Why has my order been rejected?

MOST COMMON REASONS

Exposure cannot be increased due to client configuration

Reason: You have probably received a request from Saxo to update your personal details and there are some actions needed from your side.

What can you do?:

Read I get the message "Exposure cannot be increased due to client configuration". What should I do?

Exposure cannot be increased due to instrument configuration

Reason: The instrument you are trying to trade might have certain restrictions or limitations. Among others, these are the most common reasons:

• Some OTC (Pink sheets) can only be reduced.
  
• Other types of Stocks could have the "Reduce only" status, meaning that you can't increase exposure, only reduce (Sell existing positions). 

What can you do?:

Unfortunately, no solution can be provided for the instruments that can only be reduced.

Trade would exceed the available margin. Review your positions and orders

Reason: The trade would result in a too high margin utilization given the exposure and cash availability in the account you are placing the trade from.

What can you do?:

• You can add more funds to your account: How do I fund my account?
• You can also try to reduce the trade size.

You have insufficient funds to place this trade

Among others, these could be the reasons:

• The cash balance available in your account is too low. Please deposit more funds or reduce the value of the trade.
• You have pending open orders that if executed will need cash if they increase your exposure. Therefore the system reserves cash to place that trade. Please check your pending orders.
• Cash Buffer. Saxo reserves a cash buffer before any trade execution. The buffer is to ensure you have sufficient cash to cover commissions/fees as well as ensure that you will not go into negative in case of a market gap.

Market orders, placed while the market is closed

Summary

Before the system allows any client to submit an order, there are a few pre-checks in place. These pre-checks try to ensure that clients:

1. Do not trade themselves on margin.
2. Will have a positive cash balance in case the order gets executed.
3. Have a positive cash balance in case the order is executed, and there will be sufficient cash balance so that all of the positions can subsequently be closed at a later point.