What products or trading permissions may I have with my SIPP account?

Only Non-US resident accounts opened through IMPACT are eligible for automatic currency conversion.

For these accounts, IBKR will automatically convert currencies to facilitate multi-currency trading for orders entered through IMPACT or any other IB trading platform. This means that you can purchase assets that trade in currencies other than your base currency without first having to manually complete a currency conversion…

Overview:

Yes, with certain limitations. We provide cash accounts the ability to trade products denominated in a currency other than the designated base currency of the account as long as the account is classified as a multi-currency cash account (i.e., maintains Forex trading permissions). To trade a security denominated in a non-base currency, the account holder must either first deposit the appropriate currency into their account or perform a currency conversion via the IdealPro venue. Regardless of the method selected, one needs to ensure that a sufficient balance of the appropriate currency exists in order to cover the purchase price of the applicable security including commissions prior to submitting the order or it will be rejected. This implies that IdealPro currency conversions must settle prior to the converted funds being available for a subsequent transaction (e.g., if you are converting USD into EUR for the purpose of purchasing a EUR denominated stock, you would not be able to enter the stock order until the conversion trade had settled two business days later)…

Currency conversion orders can only be executed with the funds resting in the Securities segment of your Interactive Brokers Universal account. If you have an approved UK Regulated account segment and trade any CFDs, OTC Metals or Non-US Index options, then the cash in that UK Regulated account segment must be manually transferred by the account holder back to the Securities segment in order to convert that cash to a different currency. Please remember that the "Total" cash amounts for each currency displayed in your trading screen are the net amounts between all of your account segments: Securities account, Commodities account and UK Regulated account…

Residual cash balances in non-base currencies will be converted automatically to the base currency of the account after 2 business days at no cost to clients. Nominal FX balances are defined as those less than 5.00 USD or the equivalent. Such residual non-base balances are regularly swept the night after settlement. Usually the cash settles T+2 trade date plus 2 business days after a FX conversion trade or after a closing stock trade. A non-base residual cash less than 5.00 USD will be swept into the account's Base Currency as long as no other unsettled activity remains like an accrued interest payable or receivable in that currency. Note that balances which are accrued but not yet posted, such as interest debits and credits, are not subject to being swept while in an accrual state but can be swept back to the Base Currency the day after being posted to the account's cash balance…