Pip calculator for forex pairs and gold, in your account currency

Pip size is 0.0001 on most pairs and 0.01 on yen pairs. Pip value in the quote currency equals pip size times contract size times lots. The calculator then converts that amount into your account currency at the current mid-market rate.

Take 0.5 lots of GBP/JPY in a USD account. A pip is 0.01 yen on 50,000 units, or 500 yen. With USD/JPY at about 157, that comes to about USD 3.18 per pip. Your platform will show a figure very close to this, with a small gap for the broker's own rate.

You can check any result by hand with those 3 inputs.

Multiply the spread in pips by your pip value to get the cost of a trade. A 1.1-pip spread on 0.1 lots of EUR/USD costs USD 1.10. A 0.8-pip all-in cost on 1 lot costs USD 8. That sum lets you compare any two accounts fairly, whatever they advertise.

See how the numbers stack up in our low spread shortlist, which ranks brokers by all-in cost. A trader in Lagos with a naira-funded USD account should add the conversion gap as well, because that often exceeds the spread on small positions.

Those sums work the same way on any pair.

Your pip value moves with the exchange rate whenever your account currency differs from the quote currency. On a rand account, one pip on a standard lot of EUR/USD is USD 10, which changes in rand terms each day. Weak-currency accounts see large local numbers for the same market move.

The same trade carries the same real risk, though it can feel larger in naira or shillings. Use this result with the lot size calculator to set a position from your risk. Our forex broker comparison shows which brokers publish account currencies for your market.

The pip calculator handles that conversion for you.