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affairesdepiasses@lemmy.ca

What's the best free brokerage to do Norbert's gambit in Canada? (sh.itjust.works)

submitted 1 year ago by CowsLookLikeMaps@sh.itjust.works to c/personalfinancecanada@lemmy.ca

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Since to my knowledge, WS trade doesn't allow Norbert's gambit and has a 1.5% forex fee, then does that leave Questrade as my best option to convert $USD to $CAD? I'd only use that account to exchange and then withdraw.

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[–] affairesdepiasses@lemmy.ca 1 points 1 year ago* (last edited 1 year ago)

Desjardin's DISNAT offer free trades and free journaling, so quite hard to beat for Norbert's gambit, but you have to call them for journaling. You'll also have some fees if you don't meet their minimum investment amount.

Otherwise, NBDB offer free trades and $10 journaling and I think you can ask for it over secure messaging (but they also have a minimum investment amount), while IBKR offer instant currency exchange using very interesting rates (spread around 0.1-0.4 pip + 0.2 bps exchange fee with a minimum of US$2), but you can't use it only for currency conversion (against TOS, they'll close your account quickly otherwise).

Otherwise, Wise.com may be a good option with their 0.5% fee, depending on how much and how often you exchange money.