Cheapest Way to Buy US Stocks in Canada (2026): Every Broker Ranked by Currency Conversion Cost
The cheapest ways to buy US stocks in Canada, from lowest cost: 1) Interactive Brokers, with FX at about 0.002% of the trade (minimum US$2); 2) Norbert's Gambit at any broker that journals shares, roughly $10-$20 in fees on any size; 3) Wealthsimple Premium/Generation (USD account included, FX tiered from 1.5% down to 0% on $100,000+); 4) Questrade holding USD in dual-currency accounts (free), with $9.95 journaling for Norbert's Gambit. The most expensive route is letting any broker auto-convert each trade, which typically costs 1.5-2% each way.
Two things changed in Canadian investing over the past two years. Stock commissions went to $0 at most major platforms, including Wealthsimple, Questrade, Qtrade, National Bank Direct Brokerage and, from September 14, 2026, BMO InvestorLine. Meanwhile, currency conversion became the largest cost most Canadians pay to own US stocks.
Here's how every major option compares, in plain dollars.
The cost on $10,000, by method
| Method | Approximate cost to convert CAD $10,000 |
|---|---|
| Interactive Brokers FX conversion (~0.002%, US$2 minimum) | ~US$2 |
| Norbert's Gambit (journal DLR to DLR.U) at a $0-commission broker | ~$10-$20 (journaling fee plus the bid-ask spread) |
| Wealthsimple USD account, $10,000-$24,999 tier (1.0%) | ~$100 |
| Wealthsimple CAD account, US trade (1.5%) | ~$150 |
| Auto-conversion at a typical broker (~1.5-2%) | ~$150-$200 |
Now do it both ways. If you convert to buy and convert back to sell, you pay the spread twice. On a 2% spread, that's about 4% of your money gone before any return. That's more than a decade of fees on a low-cost ETF.
Option 1: Interactive Brokers, the lowest cost
IBKR Canada converts currency at about 0.2 basis points of the trade, or 0.002%, with a US$2 minimum per order. US stock commissions under its tiered plan start at US$0.0035 per share, with a US$0.35 minimum.
Best for: larger balances and frequent US trading. Trade-off: a more complex platform, and commissions aren't $0.
Option 2: Norbert's Gambit, cheap at any broker that journals
Buy a stock or ETF that trades in both currencies, such as the DLR / DLR.U US-dollar ETF. Ask your broker to journal it to the US side, then sell for US dollars. You pay commissions (often $0 now), a small bid-ask spread and any journaling fee. At Questrade, journaling is $9.95 per request, or free with Questrade Plus.
Best for: converting $5,000 or more at once at a bank brokerage or Questrade. Trade-off: it takes a few days, and you carry a small currency risk while waiting. Full walkthrough: Norbert's Gambit, step by step.
Option 3: Wealthsimple USD accounts
Wealthsimple charges 1.5% when you buy US securities from a CAD account. With a USD account, conversion is tiered by transaction size:
| Transaction size | FX fee |
|---|---|
| Under $10,000 | 1.5% |
| $10,000 - $24,999.99 | 1.0% |
| $25,000 - $99,999.99 | 0.5% |
| $100,000+ | 0% |
USD accounts are included for Premium (from $100,000 in assets) and Generation (from $500,000) clients. They cost $10 a month on Core, with a free 30-day trial. You can also move USD you already have into the account free.
Best for: Premium clients, and anyone who keeps US dividends and sale proceeds in USD. Trade-off: expensive for small conversions on Core.
Option 4: Questrade dual-currency accounts
Questrade's registered and non-registered accounts are dual-currency at no extra cost. You can hold USD and trade US stocks without forced conversion. If you do let it convert automatically, the spread is around 2% per WealthNorth. So the cheap path at Questrade is to convert once by Norbert's Gambit, then keep the USD.
