Risk warning: Trading is risky. Your capital is at risk. Exinity Limited is regulated by FSC (Mauritius).
Risk warning: Trading is risky. Your capital is at risk. Exinity Limited is regulated by FSC (Mauritius).

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Leverage and Margin Requirements

On this page, you will find the margin requirements for FXTM. When trading, you must maintain a certain level of funds in your account (the necessary margin), also known as a good faith deposit. Calculating and understanding your necessary margin requirements beforehand allows you to apply good risk management and avoid any unnecessary margin calls resulting in the closing of a position due to not enough margin in your account. Margin requirements on demo accounts are equivalent to those on corresponding live accounts.

On Standard, ECN and ECN Zero Trading Accounts (MT4 & MT5)

Notional value (USD)Notional value (EUR)Notional value (GBP)Notional Value (NGN)Leverage Offered *Floating Margin, %
0 - 50 0000 - 45 0000 - 40 0000 - 18 000 00020000.05
50 000 - 200 00045 000 - 180 00040 000 - 150 00018 000 000 - 63 000 00010000.1
200 000 - 2 000 000180 000 - 1 800 000150 000 - 1 500 00063 000 000 - 630 000 0005000.2
2 000 000 - 6 000 0001 800 000 - 5 300 0001 500 000 - 4 600 000630 000 000 - 1 890 000 0002000.5
6 000 000 - 8 000 0005 300 000 - 7 000 0004 600 000 - 6 100 0001 890 000 000 - 2 520 000 0001001
More than 8 000 000More than 7 000 000More than 6 100 000More than 2 520 000 000254
Notional value (USD)Notional value (EUR)Notional value (GBP)Notional Value (NGN)Leverage Offered *Floating Margin, %
0 - 500 0000 - 440 0000 - 380 0000 - 157 500 0001:5000.2
500 000 - 1 000 000440 000 - 900 000380 000 - 760 000157 500 000 - 315 000 0001:2000.5
1 000 000 - 5 000 000900 000 - 4 400 000760 000 - 3 800 000315 000 000 - 1 575 000 0001:1001
More than 5 000 000More than 4 400 000More than 3 800 000More than 1 575 000 0001:254
Notional value (USD)Notional value (EUR)Notional value (GBP)Notional Value (NGN)Leverage Offered *Floating Margin, %
0 - 300 0000 - 270 0000 - 230 0000 - 94 500 0001:2000.5
300 000 - 3 000 000270 000 - 2 700 000230 000 - 2 300 00094 500 000 - 945 000 0001:1001
More than 3 000 000More than 2 700 000More than 2 300 000More than 945 000 0001:254
Notional value (USD)Notional value (EUR)Notional value (GBP)Notional Value (NGN)Leverage Offered *Floating Margin, %
0 - 400 0000 - 350 0000 - 300 0000 - 126 000 0001:5000.2
400 000  - 700 000350 000 - 600 000300 000 - 500 000126 000 000 - 220 500 0001:2000.5
700 000 - 1 000 000600 000 - 900 000500 000 - 750 000220 500 000 - 315 000 0001:1001
1 000 000  - 4 000 000900 000 - 3 500 000750 000 - 3 000 000315 000 000 - 1 260 000 0001:502
More than 4 000 000More than 3 500 000More than 3 000 000More than 1 260 000 0001:254
Notional value (USD)Notional value (EUR)Notional value (GBP)Notional Value (NGN)Leverage Offered *Floating Margin, %
0 - 1 0000 - 9000 - 7500 - 315 0001:1001
1 000 - 2 000900 - 1 800750 - 1 500315 000 - 630 0001:502
2 000 - 4 0001 800 - 3 6001 500 - 3 000630 000 - 1 260 0001:1010
4 000 - 8 0003 600 - 7 2003 000 - 6 0001 260 000 - 2 520 0001:520
8 000 - 13 3307 200 - 12 0006 000 - 10 0002 520 000 - 4 200 0001:333
13 330 - 20 00012 000 - 18 00010 000 - 15 0004 200 000 - 6 300 0001:250
More than 20 000More than 18 000More than 15 000More than 6 300 0001:1100
Notional value (USD)Notional value (EUR)Notional value (GBP)Notional Value (NGN)Leverage Offered *Floating Margin, %
0 - 500 - 450 - 400 - 16 0001:1001
50 - 8045 - 7540 - 6016 000 - 25 0001:502
80 - 13075 - 12060 - 10025 000 - 41 0001:1010
130 - 260120 - 235100 - 20041 000 - 82 0001:520
260 - 430235 - 390200 - 32582 000 - 136 0001:333
430 - 650390 - 585325 - 490136 000 - 205 0001:250
More than 650More than 585More than 490More than 205 0001:1100
Notional value (USD)Notional value (EUR)Notional value (GBP)Notional Value (NGN)Leverage Offered *Floating Margin, %
0 - 100 - 90 - 80 - 3 2001:1001
10 - 259 - 238 - 193 200 - 8 0001:502
25 - 5023 - 4519 - 388 000 - 16 0001:1010
50 - 10045 - 9038 - 7516 000 - 31 0001:520
100 - 16590 - 15075 - 12531 000 - 52 0001:333
165 - 250150 - 225125 - 19052 000 - 80 0001:250
More than 250More than 255More than 190More than 80 0001:1100
Notional value (USD)Notional value (EUR)Notional value (GBP)Notional Value (NGN)Leverage OfferedFloating Margin, %
0 - 300 - 250 - 220 - 10,8001:1010
30 - 6025 - 5022 - 4410,800 - 21,6001:520
60 - 12050 - 10044 - 8921,600 - 43,2001:333
120 - 180100 - 15089 - 13343,200 - 64,8001:250
More than 180More than 150More than 133More than 64,8001:1100

