So i am assuming you have to buy USD and sell GBP and then long the GBP again to offset exchange rate fluctuation. I dont think u can do it with IDEAL or IDEALPRO because it doesnt pay interest on your 1st 10K GBP long balance. So i am suggesting, you sell your 10K GBP and buy the USD on IDEAL and then sell the EFP and then go to OANDA and long 10K GBP/USD to offset any exchange rate risk
I just posted a new thread with the following question, sorry for the repeat: "I have a IB account in EUR denomination with a cash balance of 30K EUR plus 15K USD, which I use for day trading. I would like to sell EFP or buy T-bills for the entire cash balance to accrue interest while still retaining margin for daytrading. How do I hedge the currency risk involved in selling EFP or buying T-bills? From this respect, is there any difference in going the EFP or the T-bill way?" Can anyone clarify if I can hedge this without opening an account on OANDA?
if you live in europe you must have money denominated in euros so you are already taking currency risk every day by being long the euro, if all your money is at ib and none at the bank a you could hedge the 15k with forex options as for selling efp's they will use up some margin by being long stock and selling single stock futures but if you are daytrading less than a million in forex i wouldn't worry about it