Trade with CAD account is the most common way to buy US stocks. Broker charge on conversion is included in real-time exchange rate.* U" E, L8 E: n3 m4 h
Your second way is weird. Especially the charge $5/day, never heard of it. # }9 d, v2 o" `* d# Q/ b
Unless u already have USD, either way has little difference (u need to exchange CAD to USD in either way) 3 O; ]; l1 V/ [$ I& H! p& iWhich broker are u using?
i'm using questrade too. " \$ l3 L% ?1 n1 ]+ lI am sure there is no such $5 per transaction or per day fee, u may wanna check it again. 2 F. v" I* W# J1 K t" x : J0 S: ?# Z& `4 U0 z* Y* e1 }: T- b' WI have both CAD and USD account when I open the questrade.* O+ n- n$ s4 P4 X: ~+ J7 c- e9 X
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. 6 m4 M5 M/ q9 t8 |) g8 [! ]7 | H; T( @. O0 t9 p$ I. e
Keep in mind that transaction cost is in the same currency of stock u buy/sell.