Exotic pairs have their own margin rules, and the platform doesn't make them obvious

[Shadow Trader]

The same broker can charge one percent margin on EURUSD and ten percent on USDTRY. Margin requirements on exotics reflect the risk of gaps and sudden policy changes.

The numbers can change without much notice. A central bank decision, a political event, or a sudden jump in volatility can lead the broker to raise requirements for all positions overnight.

Swap rates are another surprise. Pairs with high-yield currencies can carry large positive or negative swaps, and rates can change daily. A position meant to last five minutes and accidentally held through rollover can cost a lot.

Contract sizes and tick values vary. The pip value on USDZAR is not the same as on EURUSD, and the account currency conversion adds another layer.

A quick review of the contract specification before trading any new exotic is good practice. Margin, swap long and short, minimum and maximum lot size, tick value, trading hours and any special restrictions are all listed.

Ignoring them is how a small account can end up with a margin call from a position that looked small.

Which exotic has been the most surprising in terms of costs or restrictions?