What one pip is worth
A pip is the smallest normal step in a price: 0.0001 on most pairs, 0.01 on the ones that hold the yen. What it is worth to you depends on the pair, the size you trade and the currency your account is in, which is the sum below.
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Your position
What a pip is worth
One pip on 1 lot
US$10.00
- One pip, 1 lot
- US$10.00
- One pip, 0.1 lot
- US$1.00
A pip is 0.0001, or 0.01 on a pair that holds the yen. Rates are the ECB reference set of 2026-09-22, so the result is close to your broker's and not identical: a broker converts at its own rate and adds its spread.
Why the number differs per pair
A pip is a move in the second currency of the pair, so it is paid in that currency and then converted into yours. That is why one pip on a pair quoted in yen is worth something different from one pip on a pair quoted in dollars, at the same lot size.
It is also why the same stop in pips is a different amount of money on every pair. Sizing by pips alone is the most common way to risk more than you meant to. The position size calculator does that conversion for you.
Questions about pips
What is a pip?
The smallest normal step in a currency price: 0.0001 on most pairs, and 0.01 on pairs that hold the Japanese yen. A move from 1.1000 to 1.1010 is ten pips.
What is one pip worth?
On one lot, which is 100,000 units, one pip is 10 units of the second currency of the pair, converted into your account currency. On a pair quoted in yen it is 1,000 yen, which is a different amount of money.
What is the difference between a pip and a point?
Most brokers quote one extra decimal, and that last digit is a point or a pipette: ten of them make one pip.
Are these rates the same as my broker's?
Close, not identical. These are the European Central Bank reference rates, published once a day. Your broker converts at its own rate and adds its spread, so treat the result as the right size rather than the exact cent.