Hold U.S. cash and trade U.S. stocks & options ― without surprise conversion fees.
The Questrade RSP lets you
- Hold U.S. and Canadian currency in the same registered account
- Manage the currency used to trade U.S. stocks & options online
- Trade stocks with commissions of just 1¢ per share, $4.95 minimum /
$9.95 maximum
USD in RSP is available in all registered accounts including the tax free savings account (TFSA). There is no need to call anyone to place a trade. Choose how you want to settle your trades in myQuestrade (CAD, USD or the currency of the trade) and you’re ready to go.
Watch this video to learn more.
Here's how it works
- Hold USD and CAD in any registered savings account, including the TFSA. Opt in to hold USD through myQuestrade.*
- Choose to settle trades in USD, CAD or the currency of the trade.
- For accounts that settle in CAD, you still SAVE BIG when you buy and sell USD securities in the same day. Questrade only converts the net proceeds of the trade ― the difference between any buy and sell.
- React instantly to the market with your trading decisions. Once your settings are in place, there is no need to advise us in advance of any buy or sell requests for U.S. securities.
- We only charge currency conversion fees when you decide to exchange your money ― no more forced currency conversions.
- If you do have to convert currency between USD and CAD, take advantage of our low fees of only 80 pips ― or .8% of the trade. This is a significant saving compared to the industry fee of 1.5% to 2% per trade. On $10,000, that’s $120 savings!
RESPs holding USD will be charged $5 each day USD securities are traded. This is a flat-per-day commission, no matter how many trades are made. Go to the USD in RSP FAQs for more details.
Yes. All Questrade registered accounts can hold U.S. currency.
The main benefit of being able to hold U.S. currency in an RSP account is avoiding the forced currency conversion fee attached to every trade of a USD security. Previously, RSP accounts could only hold Canadian dollars. Any trade – buy or sell – involving a U.S. security would therefore also involve a conversion to or from CAD. Depending on the amount of trading in the registered account, the savings to Questrade clients could be considerable.
Yes. You can deposit US currency into your registered account from another Questrade account or through any of our approved account funding mechanisms, such as wiring funds or certified cheque. Please visit our
fund an account page for more information.
Because our trade platforms are direct access, clients do not have to call in special requests (such as "wash trades") for USD buy or sell orders. This allows traders to react to market movement as quickly as they would in any other Questrade account.
There are numerous definitions for a "wash trade" or sale - so be wary when using this term. In Canada, the generic term comes from the forex world and refers to a trade or sale in which there is neither a gain nor a loss. For some RSP investors and brokerages, this has come to refer to avoiding forced currency conversions when buying or selling U.S. securities in a registered account. The regulatory definition of a wash trade is the illegal buying and selling of shares in one company through different brokers in order to give the illusion of increased activity. The IRS — the U.S. tax agency — refers to a wash sale as the buying and selling of the same security within a certain time frame. This can have serious tax implications to active U.S. traders, and has nothing to do with currency conversion.
* All Questrade RSP accounts can settle in USD. 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.
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