Free margin is now calculated more simply. Margin call is now purely informational, being in margin call no longer blocks you from opening a trade by itself. What blocks new trades is reaching zero free margin. And closing or reducing a position is always permitted, whatever state the account is in.
The practical upshot is that you can now see a margin call warning and still be able to trade, or see free margin at zero without being in margin call. Both look like bugs. Neither is.
Free margin, margin call, and the difference between them
Free margin is the margin in your wallet that is not currently committed to open positions. It is what is available to support a new trade.
Margin call is a warning level. It is a ratio between the equity in your account and the margin your open positions require, and when that ratio falls below the configured threshold, the platform tells you. It is a notification about the health of the account, not a state that restricts it.
Before 4.35, those two ideas were entangled: being in margin call carried consequences for what you could do. Now they are separate. One is a resource, how much room you have. The other is a signal, how close to the edge the account is running.
What now blocks a new trade
One thing: zero free margin.
If there is no uncommitted margin in the wallet, there is nothing to support another position, so the order is refused. That is the complete rule, and it has nothing to do with the margin call warning.
What is never blocked is closing or reducing an existing position. There is no account state on Ouinex in which you cannot get out of a trade. Reducing risk is always allowed, which is the behaviour you want, because the moment you most need to close a position is the moment the account is under the most pressure.
The two cases that look wrong and are not
"The margin call warning appeared, but I could still open a trade." Correct. Margin call is informational now. It tells you the account's equity-to-margin ratio has crossed a threshold. As long as free margin remains above zero, the platform will still accept a new order. Whether you should open one while that warning is showing is a separate question, and the answer is usually no.
"My free margin is at zero but I am not in margin call." Also correct, and it is a direct consequence of how the two figures are defined. If your margin call level is configured below 100%, there is a band in which every available unit of margin is committed to open positions, free margin zero, while the equity-to-margin ratio has not yet fallen far enough to trip the warning. Fully committed, not yet distressed. Expected behaviour.
The reason both of these feel wrong is that most traders carry a mental model from platforms where margin call is an enforcement action. Here it is a gauge.
Why this is an improvement
The old arrangement had a genuine flaw: a state that warns you the account is stressed, and also restricts what you can do about it, is a state that can prevent you from managing your way out of trouble. Hedging a position, or rebalancing rather than liquidating, are legitimate responses to a stressed account, and an enforcement-style margin call can block them.
Separating the two means the warning does its job, telling you something needs attention, without the platform overriding your judgement about what that attention should be. The one hard limit that remains, zero free margin, is not a policy choice. There is genuinely nothing left to open a position with.
What to do when you see either signal
Margin call warning: treat it as a prompt to look, not as a crisis. Check your open positions, check your unrealised P&L, and check how close your estimated liquidation prices now sit to the market. The warning means the ratio has moved; your job is to find out why.
Free margin at zero: you are fully committed. You cannot add exposure, and you should not want to. The routes back are closing or reducing a position, or funding the wallet. Note that unrealised profit on an existing position also restores free margin, so the figure can recover without you doing anything, which is not a reason to wait for it to.
Neither signal is a liquidation. Liquidation happens when margin can no longer support a position at all, and it is a separate mechanism with its own price estimate shown on every order.
FAQ
What is free margin? The portion of your wallet margin that is not committed to open positions. It is what is available to support a new trade. When it reaches zero, new positions are refused, but closing or reducing existing positions remains available at all times.
Does a margin call stop me trading on Ouinex? No. Since 4.35 the margin call warning is purely informational. It reports that your equity-to-margin ratio has crossed a threshold. What actually prevents a new position is zero free margin, which is a separate condition.
Why is my free margin at zero when I am not in margin call? Because the two measure different things. If your margin call level is set below 100%, there is a range in which all available margin is committed to positions, free margin zero, without the equity-to-margin ratio having fallen far enough to trigger the warning. This is expected, not a fault.
Can I close a position if I have no free margin? Yes, always. Closing or reducing a position is never blocked, regardless of free margin or margin call state. Only opening new exposure is restricted.
Is a margin call the same as a liquidation? No. A margin call is a warning that the account's margin ratio has deteriorated. A liquidation is the automatic closing of a position whose margin can no longer support it. A margin call does not close anything.
The bottom line
Margin call is now a gauge, not a gate. Free margin is the gate, and it only ever gates new risk, never the ability to reduce it. If you see the warning, look at your positions and your liquidation estimates rather than assuming the platform will act for you. If free margin reads zero, you are fully committed and the honest response is to close something, not to wait for the market to restore the number. Both behaviours are live now across Ouinex derivatives.