Norbert’s Gambit at Questrade is a way to turn Canadian dollars into US dollars without paying Questrade’s 1.5% currency conversion fee. You buy DLR in Canadian dollars, have Questrade journal the units to DLR.U, and sell DLR.U in US dollars. This guide walks through each step, what Questrade charges today, and where the gambit stops being worth it. It is general education, not financial advice.
YieldMaple checked Questrade’s pricing, transaction-fee and promotions pages on October 7, 2026: journaling costs $9.95 per online journaling request (free and unlimited with Questrade Plus), and stock and ETF trades cost $0 to buy and sell Canadian and U.S.-listed stocks and ETFs.
Related: Norbert’s Gambit calculator to estimate your own savings · Norbert’s Gambit in Canada, the full guide · Norbert’s Gambit at Wealthsimple · Full Questrade review.
Norbert’s Gambit at Questrade at a glance
| Feature | Questrade charge |
|---|---|
| Direct currency conversion (no gambit) | 1.5% |
| Journaling DLR to DLR.U | $9.95 per online journaling request (free and unlimited with Questrade Plus) (better on this row) |
| Commission to buy DLR and sell DLR.U | $0 to buy and sell Canadian and U.S.-listed stocks and ETFs |
| ECN fees on Canadian-listed orders | no ECN fees on orders for Canadian-listed securities |
| Settlement of each trade | one business day after the trade date (T+1), since May 27, 2024 (previously T+2) |
Sources: questrade.com/pricing-fees, Questrade's transaction-fees page and the Ontario Securities Commission, checked October 7, 2026. The bid-ask spread and currency moves are not fees and vary trade to trade.
In plain sentences: a direct conversion at Questrade costs 1.5%. Norbert’s Gambit replaces that with journaling at $9.95 per online journaling request (free and unlimited with Questrade Plus). The two trades cost $0 to buy and sell Canadian and U.S.-listed stocks and ETFs, and Questrade lists no ECN fees on orders for Canadian-listed securities. Each trade settles one business day after the trade date (T+1), since May 27, 2024 (previously T+2).
How does Norbert’s Gambit work at Questrade?
Norbert’s Gambit uses one fund listed in two currencies, so you swap currencies by moving units between listings instead of converting cash.
The fund is the Global X US Dollar Currency ETF, whose Canadian-dollar DLR units can be transferred into US-dollar DLR.U units. Global X calls it the only U.S. dollar currency ETF in Canada. Both listings trade on the Toronto Stock Exchange; DLR is priced in Canadian dollars and DLR.U in US dollars, and the gap between their prices follows the exchange rate. Dual-currency at Questrade is free — every account can hold both Canadian and US dollars, so the journaled units land on the US-dollar side of the same account.
How do you do Norbert’s Gambit at Questrade, step by step?
You buy DLR, let it settle, request a journal to DLR.U, then sell DLR.U for US dollars.
Step 1: Check your Canadian-dollar cash
Make sure the Canadian-dollar side of the account (TFSA, RRSP, FHSA or non-registered, wherever you want the US dollars to end up) holds the cash you want to convert.
Step 2: Buy DLR
- Symbol: DLR (Canadian-dollar units)
- Action: Buy
- Order type: Limit, at or near the current ask, to avoid a wide-spread fill
- Account: the account where you want the US dollars
For the quantity, divide the amount you want to convert by DLR’s current ask price and round down. The trade costs $0 to buy and sell Canadian and U.S.-listed stocks and ETFs.
Step 3: Let the trade settle
Canadian trades settle one business day after the trade date (T+1), since May 27, 2024 (previously T+2). A Monday purchase settles on Tuesday, assuming no holiday.
Step 4: Request the journal to DLR.U
Ask Questrade to journal your DLR units to DLR.U in the same account. Questrade’s pricing page lists this as $9.95 per online journaling request (free and unlimited with Questrade Plus). Have the account, the symbol and the number of units ready.
