Margin call and stop-out: the two thresholds that end a losing position for you
評測結論
- Margin level — equity divided by used margin, expressed as a percentage — is the single number both thresholds are measured against, not your account balance directly.
- A margin call is a warning threshold, typically triggered around 100% margin level, that notifies you but does not by itself close anything.
- A stop-out is the forced-closure threshold, typically lower than the margin call level, at which the platform begins closing positions automatically regardless of what you want.
- The specific percentages for both thresholds vary by broker and sometimes by account type, so the same equity and position size can behave differently depending on which broker holds the account.
- Negative balance protection, where it applies, is what stops a stop-out from leaving a debt if the market gaps past the closure price — but the two are separate mechanisms and a stop-out level number does not guarantee it.
Margin call and stop-out are frequently used as if they were the same event, and the gap between them is exactly the buffer that determines how much warning you actually get before a position is closed without your input.
Margin level is the number both thresholds watch
Margin level is calculated as equity divided by used margin, expressed as a percentage. Equity is your balance plus or minus unrealised profit or loss on open positions; used margin is the amount currently locked up by those positions. As a losing position's unrealised loss grows, equity falls relative to used margin, and margin level drops — it is this ratio, not your balance in isolation, that both thresholds are measured against.
Margin call: a warning, not an action
When margin level falls to a broker-specified threshold — commonly, though not universally, around 100% — most platforms issue a margin call: a notification that your account no longer has a comfortable equity buffer above its used margin. A margin call by itself does not close any position. It is a signal to add funds, reduce position size, or accept the risk of continuing toward the next threshold.
- The margin call percentage is broker-specific — check your account's published figure rather than assuming 100%.
- No positions are closed automatically at the margin call level itself; it is purely informational.
- Ignoring a margin call does not trigger any penalty beyond the account continuing toward stop-out if losses continue.
Stop-out: the forced-closure threshold
If margin level continues falling past the margin call level to a lower, broker-specified stop-out level — commonly in a range below the margin call threshold, again varying by broker — the platform begins automatically closing positions, typically starting with the largest losing position, without further input from you. This continues until margin level recovers above the stop-out threshold or no positions remain. The purpose is to protect both the client and the broker from losses continuing unchecked while margin is already critically low.
The gap between the two levels is your actual warning window
The distance between a broker's margin call and stop-out percentages is the real buffer you have to react once warned. A broker with a wide gap between the two gives more room to add funds or manage the position manually before forced closure; a narrow gap gives less. This gap is published per broker and is worth checking specifically, rather than assuming it matches whatever a previous broker used.
- A wider margin-call-to-stop-out gap generally gives more time to react to a warning.
- Fast-moving markets can compress that window in practice regardless of the published percentages, since price can move through both levels quickly.
- The stop-out mechanism closes positions at whatever price is available at that moment, not necessarily the price at the exact stop-out percentage.
Why a stop-out is not the same as negative balance protection
A stop-out is designed to close positions before equity reaches zero, but in a fast-gapping market, price can move past the stop-out level before the closure executes, potentially producing a negative balance. Negative balance protection, where the broker commits to it, is the separate mechanism that resets any such negative balance to zero for retail clients. A published stop-out level, by itself, is not a guarantee against a negative balance — check whether negative balance protection is separately confirmed for your account.
What is the difference between margin call and stop-out?
Margin call is a warning threshold — typically around 100% margin level, though this varies by broker — that notifies you but closes nothing. Stop-out is a lower, separate threshold at which the platform begins automatically closing positions without further input, to stop losses continuing while margin is critically low.
Does a margin call close my positions?
No. A margin call is purely a notification. Positions are only closed automatically once margin level falls further, to the broker's separate, lower stop-out threshold.
Can I still lose more than my deposit if I get stopped out?
It is possible in a fast-gapping market, where price moves past the stop-out level before the closure actually executes. Negative balance protection, where the broker commits to it, is the separate mechanism that resets any resulting negative balance to zero for retail clients — a stop-out level alone does not guarantee this.
Why did I get stopped out at a different percentage than I expected?
Margin call and stop-out percentages are set by the broker and can differ by account type, so the figure from a previous broker or a general estimate does not necessarily apply. Check your specific account's published thresholds directly.
Nothing here is investment advice. CFDs carry a high risk of losing money rapidly due to leverage, and most retail accounts lose money.