IBCE and currency holding

T

tomatotrader

Got an email which is a bit confusing. In IB account i deposit in EUR but i trade mostly canadian stocks and i use 95% CAD currecny to buy and sell. This limited currency means i can't use CAD anymore to buy on TSX or any other CAD exchanges ? I start to panic right now.I tried to talk to them but no responce yet. Anyone can clarify this ?

Email :
  • Limited Currencies – IBCE can only support deposits (long balances) in the following currencies at present. We expect to add support for additional currencies in the coming months. The currently supported list is: EUR, USD, HUF, CZK, PLN. We expect to add CHF, GBP within a few weeks, and thereafter key Asia-Pacific currencies. If your currency position in an unsupported currency is of a strategic nature, you may consider IBKR-CFD’s or exchange traded products as available. Short currency positions collateralized by financial instruments (as described above) can be supported transitionally.
 
ZBZB said:
I am under the impression that you can choose which EU entity your account is under. Ask and let us know here.
More...

Not as I understand it, I also had no option to choose.
 
I have been moved to IBIE. I have lost this:
"The Insured Bank Deposit Sweep Program allows eligible IB clients to obtain up to $2,500,000 ($5,000,000 for joint accounts) of FDIC insurance in addition to existing $250,000 SIPC coverage for total coverage of $2,750,000 ($5,250,000 for joint accounts)."

Maybe there are other negative consequences, but I have not discovered any yet.
 
Good news guys.IBCE awnser me and said that we can continue trading canadian stocks or any other but the difference will be the currency we allowed to hold is limited to EUR, USD, HUF, CZK, PLN. The exchange for the currency our positionis (for ex.CAD),will be automatically done from our deposit currency the moment we proceed with the trade.

So we wont have any deposit in any other currencies but we still can trade our equities in all the rest currencies

If from today we have any other currencies to our deposit they will exchange it to the allowed currencies so the account will be according the new regulations.
 
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