Standard Account
Maximum published leverageUp to 1:1000
Applies to qualifying major and minor FX volume from 0.01 to 1.00 lots.
Progressive · reduces to 1:50
Dynamic Leverage Policy
Flexible Leverage. Progressive Risk Control.
Royce Capitals applies a progressive leverage structure designed to align available leverage with the gross open volume held in each instrument. As exposure increases, the leverage available to the additional volume decreases and the corresponding margin requirement increases.
Leverage availability depends on the client's account type, instrument, onboarding entity, jurisdiction, eligibility and applicable regulatory or risk limits.
At a glance
- 01Progressive tiers applied separately to each instrument
- 02Standard Account major/minor FX from up to 1:1000
- 03Raw Account major/minor FX from up to 1:500
- 04Metals and energies from up to 1:200, reducing to 1:50
- 05Exotic FX and indices fixed at 1:100
- 06Gross volume counted per symbol; hedged positions do not offset
Policy overview
How dynamic leverage works
Dynamic leverage is a progressive margin model. Different portions of an open position may fall within different volume tiers. Each tier carries its own maximum leverage and margin requirement.
The scale is applied separately to each instrument. Volumes held in different symbols are not combined.
When an account has a lower leverage limit than the published dynamic tier, the lower leverage limit applies.
Effective leverage = the lower of:
- The client account leverage limit
- The applicable dynamic leverage tier
- Any jurisdictional, regulatory or risk-management limit
Applied per instrument, not per account
A position of 8 lots in one symbol and 6 lots in another is measured as two separate 8-lot and 6-lot calculations. It is never treated as a single 14-lot calculation.
Key leverage summary
Published maximums by account and instrument class
Every figure below is a published maximum. The leverage actually available to an account may be lower.
Raw Account
Maximum published leverageUp to 1:500
Applies to qualifying major and minor FX volume from 0.01 to 2.00 lots.
Progressive · reduces to 1:50
Metals and Energies
Starting leverageUp to 1:200
Progressively reduces to 1:50. The same scale applies on Standard and Raw accounts.
Progressive · per symbol
Exotic FX
Leverage modelFixed at 1:100
Not included in the major/minor FX dynamic scales.
Fixed · no volume tiers
Indices
Leverage modelFixed at 1:100
A single leverage level applies across the permitted volume range.
Fixed · no volume tiers
Instrument volume limits
Maximum gross open volume100 lots
Per major/minor FX instrument. 30 lots per exotic FX, metal, energy or index instrument.
Measured per symbol
Interactive leverage explorer
Check the tier structure for a given volume
Select an account type, instrument class and gross open volume to see how the published tiers would be applied. The tool explains the tier structure only — it does not calculate a monetary margin amount.
Standard Account
Standard Account — Major and Minor FX
Progressive leverage is applied separately to the gross open volume held in each qualifying non-exotic FX instrument.
| Tier | Gross open volume | Maximum leverage | Margin requirement |
|---|---|---|---|
| Tier 1 | 0.01 – 1.00 lots | 1:1000 | 0.10% |
| Tier 2 | 1.01 – 3.00 lots | 1:500 | 0.20% |
| Tier 3 | 3.01 – 5.00 lots | 1:400 | 0.25% |
| Tier 4 | 5.01 – 8.00 lots | 1:300 | 0.3333% |
| Tier 5 | 8.01 – 12.00 lots | 1:200 | 0.50% |
| Tier 6 | 12.01 – 25.00 lots | 1:100 | 1.00% |
| Tier 7 | 25.01 – 100.00 lots | 1:50 | 2.00% |
- Maximum published leverage: 1:1000
- Final tier leverage: 1:50
- The 1:50 tier begins at 25.01 lots
- Maximum volume: 100 lots per qualifying FX instrument
Raw Account
Raw Account — Major and Minor FX
Progressive leverage is applied separately to the gross open volume held in each qualifying non-exotic FX instrument.
| Tier | Gross open volume | Maximum leverage | Margin requirement |
|---|---|---|---|
| Tier 1 | 0.01 – 2.00 lots | 1:500 | 0.20% |
| Tier 2 | 2.01 – 4.00 lots | 1:400 | 0.25% |
| Tier 3 | 4.01 – 7.00 lots | 1:300 | 0.3333% |
| Tier 4 | 7.01 – 10.00 lots | 1:200 | 0.50% |
| Tier 5 | 10.01 – 20.00 lots | 1:100 | 1.00% |
| Tier 6 | 20.01 – 100.00 lots | 1:50 | 2.00% |
- Maximum published leverage: 1:500
- Final tier leverage: 1:50
- The 1:50 tier begins at 20.01 lots
- Maximum volume: 100 lots per qualifying FX instrument
Metals and energies
Metals and Energies
A progressive scale is applied separately to the gross open volume held in each metal or energy instrument.
