IBKR mistakenly shows a nonexistent FX position for many days

blueraincap said:
I did trade USDJPY a little but I always closed quickly and I know I do not have any existing FX positions. The cash positions are correct, showing I have about 400k JPY debit and 250k USD credit, which contradicts the erroneous FX position (if I shorted 170k USDJPY, JPY cash value would be a lot higher).

I initially thought it would go away in a day but it has been there for 3-4 days and I now doubt if I might be charged for the carry? Any experience with such error?

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If the base currency of your account is in USD, whenever you trade in a currency that's not based in USD like USD/JPY or USD/CAD, you need to convert the proceeds back to USD after you close the position. IB, unlike some brokers like Oanda, does not do that currency conversion automatically for you, it's you who have to do it and of course incur another commission charge for it otherwise you will always have a position open and incur carrying charges and further profit/loss on it due to the currency fluctuation.

If you did a currency conversion, make sure you use "FXCONV" instead of "IDEALPRO" as the destination when you send the order otherwise after you converted the currency, you will end up with a virtual position because IB thinks it's a currency trade and not a conversion and thinks you have a position open when you don't.
 
That only makes sense when the accumulated foreign currency pnl is large enough. Otherwise I just let it sit there for a while. Small amounts don't cause damage, especially not long positions, though one wants to be careful about negatively yielding currencies in this case.

TheDawn said:
If the base currency of your account is in USD, whenever you trade in a currency that's not based in USD like USD/JPY or USD/CAD, you need to convert the proceeds back to USD after you close the position. IB, unlike some brokers like Oanda, does not do that currency conversion automatically for you, it's you who have to do it and of course incur another commission charge for it otherwise you will always have a position open and incur carrying charges and further profit/loss on it due to the currency fluctuation.

If you did a currency conversion, make sure you use "FXCONV" instead of "IDEALPRO" as the destination when you send the order otherwise after you converted the currency, you will end up with a virtual position because IB thinks it's a currency trade and not a conversion and thinks you have a position open when you don't.
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