How will the change from T+2 to T+1 affect my account?

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)…

The day trades left line item will still appear in a Cash account. However, there are no number values displayed next to that line item in a cash account type.

Note…

It is important to note that changing your Base Currency does not convert existing cash balances or change the denomination of a security into any other currency.

The particular currency used to purchase and settle any given instrument, or meet the cash variation on a futures product, is determined by the listing exchange, rather than the broker. Accordingly, if you enter into a transaction to purchase a security which is denominated in a currency that you do not hold and, assuming that you have sufficient margin excess, IBKR will create a loan for those funds. Note that this is necessary as we are obligated to settle that trade with the counterparty (i.e., clearinghouse) solely in the designated currency of denomination…

An IRA account may trade products denominated in a currency other than the USD Base Currency, but such accounts are not allowed to borrow cash in any currency. Therefore, if you are looking to purchase a product denominated in a currency other than the Base Currency, you would need to first convert your Base Currency into the denominated currency of that product. …