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Old 06-12-2017, 01:05 AM   #3331
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Ignore these messages. I also get them sometimes. Their alert system is very bad. I sometimes get messages that my account is down 4k, just after transfering 4k into IB.

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Old 06-12-2017, 04:58 AM   #3332
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Hi all,
I’m a noob with IB but decided to take the plunge and drop my custodian fee charging DBS vickers.
Is it just me but it seems the learning curve is very steep. I have a few questions.

1) i just deposited a small amount around 9K SGD into IBKR to test drive. If I want to buy a USD denominated stock listed in the US, must I convert my sgd to usd? Or will IBKR auto convert the base currency to settle the transaction.

2) I tried converting sgd to usd using IdealPro like what the YouTube tutorial showed. But the only currency pairs that were offered were sgd.cnh and sgd.jpy. Does it mean I have to do something silly like convert sgd to jpy then jpy to usd?
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Old 06-12-2017, 08:41 AM   #3333
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Hi all,
I’m a noob with IB but decided to take the plunge and drop my custodian fee charging DBS vickers.
Is it just me but it seems the learning curve is very steep. I have a few questions.

1) i just deposited a small amount around 9K SGD into IBKR to test drive. If I want to buy a USD denominated stock listed in the US, must I convert my sgd to usd? Or will IBKR auto convert the base currency to settle the transaction.

2) I tried converting sgd to usd using IdealPro like what the YouTube tutorial showed. But the only currency pairs that were offered were sgd.cnh and sgd.jpy. Does it mean I have to do something silly like convert sgd to jpy then jpy to usd?
1)You will have to convert SGD to USD, unless you upgraded to a margin account, in which case you can keep margin money in any currency and trade in any currency. The currency in which you have negative balance you will be charged a nominal interest.

2) To convert SGD to USD is very easy. You can do it via your mobile app as well. In the watch list search for USD, then among the instruments select Forex then you will find the USDSGD pair. You have to buy this instrument to convert SGD to USD.

Also base currency has no significance in IB other than for reporting purposes as well as charging to various fees, they come from your base currency bucket. You can change your base currency as well to any currency.

IB appears to be daunting initially, but actually for occasional investors like us, you don't need to learn 100% of it. There are some basics you learn. Just use Google and there many other international forums also that have a lot of information.

Also, before doing any real trade, do some paper trading, by logging into their demo including for currency conversion. You will get a picture of what will actually happen.



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Last edited by revhappy; 06-12-2017 at 08:47 AM..
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Old 06-12-2017, 05:00 PM   #3334
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That’s not a requirement. Either currency conversion path works for these purposes.
So both ways are equivalent for these types of trades? What's the difference of FXCONV and IDEALPRO? I've tried searching but cannot find any information about FXCONV.
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Old 06-12-2017, 05:47 PM   #3335
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So both ways are equivalent for these types of trades? What's the difference of FXCONV and IDEALPRO? I've tried searching but cannot find any information about FXCONV.
When you do it via the mobile app using idealpro, it creates a virtual fx position, in your portfolio. So you can see how much profit/loss you made on the FX trade. When you don't via FXCONV, using the desktop app, it doesn't create any such virtual position.

So the difference is only from a reporting perspective.

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Old 07-12-2017, 08:04 PM   #3336
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Yes, u have to convert sgd>usd>hkd but Ib conversion is spot rate and only a few dollars commission each time, so not much currency loss

Thanks for the clarification
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Old 07-12-2017, 08:13 PM   #3337
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Yes. Or possibly SGD to EUR, EUR to HKD. Any path that Interactive Brokers supports can work, but USD is probably the best one.


Currency loss, no. SGD-HKD direct is a much lower volume currency pair, so bid-ask spreads would be correspondingly higher in that alternative universe. Indeed, your credit card network (Visa, MasterCard, etc.) will do exactly the same thing, especially when the direct currency conversion market is not big enough for their needs. And you do the same thing, presumably. When you work, somebody pays you Singapore dollars for your labor services, and then you take those Singapore dollars and exchange them for coffee, for example. Hypothetically it would be nice if you could exchange your labor services directly for a cup of coffee — wouldn’t that be nice and “efficient”? — but there is no practical financial market for that particular barter exchange. So we have intermediate means of exchange, and in this example it’s Singapore dollars. Likewise, the intermediate means of exchange at IB between Singapore dollars and Hong Kong dollars is the U.S. dollar. (Or some other big currency, perhaps.)

However, there is a broker commission for each leg of the exchange, so the commission is approximately doubled. You’re still vanishingly unlikely to find a lower total currency conversion cost anywhere else, but, comparing IB against itself, that particular currency pair will require double commissions.

I understand now. Thanks for the clarification!
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Old 07-12-2017, 09:19 PM   #3338
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So both ways are equivalent for these types of trades? What's the difference of FXCONV and IDEALPRO? I've tried searching but cannot find any information about FXCONV.
There are differences. Otherwise, IB won't be explaining the differences. They are published in their website. Use Google to search.

https://www.interactivebrokers.com/e...x_position.htm

If you don't want to see the FX virtual currency position, just use the FXCONV.

Your account’s actual currency balances are shown in the Market Value – Real FX Balances section of the account window.
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Old 09-12-2017, 02:13 AM   #3339
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I'm new to IB. When I tried to submit an order I got a No trading permissions error. IB requires me to execute at least 100 trades in any kind of stock before I can qualify as customer. But how do I do that if I have no trading permissions?

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Old 09-12-2017, 09:32 AM   #3340
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oh Dear, lotsa EU regulations now!?

Received this bulletin this morning

Dear Interactive Brokers Client,

We have recently written to you to inform you that on 3 January 2018 the MIFIR Regulation goes live and imposes new identification requirements for clients.

In our previous communication, we have highlighted the importance for you to complete the MiFIR Information Update form and how failing to completing the form will have an impact on your ability to use our services.

However, our records show that you have not yet completed the "MiFIR Information Update" form.
Please update your details in our Account Management System by completing the "MiFIR Information Update" form.

Please note that ORGANISATION accounts need to have a Legal Entity Identifier (“LEI”). If you are an organisation and you do not have an LEI yet, you can request one through IB.
PLEASE NOTE THAT OBTAINING AN LEI CAN TAKE UP TO THREE WEEKS.

Please note that ONLY accounts that have successfully completed the "MiFIR Information Update" form will be allowed to continue trading after 3 January 2018.

Kind regards,
IBUK
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Old 09-12-2017, 09:10 PM   #3341
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How come I didn't get this kind of communication? Are you EU resident?

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Old 10-12-2017, 08:55 PM   #3342
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I'm new to IB. When I tried to submit an order I got a No trading permissions error. IB requires me to execute at least 100 trades in any kind of stock before I can qualify as customer. But how do I do that if I have no trading permissions?

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Anyone can help? Sorry noob here.

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Old 10-12-2017, 11:37 PM   #3343
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Anyone can help? Sorry noob here.

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That is wierd. I suggest you contact IB. You can do online chat with them also. They are very responsive and helpful.
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Old Yesterday, 07:45 AM   #3344
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Anyone can help? Sorry noob here.
When you signed up for your account, during the investment questionnaire that time did you basically say that you never traded before?
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Old Yesterday, 07:46 AM   #3345
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Did you need to make practice trades? Maybe because of declared experience, or lack of it, in trading?
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