FX MAJORS

Notional value (USD)0 - 200 000200 000 - 2 000 0002 000 000 - 6 000 0006 000 000 - 8 000 000More than 8 000 000
Notional value (EUR)0 - 180 000180 000 - 1 800 0001 800 000 - 5 300 0005 300 000 - 7 000 000More than 7 000 000
Notional value (GBP)0 - 150 000150 000 - 1 500 0001 500 000 - 4 600 0004 600 000 - 6 100 000More than 6 100 000
Notional Value (NGN)0 - 63 000 00063 000 000 - 630 000 000630 000 000 - 1 890 000 0001 890 000 000 - 2 520 000 000More than 2 520 000 000
Leverage Offered *1:10001:5001:2001:1001:25
Floating Margin, %0.10.20.514

FX MINORS

Notional value (USD)0 - 500 000500 000 - 1 000 0001 000 000 - 5 000 000More than 5 000 000
Notional value (EUR)0 - 440 000440 000 - 900 000900 000 - 4 400 000More than 4 400 000
Notional value (GBP)0 - 380 000380 000 - 760 000760 000 - 3 800 000More than 3 800 000
Notional Value (NGN)0 - 157 500 000157 500 000 - 315 000 000315 000 000 - 1 575 000 000More than 1 575 000 000
Leverage Offered *1:5001:2001:1001:25
Floating Margin, %0.20.514

FX EXOTICS

Notional value (USD)0 - 300 000300 000 - 3 000 000More than 3 000 000
Notional value (EUR)0 - 270 000270 000 - 2 700 000More than 2 700 000
Notional value (GBP)0 - 230 000230 000 - 2 300 000More than 2 300 000
Notional Value (NGN)0 - 94 500 00094 500 000 - 945 000 000More than 945 000 000
Leverage Offered *1:2001:1001:25
Floating Margin, %0.514

SPOT METALS

Notional value (USD)0 - 400 000400 000  - 700 000700 000 - 1 000 0001 000 000  - 4 000 000More than 4 000 000
Notional value (EUR)0 - 350 000350 000 - 600 000600 000 - 900 000900 000 - 3 500 000More than 3 500 000
Notional value (GBP)0 - 300 000300 000 - 500 000500 000 - 750 000750 000 - 3 000 000More than 3 000 000
Notional Value (NGN)0 - 126 000 000126 000 000 - 220 500 000220 500 000 - 315 000 000315 000 000 - 1 260 000 000More than 1 260 000 000
Leverage Offered *1:5001:2001:1001:501:25
Floating Margin, %0.20.5124

BTCUSD

Notional value (USD)0 - 1 0001 000 - 2 0002 000 - 4 0004 000 - 8 0008 000 - 13 33013 330 - 20 000More than 20 000
Notional value (EUR)0 - 900900 - 1 8001 800 - 3 6003 600 - 7 2007 200 - 12 00012 000 - 18 000More than 18 000
Notional value (GBP)0 - 750750 - 1 5001 500 - 3 0003 000 - 6 0006 000 - 10 00010 000 - 15 000More than 15 000
Notional Value (NGN)0 - 315 000315 000 - 630 000630 000 - 1 260 0001 260 000 - 2 520 0002 520 000 - 4 200 0004 200 000 - 6 300 000More than 6 300 000
Leverage Offered *1:1001:501:101:51:31:21:1
Floating Margin, %1210203350100

