4 stars based on 54 reviews

A little while back, Norbert s gambit qtrade brokerage wrote about a neat little hack I learned on Canadian Money Forum on saving money on converting Canadian dollars to US dollars or vice-versa. The hack allows you to convert Canadian dollars into US dollars by buying a highly liquid inter-listed security on the TSX, journaling it over to the US account and selling it on an US exchange. Or you could convert US dollars into Canadian dollars by buying an inter-listed stock on an US exchange, journaling it over to the Canadian account and selling it on the TSX.

I recently had a chance to implement the hack in real life. A word of caution: It took another phone call later to correct the norbert s gambit qtrade brokerage. Still, despite the minor glitches, the conversion process went through rather smoothly and depending on how often or how much currency conversions you make, the savings could be norbert s gambit qtrade brokerage.

Tweets that mention Saving on Currency Conversion: An Example Canadian Capitalist -- Topsy. I used TD Waterhouse for the trade. The only explicit fee is the two trading commissions to buy and sell. The only hidden cost is the spread between bid and ask. You also take on a bit of market risk though market risk could very well also work in your favour. I have not used this trick yet, but plan to at some point in the future. I am trying collect as much data as possible.

If it can be done, I agree that shorting first and then covering the short is a much less risky sequence. Neat approach — but why not use a stock with a lot lower volatility than RIM M to reduce the market risk? For ETrade and norbert s gambit qtrade brokerage other platformsin non-registered accounts, the easiest, quickest and therefore minimal market volitility: This creates a minute lag, so to minimize this, you want need to pick an interlisted stock with high volume and low volatility.

I should just add that in the above, for the Norbert s gambit qtrade brokerage, it is smart enough to norbert s gambit qtrade brokerage that if you want to settle in USD, it will move your sell proceeds to your USD margin. I just picked a very liquid stock that will have narrow bid-ask spread so that the order will be filled right away.

Thanks for your detailed comment. I suggest you just switch to Interactive Brokers Canada. DavidS — I norbert s gambit qtrade brokerage checking IB demo for this, but, at the time of entering the order, it appears a comission box stating 2. Sounds like LW has a way of doing it with wash trades, which adds a level of complexity. All in all, a great method to avoid those pesky currency conversions.

I did the same as CC but with Qtrade I had to wait three days settlement before journal in my Us account. There is no need to phone norbert s gambit qtrade brokerage.

I sold them in toronto, not to gain CAD, but because the tto bid price was better. For about 5 days, ie about 2 days past the settlement date, my account showed both a long position in USD and a short position in CAD for this stock. Eventually both positions neutralized, or flattened, and i was left with norbert s gambit qtrade brokerage canadian dollars. There were no norbert s gambit qtrade brokerage or phone calls involved. Therefore i have no idea why the bmo system took the order so accommodatingly.

I am always thankful for small mercies. I have an IB Universal Account, which is their normal multi-currency margin account for individual investors.

I have been a customer since The stock would need to increase by around 2. This is not smart money. Since interest rates are now low, you must pay a borrow fee in order to short a security. The borrow fee depends on the demand for the security and any markup by your broker. Short positions may be bought-in with very short notice hours. Unlike long positions, short positions which move against you will compound your losses. I was reading reviews of IB and they are quite troubling.

Also, I cannot find details as if you can open a CAD and USD accounts and link them both to a big bank so when norbert s gambit qtrade brokerage do the currency conversion you can withdraw the US funds, e. It appears to me that the exchange is allowed for the purpose of using them to trad US stocks.

You just open one multi-currency account. Funds in any major currency can be withdrawn from an IB account by making a transfer in a particular currency to a bank account in the same currency and in the name of the IB account holder. In my IB account I have cash balances in 7 currencies and I have sent and norbert s gambit qtrade brokerage funds in most of those currencies, for various purposes.

Where did you see the troubling reviews? There are many reviews at http: LW — I see. I am amazed that foreign exchange costs are so high as to make this procedure worthwhile. Commissions and other charges are also high at such Canadian brokers. Why not just switch to a broker with reasonable fees? I use IB but there are others. I have not used a Canadian broker since about when I closed my account at Marathon Brown, one of the first Canadian discount brokers.

At that time I remember the foreign exchange costs were very high. Not much has changed! This is a great strategy. I was told by the trading desk at TD Waterhouse that they could only journal over an inter-listed security after settlement occurred 3 days. For the described technique to be effective the journaling needs to happen right away. What I am missing here? CC what were your instructions to TDW?

This is also my first short ever. Time to search for a cheaper interlisted stock…any recommendations? Did it on RBC. No issues at all. Worked like a charm. Journal was automatic, I did not have to call anyone. Did not require a short account either because I am not shorting as I already owned the stock. Saving on Currency Conversion: An Example May 18, at This article has 35 comments Pingback: If you like to use a broker as fx trader, IB is a good choice at low cost.

Canadian Capitalist May 19, at DG May 19, at Do you have a strong reason not to do it this way? Alex May norbert s gambit qtrade brokerage, at Am I wrong or did you switch back to TDW? Canadian Capitalist May 19, at 1: LW May 19, at 5: Aaron May 19, at 6: DG May 19, at 9: Canadian Capitalist May 20, at Does anyone have a suggestion for a liquid stock with low volatility?

DavidS May 20, at LW May 20, at 1: AR May 21, at Dan May 22, at DavidS May 23, at 5: AR May 23, at 9: DavidS May 23, at LW May 23, at 8: M June 4, at 4: DG September 16, at Is there a similar odd-lot restriction for shorting US stocks?

