{ "license": "https://creativecommons.org/licenses/by/4.0/", "source": "https://brokerfit.io/en/methodology/open-data", "attribution": "BrokerFit (https://brokerfit.io/en/methodology/open-data), CC BY 4.0", "slice": "protection", "schema": "https://brokerfit.io/data/schema.json#/$defs/protection", "lastVerified": "2026-08-31", "nextVerification": "2026-12-01", "records": [ { "broker_slug": "just2trade", "broker_name": "Just2Trade", "offers_margin": true, "liquidation": "no-notice", "close_out_pct": null, "close_out_is_regulatory": false, "negative_balance_protection": "none", "nbp_condition": null, "quote": "The 'Stop-out Level' is the level of Client's equity where the Company's Online Trading Systems will start automatically to close trading positions (starting from the least profitable position and until the Margin Level requirement is met) in order to prevent further account losses into the negative territory.", "entity": "J2T Services Ltd (Cyprus, CySEC CIF 281/15)", "condition": "Applies to margin ('Non-covered') transactions in real securities under J2T Services Ltd. There is no negative-balance protection — the client remains liable for any deficit even beyond the account's own assets.", "verified_at": "2026-08-31", "source_url": "https://j2t.com/files/j2t/regulatorydocs/Terms%20and%20Conditions%20for%20the%20Provision%20of%20Investment%20Services_eng.pdf" }, { "broker_slug": "interactive-brokers", "broker_name": "Interactive Brokers", "offers_margin": true, "liquidation": "no-notice", "close_out_pct": null, "close_out_is_regulatory": false, "negative_balance_protection": "none", "nbp_condition": "IBIE does publish negative balance protection, but its Customer Agreement grants it only to CFD positions and only to clients classified as retail — the document states in capitals that a client not classified as retail is not eligible for it. Margin lending against real securities is not covered.", "quote": "IBIE generally will not issue margin calls and will not allow a grace period in the Client's account for the Client to meet intraday or other margin deficiencies. The Client acknowledges that it is authorised to liquidate account positions immediately in order to satisfy Margin Requirements without prior notice.", "entity": "Interactive Brokers Ireland Limited (Ireland, Central Bank of Ireland C423427)", "condition": "Applies to Interactive Brokers Ireland Limited, registered with the Central Bank of Ireland under number C423427. The clause quoted below is IBIE's general margin-liquidation rule for account positions. Interactive Brokers LLC (US) and Interactive Brokers U.K. Limited are separate entities with their own client agreements and protections; these terms are not theirs.", "verified_at": "2026-08-31", "source_url": "https://ndcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?formdb=4750" }, { "broker_slug": "xtb", "broker_name": "XTB", "offers_margin": true, "liquidation": "auto-close-esma", "close_out_pct": 50, "close_out_is_regulatory": true, "negative_balance_protection": "retail-only", "nbp_condition": null, "quote": "If the net equity in your account (cash plus unrealised profits minus unrealised losses) falls below 50% of the required margin, we may close part or all of your positions at prevailing market prices.", "entity": "XTB Limited (UK, FCA FRN522157)", "condition": "Applies to XTB Limited, the UK entity authorised by the Financial Conduct Authority (FRN 522157, company number 07227848), whose risk disclosure is the source document below. Negative balance protection covers retail clients; professional clients do not receive it. Which XTB entity holds the contract for readers in the EU or the CIS was not established in this check — read the entity named in your own client agreement before assuming these terms are yours.", "verified_at": "2026-08-31", "source_url": "https://www.xtb.com/en/trading-services/account-information/legal-information/risk-warning-notice.pdf" }, { "broker_slug": "exante", "broker_name": "EXANTE", "offers_margin": true, "liquidation": "no-notice", "close_out_pct": null, "close_out_is_regulatory": false, "negative_balance_protection": "retail-only", "nbp_condition": "EXT Ltd's Risk Disclosure states the protection conditionally: it applies to retail clients “under certain circumstances”, and then only “if so provided by the competent financial market supervisory authority within national product intervention measures”. It is not written as an unconditional guarantee covering everything in the account.", "quote": "EXT or the Counterparty may change Margin requirements at any time and EXT is not required to provide you with advance written notice. Provided that, however, and notwithstanding any demand for additional Margin, EXT or the Counterparty may at any time proceed to liquidate Open Positions in accordance with the Transaction Documentation.", "entity": "EXT Ltd (Cyprus, CySEC 165/12)", "condition": "Governs EXT Ltd only. EXANTE operates two other legal entities — LHCM Ltd and XHK Limited — under separate regulatory authorisations, whose margin and liquidation terms have not been checked in this pass and may differ.", "verified_at": "2026-08-31", "source_url": "https://exante.eu/files/terms-business_new_ext/" }, { "broker_slug": "tickmill", "broker_name": "Tickmill", "offers_margin": true, "liquidation": "auto-close-esma", "close_out_pct": 50, "close_out_is_regulatory": true, "negative_balance_protection": "retail-only", "nbp_condition": null, "quote": "For