How To Buy Tesla Stock On Robinhood In 2024 (TSLA)

Tesla, one of the most innovative and talked-about companies in the world, has captured the attention of investors globally.

Whether it's due to the company's leadership in electric vehicles or its forward-thinking approach to energy solutions, many investors are eager to buy Tesla stock. If you're one of them, here’s a simple guide to help you navigate the process.

Be sure to check out our video below on how to buy Tesla stock!

1. Research Tesla

Before buying any stock, including Tesla (TSLA), it’s important to conduct thorough research. This step helps you understand the company, its financial health, future potential, and the risks involved.

Some key areas to focus on:

• Understand Tesla’s Business: Tesla isn't just a car company. It is involved in energy storage, solar energy solutions, and autonomous driving technologies. Research these aspects to see where Tesla’s growth opportunities lie.
• Check Financials: Review Tesla's quarterly earnings, annual reports, and financial ratios such as the price-to-earnings (P/E) ratio, revenue growth, and profit margins.
• Consider Risks: While Tesla is a pioneering company, it also faces significant risks, including high competition in the electric vehicle (EV) market, regulatory challenges, and potential issues with scaling production. You should weigh these factors against your investment goals.

2. Choose A Brokerage Platform

Once you’ve decided to invest in Tesla, the next step is to choose a brokerage platform. There are a variety of online brokerage accounts to choose from, each offering different features, fees, and platforms.

Popular brokerage platforms include Fidelity, Charles Schwab, TD Ameritrade, Robinhood, and E*TRADE. Choose the one that best suits your investment style and financial goals.

We're going to be using Robinhood to buy Tesla stock. This is a commission free stock trading app that offers fractional shares, meaning you can invest as little as $1 into Tesla stock.

3. Get Your Free Stock

Robinhood offers an incentive for new users who are opening a new brokerage account.

If you use our link to sign up for Robinhood here - you will get a free stock worth up to $200 when you fund the account!

The value of the stock is random, and you get to choose your free fractional share from a list of 20 leading American companies.

If you're looking to learn more, here's our full guide on how Robinhood works for beginners.

4. Deposit Funds

In order to buy a stock, you will need to have funds in your brokerage account.

Robinhood offers an instant deposit feature, which means you can invest your money that you deposit before it settles. It usually takes a few business days for the transfer from your bank account to complete.

Here's how to deposit money into Robinhood:

1. Open the Robinhood App
2. Click on "Buying power" in the middle of the screen
3. Click on the black "Deposit funds" button at the bottom
4. Choose the bank account you want to deposit funds from
5. Enter the dollar amount you would like to transfer
6. Click on the black "Review" button
7. Click on the "Transfer $_" button at the bottom after confirming details

Once you initiate this deposit, you will get access to up to $1,000 immediately through the instant deposit feature.

5. Search For Tesla Stock

You are now ready to invest!

Here's how to buy Tesla stock in the Robinhood app:

1. Open the Robinhood App
2. Click on the Search Icon in the top right
3. Enter the stock symbol (TSLA)
4. Click on the stock
5. Click on the green "Trade" button 
6. Select "Buy"
7. Enter the dollar amount you want to invest
8. Click on the green "Review" button 
9. Swipe up to submit the order

That's it! Just like that, you've become an investor in Tesla stock using Robinhood.

You can now monitor your investment over time in the app. It's important to stay up to date on news and events related to any companies you invest in. This includes tuning in to quarterly earnings reports, for example.