How to exchange currency with Qtrade Investor to buy US stocks

How to exchange currency with Qtrade Investor to buy US stocks

If you're a Canadian investor looking to invest in US stocks, you've probably heard of Qtrade Investor.

Exchange CAD to USD or USD to CAD with the best exchange rates and 0 Fees

Whether you've used their platform before or not, after reading this post, you'll see how cheap and simple it is to trade US stocks from Canada.

We'll start by looking at the advantages of investing in US stocks. Then we'll go over how to buy them online with Qtrade Investor, including how to convert your Canadian dollars for US dollars (CAD to USD) in order to maximize your earnings.

##Why invest in US stocks?

If you haven’t already you should know there are several reasons why so many Canadians invest in US stocks. For starters, consider the following three major reasons:

  1. The New York Stock Exchange (NYSE) and the New York Stock Exchange (NASDAQ) are the world's two major stock exchanges. Investing in US equities gives you access to some of the world's most powerful corporations, including Microsoft and Apple.
  1. Canadians can diversify their portfolios by investing in US stocks.
  1. Qtrade Investor, until recently, was one of the best methods to buy US stocks with a Canadian account, owing to its extensive set of investing tools and free ETF trading option.

How to buy US stocks using Qtrade Investor

Let's say you wish to invest in Walmart stock, which is traded in the United States (and is not a Canadian stock). Assuming you only have funds in your Canadian bank account, there are a few main approaches to this.

Whether you have a registered account (such as a TFSA) or a non-registered account will determine your options. To begin, if you have a registered account, Qtrade Investor will automatically convert your funds.

Trading Walmart stock (or any other US company or ETF for that matter) allows Qtrade Investor to convert the currency from CAD to USD at the rate of its choice. The platform explicitly says that it earns revenue on these currency conversions.

Then you accept whatever exchange rate Qtrade Investor offers, even if it isn't the most competitive.

Despite its convenience, this method is not the most cost-effective (more on that later).

You can also trade US equities on margin as a second option.

Allow me to explain. When you trade on margin, you are essentially borrowing money.

Qtrade Investor will borrow the cost of Walmart in USD for you, even if you have CAD, and you will pay interest on that US dollar amount.

Let's imagine you have 5000 CAD in your account and decide to invest 1000 CAD in Walmart stock. Qtrade Investor will borrow US money and keep your Canadian account untouched, even if you have enough money in your Canadian account to buy the Walmart stock.

Of course, you'll have to pay interest on the money you borrowed. This isn't the most cost-effective method of purchasing US stocks.

An alternative way to buy US stocks on Qtrade investor

It’s important to note that Qtrade Investor also charges a fee of $15 per quarter for USD RRSP and TFSA accounts. Another option for purchasing US stocks is to fund your Qtrade Investor account with USD.

Here’s how to do it.

To begin, you'll need a US bank account, which is simple to obtain if you live in Canada. We've discussed several possibilities for opening a USD account from Canada.

When you're trading less than $10, a fee of 1.99% may not seem like a massive issue. When you start getting serious about trading, however, you'll kick yourself for not doing more research at the start.

Qtrade Investor rates of 1.5%-1.99% may not seem like much at first, especially when compared to what banks and credit cards charge (about 2.5 percent), but after trading $5000, you've already lost nearly $100.

That's a nice dinner for two that you're missing out on because you don't know of another way to convert your CAD to USD.

You also have no choice but to use the Qtrade Investor CAD to USD conversion rate, which means you'll lose even more money. There is, however, a technique to save money on exchange rates.


When converting your Canadian dollars to US dollars, the newly launched Remitbee Currency Exchange charges no fees and offers highly competitive exchange rates. Compare the CAD to USD exchange rates for yourself.

You can exchange up to $50,000 each day with Remitbee and there are no hidden fees. It only takes 2-3 business days to complete the exchange.

How to convert your currency with Remitbee before transferring your funds to Questrade

Step 1 Sign Up for Remitbee and verify your account Step 2.Click currency exchange Step 3. Connect your CAD and USD accounts for EFT Step 4Confirm conversion rate and exchange currency Step 5 Your converted money will be in your account within 2 business days

Here's how to connect your USD account to Qtrade Investor and start optimizing profits while trading US stocks.

Step 1: Set up your account for EFT or Electronic Funds Transfers. qtrade

Step 2: Select My Accounts → Transfer Funds → Electronic Funds Transfer.

qtrade usd 1 qtrade usd 2

Step 3: Alternatively, use bill payment by logging into your online bank system, searching for Qtrade and selecting it as a payee.

qtradepayee1 qtradepayee2

“How long does it take to exchange funds in Qtrade Investor?” you might be thinking. It may take up to two business days for the process to be complete.

It's that simple and fast!

Final thoughts

Qtrade Investor is one of the top methods for Canadians to trade US stocks, and until recently offered some of the best CAD/USD rates. Remitbee Currency Exchange, which was just launched, is an alternate option to convert your money so that you can trade US stocks with Qtrade Investor and save money. When it comes to investing, every dollar counts.

FINTRAC regulates and audits Remitbee Currency Exchange, so you can feel secure. Get your Remitbee account today to start converting your CAD to USD or USD to CAD. We want to make your first exchange even better, so we're going to give you a $15 bonus! To get your bonus, sign up right now!

Limited time offer!


Remitbee has always stood for complete transparency and passing on as much savings to the consumer as possible. So, in addition to our best exchange rates and ZERO fees, we'd like to give you even more!

Remitbee is currently offering a bonus for your first currency exchange for a limited time. Sign up today and receive a $15 credit for your first currency exchange.

Simply click on the promo code here!