Why isn't the pip value of EUR/USD exactly 10 euros on a euro account?

Because pip value arises in the quote currency — US dollars, in the case of EUR/USD. One standard lot gives 10 USD per pip. Those 10 USD are then converted into euros, and the result depends on the prevailing EUR/USD rate. At 1.09 it is around 9.17 EUR; at 1.20 only 8.33 EUR. The pip value of a foreign-quoted pair is never a fixed number.

How do I calculate pip value on JPY pairs?

The same way — but with a pip increment of 0.01 rather than 0.0001, because yen pairs are quoted to two decimals. One standard lot of USD/JPY gives 0.01 × 100,000 = 1,000 JPY per pip. Converted into euros at around 168 JPY per euro, that is just under 6 EUR. The large nominal yen figure is misleading: in account currency the value sits in the same range as any other major.

What is the difference between a pip and a pipette?

A pipette is a tenth of a pip — the fifth decimal on normal pairs, the third on yen pairs. Brokers quote at that resolution so spreads can be priced precisely; a 0.8 pip spread cannot be expressed otherwise. For position sizing and risk you still think in whole pips; the pipette only affects the display.

Why does my broker's pip value differ from this result?

Two reasons. First, this calculator uses static reference rates (the date is shown under the result) while your broker uses the live rate. Second, your broker converts the quote currency at its own rate, which typically sits 0.25 to 1 % below mid-market. For planning a position the difference is immaterial; for settlement your broker's rate is the one that counts.

Calculators

Pip value calculator

What one pip is worth in your account currency.

A pip is the smallest conventional price move of a currency pair. What it is worth in money depends on three things: position size, the pair's quote currency, and the rate at which that currency is converted into your account currency. This calculator shows all three steps in the open — and what a 10 or 100 pip move actually means.

Inputs

Currency pair

Position size

Number of lots

Account currency

Pip increment: 0.0001
Reference price: EUR/USD 1.09000
Conversion: USD/EUR 0.91743

Value of 1 pip

€9.1743

In quote currency: US$10.00

Position size

100,000 units

1.00 standard lots

Value of 10 pips

€91.74

In quote currency: US$100.00

Value of 100 pips

€917.43

In quote currency: US$1,000.00

Quote currency ≠ account currency

Pip value always arises in the pair's quote currency and is only then converted into your account currency. Your broker does the same — at its own rate, which typically sits 0.25 to 1 % below mid-market. Your real pip value therefore drifts with the exchange rate.

Static reference rates, compiled 2026-08-01 — not a live quote. Actual settlement uses your broker's rate at the moment of execution.

Pip value by lot size

Lots	Units	1 pip	10 pips	100 pips
0.01	1,000	€0.0917	€0.92	€9.17
0.1	10,000	€0.9174	€9.17	€91.74
0.5	50,000	€4.5872	€45.87	€458.72
1	100,000	€9.1743	€91.74	€917.43
5	500,000	€45.87	€458.72	€4,587.16
10	1,000,000	€91.74	€917.43	€9,174.31

Assumptions behind this calculation

A standard lot is 100,000 units of the base currency, a mini lot 10,000, a micro lot 1,000. Some brokers differ — check the contract specification.
The pip increment is 0.0001, or 0.01 for yen and forint pairs. The fifth decimal (the pipette) is a tenth of a pip and is not reported separately here.
Conversion into the account currency uses this page's static reference rate, not your broker's rate.
Spread, commission and financing are excluded. Pip value describes what a price move is worth, not what the trade costs.
Where the quote currency is not your account currency, the pip value moves with the exchange rate for as long as you hold the position.

Note: These calculators are for information only and are not investment advice. Content on Brokaro is for information purposes only and is not investment, legal or tax advice.

How this is calculated

The formula is short: pip value = pip increment × position size. For one standard lot of EUR/USD (100,000 units) that is 0.0001 × 100,000 = 10 USD. This amount always arises in the quote currency — the second code in the pair.

If the quote currency is not your account currency, a second step follows: conversion. At 1.09 USD per euro, those 10 USD become roughly 9.17 EUR. That is why the pip value of a USD-quoted pair is not a constant for a euro account — it drifts with the exchange rate even when the pair itself has not moved.

Yen pairs are the classic trap. USD/JPY is quoted to two decimals, so a pip there is 0.01 rather than 0.0001. One standard lot therefore yields 1,000 JPY per pip, not 10 — and converted into euros you land back in a familiar range, because the yen price is correspondingly high. The same convention applies to the Hungarian forint.

Many platforms display five decimals (three on yen pairs). The last digit is the pipette, a tenth of a pip. It is a display refinement and changes nothing in the calculation — only the precision with which your broker can quote a spread.

Pip value tells you what a move is worth. What the trade costs is a separate question: spread, commission and financing come on top. A 1.2 pip spread means the position starts 1.2 pip values under water.

Every exchange rate on this page is a static reference rate compiled on 2026-08-01, not a live quote.