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How Pip Value Changes by Account Currency

The same position can be worth a different amount per pip depending on the currency your account is held in. Here is why, and how to convert it.

Written by PipGauge editorial team

Reviewed by PipGauge methodology review

Last updated 2026-07-06

Short answer. Pip value is first worked out in the pair's quote currency, then converted into your account currency. If your account currency is the quote currency, no conversion happens and one standard lot is about $10 per pip. If it is a different currency, you convert that quote-currency value at the current rate — so the same EUR/USD position is worth roughly $10, €9.26 or £7.87 per pip depending on whether the account is in dollars, euros or pounds.

What this page is for

This page explains the last step of a pip-value calculation — the account-currency conversion — because it is the step most people skip and the reason two traders on the same pair quote different pip values. It pairs with the pip value calculator, which handles the arithmetic; here we show what is happening underneath so you can sanity-check the result. It is educational, not trading advice, and it uses example exchange rates rather than live prices.

How it works

Pip value is built in two steps.

pip value (quote currency) = pip size × units, where units = lots × contract size

For most pairs the pip size is 0.0001 and a standard lot is 100,000 units, so the quote-currency value of one pip on a standard lot is 0.0001 × 100,000 = 10 of the quote currency. Pairs quoted against the Japanese yen use a pip size of 0.01 instead.

Then convert into your account currency. There are three cases:

Account currency = quote currency. No conversion; the quote-currency value is already in your money.
Account currency = base currency. Divide the quote-currency value by the pair's price.
Account currency = a third currency. Multiply (or divide) by the rate that turns the quote currency into your account currency.

Inputs and assumptions

Standard lot = 100,000 units of the base currency; a mini lot is 10,000 and a micro lot is 1,000.
Pip size is 0.0001 for most pairs and 0.01 for yen-quoted pairs.
Example rates below are illustrative round numbers, not live quotes. Your broker's rate at the moment of conversion is what actually applies.
Figures are gross pip values only. Spread, commission and swap are separate — see why your broker P&L differs.

Worked example 1 — EUR/USD across three account currencies

Take one standard lot of EUR/USD. The quote currency is USD, so the quote-currency pip value is 0.0001 × 100,000 = $10 per pip. Now convert for three different accounts, using EUR/USD at 1.0800 and GBP/USD at 1.2700:

USD account: quote currency matches, so it stays $10.00 per pip.
EUR account: the base currency is EUR, so divide by the price: 10 ÷ 1.0800 = €9.26 per pip.
GBP account: GBP is a third currency, so convert USD to GBP via GBP/USD: 10 ÷ 1.2700 = £7.87 per pip.

Same trade, same 100,000 units, three different pip values — because the money is measured in three different currencies. A 30-pip move is $300, €277.78 or £236.22 on the same position.

Worked example 2 — GBP/JPY on a EUR account

This is the case that trips people up, because it combines the yen pip rule with a third-currency conversion. Take one standard lot of GBP/JPY. The quote currency is JPY and the pip size for a yen pair is 0.01, so the quote-currency value is 0.01 × 100,000 = ¥1,000 per pip. Convert yen to euro using EUR/JPY at 170.00: 1,000 ÷ 170.00 = €5.88 per pip. If you had forgotten the yen rule and used 0.0001, you would have reported one-hundredth of the correct figure.

Common mistakes — why the number moves

Assuming every account is a dollar account. Online pip tables usually show the USD-account value. On a EUR or GBP account the real figure is different, and every downstream risk number inherits the error.
Forgetting the yen pip size. For any pair quoted in JPY the pip is 0.01, not 0.0001. Miss it and you are off by a factor of 100.
Converting a cross pair twice. Convert once, from the quote currency to your account currency. Dividing again by the traded pair's own price is a common double-conversion error.
Treating the pip value as fixed. When your account currency differs from the quote currency, the value drifts as the conversion rate moves, so a figure from this morning is only approximate this afternoon.

Methodology and limitations

The two-step method here is the mainstream convention and matches the engine behind our pip value calculator, which is tested against known worked examples. Exchange rates used above are illustrative; a live conversion uses your broker's rate at that instant, so expect small differences. These figures are gross pip values and do not include spread, commission or swap. This is educational information for non-US retail traders, not investment, trading or financial advice. Always confirm the result against your own broker before you act on it. Last updated 2026-07-06.

Frequently asked questions

Why is my pip value different from an online table?

Most tables quietly assume a USD account. If yours is in EUR, GBP or another currency, the quote-currency value has to be converted, so your number will differ. The pip value calculator asks for your account currency and does the conversion for you.

Does the pair I trade change the account-currency conversion?

Only through the quote currency — the currency on the right of the pair. Pip value is first worked out in the quote currency, then converted to your account currency. Two pairs that share a quote currency (say EUR/USD and GBP/USD, both USD-quoted) convert the same way to your account.

If my account and the quote currency match, is there any conversion?

No. When your account currency is the quote currency — for example a USD account trading EUR/USD — the pip value in the quote currency is already in your money, so the conversion step disappears and one standard lot is a clean $10 per pip.

Does the conversion rate move my pip value during a trade?

Yes, slightly, when your account currency differs from the quote currency. The pip value is converted at a live rate, so it drifts as that rate moves. It is usually a small effect over a single trade, but it is one reason a broker's figure will not exactly match a value you calculated earlier.

How do I handle a cross pair like GBP/JPY on a EUR account?

Work it in two conversions. First the quote-currency value: for a yen pair the pip is 0.01, so one standard lot is 0.01 × 100,000 = ¥1,000. Then convert yen to euro using the EUR/JPY rate. It is the hardest common case because it stacks the yen pip rule on top of a third-currency conversion.