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How to convert currency on Interactive Brokers?

How to convert currency on Interactive Brokers? 

High inflation is here and your money is losing its value, or you are just thinking about investing in other currencies since interest rates are high? At first, it can look like a difficult task, but Interactive Brokers is a good choice for FX investments. If you haven’t registered at Interactive Brokers’ platform, check our article about account opening. In this article, we will guide you through the steps of buying a different currency at IBKR’s platform.

There are two ways on how you can convert currencies on Interactive Brokers. 

The first way is the following:

On Interactive Brokers' Client Portal, head to 'Trade' >> 'Convert Currency'. Here you can choose the currency you have and the currency you want, then enter the amount and click submit.

The other way is to go to the search bar on the top side of the page and start typing the desired currency symbol.

Here if you type any symbol, Interactive Brokers will show automatic results to set up an order to exchange currency. 

If you'd like to exchange EUR to USD you have to choose EUR.USD and create a sell order of the EUR/USD pair. 

If you set up a buy order for EUR/USD, you will convert from USD to EUR.

This method can specifically be useful if you would like to set up a limit order.

Visit Interactive Brokers

How to convert currency in Interactive Brokers? - Currency converter page

 

Step by step: how to convert currency on Interactive Brokers

 

The first method to convert currency on Interactive Brokers is the following:

Before you do anything, first you need to create an Interactive Brokers account to access the currency converter. If you have it set up and verified, follow these steps:

  • Go to the Interactive Brokers website.
  • Click on the red ‘Log in’ button at the top right corner.
  • Go to the ‘Client Portal Login’ or the ‘Account Management’ link and enter your name and password, and clear the two-factor authentication.
  • Don't forget to fund your account, as you can only exchange currencies with a positive cash balance. 
  • Click on 'Trade' on the menu bar, not the top right corner, and choose 'Convert Currency'.
  • On the left side you can choose the currency that you have and the currency you would like to exchange it to.
  • For example let's say you'd like to exchange to USD from EUR. To do this choose EUR in the 'Currency I Have drop-down menu' and choose USD in the 'Currency I want drop-down menu'.
  • Once you have chosen the desired currencies you can in our case either enter the amount of EUR you would like to convert or the amount of USD you would like to get.
  • After setting the amounts simply click submit.

The second method to convert currency on Interactive Brokers is as follows:

  • Go to the Interactive Brokers website.
  • Click on the red ‘Log in’ button at the top right corner.
  • Go to the ‘Client Portal Login’ or the ‘Account Management’ link and enter your name and password, and clear the two-factor authentication.
  • Don't forget to fund your account, as you can only exchange currencies with a positive cash balance.
  • Click into the search bar and start typing the currency symbol you wish to convert.
  • For example, let's say you'd like to exchange to USD, from EUR. To do this, start typing EUR and choose EUR.USD.
  • If you click 'buy' and set a buy order for EUR/USD, you'll convert USD to EUR.
  • To convert EUR to USD, click on 'sell' and set a sell order (or ask order) to convert EUR to USD.
  • If you would like to convert the currency immediately choose market order, if you would like to convert when the exchange rate is at a specific level choose limit order and provide a limit price.
  • To execute the exchange you have to click 'Submit Buy Order' or 'Submit Sell Order' based on what you chose before.

Just before submitting the order, the expected amount and commissions will be detailed. 

Alternatively, head to the Interactive Brokers mobile app, where there's a separate menu for converting currencies, called 'Convert Currency'. You can find it next to 'IBot', 'Portfolio' and other menu points.

 

Interactive Brokers: further reading

 

Author of this article

Bence András Rózsa

Author of this article

Bence András Rózsa is an experienced broker analyst. Having an MSc in international economy and finance, he focuses on equities, cryptos and newcomer financial services. He also has 2+ years of experience within the brokerage industry specializing in stock- and CFD/forex brokers, crypto providers and robo-advisors.

Bence András Rózsa

Broker Analyst

Bence András Rózsa is an experienced broker analyst. Having an MSc in international economy and finance, he focuses on equities, cryptos and newcomer financial services. He also has 2+ years of experience within the brokerage industry specializing in stock- and CFD/forex brokers, crypto providers and robo-advisors.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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