Step 5: Wait for the journal to complete
When the journal is done, your DLR position disappears and DLR.U appears on the US-dollar side of the account. Questrade’s pricing page does not publish a processing time.
Step 6: Sell DLR.U in US dollars
- Symbol: DLR.U
- Action: Sell
- Quantity: the journaled units
- Order type: Limit, at or near the bid
The sale costs $0 to buy and sell Canadian and U.S.-listed stocks and ETFs and settles one business day after the trade date (T+1), since May 27, 2024 (previously T+2). The US-dollar cash can then buy US-listed ETFs or stocks without another conversion.
How much does Norbert’s Gambit cost at Questrade?
The fixed cost is Questrade’s journaling fee of $9.95 per request; the variable costs are the bid-ask spread and currency moves.
Worked example on a hypothetical $10,000 conversion:
- Questrade direct conversion: 1.5%, or $150
- Wealthsimple, US trade from a CAD account: 1.5%, or $150
- Wealthsimple USD account: 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000, or $100 on this amount
- Norbert’s Gambit at Questrade: $9.95 for the journal, plus the spread and any currency move
Against Questrade’s own conversion fee, the gambit saves about $140 on $10,000 before the spread. On a hypothetical $30,000, the direct fee would be $450 against the same $9.95 journal.
Break-even: the flat fee equals the 1.5% conversion fee at about $663. Below that, the gambit costs more than a direct conversion even before the spread; the spread and the chance of an adverse currency move push the real break-even higher. The Norbert’s Gambit calculator runs these numbers for your own amount.
Questrade Plus costs $19.99 a month plus applicable taxes (free for the first 30 days), and Questrade offers online journaling as often as you want, free, with Questrade Plus, which removes the fixed fee for people who already want Plus.
How long does Norbert’s Gambit take at Questrade?
Plan on two one-business-day settlements plus Questrade’s journal processing time, which Questrade does not publish.
The buy settles one business day after the trade date (T+1), since May 27, 2024 (previously T+2), the journal takes whatever time Questrade needs, and the sale settles one business day later again. Your money is exposed to exchange-rate moves from the DLR purchase until the DLR.U sale.
Common mistakes
1. Using a market order at a volatile open. The bid-ask spread on DLR and DLR.U can widen; a limit order at the ask (buy) or bid (sell) protects the price.
2. Requesting the journal on the wrong account. The buy and the journal must be in the same account: a TFSA purchase is journaled inside that TFSA.
3. Selling before DLR.U shows up. Wait until the units appear on the US-dollar side before placing the sell order.
4. Running the gambit around major announcements. Bank of Canada decisions and US jobs reports can move the exchange rate while your money is in DLR.
5. Running it on small amounts. Below the break-even above, the flat fee costs more than Questrade’s direct conversion.
When is Norbert’s Gambit at Questrade not worth it?
Norbert’s Gambit is not worth it on small conversions, frequent conversions, or when you do not actually need US dollars.
- Small conversions: below about $663, the journaling fee is more than Questrade’s 1.5% conversion fee.
- Frequent small conversions: each journal costs $9.95 unless you pay for Questrade Plus.
- No need for US dollars: Canadian-listed ETFs that hold US stocks, such as VFV or ZSP, trade in Canadian dollars.
- Preferring a direct conversion: a Wealthsimple USD account ($10 a month for Core clients; free for Premium and Generation) converts directly at 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000.
Outside those cases, the gambit is worth learning for anyone holding US assets long-term. Questrade’s promotions page currently lists a 0% margin offer on the first US$5,000 for 6 months, free transfers (fees reimbursed up to $150 per account), $50 each for referring a friend, and a free first 30 days of Questrade Plus (no cash-back funding offer is listed); the cash-back funding offer this page mentioned earlier is no longer listed there.
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Read next
- Norbert’s Gambit at Wealthsimple: how the process works at Wealthsimple
- Norbert’s Gambit in Canada: the complete guide
- Questrade review: the full broker review
- Wealthsimple vs Questrade: how the two brokers compare