When trading cryptocurrencies on XM MT4, some people may get the “Not enough money” error. This error means that the balance on XM MT4 is not enough to execute the trade. So what is the cause and how to fix it? Let’s find out in the article below.
Why does MT4 say “Not enough money”?
There are many different reasons why an account receives an insufficient balance message.
The first reason is the most common: the balance of the user account is too small and not enough to open a trade.
Or they don’t have enough funds to cover trading costs, such as margin or spreads.
- Margin: this is the minimum amount that an investor must deposit with the broker to open a position in the market.
- Spreads: Most current international Forex brokers do not charge commissions on trading. Instead, they will charge the spread and spread changes based on market volatility and liquidity.
In addition, if a new user deposits several XM accounts and immediately logs into MT4 to trade, the connection to the server is faulty. MT4 was unable to update the amount just deposited. Therefore, when you place a trade order, you may see an insufficient account balance error.
How to fix the error “Not enough money”?
In the event of a server failure, users have to wait a few minutes for the system to return to normal.
If the problem is in high spreads, the trader must wait for the right moment, for example, a favorable price movement, to place an order.
Placing a pending order at the desired price can also be useful as the order will be opened to the current funds in your trading account without errors.
Additionally, you can perform other immediate actions to handle this error:
- Reduce order volume
- Increase leverage
- Deposit more money
If you continue to encounter this error, please feel free to contact XM Support for further assistance.
