Key Takeaways
- Our maximum leverage tiers, the instruments they apply to, and the criteria under which they are reviewed.
- This article is the authoritative reference for leverage policy; in-platform specifications take precedence in case of any conflict.
This article sets out our current leverage policy, the instrument-class margin requirements that derive from it, and the criteria under which we review and adjust leverage tiers. Where this article and the in-platform contract specifications disagree, the in-platform specifications take precedence — they are updated in real time, this article is updated on a periodic basis.
Current maximum leverage by account type and instrument class
| Instrument class | Standard / Cent | Professional | ECN |
|---|---|---|---|
| FX majors | Up to 1:500 | Up to 1:500 | Up to 1:500 |
| FX minors | Up to 1:200 | Up to 1:200 | Up to 1:200 |
| FX exotics | Up to 1:50 | Up to 1:50 | Up to 1:50 |
| Spot metals (gold, silver) | Up to 1:200 | Up to 1:200 | Up to 1:200 |
| Equity index CFDs | Up to 1:100 | Up to 1:100 | Up to 1:100 |
| Single-stock CFDs | Up to 1:20 | Up to 1:20 | Up to 1:20 |
| Energy CFDs (oil, gas) | Up to 1:100 | Up to 1:100 | Up to 1:100 |
| Crypto CFDs | Up to 1:20 | Up to 1:20 | Up to 1:20 |
Margin call and stop-out levels
- Margin call level: 100%. When account equity equals the used margin on open positions, new positions cannot be opened. Existing positions remain open.
- Stop-out level: 50%. When account equity falls to 50% of the used margin, the system begins automatic closure of open positions, starting with the most loss-making, until the margin level recovers above 50%.
These levels apply uniformly across all account types. They cannot be adjusted by individual clients.
How to select your leverage
The leverage level on each account is selected at account opening and can be changed at any time from the client portal: Accounts → [account name] → Settings → Leverage. Changes take effect on the next position opened; existing open positions continue to use the leverage at which they were opened.
For a discussion of how to choose an appropriate leverage tier, see our guide to leverage and margin. The short answer: select the lowest tier that comfortably accommodates the largest position you intend to hold. Higher leverage does not change your per-trade outcome; it only increases the maximum exposure you can accumulate, which is a feature most retail traders should treat with caution rather than enthusiasm.
Tiered margin for large positions
For position sizes above the published tier-1 threshold (which varies by instrument), incremental margin is required at progressively higher percentages. This protects both the trader and the broker against concentrated single-position risk and against the wider effective spreads that very large positions can incur at the underlying market.
The tier-1 threshold for FX majors is typically 50 standard lots; the second tier (lots 51–200) requires 1.5× the standard margin; the third tier (above 200 lots) requires 2× the standard margin. Exact thresholds per instrument are listed in the in-platform contract specifications.
Volatility-driven margin increases
In periods of unusually high volatility (typically around major scheduled events such as central bank policy decisions, employment reports, or geopolitical developments), we may temporarily increase the margin requirement on affected instruments. This is communicated by email and via in-platform notification at least 24 hours before the change, where possible.
The most common triggers are:
- The 24 hours surrounding a major central bank meeting (FOMC, ECB, BoE, BoJ, RBA).
- The 24 hours surrounding US non-farm payrolls and major inflation releases.
- Periods of acute geopolitical stress that affect specific currency pairs or commodity prices.
Margin returns to normal levels once the event has passed and volatility has stabilised.
Negative balance protection
Under our standard terms of service, retail accounts are protected from going negative in normal market conditions. If a position is liquidated at stop-out and the slippage on closure causes the account to register a temporary negative balance, that negative balance is adjusted back to zero on the next reconciliation. This protection does not apply in exceptional market events (e.g. the Swiss National Bank de-pegging event of January 2015) where slippage is so severe that the broker's own risk infrastructure is overwhelmed; such events are extremely rare.
When and how policy is reviewed
Leverage and margin policy is reviewed on a quarterly basis by our risk committee, taking into account:
- Realised volatility across the instrument classes we offer.
- Liquidity conditions in our underlying liquidity provider feeds.
- Regulatory developments in the jurisdictions of our material client populations.
- The aggregate stop-out and negative-balance experience across the client book.
Material changes to leverage tiers are announced via this blog, via email to all active clients, and via in-platform notification at least 14 calendar days before they take effect. Changes that reduce maximum leverage take effect on new positions only; existing open positions are honoured at the leverage at which they were opened.
Leverage and margin policy is subject to change. In-platform contract specifications are the authoritative reference at any moment. CFDs are complex leveraged products and carry a high risk of losing money rapidly. Higher leverage increases the speed at which losses can accumulate.