ETHUSD

Notional value (USD)0 - 5050 - 8080 - 130130 - 260260 - 430430 - 650More than 650
Notional value (EUR)0 - 4545 - 7575 - 120120 - 235235 - 390390 - 585More than 585
Notional value (GBP)0 - 4040 - 6060 - 100100 - 200200 - 325325 - 490More than 490
Notional Value (NGN)0 - 16 00016 000 - 25 00025 000 - 41 00041 000 - 82 00082 000 - 136 000136 000 - 205 000More than 205 000
Leverage Offered *1:1001:501:101:51:31:21:1
Floating Margin, %1210203350100

LTCUSD

Notional value (USD)0 - 1010 - 2525 - 5050 - 100100 - 165165 - 250More than 250
Notional value (EUR)0 - 99 - 2323 - 4545 - 9090 - 150150 - 225More than 255
Notional value (GBP)0 - 88 - 1919 - 3838 - 7575 - 125125 - 190More than 190
Notional Value (NGN)0 - 3 2003 200 - 8 0008 000 - 16 00016 000 - 31 00031 000 - 52 00052 000 - 80 000More than 80 000
Leverage Offered *1:1001:501:101:51:31:21:1
Floating Margin, %1210203350100

RPLUSD

Notional value (USD)0 - 3030 - 6060 - 120120 - 180More than 180
Notional value (EUR)0 - 2525 - 5050 - 100100 - 150More than 150
Notional value (GBP)0 - 2222 - 4444 - 8989 - 133More than 133
Notional Value (NGN)0 - 10,80010,800 - 21,60021,600 - 43,20043,200 - 64,800More than 64,800
Leverage Offered1:101:51:31:21:1
Floating Margin, %10203350100

On FXTM Pro MT4 Trading Accounts

Notional value (USD)Notional value (EUR)Notional value (GBP)Notional value (NGN)Leverage Offered *Floating Margin, %
0 - 5 000 0000 - 4 000 0000 - 3 300 0000 - 1 575 000 0001:2000.5
5 000 000 - 20 000 0004 000 000 - 15 500 0003 300 000 - 13 300 0001 575 000 000 - 6 300 000 0001:1001
20 000 000 - 25 000 00015 500 000 - 19 500 00013 300 000 - 16 700 0006 300 000 000 - 7 875 000 0001:502
More than 25 000 000More than 19 500 000More than 16 700 000More than 7 875 000 0001:254
Notional value (USD)Notional value (EUR)Notional value (GBP)Notional Value (NGN)Leverage Offered *Floating Margin, %
0 - 3 000 0000 - 2 700 0000 - 2 000 0000 - 945 000 0001:2000.5
3 000 000 - 15 000 0002 700 000 - 11 600 0002 000 000 - 10 000 000945 000 000 - 4 725 000 0001:1001
15 000 000 - 20 000 00011 600 000 - 15 500 00010 000 000 - 13 300 0004 725 000 000 - 6 300 000 0001:502
More than 20 000 000More than 15 500 000More than 13 300 000More than 6 300 000 0001:254
Notional value (USD)Notional value (EUR)Notional value (GBP)Notional value (NGN)Leverage Offered *Floating Margin, %
0 - 3 000 0000 - 2 700 0000 - 2 000 0000 - 945 000 0001:1001
3 000 000 - 7 000 0002 700 000 - 5 400 0002 000 000 - 4 700 000945 000 000 - 2 205 000 0001:502
More than 7 000 000More than 5 400 000More than 4 700 000More than 2 205 000 0001:254
Notional value (USD)Notional value (EUR)Notional value (GBP)Notional Value (NGN)Leverage Offered *Floating Margin, %
0 - 2 500 0000 - 2 000 0000 - 1 700 0000 - 787 500 0001:2000.5
2 500 000 - 5 000 0002 000 000 - 4 000 0001 700 000 - 3 300 000787 500 000 - 1 575 000 0001:1001
5 000 000 - 10 000 0004 000 000 - 7 700 0003 300 000 - 6 700 0001 575 000 000 - 3 150 000 0001:502
More than 10 000 000More than 7 700 000More than 6 700 000More than 3 150 000 0001:254