| Tier | Gross open volume | Maximum leverage | Margin requirement |
|---|---|---|---|
| Tier 1 | 0.01 – 2.00 lots | 1:200 | 0.50% |
| Tier 2 | 2.01 – 10.00 lots | 1:100 | 1.00% |
| Tier 3 | 10.01 – 30.00 lots | 1:50 | 2.00% |
- Scale starts at 1:200
- Final tier leverage: 1:50
- The 1:50 tier begins at 10.01 lots
- Maximum volume: 30 lots per instrument
- Each metal or energy symbol is calculated separately
Fixed leverage
Instruments outside the progressive scales
These instrument classes carry a single leverage level across the permitted volume range. They do not step down through volume tiers.
| Instrument class | Standard | Raw | Model | Maximum lots per instrument |
|---|---|---|---|---|
| Exotic FX | 1:100 | 1:100 | Fixed | 30 |
| Indices | 1:100 | 1:100 | Fixed | 30 |
Exotic FX pairs are excluded from the major/minor FX dynamic leverage scales. Metals and energies are not listed here because they use their own progressive scale, set out in the section above.
Elite Account
Elite Account
Elite account leverage is set on approval and is not published as a volume-tier scale. The conditions that apply to an Elite account are set out on its own page.
How progressive leverage works
Exposure is allocated through the bands, not repriced as a whole
A Standard Account holds 14.00 lots of one qualifying FX symbol. The exposure is divided across the tiers as follows.
Scroll the scale sideways to see every band.
- 0.01 – 1.00 lots up to 1:1000 · 0.10% margin
- 1.01 – 3.00 lots up to 1:500 · 0.20% margin
- 3.01 – 5.00 lots up to 1:400 · 0.25% margin
- 5.01 – 8.00 lots up to 1:300 · 0.3333% margin
- 8.01 – 12.00 lots up to 1:200 · 0.50% margin
- 12.01 – 14.00 lots up to 1:100 · 1.00% margin
Entering a higher tier does not reprice the earlier volume
Entering a higher tier does not necessarily change the leverage applied to volume already allocated to earlier tiers. The additional volume is allocated progressively through the relevant bands, subject to platform configuration and the applicable account conditions.
Volume calculation
How gross open volume is measured
Each symbol is calculated separately
Open volume in EURUSD is assessed separately from open volume in GBPUSD. Volumes held in different symbols are not aggregated.
Gross exposure is used
Buy and sell positions in the same symbol do not offset one another for tier measurement.
Gross open volume for one symbol =
total open buy lots + total open sell lots
- EURUSD buy positions:
- 5 lots
- EURUSD sell positions:
- 3 lots
- Gross EURUSD open volume:
- 8 lots
Hedged positions do not cancel
Opposing or hedged positions continue to consume margin and remain included in gross-volume calculations. In the example alongside, the tier measurement is 8 lots. It is not reduced to a 2-lot net exposure.
Margin and recalculation
When margin is recalculated
Recalculation events
- Margin is recalculated whenever positions are opened.
- Margin is recalculated when positions are partially closed.
- Margin is recalculated when positions are fully closed.
Effect of moving between tiers
- Moving into a higher volume tier can increase the margin required for additional exposure.
- Moving into a lower tier after closing volume can reduce the applicable margin, subject to live platform calculations.
- Margin requirements may change when account or regulatory leverage caps apply.
- Clients must maintain sufficient free margin at all times.
Important
A change in leverage can increase the margin required to maintain open positions. If account equity or free margin becomes insufficient, positions may become subject to the applicable margin-call or stop-out process.
The platform calculation is authoritative
The trading platform's live margin calculation and the applicable contract specifications determine the margin actually required on an account at any moment. The scales published on this page describe the tier structure.
Important conditions
Conditions applying to all published leverage
- Published leverage is a maximum, not a guarantee.
- Actual leverage may be lower.
- The applicable leverage depends on account type and instrument.
- Jurisdictional or regulatory restrictions may apply.
- Client eligibility and risk classification may affect leverage.
- Account-specific leverage caps take precedence when lower.
- Royce Capitals may apply lower leverage or higher margin requirements where permitted or required by the applicable agreement, regulation or risk-management framework.
- Market volatility, reduced liquidity, weekends, holidays and significant economic events may affect margin conditions.
- The live trading platform and applicable contract specifications remain authoritative.
- This policy must be read together with the Client Agreement, Margin Policy, Risk Disclosure and Contract Specifications.
Practical examples
Worked illustrations of the tier structure
Each example shows how the published tiers would be applied. All figures are illustrative and remain subject to the account leverage limit and the live platform calculation.
Example 1 — Standard Account, 0.50 lots EURUSD
The whole position sits inside the first tier of the Standard Account FX scale, which covers 0.01 to 1.00 lots.
Applicable leverage: up to 1:1000, subject to the account leverage limit. Margin requirement: 0.10%.
