Convert Currency
Instructions
The Convert Currency tool lets you convert cash from one currency to another. Follow the steps below.
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Click More > Trade and select Convert Currency.
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Select the currency you currently have from the drop-down menu (for example, USD).
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Select the currency you want to convert to from the drop-down menu (for example, EUR).
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Enter the amount you will need for the transaction (for example, 2000 EUR).
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The converter will automatically calculate the amount of base currency required to complete the conversion and sets up a market order for the FX transaction.
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Select Preview to review the order details.
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Select Submit to submit the order.
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The currency position will now be shown in the Portfolio page and can be used to purchase supported instruments in that region.
There is a substantial risk of loss in foreign exchange trading. The settlement date of foreign exchange trades can vary due to time zone differences and bank holidays. When trading across foreign exchange markets, this may necessitate borrowing funds to settle foreign exchange trades. The interest rate on borrowed funds must be considered when computing the cost of trades across multiple markets.
Additional Resources
Learn About Trading in the IBKR iPhone Interface at IBKR Campus