FX MAJORS

Notional value (USD)0 - 5 000 0005 000 000 - 20 000 00020 000 000 - 25 000 000More than 25 000 000
Notional value (EUR)0 - 4 000 0004 000 000 - 15 500 00015 500 000 - 19 500 000More than 19 500 000
Notional value (GBP)0 - 3 300 0003 300 000 - 13 300 00013 300 000 - 16 700 000More than 16 700 000
Notional value (NGN)0 - 1 575 000 0001 575 000 000 - 6 300 000 0006 300 000 000 - 7 875 000 000More than 7 875 000 000
Leverage Offered *1:2001:1001:501:25
Floating Margin, %0.5124

FX MINORS

Notional value (USD)0 - 3 000 0003 000 000 - 15 000 00015 000 000 - 20 000 000More than 20 000 000
Notional value (EUR)0 - 2 700 0002 700 000 - 11 600 00011 600 000 - 15 500 000More than 15 500 000
Notional value (GBP)0 - 2 000 0002 000 000 - 10 000 00010 000 000 - 13 300 000More than 13 300 000
Notional value (NGN)0 - 945 000 000945 000 000 - 4 725 000 0004 725 000 000 - 6 300 000 000More than 6 300 000 000
Leverage Offered *1:2001:1001:501:25
Floating Margin, %0.5124

FX EXOTICS

Notional value (USD)0 - 3 000 0003 000 000 - 7 000 000More than 7 000 000
Notional value (EUR)0 - 2 700 0002 700 000 - 5 400 000More than 5 400 000
Notional value (GBP)0 - 2 000 0002 000 000 - 4 700 000More than 4 700 000
Notional value (NGN)0 - 945 000 000945 000 000 - 2 205 000 000More than 2 205 000 000
Leverage Offered *1:1001:501:25
Floating Margin, %124

SPOT METALS

Notional value (USD)0 - 2 500 0002 500 000 - 5 000 0005 000 000 - 10 000 000More than 10 000 000
Notional value (EUR)0 - 2 000 0002 000 000 - 4 000 0004 000 000 - 7 700 000More than 7 700 000
Notional value (GBP)0 - 1 700 0001 700 000 - 3 300 0003 300 000 - 6 700 000More than 6 700 000
Notional value (NGN)0 - 787 500 000787 500 000 - 1 575 000 0001 575 000 000 - 3 150 000 000More than 3 150 000 000
Leverage Offered *1:2001:1001:501:25
Floating Margin, %0.5124

On FXTM Pro MT5 Trading Accounts

Notional value (USD)Notional value (EUR)Notional value (GBP)Notional value (NGN)Leverage Offered *Floating Margin, %
0 - 6 000 0000 - 5 300 0000 - 4 600 000 0 - 1 890 000 0001:2000.5
6 000 000 - 8 000 0005 300 000 - 7 000 0004 600 000 - 6 100 0001 890 000 000 - 2520 000 0001:1001
More than 8 000 000More than 7 000 000More than 6 100 000More than 2 520 000 0001:254
Notional value (USD)Notional value (EUR)Notional value (GBP)Notional value (NGN)Leverage Offered *Floating Margin, %
0 - 1 000 0000 - 9 00 0000 - 760 0000 - 315 000 0001:2000.5
1 000 000 - 5 000 000900 000 - 4 400 000760 000 - 3 800 000315 000 000 - 1 575 000 000 1:1001
More than 5 000 000More than 4 400 000More than 3 800 000More than 1 575 000 0001:254
Notional value (USD)Notional value (EUR)Notional value (GBP)Notional value (NGN)Leverage Offered *Floating Margin, %
0 - 3 000 0000 - 2 700 0000 - 2 300 0000 - 945 000 0001:2000.5
300 000 - 3 000 000270 000 - 2 700 000230 000 - 2 300 00094 500 000 - 945 000 000 1:1001
More than 3 000 000More than 2 700 000More than 2 300 000More than 945 000 0001:254
Notional value (USD)Notional value (EUR)Notional value (GBP)Notional value (NGN)Leverage Offered *Floating Margin, %
0 - 700 0000 - 600 0000 - 500 0000 - 220 500 0001:2000.5
700 000 - 1 000 000600 000- 900 000500 000 - 750 000220 500 000 - 315 000 0001:1001
1 000 000 - 4 000 000900000 - 3 500 000750 000 - 3 000 000315 000 000 - 1 260 000 0001:502
More than 4 000 000More than 3 500 000More than 3 000 000More than 1 260 000 0001:254

