Norbert'sGambit.ca

Norbert's Gambit on Qtrade: Step-by-Step (2026)

MTLast reviewed June 2026 by Mike Taylor, Canadian financial writer. Fact-checked

Yes, you can do Norbert's Gambit on Qtrade, and it is fully self-serve online. You buy DLR, move it to the U.S. side using Qtrade's "Move Securities" tool, then sell DLR.U. The one thing that confuses people is that DLR keeps showing on the Canadian side after the move, so you sell it by entering DLR.U with Canada as the market. No phone call is needed.

For the general method, see the step-by-step guide. This page is specific to Qtrade.

The steps at Qtrade

  1. Buy DLR. In your Canadian-dollar account, buy DLR.TO with a limit order at the ask.
  2. Wait for settlement. Let the trade settle, which is one business day (T+1).
  3. Move the securities. On the Qtrade website, go to Accounts, then Transfer Funds, then Move Securities. This is Qtrade's name for journaling. Move your DLR from the Canadian-dollar account to the U.S.-dollar account. This is done on the website, not the mobile app.
  4. Sell DLR.U. Place a sell order, entering the symbol as DLR.U with Canada selected as the market, so it settles in U.S. dollars. The proceeds land as U.S. dollars.

The display quirk that trips people up

After the move, DLR may still appear as "DLR" in Canadian dollars in your U.S.-dollar account, because Toronto is its primary listing. This is cosmetic. When you sell, enter the symbol as DLR.U and choose Canada as the market, and it will settle correctly in U.S. dollars. This is the single most common point of confusion on Qtrade, so it is worth double-checking before you place the sell.

What it costs at Qtrade

So your gambit cost at Qtrade is mostly the bid-ask spread plus any commission if DLR is not free to trade. Estimate it with the calculator.

Accounts and timing

Qtrade supports the gambit in any account type that has both a Canadian-dollar and a U.S.-dollar side, including registered accounts. The Move Securities step can take anywhere from one to a few business days, so plan for about three to five business days overall.

Frequently asked questions

How do I journal shares on Qtrade? On the website, go to Accounts, then Transfer Funds, then Move Securities, and move DLR from your Canadian account to your U.S. account.

Why does DLR still show in Canadian dollars after I move it? Because Toronto is its primary listing, so it displays as DLR. To sell, enter DLR.U with Canada as the market and it settles in U.S. dollars.

Is journaling free on Qtrade? It is reported to be free, but Qtrade does not state it prominently. Confirm there is no charge before relying on it.

Do I use the website or the app? The Move Securities tool is on the website, not the mobile app.

Sources

This article is general information, not financial or tax advice. Qtrade's fees and processes change. Confirm current details with Qtrade before you trade.