Trade with CAD account is the most common way to buy US stocks. Broker charge on conversion is included in real-time exchange rate., w. Y% S7 j/ C3 ^- Q/ q0 a
Your second way is weird. Especially the charge $5/day, never heard of it. : Y5 y/ z' F% I/ P
Unless u already have USD, either way has little difference (u need to exchange CAD to USD in either way)- M" R5 l+ i, W6 U) @ B+ {
Which broker are u using?
i'm using questrade too. ! L& L/ G" f0 |I am sure there is no such $5 per transaction or per day fee, u may wanna check it again. 0 i& k" W" l0 N6 ^5 g) y2 n9 l 7 \% b1 x3 `9 h0 DI have both CAD and USD account when I open the questrade.0 h/ X# G" M" _: l9 g! s- V
I trade US stocks a lot. What I do is to exchange enough USD at the first place, and trade directly in that US account. I don't think Questrade can do the 1st way u described, but i maybe wrong.& n7 f4 z- ~8 G0 p
+ g! V0 H: M. H0 T: j" s W$ O5 {1 nKeep in mind that transaction cost is in the same currency of stock u buy/sell.