| Frequently Asked Questions |
Foreign Exchange
What is Foreign Exchange?
The buying and selling of currencies. Exchanging a dollar amount of one
currency for the equivalent dollar value of another currency.
What currencies can I exchange on the site?
Canadian and US currencies can be traded at this time.
How do I conduct a Foreign Exchange conversion
on the site?
There are two ways to place a foreign exchange order from this site. You
can either choose to “Buy” a specific amount of a currency
(US or Canadian), or “Sell” a specific amount of currency
(US or Canadian). The screen will refresh to display the dollar amount
of the currency you will need in order to complete the transaction, and
the foreign exchange rate that was used to calculate the total cost.
In which accounts can I place foreign exchange
conversions?
Foreign exchange conversions can be conducted in all accounts except registered
accounts.
What time of day can I place a foreign exchange
conversion?
Foreign Exchange conversions can be placed between the hours of 8:30
a.m. to 4:15 p.m. (ET) Monday to Friday.
How is the foreign exchange rate calculated?
The foreign exchange rate is based on the current trading value of the
Canadian and US dollars.
Can I cancel an order after it is placed?
The order cannot be cancelled after it is placed.
How long does it take for an order to be processed?
The order goes through immediately and will be reflected in your real-time
cash balances. However, the funds will not be accessible for withdrawal
until the next business day.
What happens if I place a
foreign exchange conversion online and do not have sufficient funds in
the account to cover the transaction?
There must be sufficient funds or adequate margin in the account in order
to complete the transaction.
Is there a fee for carrying
out a foreign exchange conversion?
For the purpose of Foreign Exchange transactions the fees are built into
the transaction.