Disclosure: Some of the links below are affiliate links, meaning, at no additional cost to you, I will earn a commission if you click through to make a purchase.
IDEALPRO
“IB’s venue for executing Forex trades, referred to as IdealPro, operates as an exchange-style order book, assembling quotes from the largest international Forex banks as well as other IB clients and market makers. IB imposes no markup to the quoted spreads but rather charges an explicit commission ranging from 0.2 to 0.10 basis points of the trade value depending upon your monthly trade amount, subject to a per order minimum of USD 2.00.”
source: https://ibkr.info/node/1460
“Orders routed to FXCONV destination are considered currency conversions, to exchange one currency to another so no virtual position is created – therefore it will not affect the FX Portfolio section in your Account Window.”