Flahmingo charges a 2.5% foreign exchange (FX) fee on the institutional rate provided by our FX provider when you convert your funds from CAD to USD and from USD to CAD.
This should not be confused with having to pay FX fees on each trade. Flahmingo provides our users with dedicated USD and CAD accounts, which means you can buy and sell U.S. equities as many times as you please without paying any commissions or FX fees once your funds have been converted to USD.
Note: We do not support the withdrawal of funds in USD to a USD bank account; therefore, you must convert your funds from USD to CAD before withdrawing funds from your Flahmingo account.