Leverage and Currency Pair Trading

If you select a level of leverage in the order form, you are no longer creating an order to exchange currency in your account. Currency will still be bought and sold on the exchange as a result of your order, but in your account you will only be opening a long or short currency pair position. So when you select a level of leverage, this changes the order from an order to buy and sell currency (currency exchange) to an order to buy or sell the selected currency pair. See the sections Currency Exchange vs Currency Pair Trading and Understanding Leverage and Margin for more information on leverage.