Instructions
Base Currency lets you modify the base currency for your account. Your base currency determines the currency of translation for your statements, the currency used for determination of margin requirement, and for a Cash Account, the currency of products you are allowed to trade without converting currency. You can trade products in other currency after you convert the appropriate amount of base currency to the desired foreign currency using the Convert Currency tool. In addition, charges related to market data and research, inactivity fees, and commissions on Forex trades are also charged in your base currency.
Modify the Base Currency for an Account
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Click the User menu (head and shoulders icon in the top right corner) > Settings > Account Reporting > Base Currency.
- Select your desired base currency from the drop-down, and then click Save.
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Verify your selection, then click Continue to submit your currency change request.
Note that base currency changes do not take effect until the next trading day. Once your change takes effect, you will see your new base currency displayed in the Account Reporting section.
Additional Resources
Learn About the Client Portal Interface at IBKR Campus
Visit the IBKR Client Portal Website
Navigate to Base Currency
FAQs
A base currency is the first currency that appears in a forex pair quotation. In the foreign exchange market, one currency will always be quoted in relation to another because you are buying one while selling the other.
What is base currency with example? ›
For example, if you were looking at the CAD/USD currency pair, the Canadian dollar is the base currency and the U.S. dollar is the quote currency. Currencies constituting a currency pair are sometimes separated with a slash character.
Is USD a base currency? ›
Let's take GBP/USD as an example; with this currency pair, GBP (Great British pound) is the base currency, and USD (United States dollar) is the quote currency. Now, let's say that GBP/USD is trading at 1.2100; what this means is if a trader wants to buy one pound, they would have to pay 1.21 US dollars.
What is the difference between trade currency and base currency? ›
The base currency is the first currency shown in a foreign exchange quotation. The second currency in the quotation is called the quote currency, or counter currency. Foreign exchange quotations are always presented as a currency pair in the following format: XXX/YYY e.g. EUR/USD.
What is another name for the base currency? ›
So-called currency pairs are traded on this market. Base currency (also called transaction currency) is always given first in a currency pair; quote currency (also called counter currency) is given second.
What is my base currency? ›
A base currency is the first currency that appears in a forex pair quotation. In the foreign exchange market, one currency will always be quoted in relation to another because you are buying one while selling the other.
What is base currency to USD? ›
Examples of a base currency
Let's say that you are looking at the EUR/USD pair. In this example, the base currency is the euro and the quote currency is the US dollar. If the price of the EUR/USD pair is 1.3000, it means that you would need $1.30 to buy a single euro.
What is standard base currency? ›
A body of content knowledge that students are expected to learn based on their participation within the school experience, standards-based curriculum includes broad descriptions of content areas and often specifies performance standards that students are expected to meet.
What is the base of US dollar? ›
Understanding the U.S. Dollar Index (USDX)
The index started in 1973 with a base of 100, and values since then are relative to this base.
Who does the US dollar belong to? ›
The United States dollar is the official currency of the U.S. and its territories. Learn about the bills and coins that make up U.S. currency.
One can classify currencies into three monetary systems: fiat money, commodity money, and representative money, depending on what guarantees a currency's value (the economy at large vs. the government's precious metal reserves).
What are the 7 major currency pairs? ›
7 major forex pairs
- The euro and US dollar: EUR/USD.
- The US dollar and Japanese yen: USD/JPY.
- The British pound sterling and US dollar: GBP/USD.
- The US dollar and Swiss franc: USD/CHF.
- The Australian dollar and US dollar: AUD/USD.
- The US dollar and Canadian dollar: USD/CAD.
- The New Zealand dollar and US dollar: NZD/USD.
In forex, currencies are traded in pairs. The first currency is called the base currency and the second currency is called the quote currency. So for example, EURUSD, means that the base currency is the Euro and the quote currency is the USD. The quote currency is sometimes referred to as the counter currency.
Is USD always the base currency? ›
A currency pair is a fraction that includes a numerator and a denominator, which are also called the base currency and quote currency. While most currency pairs that quote the dollar list the dollar as the numerator or base currency, EUR/USD has the euro first and the reason is mostly due to convention.
What is the opposite of the base currency? ›
Summary. A currency pair is considered a price quote between two different currencies within the foreign exchange market. The first listed currency within a currency pair is called the base, while the second currency that is the benchmark is called the quote.
What is base currency symbol? ›
Base Currency symbol: enter the symbol of the currency. For Rupees, it is ₹.
What is an example of base money? ›
Example of a Monetary Base
Let's suppose that Country Z has 600 million units of currency circulating in the public and its central bank has 10 billion currency units in reserve as part of deposits from many commercial banks. In this case, the monetary base for country Z is 10.6 billion currency units.
How many countries base their currency on the US dollar? ›
In addition to the United States and five U.S. territories, there are 11 foreign countries, territories, and municipalities that use the U.S. dollar as their currency. Several other countries accept U.S. dollars alongside the local currency.
What is the base currency of the EUR USD? ›
The Currency Pair EUR/USD is the shortened term for the euro against the U.S. dollar pair, or cross for the currencies of the European Union (EU) and the United States (USA). The currency pair indicates how many U.S. dollars (the quote currency) are needed to purchase one euro (the base currency).