FX MAJORS

Notional value (USD)0 - 6 000 0006 000 000 - 8 000 000More than 8 000 000
Notional value (EUR)0 - 5 300 0005 300 000 - 7 000 000More than 7 000 000
Notional value (GBP)0 - 4 600 000 4 600 000 - 6 100 000More than 6 100 000
Notional value (NGN)0 - 1 890 000 0001 890 000 000 - 2520 000 000More than 2 520 000 000
Leverage Offered *1:2001:1001:25
Floating Margin, %0.514

FX MINORS

Notional value (USD)0 - 1 000 0001 000 000 - 5 000 000More than 5 000 000
Notional value (EUR)0 - 9 00 000900 000 - 4 400 000More than 4 400 000
Notional value (GBP)0 - 760 000760 000 - 3 800 000More than 3 800 000
Notional value (NGN)0 - 315 000 000315 000 000 - 1 575 000 000 More than 1 575 000 000
Leverage Offered *1:2001:1001:25
Floating Margin, %0.514

FX EXOTICS

Notional value (USD)0 - 3 000 000300 000 - 3 000 000More than 3 000 000
Notional value (EUR)0 - 2 700 000270 000 - 2 700 000More than 2 700 000
Notional value (GBP)0 - 2 300 000230 000 - 2 300 000More than 2 300 000
Notional value (NGN)0 - 945 000 00094 500 000 - 945 000 000 More than 945 000 000
Leverage Offered *1:2001:1001:25
Floating Margin, %0.514

SPOT METALS

Notional value (USD)0 - 700 000700 000 - 1 000 0001 000 000 - 4 000 000More than 4 000 000
Notional value (EUR)0 - 600 000600 000- 900 000900000 - 3 500 000More than 3 500 000
Notional value (GBP)0 - 500 000500 000 - 750 000750 000 - 3 000 000More than 3 000 000
Notional value (NGN)0 - 220 500 000220 500 000 - 315 000 000315 000 000 - 1 260 000 000More than 1 260 000 000
Leverage Offered *1:2001:1001:501:25
Floating Margin, %0.5124

Please Note:

*NOK and SEK pairs are provided with a maximum leverage of 1:50 for volumes with a notional value of up to 5,000,000 / 4,000,000 / 3,300,000 / 1,575,000,000 USD/ EUR/ GBP/ NGN. For volumes above 5,000,000 / 4,000,000 / 3,300,000 / 1,575,000,000 USD / EUR/ GBP/ NGN, the leverage for NOK and SEK pairs is fixed at 1:25.

*HKD pairs are provided with a maximum leverage of 1:25 for volumes with a notional value of up to 500,000 / 400,000 / 330,000 / 157,500,000 USD/EUR/GBP / NGN. For volumes above 500,000 / 400,000 / 330,000 / 157,500,000 USD/EUR/GBP NGN, the leverage for HKD pairs is fixed at 1:10.

*Please note that TRY, CZK and ZAR pairs have a fixed leverage: 1:3 for TRY, 1:5 for CZK and 1:25 for ZAR pairs.

Please note that the leverage offered for EURCNH and USDCNH currency pairs is outlined in the table below:

Notional value (USD)Notional value (EUR)Notional value (GBP)Notional value (NGN)Leverage Offered *Floating Margin, %
0 - 2 000 0000 - 1 600 0000 - 1 300 0000 - 630 000 0001:502
2 000 000 - 4 000 0001 600 000 - 3 200 0001 300 000 - 2 700 000630 000 000 - 1 260 000 0001:254
More than 4 000 000More than 3 200 000More than 2 700 000More than 1 260 000 0001:1010
Notional value (USD)0 - 2 000 0002 000 000 - 4 000 000More than 4 000 000
Notional value (EUR)0 - 1 600 0001 600 000 - 3 200 000More than 3 200 000
Notional value (GBP)0 - 1 300 0001 300 000 - 2 700 000More than 2 700 000
Notional value (NGN)0 - 630 000 000630 000 000 - 1 260 000 000More than 1 260 000 000
Leverage Offered *1:501:251:10
Floating Margin, %2410
Trading leveraged products has the potential to increase losses as well as profits. Click here to read more and please trade carefully.

