Trade with CAD account is the most common way to buy US stocks. Broker charge on conversion is included in real-time exchange rate.! Q' \5 }7 M1 Q7 M/ o. U
Your second way is weird. Especially the charge $5/day, never heard of it. 9 W: n J7 H: z
Unless u already have USD, either way has little difference (u need to exchange CAD to USD in either way)! D& T4 L% n) n0 g0 i: S$ W
Which broker are u using?
i'm using questrade too.) N$ L7 E- t/ o/ |1 P
I am sure there is no such $5 per transaction or per day fee, u may wanna check it again.! g) B* a0 l+ \4 F; N3 ^
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I have both CAD and USD account when I open the questrade. 2 q0 A! k( p; L# A/ ?: O+ EI trade US stocks a lot. What I do is to exchange enough USD at the first place, and trade directly in that US account. I don't think Questrade can do the 1st way u described, but i maybe wrong. 3 t7 F4 p' B5 [0 g4 k6 z6 C9 k' F 4 d; |( h. Q& ~4 Q; u" b% GKeep in mind that transaction cost is in the same currency of stock u buy/sell.