So I am just checking out IKBR. Using the trade portal where do you select between mini, micro or standard lots? The leverage rate for AUD.CAD is 33:1 So with 1000 USD I should be able to trade1/3 of a standard lot, or 33,000 contracts. So if my math is correct, that is .33 standard lots, 3.3 mini lots, or 33 micro lots. So if I wanted to max my margin I would just enter in 33000 contracts since there is no stipulation between standard, mini, micro lots? I think there is a minimum of $2500 USD to go on margin, so I can't test it.
TradeStation daytrade margin for AussieDollar Futs is $798/$160 standard/micro. I realize you are talking FX, not currency futures. Anyway for comparison that would be mean a position of 3 standard or 15 micro based on $2500 account margin. There isn't a mini size AD.
for FX, it is actual size that you want to trade. You also should be able to test via a paper account.
Ok I got into chat and QTY is the dollar amount so essentially how many units of currency. That's where I was getting confused. Still, why do I keep hearing about mini lots and micro lots with forex if you are just buying/selling dollar amounts? Anyway, the costs of a $82,500 margin trade would be: Margin interest The blended interest rates is 6.830% which would be about $16 per day to hold the position. Carry over costs AUD/CAD long -$2.86 per day That sound about right?
I'm not sure where you are posting the lot size from but that could refer to some futures contracts. if you are trading spot, i would just forget the term and think units of currency. On the interest, you pay interest if borrowing on the debit side and receive interest on the credit side. you can use the paper trader to take a look and experiment.
Oh so you can trade futures contracts in forex...ok. Thanks. With AUD/CAD both long/short are negative. https://www.forex.com/en-ca/about-us/financial-transparency/rollover-rates/
Sry I should clarify the $16 is the cost to hold the ($87,500) position each day at 6.830%. The rollover cost will be debit/credit the swap fee which doesn't amount to much either way so not really important. I think it's currently -$2.86 overnight on a long position. Anyway, not betting the farm here so will just start placing trades and see what happens.
@wxytrader you seem to think that IBKR is one of those forex trading houses where you can buy/sell forex lots with leverage? That's not what IBKR offers. They are more like any regular bank where you can exchange money from one currency into another by buying/selling. You will pay a commission at each trade. Your account is a multi currency account and you will receive credit interest on each currency you hold (or incur debit interest on those currencies where you have a negative balance).