Retail Clients' trading accounts, when the Margin Level reaches 50% (ratio of equity to Margin in the Client Account), the client positions will start closing automatically at market prices (Stop Out level of 50%) starting with the most losing Order and the Company has the right to refuse new Orders.", "entity": "Tickmill Europe Ltd (Cyprus, CySEC 278/15)", "condition": "Covers only Tickmill Europe Ltd, the Cyprus entity (CySEC 278/15). Tickmill also runs a separate UK entity under the FCA (717270) and offshore entities, whose margin terms were not checked here. The 50% stop-out quoted below is the retail level; under the same clause, professional accounts stop out at 30%. Basis for negative balance protection is the ESMA regulatory regime (ESMA Decision (EU) 2018/796, mandating NBP for retail CFD clients EU-wide) applicable to Tickmill Europe Ltd as a CySEC CIF, rather than a sentence in Tickmill's own Client Agreement or Risk Disclosure, neither of which uses the phrase \"negative balance protection.\"", "verified_at": "2026-08-31", "source_url": "https://www.tickmill.com/files/documents/legal-documents/cysec/client-agreement.pdf" }, { "broker_slug": "admirals", "broker_name": "Admirals", "offers_margin": true, "liquidation": "auto-close-esma", "close_out_pct": 50, "close_out_is_regulatory": true, "negative_balance_protection": "retail-only", "nbp_condition": null, "quote": "The margin close-out protection will be triggered when the sum of funds in the CFD trading account and the unrealized net profits of all open CFDs connected to that account falls to less than half (i.e., 50%) of the total initial margin protection for all those open CFDs.", "entity": "Admirals Europe Ltd (Cyprus, CySEC 201/13)", "condition": "Applies to Admirals Europe Ltd, formerly Admiral Markets Cyprus Ltd — licence 201/13 from the Cyprus Securities and Exchange Commission, incorporation number HE 310328. Both identifiers appear, matching, in the two primary documents used here: the CySEC Terms and Conditions valid from 19.11.2024 and the Leverage Policy. Negative balance protection is scoped to retail clients; the policy excludes professional clients and eligible counterparties on the basis that they have the necessary knowledge and experience.", "verified_at": "2026-08-31", "source_url": "https://admiralfiles.s3.amazonaws.com/docs/CYSEC/en/Cysec_Terms_and_Conditions_19_11_2024.pdf" }, { "broker_slug": "freedom-finance", "broker_name": "Freedom Finance", "offers_margin": true, "liquidation": "notice-then-close", "close_out_pct": null, "close_out_is_regulatory": false, "negative_balance_protection": "none", "nbp_condition": null, "quote": "Before the next 20:00 UTC after the moment the Margin Call was sent at, the Client shall execute the Margin Call, funding the Client's account with Funds or Securities or closing Open positions to release collateral sufficient for increasing CAR to the Minimal Level.", "entity": "Freedom Finance Europe Ltd (Cyprus, CySEC CIF 275/15)", "condition": "Governs Freedom Finance Europe Ltd's CySEC-regulated margin transactions only. CIS clients are frequently onboarded to a separate AIFC Kazakhstan entity outside this document's scope. There is no negative-balance protection — the client bears any resulting deficit.", "verified_at": "2026-08-31", "source_url": "https://freedom24.com/download/documents/1190/Appendix_3_Margin_Transactions_Rules_09072026" }, { "broker_slug": "etoro", "broker_name": "eToro", "offers_margin": true, "liquidation": "auto-close-esma", "close_out_pct": 50, "close_out_is_regulatory": true, "negative_balance_protection": "retail-only", "nbp_condition": "eToro (Europe) Ltd states this protection for CFD trading specifically, not for everything held in the account.", "quote": "The money available as margin on a position, cannot equal less than 50% of the money that you might lose on that open position at any time.", "entity": "eToro (Europe) Ltd (Cyprus, CySEC 109/10)", "condition": "Applies to eToro (Europe) Ltd (CySEC 109/10, registration number HE 200585). eToro's other entities — UK, Australia, Seychelles, Middle East and Singapore — publish their own terms, which differ from these. Negative balance protection applies to retail clients; professional clients are not subject to these restrictions.", "verified_at": "2026-08-31", "source_url": "https://www.etoro.com/wp-content/uploads/2026/03/etoro_EU_TnC_Publication_2026-08-12_Clean-1.pdf" }, { "broker_slug": "trading-212", "broker_name": "Trading 212", "offers_margin": true, "liquidation": "auto-close-esma", "close_out_pct": 50, "close_out_is_regulatory": true, "negative_balance_protection": "retail-only", "nbp_condition": "Trading 212 Markets Ltd grants this protection to retail CFD clients specifically; the source document is its CFD Terms, which do not cover anything held outside CFD trading.", "quote": "The provisions under Clause 8.4. shall apply when the shortage of funds exceeds 50% of the margin required, and all of your open positions shall be closed one by one or simultaneously.", "entity": "Trading 212 Markets Ltd (Cyprus, CySEC 398/21)", "condition": "Applies to Trading 212 Markets Ltd CFD Terms, regulated by CySEC. Trading 212 also runs a separate UK FCA entity, which this document does not cover. Negative balance protection is provided to retail CFD clients.", "verified_at": "2026-08-31", "source_url": "https://www.trading212.com/legal-documentation/cy/cfd/CFD-Terms_EN.pdf" } ] }