Interactive Brokers adds “Cash Quantity” feature for Forex orders

Maria Nikolova

The system calculates the order quantity for Forex orders based on a monetary value that traders specify.

FinanceFeeds has been keeping its readers up to date with the latest developments and novelties on TWS, the proprietary trading platform of Interactive Brokers Group, Inc. (NASDAQ:IBKR). After talking of IBot, columns and scanners, as well as note-taking functionalities, it is high time to mention at least one new feature explicitly related to Forex trading.

The latest Beta version of the TWS platform offers traders to make use of a Cash Quantity feature for Forex Orders. Putting it simply, traders can have the system calculate the order quantity for Forex orders based on a monetary value that they set.

In order to use this “Cash Quantity” feature, users of the platform have to click the Quantity field in the Order Entry panel or on a Classic order line, and toggle the quantity from the default currency to the alternate currency. For instance, if the forex pair traded is EUR/USD, the default currency is EUR. When traders toggle to the alternate currency (USD), the value will default to the equivalent monetary value in line with the current exchange rate.

When the order is submitted, the system will attempt to buy or sell a quantity based on the amount traders want to spend/receive.

In addition, the platform applies a “Cash Quantity Estimate Factor” when calculating the order quantity and that is because the price may move before the order fills. This factor is set at 25% by default but traders can change it in the Size section of the Forex Preset in Global Configuration. What does the factor do? It increases the calculated order quantity in an attempt to achieve the desired monetary outcome if the price falls (for a buy order) or rises (for a sell order) by allowing more units to be bought or sold.

The current Beta version of TWS offers a number of interesting additions. The list includes new scanners and columns from AltaVista Research and Recognia, new capabilities for IBot, the text-based interface, and a useful Trader’s Journal.

Read this next

Institutional FX

Tradeweb completes integration of Nasdaq’s US fixed income platform

Tradeweb Markets has completed the technology integration of Nasdaq’s US fixed income electronic trading platform, formerly known as eSpeed, which it acquired two years ago in a $190 million, all-cash transaction.

Digital Assets

FTX Europe to allow client withdrawals via new website

The Cypriot unit of failed cryptocurrency exchange FTX has launched a new website that it says would allow customers to withdraw deposits of fiat currency and crypto assets after months of suspension.

Retail FX

Liquidators apply to cancel SVS Securities’ FCA license

An update published today by Leonard Curtis said the UK high court of justice has approve their application to bring the special administration of the failed wealth manager SVS Securities to an end.

Digital Assets

Japan forms government panel to pilot digital yen

Japan’s Finance Ministry has created an advisory panel to look at the feasibility of issuing a central bank digital currency, otherwise known as “CBDC”.

Digital Assets

USDC sees massive $10.4 billion outflows in March

Cryptocurrency traders have withdrawn more than $10 billion from the world’s second largest stablecoin, USDC, in less than three weeks even as concerns over the fallout from the Silicon Valley collapse have receded.


OSTTRA’s Joanna Davies goes beyond 30-30-30 data standard at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Joanna Davies about OSTTRA.


CloudMargin’s Stuart Connolly on how to manage collateral amid high rates at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Stuart Connolly about CloudMargin’s SaaS platform, said to be the only cloud-native collateral and margin management system in the industry, at a time of stress due to rising interest rates.


Baton Systems’ Alex Knight on solving post-trade with DLT at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Alex Knight about Baton Systems’ about rising settlement fails, collateral management, and the profile of DLT beyond cryptocurrencies.

Industry News

Wise claims 92% of banks hide or inflate FX fees despite Cross-Border Payments Regulation 2

“Banks continue to exploit loopholes in EU regulation to mislead their customers and overcharge them through fees hidden in inflated exchange rates.”