Trade maths
ESMA margin calculator
Margin calculator with the ESMA retail leverage caps built in (30:1, 20:1, 10:1, 5:1, 2:1). See required margin and the 50% margin close-out level.
Required margin
Loading ECB reference rates…. Rates are daily reference rates, not live dealing prices.
The ESMA leverage limits built into this calculator
Since August 2018 every broker licensed in the EU or EEA must cap leverage for retail clients by asset class. National regulators made the ESMA measures permanent, and the UK FCA adopted equivalent rules. The calculator picks the right limit for the instrument you choose:
| Underlying | Max leverage | Margin |
|---|---|---|
| Major currency pairs | 30:1 | 3.33% |
| Non-major pairs, gold and major indices | 20:1 | 5% |
| Commodities other than gold, non-major indices | 10:1 | 10% |
| Individual shares and other reference values | 5:1 | 20% |
| Cryptocurrencies | 2:1 | 50% |
A detail many traders miss: AUD and NZD pairs are not "major" under ESMA's definition. Only pairs made of two of USD, EUR, JPY, GBP, CAD and CHF get 30:1, so AUD/USD is limited to 20:1.
The 50% margin close-out rule
ESMA also requires brokers to close one or more of your positions once your account equity falls to 50% of the margin needed to keep them open. Enter your equity above to see the price move that would trigger it. Close-out happens per account, not per trade, and the broker chooses which positions to close under its own policy.
Retail vs professional
You can ask to be treated as a professional client if you meet two of three MiFID II tests: significant trading activity (on average ten trades of significant size per quarter over the last four quarters), a financial-instrument portfolio above €500,000, or at least a year working in the financial sector in a relevant role. You then get higher leverage but lose negative balance protection and, often, access to the ombudsman and compensation schemes. Read retail vs professional status before you apply.
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Calculators are for education and planning. Results are estimates; your broker's contract specifications, prices and exchange rates decide the real figures.