Pip Value

A pip is the standard unit in which a currency pair’s price is counted: the fourth decimal place for most pairs, the second for pairs quoted in yen. On its own it is only a distance. It becomes money when it is multiplied by the size of the position.

That money is always in the quote currency, the second one in the pair. If your account is held in something else, it has to be converted, and this page does that at the European Central Bank’s daily reference rate so that the step is visible. A platform makes the same conversion continuously at its own rate, so the value of a pip on a cross pair drifts slightly as rates move.