Looking at the rate you provided, 1.2929,5 it looks like the pair being traded was GBP/USD.
For completeness lets assume the account holder also has a trading account based in USD - most traders do, no matter where you are in the world, especially if you primarily trade the major currency pairs.
So, the trader has an account balance of $100,000
The trade has a notional value of $129,295, this is more than the account balance, therefore leverage is being applied (trading a position which exceeds the size of your account)
The leverage being used on this particular trade is therefore 1:1.29
If 2 lots had have been traded, the notional position size would have been equal to $258,590
The leverage being used on this particular trade would have been 1:2.58
The majority of full time traders, and there is of course exceptions to what I’m about to say, use less than 1:10; even though there account may have 1:100 maximum allowable leverage. This then asks the question
“[I]why would a trader who uses 1:10 need an account with 1:100 leverage, it seems unnecessary[/I]”
As already discussed, the reason for this is because it reduces the required margin for the trade in question, and therefore you have more ‘[I]available[/I]’ trading capital at your disposal. It’s the inexperienced traders who perhaps trade with the full 1:100 leverage and then wonder why they have blown their entire trading account