After you
have funded your Interactive Brokers account with money, then it is time to start trading.
But first, you may have to convert your money in your Interactive Brokers account into another currency.
The purpose you have a trading account is to buy securities and majority of the securities that you are interested in tends to be overseas in
- United States
- United Kingdom
- Australia
- Hong Kong
- A lot of other countries
The currencies that the securities trade in tends to be USD, Euro, HKD, AUD.
Without the currencies the security trades in you cannot buy. If you do not have the money in that currency and you have a margin account, Interactive Brokers will by default take it that you wish to borrow on margin to purchase the securities.
So in this article, we discussed all things about FX conversion
IBKR Allows You to Convert Currencies at Near Spot Rates
The spot rate...
