> ## Documentation Index
> Fetch the complete documentation index at: https://docs.xblu.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> The terms used across these pages, each with the page that covers it.

## Accounts

**Main account.** The account that holds your cash. Deposits land on it, withdrawals leave from it,
and it places no orders. See [Accounts](/account/accounts).

**Trading account.** An account linked to the main account, from which orders are placed. It is
kept in one currency and margined per position or as a whole.

**Account currency.** The currency a trading account is kept in. Margins, fees, swaps and results
are counted and shown in it.

**Paper account.** A trading account with play money against real prices. Nothing in it can be
withdrawn.

**Balance, equity, used margin, free margin, margin level.** Defined on
[Leverage and margin](/trading/leverage-and-margin#equity-used-margin-free-margin-margin-level).

## Trading

**CFD.** A contract for difference: a contract whose result is the difference between the price
you opened at and the price you closed at, times the size. You never hold the asset.

**Lot.** The fixed quantity an instrument trades in: 100,000 units of the base currency on a
currency pair, 100 shares, 100 ounces of gold, 1 BTC. See [Markets and hours](/trading/markets-and-hours).

**Notional.** The size of a position in money: lots times contract size times price, or the amount
times the leverage. Commissions and the swap are counted on it.

**Leverage.** How many times the margin the position is worth. Set per asset class in the settings,
capped by each instrument. See [Leverage and margin](/trading/leverage-and-margin).

**Margin.** What the broker holds against a position. See [Leverage and margin](/trading/leverage-and-margin).

**Spread.** The difference between the buy and the sell price of an instrument. Half of it is paid
at the open and half at the close. See [Fees and spread](/trading/fees-and-spread#spread).

**Commission.** A percentage of the notional, charged per side. See
[Fees and spread](/trading/fees-and-spread#commission).

**Swap.** The overnight financing of a position, charged each night at 21:00 UTC. See
[Fees and spread](/trading/fees-and-spread#overnight-swap).

**Borrow charge.** What a short position in a share pays each night, the cost of borrowing the
shares that a short carries elsewhere.
See [Fees and spread](/trading/fees-and-spread#borrow-charge-on-a-short-share).

**Reference price.** The price fills are made from: the median of the venues' books that agree
on crypto, the one venue's price on an instrument priced from a single source.

**Liquidation price.** The price at which a position margined on its own is closed. See
[Liquidation](/trading/liquidation).

**Liquidation threshold.** The share of a position's margin that a price loss has to reach for the
position to be liquidated. See [Fees and spread](/trading/fees-and-spread#liquidation-thresholds).

**Stop-out.** On an account margined as a whole, the closing of positions, the one losing most
first, once the margin level falls to the stop-out level. See [Liquidation](/trading/liquidation).

**Margin call.** A warning that the margin level has fallen to the level the desk set: deposit or
reduce the exposure.

**Negative balance protection.** A balance taken below zero by a gap is reset to zero.

**Slippage.** The most the price may move between the ticket and the fill of a market order;
beyond it the order is refused.

**Trailing stop.** A stop loss that follows the price at a distance in points once the profit
reaches it, and never moves back.

**GTC.** Good till cancelled: a waiting order that lives until you cancel it.

**Session.** A part of a share's trading day: regular hours, pre-market, after-hours, overnight,
and off-exchange when a perpetual prices it while the exchange is shut. Outside regular hours the
spread is usually wider.

## Money

**Route.** A token on a network that a deposit or a withdrawal can take. See
[Deposits](/money/deposits) and [Withdrawals](/money/withdrawals).

**Native USDC.** The USDC issued on a network, as opposed to a bridged variant such as USDC.e or
USDbC. Only native USDC is credited.

**Address book.** With it on, withdrawals go only to the addresses in it, each usable 24 hours
after it is confirmed.

**Second factor.** A code from an authenticator app, or a passkey, on top of the password. See
[Security](/money/security).


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