Calculating Forex Margin Requirements with Flexible Leverage

For Standard/ECN/MT5 Accounts

Step 1

Assume you open Position #1 Buy 1 lots GBPUSD 1.4584 for a USD Denominated Account.

The notional value is: 1 * 100 000 * 1.4584 = 145 840 USD. Since the notional value of 145 840 USD is not above 200 000 USD, the Leverage offered is 1:1000.

Margin is: 145 840 / 1000 = 145.84 USD.

Step 2

You open position # 2 Buy 5 lots EURUSD 1.3175.

The notional value is: 5 * 100 000 * 1.3175 = 658 750 USD.

The aggregate notional value of Position #1 and Position #2 is:

145 840 (for position # 1) + 658 750 (for position # 2) = 804 590.00 USD.

In this case, the aggregate notional value of open positions is above 200 000 USD, but under 2 000 000 USD.

Thus, a leverage of 1:1000 is provided for the first 200 000 USD, and a leverage of 1:500 for the remaining 604 590 USD.

Margin is: 200 000 / 1000 + 604 590 / 500 = 1 409.18 USD.

Step 3

Assume you open Position #3 Buy 10 lots GBPUSD 1.4590.

The notional value is: 10 * 100 000 * 1.4590 = 1 459 000 USD.

The aggregate notional value of all three positions is:

145 840 (for position # 1) + 658 750 (for position # 2) + 1 459 000 (for position # 3) = 2 263 590 USD.

Now the aggregate notional value of open positions is above 2 000 000 USD, but under 6 000 000 USD.

Thus, a leverage of 1:1000 is provided for the first 200 000 USD, a leverage of 1:500 for the next 1 800 000 USD, a leverage 1:200 for the remaining amount.

Margin is: 200 000 / 1000 + 1 800 000 / 500 + 263 590 / 200 = 5 117.95 USD.

Step 4

Assume you open Position #4 Buy 30 lots EURUSD 1.3164.

The notional value is: 30 * 100 000 * 1.3164 = 3 949 200.00 USD.

The aggregate notional value of all four positions is:

145 840 (for position # 1) + 658 750 (for position # 2) + 1 459 000 (for position # 3) + 3 949 200 (for position # 4) = 6 212 790.00 USD.

Now the aggregate notional value of open positions is above 6 000 000 USD, but less than 8 000 000 USD.

Thus, a leverage of 1:1000 is provided for the first 200 000 USD, a leverage of 1:500 for the next 1 800 000 USD, leverage 1:200 for the next 4 000 000 and leverage 1:100 for the remaining amount.

Margin is: 200 000 / 1000 + 1 800 000 / 500 + 4 000 000 / 200 + 212 790 / 100 = 25 927.90 USD

Step 5

Assume you open Position #5 Buy 20 lots EURUSD 1.3188

The notional value is: 20 * 100 000 * 1.3188 = 2 637 600.00 USD.

The aggregate notional value of all five positions is:

145 840 (for position # 1) + 658 750 (for position # 2) + 1 459 000 (for position # 3) + 3 949 200 (for position # 4) + 2 637 600 (for position # 5) = 8 850 390.00 USD.

Thus, a leverage of 1:1000 is provided for the first 200 000 USD, a leverage of 1:500 for the next 1 800 000 USD, a leverage 1:200 for the next 4 000 000, a leverage 1:100 for the next 2 000 000 and a leverage of 1:25 for the remaining amount.

Margin is: 200 000 / 1000 + 1 800 000 / 500 + 4 000 000 / 200 + 2 000 000 / 100 + 850 390 / 25 = 77 815.60 USD

Step 6

Let's suppose you close position #3 (Buy 10 lots GBPUSD 1.4590)

The notional value is: 1 459 000 USD.

The aggregate notional value of all four positions is (taking into account the third position having been closed):

145 840 (for position # 1) + 658 750 (for position # 2) + 3 949 200 (for position # 4) + 2 637 600 (for position # 5) = 7 391 390.00 USD.

When Position #3 was closed, the total notional value also decreases which leads to a decrease in the margin requirements. The part exceeding 8 000 000 USD is removed first and with it the 1:25 leverage.

Margin is: 200 000 / 1000 + 1 800 000 / 500 + 4 000 000 / 200 + 1 391 390 / 100 = 37 713.90 USD

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