has its own fee structure. When comparing platforms, it’s important to understand the types of trading fees you’re going to be charged, as this can have a big influence on the cost of investing.
Some brokers charge high commissions on individual trades, so if you’re only planning on investing small amounts, it will be a lot more cost-effective to go with a broker that has commission-free trades. You can compare trading fees below:
Broker trading fees
Below is a breakdown of the basic fees you’ll pay when making a single NYSE trade using each broker:
Questrade. 1 cent per stock (Between $4.95 and $9.95), ETFs are free to buy
Qtrade.Between $6.95 and $8.75 for equities including ETFs (or you can pick from 100 free ETFs)
A cheaper alternative may be to invest in an NYSE index fund, which tracks the performance of certain stocks without you having to buy the stocks directly. Exchange-traded funds in particular are a low cost way to get exposure to the stocks on the NYSE, with annual fees that are far below what traditional stock brokers usually charge.
Other ways to invest in the NYSE
If you want to invest in the NYSE without having to buy stocks directly, there are a couple of ways to do so. The most common method is to invest in an ETF or index fund, which tracks the performance of all or certain stocks on the NYSE. If the value of those stocks goes up, so does the value of your fund.
There are hundreds of index funds available for the NYSE, so there’s likely to be one that closely suits your investing goals. Many of the most famous stock market indices, such as the Dow Jones, NYSE Composite and S&P 500, also track stocks listed on the NYSE.
NYSE ETFs
Guggenheim S&P 500 Pure Growth ETF (NYSE Arca|RPG)
iShares Core S&P Total US Stock Mkt (NYSE Arca|ITOT)
iShares NYSE Composite Index Fund (NYSE Arca: NYC)
iShares Russell 3000 Index (NYSE Arca|IWV)
Schwab Fundamental US Broad Market Index ETF (NYSE Arca|FNDB)
Schwab US Broad Market ETF (NYSE Arca|SCHB)
Vanguard Total World Stock (NYSE Arca|VT)
Vanguard Total Stock Market (NYSE Arca|VTI)
Vanguard Total International Stock (NYSE Arca|VXUS)
The New York Stock Exchange is by far the world’s largest stock exchange, with a total market capitalization of over $20 trillion. It features over 2,800 stocks, including some of the most valuable companies in the world. If you’re looking to diversify your portfolio, the NYSE offers more access to stocks and securities than any other exchange in the world, including US stocks that you can’t buy on the London Stock Exchange.
With many brokers and trading platforms now offering easy access to US stock markets, investing in the NYSE can be a good way to broaden your portfolio and get exposure to successful stocks.
Many stocks on the NYSE have suffered significant drops due to COVID and there’s uncertainty with the current geo-political situation in Eastern Europe. Historically, stock market crashes have been a good time to buy shares, as markets generally recover over time. Many investors will see the current share prices of many of the stocks on the NYSE as a good entry point, and will invest accordingly.
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades. Read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product on the provider's website.
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Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney.
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