DE April 27, at 9: November 11, — comments. July 29, — comments.

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Qtrade is a bit of a mystery despite being ranked the 1 discount broker in the Globe and Mail survey for two years running.

You can see their entire fee schedule here. It does not offer the ability to sell a U. I also asked him if he has encountered any problems with the broker and Evan feels that their DRIP enrolment is cumbersome because you first have to contact customer service to obtain a form, fill it and mail or fax it back.

Overall, it seems to me that Qtrade is a solid contender if you are considering a discount broker. I wish to express my thanks to Evan for sharing his opinion of Qtrade, especially since it was hard to find a customer among our readers. You can also check out the reviews of other discount brokers: Hopefully, competition will lower prices at all brokers. I called Qtrade twice and was impressed that they answered the phone right away.

Their reputation for good service seems justified. Does anyone know if they offer real time charts? How is their transaction history paperwork? I know that Questrade is a pain when trying to obtain transaction history. How about TD Ameritrade? Anyone have any thoughts on them? Hi, I have been using Qtrade for over a year now and called them sometimes at 5.

The application process was easy and took about 2 weeks to complete. The information and charts provided on thier website are second to none. Quarterly statements arrive like clockwork. Dividends are automatically posted with absolutely no effort on my part, and you can access just about anything that you need to find out about your accounts very easily.

I have been using Qtrade for a year or so now. I picked Qtrade mainly due to the good reviews I read, and positive experience when calling for info on setting up a new account.

This is my frist dive into trading stocks myself, so I have nothing to compare it to. I have found the site itself very user friendly with a clean simple design — they have added morningstar research reports, which is nice.

I have only had to call customer service times, and have sent a few e-mails. I was surprised the first time I called and someone answered on the first ring — no menu to navigate, and no waiting on hold. I thought I had dialed the wrong number! I would recommend this site — I pay a bit more for a trade than with other sites, but I am paying for the peace of mind in knowing that I can call and talk to a knowledgeable and friendly rep who will help me quickly if I need assistance.

Do not use Qtrade there are much better brokers out there. Their system is slow and unreliable. When I submit a request it never gets filled because it takes them so long to process and by the time they do the price has usually run up from my limit order. As for the system crashes I decided one day that they should at least refund me for one of my commissions because they even admitted that it was issues with their servers and they flat out refused. They said sorry there is nothing they could do.

Their customer service staff do answer quite quickly but are quite rude. Instead the staff member proceeded to lecture me that if our systems go down we provide a means for you to call us to place the trade. Total horse shit because as far as true traders know every sec counts. Their trades are so fast my account is updated as soon as I place the trade. They have customizable charts, excellent customer sevice, always polite and very professional.

I had a lot of problems with Qtrade as they made so many errors just in opening my account which took weeks and weeks of e-mails to fix. There is a charge for everything. Their exchange rates are atrocious. Cash positions are NOT updated in real time. Their website uses endless menu trees. I would prefer more tabs but I guess this is just a personal preference. On the positive side, their e-mail responses are very quick. They even have an internal messaging system but they reply to the messages via e-mail.

They pocket the difference, I suppose! This brokerage is very small and not suitable for complicated trades. However, they do have CIPF coverage. Does not live up to the hype. I will be moving soon. I also had an account with Nesbitt Burns and was being charged an astronomical amount for each trade so I switched my entire account to Qtrade and have been pleased with the service.

I read once — somewhere — that an Investment Advisor is someone who invests your money for you….. Moved an account from qtrade to itrade because bond inventories better at the time with itrade… Am now in the midst of moving it back to qtrade as 1.

Would i go anywhere else.. They were recommended by my Credit union, Envision, which they are partners with. It was all a learning experience for me, as I was brand new to investing at the time.

Like most of their new customers. I felt the sign up process was simple enough but felt like it took forever. And applying to trade options was a similar experience. Sometimes when I transfer cash to my Q trade account, it takes a couple of days to go through, which feels like an eternity when you are excited about a new buy.

Clean, effective site, clearly designed in a simple easy to use way. The phone service is as good as everyone says. This is in no way a site a serious trader would use. The commissions on options can get really pricey when buying lots of contracts. No real time chart.

Not even a live ticker! You have to refresh the quote page every single time. No good til cancelled orders, no trigger orders, or one cancels the other orders. And no way to set up instant buy and sell buttons for day trading. But with all that said. I would recommend Q trade to anyone. And I have no plans on switching. I am practicing my skills on the TD think or swim paper money platform and when I am ready, I will start a separate USD trading only account there.

I will keep all my CDN rsp and tfsa stuff at qtrade. Qtrade Review November 19, at 7: This article has 24 comments MillionDollarJourney November 20, at 8: Steve Heath November 20, at 8: Canadian Capitalist November 20, at 9: MillionDollarJourney November 20, at Marc November 20, at 1: Canadian Capitalist November 20, at 3: Kevin May 6, at Gerold July 14, at 3: Rob October 29, at 1: Does any Canadian brokerage offer stop losses on US options?

Qtrade , my broker does not. Kenny Waldal May 31, at 2: Michael January 16, at 3: John February 16, at 1: Two thumbs up for Qtrade. Francis April 8, at Gerold April 8, at 8: Jerry May 13, at 2: Patricia January 26, at 1: I am far into the future and reading this as a part of a periodic Brokerage review. Kelly Law April 11, at November 11, — comments.

July 29, — comments.