FX broker where to exchange currency

[Evidence Alpha]

Taking as reference InteractiveBrokers, which offers multi-currency balances and permits, outside of speculative trading, to convert one currency into another. Exemple : deposit EUR, change it to USD balance for 0.2% (min $2) balance, then withdraw in USD (first free per month, then $10 subsequently)

Are there other FX brokers, more retail than IB, that allow the same possibility ? Becuase there are many out there where you can only margin trade to make profit or losses in your base currency, but impossible to convert one currency into another one even though different currency balances can be funded in the first place

Any feedback on OANDA ? They may have advanced in this field
https://transferwise.com/partner/oa...p;utm_campaign=currency-converter#/comparisonhttp://rates.oanda.com/money-transfer.htmlhttps://www1.oanda.com/currency/traveler-cash

 

[Evidence Alpha]

Not possible with Oanda to withdraw another currency than the initial deposit one.
However, they‌ have that parternship with TW but it requires an account with TW on its own‍

 

[Nyep]

0.002%, not 0.2%. Huge difference.
Converting $150K in IB costs $3. If‍ it was 0.2% it would have been $300.
If you wire, yes. If you ACH it's $1.⁤

 

[Evidence Alpha]

Yep sorry, typo 🙂
Don’t have a US bank account to ACH
...except, do you know‌ if I can withdraw out of InteractiveBrokers (UK for me) directly to other american brokers‍ (tastyworks in my case), without passing by my own bank account in between ?

 

[Nyep]

You can ACH (credit only) to Transferwise from IB, if it makes sense in your scenario.‌
Sure. You should be able to use a partial ACATS transfer (available⁠ from Position Transfers menu) and choose cash only.
Why? The zero-cost closing fees?

 

[Evidence Alpha]

Unfortunately, got banned from TW last week. Reason not disclosed. Hence‍ why I’m searching a new “currency broker” to replace TW.
I’m from Europe. Unfamiliar with the US payment methods (ACATS is brand⁣ new to my ears). I’ll research. Fees ?

That, but also the convenience of their option tools that stand apart (also using︀ ToS tools on delayed quotes)
However, I will soon migrate to Tradovate because that’s where︁ my futures’ trading happens (volume trading) and I’m enjoying the proprietary platform, services and support︂

 

[Nyep]

Should be a nice fat zero on‍ both sides. Note that ACAT transfers in the other direction will probably be costly though.⁠ Most brokers aren't as awesome as IB.

 

[Evidence Alpha]

Thanks for the great feedback... cheers

 

[Evidence Alpha]

Having spoken with a support guy from IB, he explained that they introduced the minimum‌ Forex commission of $2 below $100k exchanged because too many people were using them as‍ a bank account, which he explained they’re not fond of... He advised to at lesst⁠ let a couple days elapse between a deposit and withdrawal and if possible, pass some⁤ trades on top.
All in all, I’m not sure if some clients are known out⁣ there to have been banned there for such reason...

 

[Evidence Alpha]

LYNX Broker is one of the white labels of IB in Europe.
Advantages : no‌ minimum deposit, no inactivity fees above 1000 of balance
Disadvantage : higher fees, FX conversion‍ for 0.005% min 5 instead

 

[iloveyouguys]

Found a way?