For Forex, this depends on the contract size you are trading. Currencies are usually traded in lots. A standard lot is 100,000 units of the base currency, which is the first currency in the quote â i.e. GBP in the case of the GBPUSD pair.
If the GBPUSD pair is trading at 1.2821 and the price rises to 1.2822, it has risen by 1 pip. But how much is a pip worth, and what is the total value of a position?
So, a standard lot for this pair would be GBP 100,000, worth USD 128,210.
Fortunately, you can also trade mini lots which are 10,000 units and even micro-lots which are 1,000 units. In the above example, a mini lot would be worth USD 12,821 and a micro lot would be worth USD 1,282.10.
For a standard lot, the pip value is $10; for a mini lot, it is $1; for a micro lot, itâs $0.1.