Trade with CAD account is the most common way to buy US stocks. Broker charge on conversion is included in real-time exchange rate.: v4 h! Z/ Z$ [6 B! R
Your second way is weird. Especially the charge $5/day, never heard of it. G2 U K6 _; a( ~. D* m5 }& HUnless u already have USD, either way has little difference (u need to exchange CAD to USD in either way); |7 v4 F8 m9 J: [: Y2 h% G) ]4 ?
Which broker are u using?
i'm using questrade too.& z0 `7 I, ?! w
I am sure there is no such $5 per transaction or per day fee, u may wanna check it again. ! t- ?* G2 [7 o" v$ O2 O2 N+ ]4 [! r* \0 B
I have both CAD and USD account when I open the questrade. 3 e+ ?9 _0 W2 K) q _7 t- }I 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.$ F- ?8 n8 X2 P# c7 x& j
( P+ ?! `0 f/ \1 h9 NKeep in mind that transaction cost is in the same currency of stock u buy/sell.