Question about forex Lot size?

I have 560 dollars on my account with a 1:50 leverage. I try to buy GBPUSD which is currently priced at 1.247693. I tried .20 lot size and it says not enough money? I am confused. How does this work? I see people with 560 dollars buying 1 lot size. Any mathematical on how lot size work base on account balance? 

Thank you

1 Answer

Still have questions? Get your answers by asking now.