FX for Australian IB

[ScottMcNab]

I am looking to convert AUD to USD but can’t get quotes for aud.usd pair…from what I can read it may be ASIC issue…Is there a place for subscription to forex market data ? If not, how are people transferring currency please….just submitting a mkt order and doing the calculation based on exchange rate obtained elsewhere ?

[SaidBitar]

for forex you do not need market data they are provided for free
if you want to check for market data you need to go to account management in the wen interface and over there you can find market subscription you just select what you want. Over there you can see forex data and as far as i remember it is for free

[ScottMcNab]

From what I can read on forums (which may be out of date) it may not be an option for Aus customers Said. I went searching forums because I spent over half an hour going through acct mgt/market subscription without being able to find it…I will go back again

[ScottMcNab]

I would have expected to find it here?

[SaidBitar]

for me i have two above these
Ideal Fx (Ideal PRO) Forex Free waived
Ideal FX (Ideal) Forex Free Waived

[ScottMcNab]

Thanks Said..much appreciated…I have sent a ticket to IB to confirm but I wont spend any more time searching acct mgt…still makes me wonder at a solution….maybe just submit as mkt order and just ignore all the warning pop ups about trading without market data

[Nick Radge]

Just look it up on Bloomberg.

[ScottMcNab]

Ok..I imagine IB will be pretty close in estimating amount to convert

[ScottMcNab]

No go….hmmm

[ScottMcNab]

For au cash accounts, ignore IB video/instructions on their website about converting currency to USD before buy stock it seems… will try tonight and see how it goes

[ScottMcNab]

IB does the currency transaction

and also issues bulletin below

[#REF!McGrath]

Just following on from the above post for AUD cash a/c buying US stocks I received the following advice from IB:

“Please know that due to ASIC regulatory restriction, IB LLC is not able to offer Australia clients FX conversion that will increase exposure in currencies that are not AUD. This means that you will not be able to convert from AUD into USD.

Having said that, you are still able to trade US securities and any debit cash balances will be converted as you have a cash account. Selling US securities will leave the proceeds in its denominated currency. For example:if you bought AAPL shares, we will automatically liquidate AUD into USD on your behalf as the purchase creates a debit cash in USD. When you sell AAPL shares, the proceeds will remain in USD.

to convert USD back into AUD, you will need to place a BUY trade. If you are using TWS, you can simply search for AUD.USD on your watchlist, right click and select Trade > Order entry > BUY > quantity is the equivalent of the AUD value.

Alternatively, you may also perform this conversion via TWS > Account > Account Window > Under “Market Value – Real FX Balance”, right click on USD and select “Close Currency Balance” > Select Variables and transmit order.”

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