I seek assistance with working out how IB works for currency exchange.
For the sake of argument I have transferred HKD100,000 to IB which I want converted to USD. The money got transferred on Thursday. I am putting in that I want to buy USD12,700.
When I try to do the transfer I keep on getting this message: "Cash available 100,600; cash needed for this order and other pending orders 104,933."
What the heck is going on? I have enough HKD to convert into USD and don't have any pending orders.
Any idea?