You may encounter the error “Not enough money” when opening a trade. This error occurs when a trader attempts to open a trade but does not have enough funds to cover its costs. Let us look at this in more detail:
Tips to resolve the error
There are cases where the spread, or costs associated with an order, fluctuate dynamically with time. One could simply wait until an opportune moment such as a favorable price movement presenting itself to try the order again, or set different trade order parameters (trading volume, leverage…etc).
- Checking the economic calendar for high-importance news can be useful in identifying which trading instruments will have high-margin requirements. You will also receive an email with the list of instruments affected every day on the trading platform.
- Setting up a pending order with your desired price can also prove useful, as the order may be opened without the error at your trading account’s current fund level.
Note: As soon as a pending order is canceled, whether it's due to insufficient margin or low leverage, you will receive a push notification for the canceled order on the Exness Trade app or a pop-up notification will appear on the Exness Terminal.
For example: Unable to execute pending BUY order #232323 for 0.2 lot(s) of XAU/USD.
Alternatively, there are some immediate actions you can take to resolve this error.
Understanding margin and spread cost
Now that we have understood how we can avoid the error, let us check some details about margin and spread cost of a trade:
- Margin: This is the security deposit held for keeping the trade open. You can calculate this easily using our Investment Calculatoror read about how the Investment Calculator works.
- Spread Cost: This is the market maker’s profit which is deducted when you open a trade. It can be approximately calculated as:
Spread Cost = Average spread in pips × Pip Value
Now that you know how to make these calculations, you should be able to estimate the volume of trades you can place given a certain amount of funds.
If you still encounter this error, do not hesitate to contact our friendly Support team.