Article
Questrade: Investing with U.S. Dollars from Canada
Questrade · Investing guide
- CAD + USDin the same account
- 2 marketsCanada and the U.S.
- Self-directedyou’re in control
If you live in Canada but want to invest in U.S. companies and ETFs, one question comes up fast: what happens with the currency? Every conversion between Canadian and U.S. dollars has a cost. Questrade is one of the Canadian platforms built to handle both currencies — here’s how it works.
What Questrade is
Questrade is a Canadian online brokerage. You can open self-directed accounts to buy stocks, ETFs and other investments yourself, or managed portfolios. It offers the main registered accounts — TFSA, RRSP and FHSA — as well as non-registered (cash and margin) accounts.
How to start investing with Questrade
- Choose your account type based on your goal (for example, a TFSA for flexible tax-free growth or an RRSP for retirement).
- Fund your account by bank transfer or pre-authorized deposit.
- Pick your investments — Canadian or U.S. stocks and ETFs.
- Place your order and review it in the app or web platform.
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Book a free call →The U.S. dollar advantage
Questrade accounts are dual-currency: you can hold Canadian and U.S. dollars in the same account. Why it matters: if you buy a U.S. stock with Canadian dollars, a currency conversion happens — and conversions cost money. Holding U.S. dollars lets you buy and sell U.S. investments without converting every time.
Ways to get U.S. dollars into your account
- Deposit U.S. dollars directly from a U.S.-dollar bank account.
- Norbert’s Gambit — a well-known technique where you buy a security that trades in both currencies (such as DLR / DLR.U), “journal” it to the other currency, then sell. It can lower conversion costs on larger amounts, but it takes a few days, may involve a journaling fee, and carries some exchange-rate risk while you wait.
In registered accounts, check your currency settlement setting — if it’s set to CAD, U.S. dollars may be converted automatically.
Who it can be useful for
- Canadians who want access to both Canadian and U.S. markets from one account.
- Investors who already earn or hold U.S. dollars — for example, online sellers paid in USD.
- People who want to manage their own portfolio with full control.
What to know before you start
- U.S. dividends may be subject to withholding tax; the rules depend on the account type (an RRSP is treated differently from a TFSA).
- You’ll usually need to sign a W-8BEN form to trade U.S. securities.
- Fees and plans change — check the current pricing page.
- Investing involves risk, including the loss of money.
Frequently asked questions
Is my money protected at Questrade?
Questrade is a member of the Canadian Investor Protection Fund (CIPF), which protects eligible accounts within defined limits if a member firm becomes insolvent. CIPF does not protect against investment losses from market movements. Check the CIPF website for current coverage details.
Can I hold U.S. dollars in my account?
Yes, Questrade lets you hold both Canadian and U.S. dollars, including in many registered accounts. That can help you avoid converting currency every time you buy or sell a U.S. investment.
Which accounts can I open?
Questrade offers the main registered accounts — TFSA, RRSP and FHSA — as well as non-registered margin and cash accounts, among others. Each registered account has its own CRA rules and contribution limits.
Is Questrade a good fit for beginners?
It can be, if you're willing to learn. The platform gives you more control and more tools than a fully automated service, which also means more decisions are yours. Starting with a small amount and simple investments is a sensible way to learn.
What fees should I watch for?
Look at trading commissions (if any apply to what you buy), currency conversion costs, the management fees of any ETFs or funds you hold, and possible account fees. Fees change, so always confirm them on Questrade's official pricing page.
Official sources
- Questrade — official site
- Questrade commissions and fees
- Questrade — Norbert’s Gambit explained
- Questrade — Buying U.S. stocks in Canada
- Questrade — Currency settlement in registered accounts
This article is educational only. It is not financial, tax or investment advice, and Vysa Trading LLC does not provide regulated investment services. Features, fees and eligibility change — always confirm on the official pages linked below before opening an account. Not sponsored by the companies mentioned.