Calculator · pip value
Pip calculator
One pip on one standard lot of EUR/USD is worth $10 on a US-dollar account, $1 on a mini lot and $0.10 on a micro lot. The calculator gives that figure for any size, pair and account currency: pick the pair, pick USD, GBP, EUR or AUD and enter today’s exchange rate.
- 19 Oct 2026latest broker data check
Low Spread Brokers does not give personal investment advice.
Pip value calculator
Majors, yen pairs and crosses on a USD, GBP, EUR or AUD account. When the pair is quoted in another currency, the calculator asks for the rate to convert it.
The pip is counted in the quote currency, the second one in the pair. The rate field opens only when that currency differs from your account currency; the prefilled rate is a round example, so replace it with the live quote. Leverage does not change the result.
Result
Pip value = pip size (0.0001; 0.01 on JPY pairs) × 100,000 × lots, in the quote currency, converted to the account currency at the rate
0.0001 × 100,000 × 1 = $10.00
Key takeaways
- 1Pip value = pip size × units, in the quote currency: 0.0001 × 100,000 = $10 for one lot of EUR/USD; convert it if your account is in another currency.
- 2One lot on a USD account pays $10 a pip on EUR/USD, $6.67 on USD/JPY at 150.00 and $12.50 on EUR/GBP with GBP/USD at 1.2500.
- 3Leverage does not change the pip value: one lot of EUR/USD is $10 a pip at 1:30 and at 1:10; only the position size and exchange rates change it.
- 4Spread cost per lot = spread in pips × pip value: a 1.0 pips EUR/USD spread is $10.00 a lot.
Retail leverage caps in the United Kingdom
Leverage decides how big a position your margin allows, and so how much each pip moves your balance; it does not change the value of a pip. The most leverage a UK retail client can be given when opening a position. ESMA rules in the EU and ASIC rules in Australia set the same 1:30 on major pairs; Singapore’s MAS sets 1:20.
- FX majors1:30
- FX non-majors, gold, major indices1:20
- Commodities (ex gold), non-major indices1:10
- Individual equities1:5
- Cryptoassetsbanned (crypto derivatives may not be sold to retail clients)
Source: FCA PS19/18 and PS20/10, compiled in our country reference and not yet re-verified; see the sources on this page.
The pip value formula
Pip value in the quote currency = pip size × number of units. A pip is 0.0001 on most pairs and 0.01 on pairs quoted in Japanese yen; one standard lot is 100,000 units of the base currency.
If the quote currency is your account currency, that is the answer: 0.0001 × 100,000 = $10 for EUR/USD on a USD account. If not, convert it: divide by the rate when your currency is the base of the pair (USD/JPY, USD/CHF), multiply by the quote-to-account rate otherwise (EUR/GBP via GBP/USD).
| Pair | Calculation | Pip value per lot |
|---|---|---|
| EUR/USD | 0.0001 × 100,000 | $10.00 |
| USD/JPY at 150.00 | 0.01 × 100,000 ÷ 150 | $6.67 |
| USD/CHF at 0.8500 | 0.0001 × 100,000 ÷ 0.85 | $11.76 |
| EUR/GBP, GBP/USD at 1.2500 | 0.0001 × 100,000 × 1.25 | $12.50 |
USD/JPY 150, USD/CHF 0.85 and GBP/USD 1.25 are round examples, not quotes. The calculator above runs the same arithmetic with the rate you enter and shows each step under the result.
Pip value by lot size
Pip value scales with size. On EUR/USD with a USD account:
| Size | Units | Pip value |
|---|---|---|
| 1 standard lot | 100,000 | $10.00 |
| 1 mini lot (0.1) | 10,000 | $1.00 |
| 1 micro lot (0.01) | 1,000 | $0.10 |
From pip value to trading cost
Multiply the spread by the pip value to price a trade. Pepperstone’s Standard account publishes EUR/USD from 1.0 pips, so one lot costs at least $10.00 in spread to open and close. A raw account adds a commission per lot on top of a smaller spread; add both.
The same pip value turns a stop-loss into money: a 20-pip stop on one lot of EUR/USD risks $200. The lot size calculator works that backwards from the amount you want to risk.
Brokers with a commission-free Standard account
Why this order: brokers with a Tier 1 company and a Standard account, where the whole cost is the spread you multiply by the pip value; ordered by our costs score, ties broken by the overall score. Ranked from our data on 5 brokers, updated 19 Oct 2026.
- 1Pepperstone8.6/10 · Minimum deposit £10 · 0.0 pipsVisit brokerUnpaid link
73.6% of retail investor accounts lose money when trading CFDs with this provider (Pepperstone Limited (UK)).
- 2Admirals (Admiral Markets)7.8/10 · Minimum deposit €100 · 0.0 pipsVisit brokerUnpaid link
74% of retail investor accounts lose money when trading CFDs with this provider (Admirals Europe Ltd).
- 3OANDA8.1/10 · Minimum deposit $0 · 0.0 pipsVisit brokerUnpaid link
76.6% of retail investor accounts lose money when trading CFDs with this provider (OANDA Europe Limited).
Risk warning:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail investor accounts lose money. Consider whether you understand how CFDs work and whether you can afford the high risk of losing your money.
Low Spread Brokers does not give personal investment advice.
FAQ
Pip value: questions
Short answers to the questions people ask about this calculation. The arithmetic is exact; exchange rates in the examples are round numbers, not market quotes.
Ask a questionWe cannot give personal investment advice.
1How much is 1 pip worth in forex?
On one standard lot of a pair quoted in US dollars, such as EUR/USD, 1 pip is $10 on a USD account. On USD/JPY at 150 it is $6.67, and on EUR/GBP with GBP/USD at 1.25 it is $12.50.
Leverage caps: FCA, ESMA and ASIC rules as compiled in our country reference
2How do I calculate pip value?
Multiply the pip size (0.0001, or 0.01 for yen pairs) by the number of units. That gives the value in the quote currency; convert it to your account currency at the current rate if they differ.
Leverage caps: FCA, ESMA and ASIC rules as compiled in our country reference
3Why is the pip value different on USD/JPY?
Because the pip is counted in yen: 0.01 × 100,000 = ¥1,000 per lot. On a USD account that is ¥1,000 ÷ the USD/JPY rate, $6.67 at 150. When the rate moves, the dollar value of the pip moves with it.
Leverage caps: FCA, ESMA and ASIC rules as compiled in our country reference
4What is the pip value of 0.01 lot?
$0.10 on EUR/USD or any pair quoted in US dollars, on a USD account. A 0.01 lot is 1,000 units.
Leverage caps: FCA, ESMA and ASIC rules as compiled in our country reference
5Does the pip value change on a GBP or EUR account?
Yes. EUR/USD pays its $10 pip in dollars; on a GBP account it is converted at GBP/USD, so with GBP/USD at 1.25 a pip is £8.00. In the calculator, choose GBP as the account currency and enter the current GBP/USD rate.
Leverage caps: FCA, ESMA and ASIC rules as compiled in our country reference
Sources
The pip arithmetic is standard; the sources cover the leverage caps quoted on this page.
- FCA PS19/18: restrictions on CFDs for retail clientsChecked on 20 Oct 2026
- ESMA: prohibition of binary options and restriction of CFDs for retail investorsChecked on 20 Oct 2026
- ASIC: search ASIC’s registersChecked on 20 Oct 2026