Norbert's Gambit by Broker: Who Supports It and What It Costs
Most major Canadian brokers support Norbert's Gambit, but the way you journal the shares and what it costs vary a lot. RBC Direct Investing and TD Direct Investing are the smoothest, often journaling automatically at no charge. Questrade charges about $9.95 plus tax per request unless you have Questrade Plus. Wealthsimple added a beta feature in early 2026. Interactive Brokers is the one place you should skip the gambit, because its built-in conversion is already cheaper.
Use the table below to compare, then jump to a detailed guide for your broker. For the method itself, see the step-by-step guide.
Quick comparison
Fees and processes change, so confirm the current details with your broker before you trade. This reflects what was current as of mid-2026.
| Broker | Journaling | Typical journaling fee | Notes |
|---|---|---|---|
| RBC Direct Investing | Automatic, online | $0 | Easiest. No request needed in most cases. |
| TD Direct Investing | Online securities transfer (after settlement), or phone for same-day | $0 online (phone same-day ~$43-45) | No-call method via WebBroker. |
| Questrade | Online self-serve (Management then Journal Shares) | ~$9.95 + tax (free on Questrade Plus) | Online-only since Jan 2025. Watch the "currency of transaction" setting in registered accounts. Commission-free trades. |
| Qtrade | Self-serve "Move Securities" | Free | DLR may display on the CAD side. Change the symbol to DLR.U. |
| BMO InvestorLine | Phone the trade desk for DLR, or use an interlisted stock online | No dedicated journaling fee | No online journal tool for DLR. |
| National Bank Direct Brokerage | Secure message or phone | $0 commissions | Can often sell DLR.U once the journal is noted. |
| CIBC Investor's Edge | Request each time | Varies | Manual. Usually a call or request per trade. |
| Scotia iTRADE | Phone to journal | Varies | Manual. Not allowed in RRSP accounts. |
| Interactive Brokers | Use built-in FX instead | ~0.002% (US$2 min) | Built-in conversion is so cheap the gambit is not worth it. |
| Wealthsimple | Beta feature since early 2026, web only | $9.95 + tax | DLR/DLR.U only. Needs a USD account. Not available in a RRIF. |
The journaling fee is separate from normal trading commissions. Even where journaling is free, you still pay your broker's standard buy and sell commissions on the two trades. A "$0" in the table above means no extra charge for the journal itself, not a free conversion.
Which broker is best for Norbert's Gambit?
If you want the least friction, RBC Direct Investing and TD Direct Investing are the easiest, because journaling is automatic or close to it and there is usually no per-request fee. Questrade is popular and fully capable, but the standard $9.95 plus tax journaling fee adds up unless you hold Questrade Plus, which makes journaling free.
"Best" also depends on what you already use. The savings from the gambit dwarf small fee differences between brokers, so for most people the right broker is the one they already have an account with, as long as it supports journaling.
Can you do Norbert's Gambit on Questrade?
Yes. You buy DLR, request the journal through Questrade's online self-serve tool (Management, then Journal Shares), and sell DLR.U. Since January 2025 this online tool is the only way to journal, apart from RESP accounts. The journaling fee is about $9.95 plus tax per request, and it is free if you have Questrade Plus. Stock and ETF trades are commission-free. In registered accounts, set the currency settlement to "currency of transaction" so your U.S. dollars are not auto-converted back. Full walkthrough on the Questrade guide.
Can you do Norbert's Gambit on RBC Direct Investing?
Yes, and it is one of the smoothest. RBC generally journals the shares automatically once you hold both currency sides, so there is little or no manual step and no separate journaling fee. See the RBC Direct Investing guide.
Can you do Norbert's Gambit on TD Direct Investing?
Yes. TD has moved to a method that usually does not require a phone call, and there is typically no journaling fee. See the TD Direct Investing guide.
Can you do Norbert's Gambit on Wealthsimple?
Now yes, with a caveat. For years Wealthsimple did not support journaling, and many older articles still say it is impossible. That changed in early 2026, when Wealthsimple launched a Norbert's Gambit feature in beta. It works on the web, supports only the DLR and DLR.U pair, charges a flat $9.95 plus tax, and requires an active USD account. It is not available in a RRIF. See the Wealthsimple guide.
Can you do Norbert's Gambit on BMO InvestorLine?
Yes, but the DLR method needs a phone call, because BMO does not let you trade DLR.U online. You buy DLR online, then call the trade desk to sell the U.S. side. An interlisted stock lets you do it fully online instead. See the BMO InvestorLine guide.
Can you do Norbert's Gambit on Qtrade?
Yes, fully self-serve online through the "Move Securities" tool. The one quirk is that DLR keeps displaying on the Canadian side, so you sell it as DLR.U with Canada as the market. See the Qtrade guide.
Can you do Norbert's Gambit on National Bank Direct Brokerage?
Yes. NBDB charges $0 commissions on trades, which removes one of the usual costs. You request the journal by secure message or phone, and you can often sell the U.S. side once the journal is noted. See the NBDB guide.
Can you do Norbert's Gambit on CIBC Investor's Edge or Scotia iTRADE?
Yes, but both are more manual. CIBC Investor's Edge requires you to request the journal by phone each time, at the low online commission rate. Scotia iTRADE needs a phone call to journal the shares, and importantly it does not allow the gambit in RRSP accounts, only non-registered ones. See the CIBC Investor's Edge guide and the Scotia iTRADE guide.
What about Interactive Brokers?
This is the one broker where the gambit usually does not make sense. Interactive Brokers offers a manual currency conversion at about 0.002% with a US$2 minimum and no rate markup, which is cheaper and faster than buying, journaling, and selling an ETF. If you are with IBKR, just use its built-in FX. See the Interactive Brokers guide.
Frequently asked questions
Which Canadian brokers support Norbert's Gambit? Most do, including RBC Direct Investing, TD Direct Investing, Questrade, Qtrade, BMO InvestorLine, National Bank Direct Brokerage, CIBC Investor's Edge, and Scotia iTRADE. Wealthsimple added a beta feature in early 2026. Interactive Brokers supports it but its built-in FX is cheaper.
Which broker is cheapest for Norbert's Gambit? Brokers that journal for free, such as RBC Direct Investing and TD Direct Investing, or Questrade with Questrade Plus, tend to be cheapest. NBDB's $0 trading commissions also help.
Does Wealthsimple support Norbert's Gambit? As of early 2026, yes, through a beta feature that uses DLR and DLR.U, charges $9.95 plus tax, and needs a USD account. Older articles saying it is impossible are out of date.
Do all brokers charge a journaling fee? No. Several, including RBC and TD, typically journal at no charge. Questrade charges about $9.95 plus tax unless you have Questrade Plus.
Sources
- Broker help centres: Questrade, RBC Direct Investing, TD Direct Investing, Qtrade, BMO InvestorLine, National Bank Direct Brokerage, CIBC Investor's Edge, Scotia iTRADE, Wealthsimple, Interactive Brokers
- Wealthsimple help centre, Convert currency with Norbert's Gambit
- Interactive Brokers Canada, currency conversion pricing
This article is general information, not financial advice. Broker fees and processes change often. Confirm the current details with your broker before you trade.