IB TWS "Virtual FX Position" problem

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If so, read below for tips to save hundreds or thousands of dollars on currency conversion fees. Fortunately, not all banks charge as much, and there are other options where you can pay as little as 0.

By default, people will look to their bank to do their currency conversion. Some businesses specialize in currency conversion and differentiate themselves by offering better interactive brokers fxconv than the banks do, among other things.

Interactive Brokers is a trading platform that lets you convert currencies and which can be linked to both USD and CAD-denominated bank accounts based in Canada.

Not that bad for a 4-hour account setup and maybe an extra 2 hours to get familiar with the tools…. Wire transfers and cheques are deposited in that account. I sometimes buy stocks with the CAD funds while waiting for the hold to expire. This is the best setup Interactive brokers fxconv found for my situation, but as noted above, the best solution depends on your needs.

If you have questions or would like more information about the options above, feel free to let me know in the comments. The higher the amount to be converted interactive brokers fxconv smaller the fee. Thanks for the reply. I have a question regarding Interactive Brokers. Since I already have a brokerage account with another firm, I was thinking that I could setup my account with Interactive Brokers for interactive brokers fxconv sole purpose of binary options account binary trading broker bo eat my large U.

S dollar balance to Canadian dollars and then closing my IB account once this is done. I know that they waive the minimum monthly fee in the first 3 months, though or at least they did for me.

Otherwise, the Norbert Gambit could also work for you… it all depends on the amount and where your interactive brokers fxconv are currently located. Banks have been having high rates for so many years. I used KnightsbridgeFX and was able to pay them using bill payment, which was free. I needed to send money to the US immediately, so I took advantage of their free outgoing wire transfer. I think any of the options mentioned above will save money vs. Hi Pierre, great post.

Hi Pierre, thanks for the post, great helps. My bank interactive brokers fxconv if I deposited the check I would get about 0. Opening the ING account? Great article Pierre… I been using Globex http: I might have found a better option.

RBC offers a better option: The VIP package has a reduced conversion rate when transferring from one account to the other. Someone can definitely look further into this and post what they find and experience. My question is related to foreign home purchasing. Hopefully you can provide some guidance. Interactive brokers fxconv the down payment, should I convert the money to Canadian dollar or should I issue a check? I have Bank of America. The market rate showed about 1.

But Bank of America give me 1. Please advise whether I should get a bank in your list. Not a great rate, interactive brokers fxconv better than what BofA currently gives you. Another option would be to call a forex broker like Knightsbridge FX mentionned in my post, but there are many others and ask them for a quote.

Just bought a property in Florida. I tried knightsbridgefx with the deposit and everything went fine and then did the closing through them too. They were really helpful in getting me setup quick and they also did the wire transfer to the usa for me. It was my first time doing something like this. When I compared with my bank, the bank was so far off, I was so glad I came across them.

No wonder the banks are making so much money, their rates are so bad. Just wondering if you have any updates to your setup over the years? I receive USD wire transfers from clients. Your email address will not be published. With that said, IB is not for everyone: They have interactive brokers fxconv lengthy paperwork. I estimate it took me hours to set up the account. Their tools are designed for traders and can be confusing for laymen, especially at first. If you fund your account via EFT to save on wire transfer fees, you cannot withdraw the funds to a different bank account e.

My setup I get payments from US clients both by wire transfers and by cheques. Email Marketing Software Comparison How to: Will save me quite a bit in fees. Hi Interactive brokers fxconv, Glad I could help! Hope this helps, Pierre-Luc. Hey Pierre, Thanks for the reply. Interactive brokers fxconv for your feedback, Gary. Hi Pierre, thanks for your fast reply.

Hi Pierre, My question is related to foreign home purchasing. Thanks for sharing your experience. Thanks for the post. Thanks for the heads up — I updated the link. Hi Pierre, Just wondering if you have any updates to interactive brokers fxconv setup over the years?

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Funding your account Withdrawals. You should be able to choose the USD. CAD currency pair in the drop-down:. Depending on how you funded your account, there may be a rather long hold period for your funds currently 3 business days for wire transfers and 60 business days for EFTs. I hope this information was helpful.

But just confused by what you mean when you say SELL your currency, when thats said i instantly think short. However your explanation in detail is not correct. You use the USD. When you want to do the conversion, you create a trade in QuickTrade or Web trader , you choose the symbol, the type of trade Buy or Sell and the order type Market, Limit, Stop etc.

If you choose Market as order type, the order is executed asap slippage probably not considered! If you want to try a better exchange rate, you choose Limit and you put a rate which is higher than the current one.

You need to try with the correct amount until the system is happy, depending on the current market rate or the rate you have chosen.

There will be an error message if your order cannot be executed. This is because the amount of USD you will achieve depends on the rate and commission. Also, the IB system is buggy, it will adapt the quantities automatically if an error is detected, but not always….

I place a Buy trade by choosing EUR. GBP and then I need to have a look at the current rate. I try with the maximum amount of EUR until the system is happy for example , , etc. After performing this transaction selling the USD.

CAD currency pair , it will continue to show in your account as an open position. Closing the position would essentially reverse your transaction convert CAD back to USD at the prevailing rate which is not something I would want to do.

They also said they can remove virtual positions from the portfolio view in Trader Workstation but not in Web Trader. Am I missing something? Yeah, that was the difference. I ended up asking my Canadian bank to perform a wire transfer to IB, which was expensive, but the rest of the process was the same.

Thank you so much. Been looking for such a post for 2 months. Now I know how to convert thru IB. When the small window appears, type the number zero into each field and click OK. The position will then disappear. Your email address will not be published. Funding your account Withdrawals 2 Converting Currencies 2. CAD currency pair in the drop-down: As the article says anyway, always use the preview function before placing the trade.

Sorry for the delay! Thanks for the article. Thanks for the instructions. Their Web UI is sooo complex! No orders need to be placed to accomplish this. Leave a Reply Cancel reply Your email address will not be published.