2020: Can I buy Canadian stocks on Ally Invest? Does Ally offer trading penny stocks from Toronto Stock Exchange?

Does Ally Invest Offer Canadian Stocks?

If you’re interested in Canadian stocks, there’s no need to break out your passport and travel to the Great White North. Instead, you can open a US-based brokerage account that offers access to Canadian markets.

Trading Canadian Equities at Ally Invest

Ally Invest has a stock screener that is able to look for stocks on American exchanges. Unfortunately, it does not have the ability to look specifically on Canadian exchanges. The scanner is able to look at specific sectors. For example, we did a search for stocks in the banking industry. One of stocks returned was Bank of Montreal. This is a Canadian company with shares trading on both the Toronto Stock Exchange and the NYSE. Shares that trade in the United States are actually American Depository Receipts that are correlated with the Canadian stock price. The ticker symbol on the American exchange is BMO, and this security can be traded at Ally just like any other stock. The commission is the same, too — $0.


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The Best Way to Trade Canadian Stocks at Ally Invest

Although we were able to find Canadian companies in the search results with Ally Invest’s screener, these were just a few enterprises among hundreds of stocks. Looking through these and picking out the Canadian firms requires that you know beforehand which stocks are Canadian to begin with.

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Perhaps an easier method is to first do your research off of Ally Invest’s site. For example, using the stock screener at OTCMarkets.com we were able to look exclusively for Canadian equities. Ally also offers over-the-counter stocks, and we found lots of Canadian companies trading over-the-counter in the United States.

When we took the ticker symbol LXRP from the OTCMarkets screener and did a search at Ally Invest, we found Lexaria Bioscience Corporation, another Canadian company.

Penny Stocks at Ally Invest

Canadian penny stocks are also available on Ally Financial. But these are very risky investments and are not recommended for trading.

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