IB & Charts

Trader333

Moderator
8,655 981
Hi Guys,

This whole issue for me is to do with Pattern Day Trading and the funding and exchange issues relating to this. If I have an account in USD then the issue of account funding requirements becomes secondary, ie the $25K needed wont fluctuate with exchange rates if my account is in dollars and is above this.

However, if my account is in GBP then exchange rates do become an issue. Over the last 2 years the £/$ exchange rate has varied from $1.64 to $1.42 So the difference in funding an account to patterny day trade has varied from £15.2K to £17.6K some £2.4K difference. At the moment the £ is strong against the $ but I think it will swing the other way at some point and I would rather not have to concern myself with the issue of exchange rates when it does. This is the reason I am wanting to fund an account with a base currency in dollars. IB dont have a problem with what base currency you choose but once chosen you cannot change it without opening a new account including all the hassle of identification, online exams again etc, which is why I said a complete pain.


Paul
 
 
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