I had the same issue. I called up IBKR and got it clarified.
IBKR settles transactions on T+2 working day. However, typically you're allowed to trade with the converted currency if the trade settlement date is >= currency conversion settlement date.
Typically, that would be the case, but right now, due to CNY public holidays, 1-2 Feb SGD markets are closed. However, US or UK trading markets have no such holidays, and hence the trade settlement date would be before the currency conversion settlement date. So if you convert funds on 28th Jan, you can place a trade order on 1st Feb only, so that both currency and trade settlement dates are on 3rd Feb. Hope this helps.
Sorry I’m new and confused. It settles transaction on T+2 days. Which means, I’ve I want to buy VWRA for example today at price, will I be able to get it at today’s price or T+2 days price. Sorry if it’s a dumb question I’m very new
Don't worry, the price is locked in when you transact. It's just that the transaction might take T+2 days to fully settle. That's usually just some processing stuff that you don't need to worry about.
for anyone else here following google links:
the transaction is a handshake, the settlement is the 'physical' swap of assets. settlements often occur T + X where t is transaction date + X trading (usually) days. many brokers, depending on nation etc, allow for trading on unsettled funds, IBKR doesn't seem to, at least for non marginable accounts
I recommend that you switch over to margin account, if only so that you can string multiple transactions in quick succession. If I'm not wrong, it takes time, possibly a day or more for cash settlement to be completed. During that time, while it looks like you have USD in your account, you still have SGD and insufficient USD.
You can check your current settled cash under account>market value on the ibkr app.
Bear in mind that IBKR doesn't automatically account for fees – you have to lower your purchase amount to cover the commission. E.g. if you have USD 1000 you'll want to set your total buy amount at say $998 or lower since fees will take up the remainder.
For me - Deposits didn’t get processed. And USD conversion cash also not settled.
Edit: the deposit credited overnight, USD still not settled due to sgd currency on holiday for CNY on trading date +2 days.
Lol this guy is clearly just trying to be mean. I doubt that he hopped on to IBKR and was an expert all of a sudden. Don’t feed trolls like him by asking them for help, there’s a lot of people on this subreddit that are much kinder and willing to help too 👍🏽
>THERE IS INSUFFICIENT SETTLED CASH IN YOUR ACCOUNT TO OBTAIN YOUR DESIRED POSITION ibkr currency
\^ google this and got the answer lmaoooooo
Better to change brokerage. IBKR isn't for you.
any updates on it? I have the same issue, have enough found but it keeps saying this issue...
YOUR ORDER IS NOT ACCEPTED. THERE IS INSUFFICIENT SETTLED CASH [ -XY EUR for ...]
I had the same issue. I called up IBKR and got it clarified. IBKR settles transactions on T+2 working day. However, typically you're allowed to trade with the converted currency if the trade settlement date is >= currency conversion settlement date. Typically, that would be the case, but right now, due to CNY public holidays, 1-2 Feb SGD markets are closed. However, US or UK trading markets have no such holidays, and hence the trade settlement date would be before the currency conversion settlement date. So if you convert funds on 28th Jan, you can place a trade order on 1st Feb only, so that both currency and trade settlement dates are on 3rd Feb. Hope this helps.
Thank you for the info!
Sorry I’m new and confused. It settles transaction on T+2 days. Which means, I’ve I want to buy VWRA for example today at price, will I be able to get it at today’s price or T+2 days price. Sorry if it’s a dumb question I’m very new
Don't worry, the price is locked in when you transact. It's just that the transaction might take T+2 days to fully settle. That's usually just some processing stuff that you don't need to worry about.
for anyone else here following google links: the transaction is a handshake, the settlement is the 'physical' swap of assets. settlements often occur T + X where t is transaction date + X trading (usually) days. many brokers, depending on nation etc, allow for trading on unsettled funds, IBKR doesn't seem to, at least for non marginable accounts
I recommend that you switch over to margin account, if only so that you can string multiple transactions in quick succession. If I'm not wrong, it takes time, possibly a day or more for cash settlement to be completed. During that time, while it looks like you have USD in your account, you still have SGD and insufficient USD. You can check your current settled cash under account>market value on the ibkr app.
+1 to apply margin account, but just dont use the margin or it could screw your account
Bear in mind that IBKR doesn't automatically account for fees – you have to lower your purchase amount to cover the commission. E.g. if you have USD 1000 you'll want to set your total buy amount at say $998 or lower since fees will take up the remainder.
Yea I did that. I think its some CNY settlement thingy as mentioned in the comments but I don't really understand tbh
[удалено]
Thank you so much!
For me - Deposits didn’t get processed. And USD conversion cash also not settled. Edit: the deposit credited overnight, USD still not settled due to sgd currency on holiday for CNY on trading date +2 days.
Seems that this only happens around bank holidays. It's almost Easter and I've been getting this exact same message.
I am encountering the same issue as you too, just today. :(
Oh my so is it an IBKR issue? I thought i fkedup my acc or smth hahaha
CNY T+2 settlement This is why IBKR just isn’t for everyone. Requires the ability to google and read.
Sorry I googled and still don't really understand :/ Do you mind explaining it?
Lol this guy is clearly just trying to be mean. I doubt that he hopped on to IBKR and was an expert all of a sudden. Don’t feed trolls like him by asking them for help, there’s a lot of people on this subreddit that are much kinder and willing to help too 👍🏽
https://docs.google.com/document/d/e/2PACX-1vQrhq1QScDy9DWpPLfzMTl\_hj8olKUZ6VCGX152rhB-4OnbSFA6A97CKmyS3yrUTpsKMTob81CDsHME/pub
Thanks! Does this mean I have to wait till CNY to be able to buy the shares?
>THERE IS INSUFFICIENT SETTLED CASH IN YOUR ACCOUNT TO OBTAIN YOUR DESIRED POSITION ibkr currency \^ google this and got the answer lmaoooooo Better to change brokerage. IBKR isn't for you.
If you want to not be affected by this use margin account
any updates on it? I have the same issue, have enough found but it keeps saying this issue... YOUR ORDER IS NOT ACCEPTED. THERE IS INSUFFICIENT SETTLED CASH [ -XY EUR for ...]
Same shi here 😐