Margin for the same position at different leverage, from the article's examples.

Margin for the same position at different leverage, from the article's examples.

"Not enough money" means the margin needed for the order is larger than your free margin at that moment. MetaTrader 5 returns code 10019, TRADE_RETCODE_NO_MONEY, and MetaTrader 4 shows error 134, ERR_NOT_ENOUGH_MONEY. The order is rejected and nothing opens.

It surprises traders because the account looks well funded. The catch is that margin depends on the symbol, the lot size and the leverage that applies to that particular instrument, which is often far lower than the headline leverage on your account.

MT5 code10019: Not enough money to complete the request
MT4 code134: Not enough money
What is comparedRequired margin against free margin
Common surpriseGold, indices and crypto use lower leverage
Quick checkThe order window shows margin before you click

How margin is worked out

Margin is the deposit the broker holds while a trade is open. For most forex and CFD symbols it equals the position's value divided by the leverage that applies to that symbol. A standard lot of EUR/USD controls 100,000 euros, so at 1.17 dollars per euro and 1:100 leverage the margin is about $1,170.

How margin is worked out. 1 lot EUR/USD at 1.17: $117,000: 1:500: $234; 1 lot EUR/USD at 1.17: $117,000: 1:30: $3,900; 0.1 lot gold at $4,200: $42,000: 1:100: $420; 0.1 lot gold at $4,200: $42,000: 1:20: $2,100; 1 lot US 500 at 6,500 ($1 per point): $6,500: 1:20: $325
How margin is worked out: the figures from this section at a glance.

Free margin is your equity minus the margin already used by open trades. If a new order needs more margin than that, MetaTrader rejects it. Open losses reduce equity, so free margin shrinks as positions move against you, even before you add anything new.

OrderPosition valueLeverage appliedMargin needed
1 lot EUR/USD at 1.17$117,0001:500$234
1 lot EUR/USD at 1.17$117,0001:30$3,900
0.1 lot gold at $4,200$42,0001:100$420
0.1 lot gold at $4,200$42,0001:20$2,100
1 lot US 500 at 6,500 ($1 per point)$6,5001:20$325

Prices in the table are rounded examples to show the maths. Use the margin calculator with live prices before you trade.

Why your leverage is lower than you think

Brokers set leverage per instrument group. An account advertised at 1:500 may apply 1:100 or less to gold, 1:20 to indices and 1:2 to crypto. Regulated entities in the EU, UK and Australia cap retail leverage at 1:30 on major pairs and 1:20 on gold. Many brokers also lower leverage automatically as your equity grows, or around major news and weekends.

The Specification window shows the margin rate or the margin required per lot. Our broker guides list the tiers too; see Exness leverage and XM leverage for how two brokers scale it.

Hedged positions and pending orders

On hedging accounts, opposite positions on the same symbol often use less margin than two separate trades, because brokers apply a hedged margin rate. If you close one side, margin on the remaining side jumps back to the full amount, which can suddenly leave too little free margin for new orders.

Pending orders do not use margin until they trigger. When one fills, it needs margin at that moment. If free margin has fallen in the meantime, the pending order can fail to open with the same error.

Worked example

A trader with $1,500 equity tries to buy 0.5 lots of gold at $4,200 on an account advertised at 1:500. The broker applies 1:100 to metals, so the margin is $21,000 divided by 100, or $2,100. That is more than the free margin, and MT5 returns code 10019. A 0.3 lot order needs $1,260 and goes through, but leaves little room before a margin call.

Getting an order through is not the same as it being safe. If the margin uses most of your equity, a small move against you triggers a margin call. Read margin call vs stop out before sizing trades close to the limit.

How to fix it

  • Reduce the lot size until the margin shown in the order window is well below your free margin.
  • Check the symbol's margin rate in Specification; switch to a symbol or account type with suitable leverage.
  • Close or reduce losing positions that are eating free margin.
  • Add funds only if the trade still fits your risk plan; never deposit just to open a bigger position.

Keep margin used below about a fifth of equity. That leaves room for normal price swings without your margin level sliding toward a stop out.

How the order window warns you

The desktop order window in MT5 shows the margin a new order will need before you click. Enter the volume and read the margin line: if it is larger than the free margin shown in the Toolbox's Trade tab, the order will fail. On the mobile app, the margin appears on the order screen as you change the volume.

The Trade tab also shows your margin level, which is equity divided by used margin, as a percentage. When it falls toward your broker's margin call level, new orders become harder to open and existing ones are at risk. Our guide to what forex margin is explains the numbers in the Trade tab line by line.

Different account currencies

Margin is calculated in your account currency. If your account is in euros or rand and the pair is quoted in dollars, the platform converts the margin at the current rate. A move in that exchange rate changes the margin of open trades slightly even when the traded pair stands still. The effect is small day to day, but on large positions it can be the difference between an order passing and failing near the limit.

Weekend and news margin changes

Several brokers raise margin requirements for a period before weekends, before major news and around holidays. An order that needed $200 of margin on Thursday may need $500 on Friday afternoon. Existing positions can also be recalculated at the higher rate, which reduces free margin without any new trade. Brokers publish these schedules on their websites and by email, so check them before holding large positions into Friday.

Frequently asked

Why did my margin go up on Friday?

Some brokers raise margin requirements before weekends, major news and holidays to cover gap risk. Existing positions can be recalculated at the higher rate, which reduces free margin and can trigger not enough money on new orders. Check your broker's published schedule.

What does not enough money mean in MT5?

Return code 10019 means the margin needed for the order exceeds your free margin. It is checked before the trade opens, so nothing is charged. Reduce the lot size, close positions that use margin, or check whether the symbol uses lower leverage than you expected.

Why does gold need so much margin?

Gold contracts are large, usually 100 ounces per standard lot, and brokers apply lower leverage to metals than to major pairs. At $4,200 an ounce, one lot is worth $420,000, so even 0.1 lots needs hundreds or thousands of dollars of margin depending on leverage.

What is error 134 in MT4?

Error 134 is ERR_NOT_ENOUGH_MONEY in MetaQuotes' MQL4 list. It has the same meaning as MT5's 10019: the order needs more margin than your free margin. Check the margin per lot in the symbol's specification and size the trade down.

Can a pending order fail because of margin?

Yes. Pending orders use no margin until they trigger. If your free margin has fallen by the time price reaches the order, it may be rejected with a not enough money message, so check open exposure before price gets there.

Does closing a hedge reduce my free margin?

It can. Hedged positions on the same symbol often use a reduced margin rate. Closing one side removes the hedge, so the remaining position may need full margin again, which reduces free margin even though you closed a trade.

Official sources: MQL5: trade server return codes · MQL4: error codes · MetaTrader 5 Help: trading basics