Wealthsimple launches Norbert's Gambit in beta, offering Canadian investors a new way to convert between CAD and USD at near-market exchange rates. The feature allows users to buy shares of DLR or DLR.U, journal them to the other currency listing, and sell them to complete the conversion. A flat fee of $9.95 plus tax applies per conversion, with funds settling in approximately two business days. The tool is available exclusively on Wealthsimple's web trading platform. This development gives Canadian retail investors access to a strategy traditionally used by sophisticated traders, potentially reducing foreign exchange costs compared to standard bank conversion rates. The beta rollout follows Wealthsimple's typical phased approach to new features.
