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

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

Yes, you can do Norbert's Gambit on Questrade, and it is mostly straightforward. You buy DLR, journal the shares to DLR.U through Questrade's online self-serve tool, then sell DLR.U for U.S. dollars. Journaling costs $9.95 plus tax per request, or nothing if you have Questrade Plus, and Questrade no longer charges commissions on stock and ETF trades, so the gambit is cheap here. The one thing to get right is a setting in registered accounts, covered below.

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

The steps at Questrade

  1. Buy DLR. In your Canadian-dollar account, buy DLR.TO with a limit order at the ask. Buying stocks and ETFs is commission-free at Questrade.
  2. Wait for settlement. The trade settles in one business day (T+1). You generally cannot journal until it has settled.
  3. Journal online. Log in and go to Management in the top menu, then Journal Shares. Request the journal from DLR to DLR.U. Since January 31, 2025, this is the only way to journal at Questrade. They no longer take journal requests by phone, chat, or email. (The one exception is RESP accounts, which still go through their support team.)
  4. Sell DLR.U. Once the shares appear as DLR.U.TO on the U.S.-dollar side, sell them with a limit order at the bid. The proceeds are U.S. dollars. Selling is also commission-free.

The registered-account setting you must check

This is the step people miss, and it can quietly cancel your savings. In a registered account such as a TFSA, RRSP, or FHSA, Questrade has a currency settlement preference that controls whether proceeds stay in the currency you traded in or get auto-converted to Canadian dollars.

For the gambit to work, it must be set to "currency of transaction" so that selling DLR.U pays you in U.S. dollars rather than converting back to CAD. To check it, go to Management, then Account management, select the account, and look for the currency settlement option. Confirm it is set to "currency of transaction."

This only applies to registered accounts. Margin and cash accounts default to currency of transaction and cannot be changed, so you can skip this step there. If the setting is wrong, or if you are left with a negative balance in one currency at the daily cutoff, Questrade can auto-convert and wipe out the benefit.

What it costs at Questrade

Run your own numbers with the calculator.

Accounts and timing

Questrade supports the gambit in non-registered, TFSA, RRSP, and FHSA accounts through the online tool. RESP accounts are supported too, but journaling there still goes through the support team rather than the self-serve portal. Plan for about three to five business days from buying DLR to having usable U.S. dollars.

Frequently asked questions

How do I journal shares on Questrade? Log in, go to Management, then Journal Shares, and request the journal. Since January 31, 2025, this online tool is the only way. Phone, chat, and email requests are no longer accepted, except for RESP accounts.

How much does Norbert's Gambit cost on Questrade? A $9.95 plus tax journaling fee ($11.24 with HST), or free with Questrade Plus. There are no trading commissions, so that fee plus the bid-ask spread is your whole cost.

Do I need to change a setting in my TFSA or RRSP? Yes. Make sure the account's currency settlement is set to "currency of transaction," or Questrade may auto-convert your U.S. dollars back to Canadian and erase the savings.

Is buying and selling DLR free at Questrade? Yes. As of 2025, Questrade charges $0 commission and no ECN fees on stock and ETF trades placed online.

Sources

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