How to Convert from Base Currency to Trading Currency in Interactive Broker

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Interactive Broker (affiliate link) requires to convert the base currency, SGD to USD before you are able to trade in the US market. 
 
Buy USD, sell SGD. 
 
 
As seen on Quick Trade Platform. 
 
Select “Forex” tab –> Key in “USD” hit enter –> select “USD.SGD” –> key in amount in USD you want to FX for –> amend Limit Price if desired –> submit Order

 

Interactive Brokers - USD.SGD Conversion
 
Interactive Broker - Quick Trade
 
Unfortunately, this is what I am prompted by IB as my BUY order is < USD 25000. 
 
 
 As advised, amended my order. 
 
 
 
 
As seen on Trader Workstation (not recommended to do FX from there)
 
Reason being they do not transmit in odd lots with the minimum being 1K. 
 
Interactive Broker TWS
 
 
Interactive Broker TWS
 
 
Routing Destinations
 
 

IDEALPRO

 

“IB’s venue for executing Forex trades, referred to as IdealPro, operates as an exchange-style order book, assembling quotes from the largest international Forex banks as well as other IB clients and market makers. IB imposes no markup to the quoted spreads but rather charges an explicit commission ranging from 0.2 to 0.10 basis points of the trade value depending upon your monthly trade amount, subject to a per order minimum of USD 2.00.”

 
“All FX trades are routed to IdealPro for best execution. This also creates a “virtual” FX position allowing you to track average cost and running P&L on your currency trades. This “contract style view” is visible in the FX Portfolio – Virtual FX Position tab in the FXTrader and also appears in your Account Window.”
 
 
FXCONV
 

“Orders routed to FXCONV destination are considered currency conversions, to exchange one currency to another so no virtual position is created – therefore it will not affect the FX Portfolio section in your Account Window.”