Norbert's Gambit on Questrade — step by step

The core differentiator for a Canadian wrapping their head around cross-border complexity often comes down to one thing: currency conversion. When you trade US stocks with a Canadian broker, getting hit with a 1.5% conversion fee on both sides of the trade ruins your return.

Norbert’s Gambit fixes this.

What is it?

It’s completely legal. It uses an ETF listed in both CAD and USD to strip out the broker’s conversion fee. It is technically correct and practically a bit frustrating to execute. Yes, you need three accounts, a spreadsheet, and a mild tolerance for frustration. That’s the game.

Step 1: Buy DLR.TO

Buy the Canadian dollar version of the Horizons US Dollar Currency ETF.

Step 2: Journal the shares

Call Questrade or use their chat box to ask them to “journal” those exact shares over to DLR.U.TO (the US dollar version).

Step 3: Sell DLR.U.TO

Once the shares settle in your USD account box, sell them. You now have pure USD cash, minus a few bucks in standard commission, saving yourself hundreds.