Interactive Broker requires to convert the base currency, SGD to USD before you are able to trade US equities.
Buy USD, sell SGD.
As seen on Quick Trade Platform.
Select "Forex" tab --> Key in "USD" hit enter --> select "USD.SGD" --> key in amount in USD you want to FX for --> amend Limit Price if desired --> submit Order
Unfortunately, this is what I am prompted by IB as my BUY order is < USD 25000.
As advised, amended my order.
As seen on Trader Workstation (not recommended to do FX from there)
Reason being they do not transmit in odd lots with the minimum being 1K.
Routing Destinations
"All FX trades are routed to IdealPro for best execution. This also creates a "virtual" FX position allowing you to track average cost and running P&L on your currency trades. This "contract style view" is visible in the FX Portfolio – Virtual FX Position tab in the FXTrader and also appears in your Account Window."
source: https://ibkr.info/node/1460
FXCONV
"Orders routed to FXCONV destination are considered currency conversions, to exchange one currency to another so no virtual position is created - therefore it will not affect the FX Portfolio section in your Account Window."
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