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:
Understanding margin and spread cost
To understand how we can avoid the error, it’s important to learn 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 Trading Calculator.
- Spread Cost: This is the broker’s profit which is deducted when you open a trade. It can be approximately calculated as:
Spread Cost = Average spread in pips × Pip Value
Pip value can be obtained from the trading calculator while the average spread can be found easily on our website for all offered instruments.
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.
Tips to resolve the error
There are cases where the spread, or costs associated with an order, fluctuate dynamically with time. One may choose to simply wait until a favorable price movement presents itself to try the order again.
Key troubleshooting steps include:
- Decreasing position trading volume to decrease trading costs.
- Increasing leverage to decrease margin.
- Making a deposit to increase your free margin.
Some traders might find other practical tips effective:
- 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 to the MT4/5 desktop terminals.
- Setting up a pending order with your desired price can also prove useful, as the order may be opened later with tighter spread leading to lower spread cost.
Note: As soon as a pending order is canceled, whether it's due to insufficient free 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.
If you still encounter this error, do not hesitate to contact our Support team.