I'm currently with Tiger. Idle cash there can be moved easily into money market unit trusts manually or automatically via their Tiger Vault feature.

With IB, what do you do with your idle USD cash?

Seeking clarification on the base fixed fee. Is it possible you meant USD2 instead of RM2?

I've been testing ACH transfer from Wise USD Balance to IBKR. This doesn't cost anything. However, it takes a few days to clear.

Error: The min cashOrderQty for money market fund is 10000

I store idle USD at a money market fund. Returns should be similar to ETFs like BILL, SGOV or IB01. The benefit is you don't have to deal with transaction costs when buying/selling. Also, there are no withholding tax. I have made additional unit purchases as little as US$37 (yes, just thirty seven dollars).

But today I found that IBKR has imposed a purchase minimum of US$10,000. Here's a Reddit discussion on this subject.
https://www.reddit.com/r/interactivebrokers...market_fund_is/

Cash management is an important tool at a brokerage and IBKR has been weak at it. Today they have just made themselves that much worse.

This week I have $139 left after a trade. I can probably buy 1 share of BIL but it'll incur $0.35.

Previously I can just buy $139 of my money market fund. No taxes and no transaction cost. If I receive $30 dividends, I can just add $30 to the fund. But now I can't because of the $10,000 minimum.



VMFXX appears to incur taxes. It doesn't look pretty after tax. See below. Anyway, IBKR now requires $10,000 for any money market buy transaction so it won't work.

No solution for now. Hopefully they'll reduce the minimum back to $1 because it is a ridiculous rule. If a rich man received a $9,999 dividend, IBKR shouldn't say he can't put that into money market simply because of the $10,000 minimum.

Another problem with IBKR is they have a 60 or 90 day hold on any newly deposited cash. Last year I deposited SGD100 for testing purposes. After that I tried withdraw it back into an SG bank and the system doesn't allow because of the hold. Hotel California - you can check in any time but you cannot leave...

Despite the flaws, IBKR's low $0.35 brokerage (US market) is fantastic for high frequency traders. If you trade options, some will say IBKR is better than other brokers. I use IBKR for access to London's VUAA/VUSD and will continue to use IBKR. However for US and SG stocks, Tiger and Moomoo is perfectly fine. Tiger gives so many cash coupons but I rarely trade. Some of the coupons won't expire until 2026. The other day I bought $77 of fractional shares, paid $0.77 in brokerage fees and received $5 cash back! Screenshot below - it is unbelievable. In nearly two years, I suspect I've received more cash backs than brokerage fees.