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MrXsquared
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In your grid properties first make sure to choose EPSG:4326 as CRS, then choose "custom" as coordinate format and click on the expression button next to it:

enter image description here

Now use this expression:

abs(@grid_number) ||  '°' || -- concat absolute grid number (without -) with °
if(@grid_number=0,'', -- if grid number is 0, dont use a suffix
    if(
        @grid_axis = 'x', -- determine which grid axis it is
        if(@grid_number<0,'W','E'), -- If grid number is negative and axis is x, use W, else E as suffix
        if(@grid_number<0,'S','N') -- If grid number is negative and axis is y, use S, else N as suffix
    )
)

Result:

enter image description here

MrXsquared
  • 35.6k
  • 22
  • 71
  • 121