IBKR’s interface is powerful but it can feel overwhelming the first time. This guide walks you through the exact steps to convert your SGD, buy an ETF, and set up a monthly routine that you can repeat on autopilot.

Before You Start

You should already have:

• A funded IBKR account with SGD/USD deposited
• An idea of what you want to buy (e.g. SPYL, VOO, NVDA)
• Access to IBKR Desktop (TWS), IBKR Mobile, or Client Portal

If you haven’t set up your IBKR account yet, check out Part 1 first.

Converting SGD to USD

If you already have USD in your account, skip this section and jump to the next one on buying ETFs/Stocks. If you deposited SGD, you will need to convert it to USD before you can buy any US-listed ETFs.

This is the step most beginners skip or get wrong. If you don’t manually convert your currency, IBKR will auto-convert it for you on every single trade, and charge you the minimum FX fee each time. That adds up real fast.

Instead, convert your full amount in one go. One conversion, one fee.

This is important because:

• Auto-conversion charges the minimum FX fee every single trade
• Manual bulk conversion charges the FX fee once
• On 3 monthly trades, this saves you roughly SGD $6+ per month

Step 1 — Open the Order Ticket

Click on Positions tab in Client Portal.

Step 2 — Time to convert all SGD to USD

Click Convert All to USD. This will create an order ticket to convert your entire SGD balance into USD. If you only want to convert part of it, click Convert instead and enter the amount.

Step 3 — Enter Your Amount and Convert

Set the order type to Market (forex spreads on IDEALPRO are tiny, so market is fine here). Enter the amount of USD you want to buy. For example, if you deposited SGD $3,000, you might convert roughly USD $2,200 depending on the exchange rate.

Click Submit and your SGD is now USD.

Buying an ETF/Stock

Now that you have USD in your account, you can actually buy something.

Step 1 — Search for the ETF

In the IBKR search bar (top of the page), type the ticker of the ETF you want to buy — for example, VOO (Vanguard S&P 500 ETF, US-domiciled) or SPYL (SPDR S&P 500 ETF, Ireland-domiciled). Make sure you know the correct ticker for the version you want to buy.

Step 2 — Select the Correct Listing

For this example, i am going to use VOO.

This is important. Many ETFs are listed on multiple exchanges in different currencies. You will want to pick ARCA (NYSE ARCA) for US-domiciled ETFs/stocks. Ignore the ones listed on Xetra (EUR) or SIX (CHF) unless you specifically want those currencies.

If you want to access the Ireland-domiciled version (e.g. SPYL, CSPX), search for the ticker and look for the listing on LSE (London Stock Exchange) denominated in USD. Following selecting the correct ticker, you will be brought to a setting page to adjust your Stocks Trading Permissions. Tick United Kingdom and wait for the system to update your permissions. This usually takes a few minutes.

Why LSE? Two reasons:

• Ireland-domiciled ETFs (UCITS) are tax-efficient for non-US investors
• USD-denominated means you avoid a second currency conversion

Step 3 — Place a Limit Order

Click Buy to open the order ticket for your chosen ETF.

Set the order type to Limit Order — not Market Order. A limit order lets you set the maximum price you’re willing to pay. This protects you from slippage (paying more than expected due to price jumps between the time you click and the time the order fills).

For the price, set it as it is. So your limit order should fill almost immediately.

Else, set it lower than the ask price to try get a a better deal, but be aware it might not fill right away.

Step 4 — Calculate How Many Shares to Buy

You can buy fractional shares with IBKR, in this case you can just enter the dollar amount you want to invest and it will calculate the shares for you.

Enter amount of money you want to invest in the Quantity field, double-check your limit price, and click Submit.

However, ETFs on the LSE are bought in whole units only — no fractional shares. Switch to Shares option instead of USD, it’s much easier. The leftover USD just sits in your account and gets swept into next month’s purchase. Don’t stress about it.

You can do some quick maths. Take your available USD and divide by the current share price:

Step 5 — Confirm the Order

Multiple pop-ups will appear after you submitted your order. Don’t be scared about it.

IBKR will show you a confirmation screen with the total estimated cost and any commissions. Review it, then click Transmit to send the order.

If your limit price is at or above the ask, the order should fill within seconds. You can check the status under Activity → Orders.

That’s it. You now own ETF shares.

Monthly DCA — The Boring Strategy That Works

DCA stands for Dollar-Cost Averaging. The idea is simple: invest a fixed amount on a regular schedule regardless of what the market is doing. You don’t try to time the market. You just buy consistently and let compounding do the work over decades. Read more about it here BogleHeads.

Here’s the monthly routine:

1. Deposit SGD into IBKR (same day each month)
2. Convert SGD → USD in one bulk conversion
3. Buy your ETF(s) with a limit order
4. Close IBKR and go live your life

That’s four steps. Takes about 10 minutes once you’ve done it a few times.

Why Monthly, Not Weekly?

You might be wondering if you should DCA weekly instead. Short answer: no. Monthly is better for most people, and here’s why.

Academic research consistently shows no meaningful return difference between monthly and weekly DCA over long periods. The market doesn’t care whether you buy on Monday the 1st or Monday the 15th. But your wallet cares about $290/year in unnecessary fees — that money compounds too.

Stay monthly. Stay boring. Stay rich.

Still have no idea what to invest in? Check out the finale Part 4 — Best ETFs for Bruneians. ~ Coming soon.

FAQ

1. What If I Want to Buy Multiple ETFs?

Same process, just repeat Step 3–5 for each ETF.

2. My order didn’t fill. What do I do?

Your limit price was probably set too low. Check the current ask price and adjust your limit order upward. For liquid ETFs, setting your limit at the ask price should fill instantly during market hours.

Remember that LSE trading hours are 8:00 AM – 4:30 PM UK time (3:00 PM – 11:30 PM Brunei time). If you submit an order outside those hours, it will queue until the market opens.

2. I see a “fractional shares” option. Should I use it?

IBKR does offer fractional shares for some US-listed stocks and ETFs, but not for LSE-listed ETFs. Since we’re buying Ireland-domiciled UCITS ETFs on the LSE, you’ll need to buy in whole units. The leftover cash simply rolls into your next purchase.

3. Should I reinvest dividends?

If your ETF is accumulating (e.g. SPYL, SWRD), dividends are automatically reinvested within the fund — you don’t need to do anything. If you hold a distributing version, IBKR will deposit the dividend as cash into your account, and you can use it in your next monthly purchase.

4. What about the exchange rate? Should I wait for a better SGD-USD rate?

No. Trying to time currency movements is just as futile as timing the stock market. Convert and invest on your scheduled day. Over 10–20 years, the monthly exchange rate fluctuations wash out.

5. How do I check my portfolio performance?

Go to Performance & Reports → Portfolio in Client Portal. You can see your total returns, individual positions, and breakdown by asset. Don’t check this daily — once a month (or even quarterly) is enough. Watching it daily will only tempt you to do something stupid.

The Bottom Line

Buying ETFs on IBKR isn’t complicated once you know the steps. The interface looks intimidating, but the actual process is just: convert currency, search ticker, place limit order, confirm. Ten minutes a month.

The hardest part isn’t the mechanics — it’s sticking to the plan when the market drops 20% and every headline says the sky is falling. That’s when DCA earns its keep. You buy the dip automatically because it’s just your regular Tuesday.