Hi, I’m still new to forex and leverage trading so apologies if this is a stupid question. I was messing around with a demo account on EagleFX and found it peculiar that the amount of leverage to be used is actually “set” for assets other than forex and metals. For example, I chose an account with 1:10 leverage but my crypto positions were using 1% margin (equating to a 1:100 leveverage), when I asked support about it, their response is shown below. My question for you guys is - is this the norm on other brokers?
Support response: “When trading the other assets the leverage is set; for indices is set to 200:1, energies at 100:1, stocks at 20:1, while for cryptocurrencies it is set to 100:1.”
It seems odd to me that online reviews and support reps continue to boast leverage up to 1:100, 1:200, etc. depending on the asset when that does not seem to be the case at all.