Ways to Open an Interactive Broker (IBKR) Account with Full-Forex Capabilities from Australia?

arkhos on 09/09/2021 - 22:38

Hi guys,

As we sadly know, Interactive Brokers (IBKR) Australia by default restricts Australian residents to open accounts with their Australian subsidiary. The australian subsidiary is heavily constrained under several regards, the most important of which, for my purposes, is the forex accounts. In Australia, cash holding is allowed only in GBP, USD, AUD and EUR, whereas the original IBKR accounts allows for about 20 currencies.

I would like to know whether there is any way to get access to the full-fledged IB account for Australian residents. I can consider proxy-trading via registrated entities in UK or USA, if allowed.

Financial

Comments

  • Seba10 on 09/09/2021 - 23:20
    +1

    Hey akrhos,

    I can't actually help with your question but can i ask you to elaborate on why you need it? Can you hedge or express whatever directional view via futures contracts in the underlying currency rather than a cfd or cash? IBKR routes through cme and I have personally never had any dodgey fills trading using the futures or mini futures contracts (whereas i certainly have using other cfd brokers in the past). Anyway, I hope you find a solution, i am intersted in any answers you recieve as the Aussie IBKR definetly lacks a few ther features to.

  • arkhos on 10/09/2021 - 09:27

    Hi Seba,

    Very simply, I like the currency conversion rates :)

    • pndl on 10/09/2021 - 12:55
      +1

      Are you interested in fx exchange the gain fx exposure or for other purposes?
      Their currency conversion is strictly speaking offered for trading purposes only and they have known to close accounts for people using it otherwise.

      • arkhos on 10/09/2021 - 22:21

        I would also use it for trading purposes, as I don't want to use alternative routes (CFD, options, etc). If there is a workaround, happy to listen

Login or Join to leave a comment
Login Join