Quick Wealth Network - How do you start investing in the stock market if you are Canadian and have under 5k to invest?

How do you start investing in the stock market if you are Canadian and have under 5k to invest?

I have been looking around on the internet for a while now trying to find somewhere that i could invest, but all of the investing groups require you to be american, or pay a big commission.

Public Comments

I would look at the Royal Bank of Canada website. Their online brokerage info looks pretty good to me...and it looks like the trades are maybe $10 depending on how often you trade. I personally use Bank of America - also $10 per trade...but don't know if you can in Canada. I don't have a minimum amount required. I think I opened mine with $100 so 5K should be just fine! Don't bother using a personal broker yet. I have one for my large accounts...but I just don't think he's worth the $100 commissions. I've added a link to RBC...
www.sharebuilder.com go to their web site and they have a research site and you can set by them their recomendations to set up a on going stock portfolio and I would say to have them take money each month or each week and build up your account over time and invest. I started with them 5 years ago and have done well using there site to invest.
Under $5k in the stock market isn't worth it. Put that money in Forex trading using a trading system to make profit first. Once you do that take some of the profit and put it towards a "saving to invest in stocks" fund and keep doing that until you have around $10k. The advantage you have here is you can use the trading system and work at the same time; the trading system does all the work for you. This means you'll have two streams of income with no extra effort. And once you get the $10k in profit to invest in stocks you'll have your initial capital invested in Forex trading + a job + investing in stocks and that my friend = the path to wealth. 3 streams of income/profit. But what you do (and what I did) is make sure the trading system has a 60 day money back guarantee first; then make sure you can use a demo account. A demo account let's you play the trading game with "play money" so you can see if you can profit from the trading system without investing your real cash. Use the demo account for 59 days and if you see you can make profit you keep the system and invest your real cash. If there's no profit to be made you get a refund and try another system; there's literally no risk when buying one. If you're interested I found reviews of the top 3 Forex trading systems: http://forex-tracer.the-perfect-solution.com/
$5K is a small amount to invest - commissions will take out a bunch of your portfolio or you'll have very few portfolios. I'd suggest you start on a site like xearn.com first, where you get to practice with a fictional portfolio of $100K
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Hi, Patrick, Investing $5,000 in the stock market IS worth it! You have to start where you are now, with what you have. My suggestion -- get into a DRIP -- Dividend ReInvestment Program. That's where you buy stock shares directly from the company. They don't charge commissions, and they'll automatically reinvest your dividends into more shares. That way, your portfolio will keep growing. This page has a long list of companies offering such plans -- http://www.wall-street.com/directlist.html I can't say for sure that American companies won't accept Canadians into their DRIPS, though I don't see why that should be a problem. If it is, just go to this page for more info on Canadian DRIPS -- http://www.cdndrips.blogspot.com/ I'm sure that you'll find someone willing to take your five grand :) And if you keep reinvesting dividends for years, sooner or later you'll have lots of money to invest with! best, Rick Stooker