I was looking to buy oil futures because I expect the price to go up. But in my Robinhood App it says that the “margin requirement” is over $24,000. does that mean I need to have $24,000 in my account to buy in? I’ve never traded commodities before.
there is also a “multiplier” next to it, currently at 3.9. As I read it, does that mean gains or losses are multiplied 3.9 times if I do not post the full $24,000 amount?