Trade with CAD account is the most common way to buy US stocks. Broker charge on conversion is included in real-time exchange rate. V6 d) f: K" z! l+ ]Your second way is weird. Especially the charge $5/day, never heard of it. % }5 L" N; R3 M; K1 f
Unless u already have USD, either way has little difference (u need to exchange CAD to USD in either way) 2 D! y$ Q6 m0 K# h& d; h( C- gWhich broker are u using?
i'm using questrade too.& i$ f# I- b6 s0 M% F: K: y+ j
I am sure there is no such $5 per transaction or per day fee, u may wanna check it again. 7 D; ]% b. A/ _) n' _5 }% s! O5 K5 e# z" N" e
I have both CAD and USD account when I open the questrade. ) S; n7 ^7 i. L4 ^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.& }( c' N3 t& ~: v9 P
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Keep in mind that transaction cost is in the same currency of stock u buy/sell.