What do the following terms on my platform mean: balance, equity, margin, free margin and margin level?

BalanceThis is the value of your account before taking into account any open positions.   EquityThis is the current value of your account including the value of any open positions.   MarginThis is the amount of money you need to have, and maintain, in your account to cover any open positions.   Free MarginThis is the difference between your Equity and the Margin   Margin LevelThis is the ratio of Equity to Margin, calculated by the following formula: ( Equity / Margin ) x 100 = Margin Level