Example 2 — Standard Account, 6.00 lots EURUSD
The exposure is allocated progressively through four bands.
| Band | Volume in band | Maximum leverage | Margin requirement |
|---|---|---|---|
| 0.01 – 1.00 | 1.00 lot | 1:1000 | 0.10% |
| 1.01 – 3.00 | 2.00 lots | 1:500 | 0.20% |
| 3.01 – 5.00 | 2.00 lots | 1:400 | 0.25% |
| 5.01 – 6.00 | 1.00 lot | 1:300 | 0.3333% |
Example 3 — Raw Account, 12.00 lots GBPUSD
The exposure is allocated progressively through five bands of the Raw Account FX scale.
| Band | Volume in band | Maximum leverage | Margin requirement |
|---|---|---|---|
| 0.01 – 2.00 | 2.00 lots | 1:500 | 0.20% |
| 2.01 – 4.00 | 2.00 lots | 1:400 | 0.25% |
| 4.01 – 7.00 | 3.00 lots | 1:300 | 0.3333% |
| 7.01 – 10.00 | 3.00 lots | 1:200 | 0.50% |
| 10.01 – 12.00 | 2.00 lots | 1:100 | 1.00% |
Example 4 — Hedged positions in one symbol
An account holds 5 lots EURUSD buy and 3 lots EURUSD sell.
- Gross volume: 8 lots
- Net directional exposure: 2 lots
- Leverage-tier measurement: 8 lots
The tier is measured on the gross figure. The hedge does not reduce the measured volume to 2 lots, and both legs continue to consume margin.
Example 5 — Positions in different symbols
An account holds 8 lots EURUSD and 6 lots GBPUSD.
Each symbol is measured separately: EURUSD is assessed as an 8-lot position and GBPUSD as a 6-lot position. They are not combined into a single 14-lot tier calculation, and neither position is pushed into a higher tier by the other.
Frequently asked questions
Common questions about dynamic leverage
What is dynamic leverage?
Dynamic leverage is a progressive margin model in which the maximum leverage available depends on the gross open volume held in an instrument. As volume increases, additional exposure is allocated to tiers carrying lower leverage and a higher margin requirement.
Does the highest leverage apply to every client?
No. Published leverage is a maximum, not a guarantee. The leverage available to an account depends on the account type, the instrument, the onboarding entity, the client's jurisdiction and eligibility, and any applicable regulatory or risk-management limit.
Is leverage calculated by account or by instrument?
By instrument. The scale is applied separately to the gross open volume held in each individual symbol.
Are different FX symbols aggregated?
No. Volume in EURUSD is assessed separately from volume in GBPUSD. Positions in different symbols are never combined for tier measurement.
Do hedged positions reduce the tier volume?
No. Buy and sell positions in the same symbol are added together. Opposing or hedged positions continue to consume margin and remain included in the gross-volume calculation.
What happens when my position enters another tier?
The additional volume is allocated to the next band and carries that band's maximum leverage and margin requirement. Entering a higher tier does not necessarily change the leverage applied to volume already allocated to earlier tiers, subject to platform configuration and the applicable account conditions.
What happens after a partial closure?
Margin is recalculated. Reducing gross open volume can move the remaining exposure into a lower tier and reduce the applicable margin, subject to the live platform calculation.
Why may my actual leverage be lower?
Because the effective leverage is the lower of the account leverage limit, the applicable dynamic tier, and any jurisdictional, regulatory or risk-management limit. Where an account-specific cap is lower than the published tier, the cap applies.
Are exotic FX pairs included in the dynamic FX scale?
No. Exotic FX pairs are excluded from the major and minor FX dynamic scales and carry fixed leverage of 1:100, with a maximum of 30 lots per instrument.
What leverage applies to metals and energies?
Metals and energies use their own progressive scale, beginning at up to 1:200 for 0.01 to 2.00 lots, reducing to 1:100 from 2.01 lots and to 1:50 from 10.01 lots, with a maximum of 30 lots per instrument.
What leverage applies to indices?
Indices carry fixed leverage of 1:100 on both Standard and Raw accounts, with a maximum of 30 lots per instrument. They do not step down through volume tiers.
Which calculation is authoritative?
The live trading platform calculation, together with the applicable contract specifications and account conditions. The scales on this page describe the published tier structure.
Risk Warning
Trading leveraged products carries a high level of risk. Leverage magnifies both profits and losses, and losses may occur rapidly. A reduction in available leverage or an increase in margin requirements may require additional free margin to maintain existing positions.
Clients should ensure that they understand how leverage, margin, margin calls and stop-out procedures operate before trading. The published leverage scales are subject to account, product, jurisdictional, regulatory and risk-management restrictions.
This page sets out the published dynamic leverage structure applied across Royce Capitals trading accounts. It is provided for information and does not constitute investment advice or a recommendation.
Royce Capitals accounts
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