Option 5: Big-bank brokerages
TD, RBC, BMO, CIBC and Scotia offer USD registered accounts and support Norbert's Gambit. They don't publish a flat FX fee. The spread is built into the exchange rate on your confirmation. The rule is the same: hold USD and convert rarely, in large amounts, by Norbert's Gambit. Scotia iTRADE, for example, charges US-dollar trades in US dollars, which helps once you already hold USD.
Option 6: Skip conversion, buy Canadian-listed ETFs
A Canadian-listed S&P 500 or total-US-market ETF lets you buy US exposure in Canadian dollars, with no FX conversion at all. The fund handles the currency inside.
Best for: smaller accounts, TFSAs, and anyone who doesn't want to manage currency. Trade-off: for large RRSP balances, US-listed ETFs avoid a layer of US withholding tax. See below.
Where to hold US stocks: TFSA vs RRSP
The Canada-US tax treaty exempts RRSPs from the 15% US withholding tax on dividends. It doesn't exempt TFSAs, FHSAs or RESPs. For a US dividend ETF yielding 3%, that's about 0.45% a year lost in a TFSA. Details: US dividend withholding tax in TFSA, RRSP and FHSA, or the free course lesson on US withholding tax and Norbert's Gambit.
A simple system that works for most people
- Open a USD side in your RRSP (and TFSA, if you'll hold US stocks there).
- Convert once or twice a year in large amounts, by Norbert's Gambit or at IBKR rates.
- Keep US dividends and sale proceeds in USD. Don't convert back unless you need Canadian dollars.
- Use Canadian-listed US ETFs for small, regular contributions where conversion isn't worth the effort.
- Check your trade confirmations for the rate you actually got, compared with the mid-market rate that day.
Bottom line
With commissions at $0, the broker that "costs nothing" can still quietly charge 1.5-2% every time money crosses the border. Convert rarely, in size, cheaply, and let your US dollars stay US dollars.
Frequently asked questions
What is the cheapest way to buy US stocks in Canada?
For most people it's either Interactive Brokers, which converts currency at about 0.002% of the trade with a US$2 minimum, or Norbert's Gambit at a broker that journals shares, which costs roughly $10 to $20 in commissions and fees no matter how much you convert. Both are far cheaper than letting a broker auto-convert each trade at 1.5% to 2%.
How much does Wealthsimple charge to convert CAD to USD?
Without a USD account, Wealthsimple charges 1.5% on US trades. USD accounts are included for Premium ($100,000+ in assets) and Generation ($500,000+) clients, and cost $10 a month on Core. With a USD account, conversion is tiered: 1.5% under $10,000, 1.0% from $10,000 to $24,999.99, 0.5% from $25,000 to $99,999.99, and 0% at $100,000 or more per transaction.
Should I hold US stocks in my TFSA or RRSP?
For US dividend-paying stocks and US-listed ETFs, an RRSP is usually better. The Canada-US tax treaty exempts RRSPs from the 15% US withholding tax on dividends, but not TFSAs, FHSAs or RESPs. For low-dividend growth stocks, the difference is small. Currency conversion cost is the same in either account.
Is it better to buy Canadian-listed ETFs that hold US stocks?
Often, for smaller amounts. A Canadian-listed S&P 500 ETF lets you buy US exposure in Canadian dollars with no conversion at all. You still bear a layer of US withholding tax inside the fund, and fees can be slightly higher. For large amounts in an RRSP, converting cheaply and buying US-listed ETFs can be cheaper over time.
What is a USD account and do I need one?
It's a US-dollar side of your brokerage account, including registered accounts like TFSAs and RRSPs. It lets you keep US dollars after selling or receiving dividends, so you don't pay to convert back to Canadian dollars and then again to reinvest. If you buy US-listed securities more than occasionally, it usually pays for itself.
Primary sources
Data & disclaimer: This article is for educational purposes only and is not financial or investment advice. Figures reflect data available as of Sep 18, 2026, and conditions change — always confirm current pricing, rates and rules with the provider before you act. Written by Elizabeta Dimoska. See our editorial standards and disclosure.
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