IBKR: base currency is not borrowing permission
Separate reporting values, foreign cash and Forex permission instead of mistaking display translation for conversion.
Reporting denomination
Configuration uses base currency for statement translation and margin calculations; multi-currency cash can still hold other balances. A reporting change does not establish that an exchange transaction occurred. This is the UK-route direct-client schedule; advisor/IB charges can be added.
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Diagram explained
Inspect currency balances and permissions
- EUR 1,000 + USD 0 cash
- Assume EUR/USD 1.10 → USD 1,100 report
- USD reporting does not create settled USD
A no-conversion illustration
Assume EUR 1,000 and USD 0 cash at a 1.10 reference rate. A USD 1,100 equivalent report does not prove USD 1,100 settled cash for withdrawal/purchase; inspect each currency ledger.
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Conversion and borrowing rights
Cash cannot borrow currencies; leveraged Forex requires additional conditions and permissions. Do not switch to margin solely to cover settlement without understanding financing and haircuts; affiliate availability differs.
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Use the ledger for costs
Manual spot has minimum commission, auto a rate adjustment, and withdrawals a separate counter. Use cash ledger, execution confirmation and withdrawal status; one NAV total does not replace them.
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