Trade with CAD account is the most common way to buy US stocks. Broker charge on conversion is included in real-time exchange rate.9 s( D2 @, P( X1 t7 ~2 \
Your second way is weird. Especially the charge $5/day, never heard of it. ' P1 S! s0 {6 h7 I: U
Unless u already have USD, either way has little difference (u need to exchange CAD to USD in either way) 1 Q% K" ?' v' s3 Q2 A1 l$ D' X! u- ]Which broker are u using?
i'm using questrade too.' s, k5 x; I4 ^6 w; O3 _
I am sure there is no such $5 per transaction or per day fee, u may wanna check it again. 8 u- J1 y. ]6 x( x* m ; O+ B3 B x/ J$ QI have both CAD and USD account when I open the questrade.; W3 R: J% D6 [1 a0 t6 @
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./ Z1 ]- k8 ^0 F: N2 F6 k
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Keep in mind that transaction cost is in the same currency of stock u buy/sell.