Commissions for currency trades are calculated off the trade value in terms of the second currency of the pair and then converted and charged to the base currency of the account. They start at 0.02% * trade value, with a minimum of US$2 (or USD currency equivalent) per order. IBKR's currency conversion fees are relatively competitive. If you would like finer control over the rate of your currency exchanges, you'll need to use the Trader Workstation. Note that in the above examples, currency conversions will use market order type. Once you’re done, just hit submit! Converting currency using the IBKR app You can then enter how much currency you’d like to exchange in the following screen. Under Cash Balances on the portfolio screen you can click on the desired currency and hit Convert or Close Balance (for non-base currencies). This tool can also help close a currency balance directly from either the account or portfolio screen. You can also use the in-app FX conversion tool on IBKR Mobile. If you click Preview, you can see the commission costs and how your currency balances will change after the trade. To currency (not all currencies are supported).On the Order Ticket, under Convert Currency, enter: If you are not trading in a market with your base currency, you'll need to convert it. You can switch between base currencies at any time by going to Settings / Account Management. This base currency determines the currency of translation your statements, and also the commissions, research and trading fees are charged in your base currency.
Base currency on IBKRĮvery account on IB has a base currency. In this article, we will show you how easy it is to convert between any two currencies. It allows you to convert currency at the spot rate, or mid-market rate. IBKR has an amazing currency conversion tool that's better than most money exchanges in terms of exchange rates. But if your base currency is SGD, then you'll need to exchange SGD to USD before trading, otherwise you'll be trading on margin. Interactive Brokers (IBKR) is a brokerage that allows you to trade in multiple exchanges globally, and this might require you to exchange your base currency into the currency supported by the exchange that you're trading in.įor example, if you're trading in a US exchange like the NASDAQ or NYSE, stocks listed there require you to purchase with USD in your account. This article is last updated in April 2022
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