Display posts from previous: Sort by Author Post time Ascending Descending. Rotate image Save Cancel. Page 1 of 3 Jump to page: Buying US stocks on Questrade?
Is it hard or are there hidden fees? Hoping that the fees for converting to USD weren't too crazy or anything? Questrade will not convert funds for you, and you will be borrowing USD at a high interest rate until you cover your position.
FX spread is 2. I have a newbie question i hope someone can help me out with. I hadn't converted it first, but what I understand is they do it for you?
All the stocks I buy are on US exchanges. Just make sure you have US funds in the account sufficient to cover your purchase. Questrade lets you hold both US and Canada within the same registered account, I feel this is one big advantage of Questrade that people rarely speaks about. The default setting is CAD. To change the default, login to myQuestrade, go to the my accounts tab, select account management and then currency settlement.
You can do the FX at questrade and get a poor rate, Norbert's gambit will cost two commissions, but will essentially trade at spot rate , or do an external FX and transfer USD into your account.
Not sure how contribution room is calculated on contributions of USD, the government probably just uses the fx rate on the day of the contribution the contribution is made, but don't quote me on that.
Thanks guys, I just read somewhere a while back that for registered accounts TFSA's and RRSP's , they did the conversion automatically for you and there was no hassle so you didn't have to buy and convert US funds prior. I guess they changed that or I read it wrong.
Probably both, ha ha. Sorry for the bump. I spoke with customer service today and they confirmed they automatically exchange currencies in registered accounts TFSA is a registered account. But does anyone know the rate on these exchanges and if there a difference between auto converting currencies and if you go to to the Exchange Funds link? Congrats to the Winners!More...