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What do these terms mean: Balance, Equity, Margin?

Balance: Total cash available to trade, including all closed out profits and losses as well as all deposits and withdrawals applied on your trading account.
Equity: Floating Profit and Loss, on top of balance.
Margin: Funds required to open a position. It grants you leverage.
Free margin: Equity – Margin held on open trades
Margin level (% free margin): (Equity / Margin held on open trades) x 100

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