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There are some additions to that (leverage changes and leverage used) :
- You can not change leverage if you have open positions (it will not affect opened positions)
- Your broker can change you leverage depending on your account size. If your account size "crosses" some boundaries broker can change you leverage. An example for FxOpen allowed leverages depending on account sizes:
[*=1]Leverage available for trading accounts is from 1:1 to 1:500 for accounts under 25,000 USD. From 1:1 to 1:200 for accounts under 100,000 USD. And from 1:1 to 1:100 for accounts under 1,000,000 (1 million) USD.
- Broker may apply what is called a "floating leverage". Here is an example from Alpari :