The Watchlists are saved by name and content so they are saved as separate Watchlists. It is also possible to have two Watchlists with the same name but different sets of instruments. You have the ability to preview each Watchlist to determine its contents.
What happens if I have two uniquely-named Watchlists on two different platforms that have identical lists of instruments?
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Can I transfer funds and/or positions internally between IBKR account with different account name/title?
How do I edit my watchlist in Client Portal?
Is my TWS the online or offline version?
What happens if I have two Watchlists on two different platforms that use the same name?