Is Fidelity the Best Broker for Trading Marijuana Stocks?
Picking the right broker to invest in marijuana stocks can be a difficult decision. Important considerations like international market access come into play depending on which marijuana stocks you want access to (or maybe you want access to them all!). Beyond international market access, it's important to consider commissions when trading marijuana stocks.
Since Fidelity is one of the most widely used online brokers here in the U.S., we wanted to make an informative guide helping our readers determine if it is the right broker for their cannabis investment needs.
There's good news when it comes to international market access with Fidelity. Fidelity offers customers access to "most common stocks and exchange-traded funds (ETFs) listed in the following markets," including:
If any of the of the other foreign cannabis companies are not accessible with direct market access, most international marijuana-related stocks are dual listed on the OTC markets as well.
For instance, Invictus MD Strategies Corp. is listed on the TSXV in Canada under the ticker IMH, but also has a listing on the OTC Markets under the ticker IVITF. Canopy Growth Corp. is listed on the TSX in Canada under the ticker WEED, but also has a listing on the OTC Markets under the ticker TWMJF. This is the case almost all across the board.
Last but not least, we want to touch on commissions because traders and investors all hate commissions. The more actively you trade, the more that commissions can add up. Whether you made money or lost money on your investment, you still have to pay your broker!