I want to convert currency for withdrawal. I have always used FXCONV in the DEST column. However, now there are only these two options in the dropdown menu: IBALGO and IDEALPRO. Anyone experienced the same?
That is crap!! So now what, you would always have to carry a virtual balance on your account statement? Or did they eliminate the virtual balance too? If they don't want to give us the FXCONV then they shouldn't force us to see a misleading balance on our account statement.
I just converted using IDEALPRO. It did not result in a virtual balance. My take is that a virtual balance going forward is only established when you open a leveraged FX position.
Ok that's fair. That's what they really should've done right from the beginning. At least they fixed it now. Thanks for the updates.
You can still convert via client portal web and manage your multi currency balance as you prefer. Although is not a fxconv trade anymore, and I think you can't place an order to get your chosen price as we used to with fxconv, it's market if I remember correctly, but you can choose quantity and currencies and it will show in the virtual balance which I guess is the multi currency balance. I rebalanced my multi currency recently because I closed a few positions.
What precisely would be the definition of "leveraged" FX trade? I typically have slightly positive or negative balances in various currencies in my account. Would FX conversion be considered "leveraged FX trades" whenever there is a negative balance in a currency or in the currency to be converted from? Or is "leveraged FX trading" something completely different? Because a while ago I read that IB was no longer allowed to offer FX trading to U.S. customers. P.S.: I never did forex trading and have no intentions to do so. Only currency conversions in somewhat leveraged accounts.
I just did an "IDEALPRO" currency conversion in my IRA (by definition no margin leverage allowed), and promptly receive a "virtual FX position" in the TWS account window. I don't wish to eliminate the "virtual fx position" every time I do a currency conversion; what a cumbersome and repetitive, not to say idiotic task. Why did they remove the "FXCONV" route that used to work perfectly??? They have so many things that are dysfunctional. Why not fix things rather than remove features that work?