Currency pairs are usually traded in units of 100,000 (standard lots), 10,000 unit (mini lots) or 1,000 (micro lots) meaning buying / selling 100,000 of the base currency while selling / buying the equivalent number of units of the counter currency.
A standard contract (one Lot) in which the USD is the counter currency one pip will equal $10 ($1 for a mini lot). For all other pairs exact pip values are slightly different and range from $8 to $10. Use our Pip Calculator to see the current pip value for all currency pairs.
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