Trader333
Moderator
- Messages
- 8,750
- Likes
- 1,026
Hi All,
I am preparing for exclusively trading US based equities and I have an issue so would like some views from anyone willing to contribute.
OK to become a "Pattern Day Trader" really requires $25K minimum and my intention is to fund to $30K
With IB you can have an account in the base currency of your choice and mine is currently in GBP (£) But with the fluctuations in the £ / $ exchange rate, the difference for funding can be substantial.
For example; the current rate is $1.61 to £1 so to fund an account to $30K = approx £18.6K
But it was only last month that the rate was $1.54 to £1 so the funding would have been £19.5K a difference of some £900
I have spoken to IB and they have told me that I would need to open a separate account in USD ($) and that, because IB is a US based company, accounts held in currencies other than USD ($) are subject to daily account balance changes based on the exchange rate but this does seem incorrect to me.
So what are the views of others on here ? If I fund my account in USD ($) at least I will be in a position to Pattren Day Trade without worry of exchange rate changes that could affect the account requirements of having $25K minimum but there would be the issue of withdrawing funds etc
Thanks in Advance
Paul
I am preparing for exclusively trading US based equities and I have an issue so would like some views from anyone willing to contribute.
OK to become a "Pattern Day Trader" really requires $25K minimum and my intention is to fund to $30K
With IB you can have an account in the base currency of your choice and mine is currently in GBP (£) But with the fluctuations in the £ / $ exchange rate, the difference for funding can be substantial.
For example; the current rate is $1.61 to £1 so to fund an account to $30K = approx £18.6K
But it was only last month that the rate was $1.54 to £1 so the funding would have been £19.5K a difference of some £900
I have spoken to IB and they have told me that I would need to open a separate account in USD ($) and that, because IB is a US based company, accounts held in currencies other than USD ($) are subject to daily account balance changes based on the exchange rate but this does seem incorrect to me.
So what are the views of others on here ? If I fund my account in USD ($) at least I will be in a position to Pattren Day Trade without worry of exchange rate changes that could affect the account requirements of having $25K minimum but there would be the issue of withdrawing funds etc
Thanks in Advance
Paul