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Old 16.04.2020, 14:03
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IB fees for Forex / Currency exchange?

Hi everyone,


I was playing around wiht the Paper version of the Trader Workstation, and i decided to change USD to JPY...

The movement was the following:

1.- Convert 1000 usd to JPY
2.- Wait until the JPY increase in value a bit
3.- Sell

Problem here, is that IB "charged" (since it was with demo funds) 269.52 usd each time (for buying and selling) makint the 12 usd profit look like a joke...

So, question here, where can I see exactly the fees? Since i have been talking with the customer support - which they didnt seem to knew - look at the fees, etc. but couldnt find anything about it...


Thanks in advance!
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Old 16.04.2020, 14:12
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Re: IB fees for Forex / Currency exchange?

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So, question here, where can I see exactly the fees? Since i have been talking with the customer support - which they didnt seem to knew - look at the fees, etc. but couldnt find anything about it...
Did you try googling? https://www.google.com/search?safe=s...4dUDCAw&uact=5
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Old 16.04.2020, 14:24
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Re: IB fees for Forex / Currency exchange?

Long story short, its never a good deal to trade with "weak" currencies... I knew that fees were not good for penny stocks, now i know there are also no good for currencies that are "weak" against the dollar. Interesting....
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Old 16.04.2020, 14:25
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Re: IB fees for Forex / Currency exchange?

Also, yes, i saw that one before, the explanation was quite poor from their side
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Old 16.04.2020, 15:49
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Re: IB fees for Forex / Currency exchange?

Quote:
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Hi everyone,


I was playing around wiht the Paper version of the Trader Workstation, and i decided to change USD to JPY...

The movement was the following:

1.- Convert 1000 usd to JPY
2.- Wait until the JPY increase in value a bit
3.- Sell

Problem here, is that IB "charged" (since it was with demo funds) 269.52 usd each time (for buying and selling) makint the 12 usd profit look like a joke...

So, question here, where can I see exactly the fees? Since i have been talking with the customer support - which they didnt seem to knew - look at the fees, etc. but couldnt find anything about it...


Thanks in advance!
In IB there is a 25k USD or equivalent min size to be able to access the interbank market. It only costs $2 to do an FX trade.

Anything smaller than that it is basically similar to the regular bank rates FX with higher costs and wider spreads. I have not done FX trade less than the min size so I don't know how much they charge.

You won't be able to see the fees in advance because they don't know how much it will be. It depends which bank they will use and how long they will keep it before converting.

Imo, IB FX is superb but you need to trade the min size for the Interbank market.
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Old 16.04.2020, 15:54
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Re: IB fees for Forex / Currency exchange?

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Long story short, its never a good deal to trade with "weak" currencies... I knew that fees were not good for penny stocks, now i know there are also no good for currencies that are "weak" against the dollar. Interesting....
Which currencies are interested in trading? I only trade major currencies but I don't really see any reason that you won't get good prices in any of the currencies that are in their list of trading currencies.
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Old 16.04.2020, 19:30
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Re: IB fees for Forex / Currency exchange?

When you enter USD, you have to choose CFD and not forex. It's $2 per trade.
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