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Thank you, that makes perfect sense. While I'm here, if you do maintain a USD balance - is there a recommended way to take the GBP figures for tax purposes when trading US stocks from UK or does IB provide statements of that? i.e. I assume you need to log the GBP figure rather than USD at point...

Hi, I'm in the UK and am looking at using IB/API for trading US stocks. If i do this, please can someone tell me if i will have to pay a FX conversion fee on every BUY & SELL order? Or, hopefully it is possible for me to fund my account in USD, so I only have a single initial FX fee? Any...