There is no doubting Apple Inc. 's (AAPL) dominance in the stock market. Apple's most recent financial report shows that the company's second-quarter sales increased to over $126 billion. A little over 21% of AAPL's stock price has been lost so far this year.

If those figures have you drooling for a share of AAPL, there are only six easy actions you need to do to purchase Apple stock.

Purchase Apple Stock (AAPL)

1. Choose a brokerage

You may purchase and sell stocks using an online brokerage. Online brokerage accounts provide a plethora of research, educational resources, and account kinds to help you achieve your investment objectives in addition to letting you buy Apple shares.

You should certainly purchase AAPL in a tax-advantaged account such as Tax-Free Savings Account (TFSA). A non-registered account in which profits are taxed as they are generated is a preferable option if you're saving money to purchase a property or amass riches. As non-registered accounts have no age restrictions and have no investment or withdrawal caps. For instance, after age 70, an RRSP must convert into a Registered Retirement Income Fund, allowing for unlimited investment at any time.

If you want to locate the best broker for you, compare many brokerages. Fees, services, and investment opportunities might differ depending on the broker you pick.

2. Establish Your Investment Goals

How much can you spend? After paying all of your payments each month, how much cash are you left with? You must invest and save that amount for emergencies.

What is the current cost of AAPL?

Although Apple's stock price fluctuates frequently, as of June 10, 2022, it is more than $155 per share. You might not want to think about buying an entire share of AAPL stock if you're just getting started. Instead, you could like to purchase a fractional share, which is a component of that share. You can only purchase these fractions of regular shares via WealthSimple and Interactive Brokers, the online brokers in Canada.

3. Choose your investment objectives

Consider your investment objectives carefully before buying any stocks. Purchasing a sizable number of individual shares of any corporation may be extremely dangerous, and investing always carries some level of risk.

Apple admits that its prices have fluctuated widely in the past and that other variable can have a big influence. Although previous performance is no guarantee of future results, you could see similar volatility.

4. Analyze Apple's Financial Situation

Although purchasing stock in a single firm, particularly one with a well-known brand like Apple, might be thrilling, you should take the time to complete your research. AAPL shareholders have a right to be informed about the long list of board of directors' responsibilities to oversee and manage the company's performance.

5. Pick your order type and submit your order for AAPL stock

You can place an order to acquire AAPL stock on your exchange platform at the best available price, or you can use a more sophisticated order type, such as a limit or stop order, to only buy shares when the stock price drops below a specific level. Any American stock may be purchased in Canada, and your stockbroker exchange will handle the paperwork.

6. Be Aware of Currency Taxes and Fees

You will have to submit a currency exchange fee to convert your Canadian currency into U.S. cash if you're buying shares in an American company like AAPL from Canada.

Both when your currency is converted during the buying process and when it is reverted back during the selling process, the conversion fee, which is normally 1-4 percent in addition to the exchange rate, is assessed. To avoid these fines, keep money put aside for purchasing American stocks in a bank account denominated in dollars from the United States.

Should You Purchase, sell, or hold AAPL stock?

This is a good time to buy the AAPL stock now. There are short-term and long-term drivers for Apple's shares, and its present P/E ratios are undemanding. The possible increase in Apple's profitability is the most important factor in any long-term financial forecast.

AAPL's current forward P/E ratio of 22.0 is almost equal to its five-year mean forward P/E multiple of 21.4.

In conclusion, I believe that, given its past values and projected future profits, Apple's stock is currently a profitable investment.