Pip Value Calculator: EURUSD Pip Was €8.94 on a Euro Account

A round 10 per pip only shows up when the pair is quoted in the same money your broker holds for you. We converted 14 pairs at the ECB rates of 8 October 2026 for balances held in USD, EUR, GBP and JPY.

On 8 October 2026 one pip on 1 lot of EURGBP was worth €11.81 to a trader funded in euros, and the same move on 1 lot of GBPJPY was worth €5.65, less than half. The number any pip value calculator returns is 10 units of the pair’s quote currency per standard lot (1,000 yen on JPY pairs), converted into the money you hold at the current rate, so only a pair quoted in your own currency pays a round 10. You run a €20,000 account, risk 1% a trade, and the cell in your risk sheet that says “pip = 10” hasn’t changed since the day you opened it.

That cell says 1 lot with a stop of 20 pips costs exactly €200. On EURUSD the stop actually costs €178.79. On EURGBP it costs €236.13, 18% over budget before the trade has moved. On USDJPY it risks €112.96, and almost half of your 1% sits unused.

With a dollar balance the anchor is easy: anything that ends in USD pays $10 at any price. So which pair plays that role when you hold euros, the one whose value never moves?

Hold that question. Only two currencies matter here: the second one in the pair’s name and the one your broker keeps your balance in. Leverage doesn’t enter into it, and the first one in the name matters only when your balance is held in it, as the euro is in EURUSD for a trader funded in euros.

How much is 1 pip in forex on a euro account?

Across the 14 majors and crosses in our grid, from €5.65 to €11.81 per standard lot on 8 October 2026, depending on what the pair is quoted in. Each one is 10 dollars, 1,000 yen, 10 francs or 10 pounds, converted at that day’s ECB reference rate, and the full grid is in the table further down.

It’s like a café menu printed in francs while your card is in euros: the prices on the menu stay the same, but the amount charged to your card changes with the exchange rate. To see by how much, we ran the same conversion on every ECB euro reference rate since January 2010, 4,294 fixings in all:

The blue line is the one most euro traders assume is flat. Since 2010 the EURUSD line, counted in euros, has moved between €6.72 on 4 May 2011 and €10.45 on 28 September 2022. It reached €10 or more on 48 fixings out of 4,294, all of them between 23 August and 10 November 2022, the only weeks since 2010 when the euro fixed at or below a dollar.

Was the 10 in your sheet ever true for you, or did it come from a dollar example?

The red line went the other way. On 24 July 2012 one USDJPY pip was worth €10.57; on 17 April 2026 it was €5.33, the lowest figure we found in the ECB series back to 1999. The green line shows that the figure can jump overnight too. On 15 January 2015, the day the Swiss National Bank discontinued its minimum exchange rate, the EURCHF line went from €8.33 to €9.73 between two fixings, 17% in a day.

USDJPY pip value per lot

One pip on 1 lot of USDJPY is 1,000 yen, which was £4.78 to a trader funded in pounds on 8 October 2026. EURJPY, GBPJPY and AUDJPY paid exactly the same, because that amount is counted in the second currency, and with a sterling balance the first one in those pairs never enters the sum.

The quote makes that hard to believe. GBPJPY worked out at 209.04 from ECB rates that day and USDJPY at 158.28, so GBPJPY looks like the bigger pair. It isn’t: both pay 1,000 yen per pip on 1 lot, so the bigger quote doesn’t make the step bigger. What differs is how many pips they travel, and that’s a question for your stop.

Crosses with no dollar and no euro work the same way. AUDCAD pays 10 Canadian dollars a pip, which was $7.01 or €6.27 on 8 October, so your platform needs a third rate, CAD into whatever you’re funded in. The MQL5 reference from MetaQuotes says these helper cross rates, needed “for calculation of margin requirements or profits in deposit currency”, are selected automatically even when Market Watch doesn’t show them.

How to calculate pip value for cross pairs

Take the amount in the pair’s second currency and convert it once, at the rate between that money and your balance:

Pip size is 0.0001, or 0.01 on yen pairs. For GBPJPY with a euro balance that’s 1 × 100,000 × 0.01 × (1 ÷ 177.05) = €5.65. OANDA’s help centre spells out the same rule:

“Home currency conversion fees are applicable when a trade/transaction is in an Instrument with a Quote currency other than your Account’s Home currency.”

OANDA help centre, “Home currency conversion fees”, checked October 2026

Here’s the whole grid for 1 standard lot, with a column for each of the four balance currencies. Pairs are grouped by quote side, because inside a group the figure is identical:

Source: ECB euro reference rates, 8 October 2026; cross rates and conversion by VipTools.

The other columns each get theirs: in our grid dollar balances have three pairs fixed at $10, pound balances only EURGBP at £10, and yen balances all four yen pairs at ¥1,000.

Has a EURGBP stop ever cost you more than the same stop on EURUSD at the same size? In euros on 8 October the two pips were €2.87 apart, and every move on either gets converted at a rate that keeps moving under the trade.

Three places where the formula still trips people up:

• The rate is live. Our grid uses ECB fixings, taken once a day at about 14:10 CET. Your platform converts at its own quotes, which move all session.
• Winners and losers can be priced apart. The MQL5 reference lists two separate tick values per symbol, one for a profitable position and one for a losing position.
• Stored numbers age. A USDJPY table written for a euro trader in July 2012 overstates today’s figure by almost double: €10.57 against €5.65.

Pip value calculator: which account currency to pick

The one your broker keeps your balance in, not the one you think in and not USD by default. The calculator then converts the amount from the quote side at the current rate, the step a fixed 10 skips.

Before the next order:

1. Open the pip calculator, set it to the currency your balance is held in and choose the pair.
2. Multiply that figure by your stop in pips. That’s your loss at the stop for 1 lot.
3. Divide your risk budget by that number to get the size, or let the lot size calculator do it.

On the €20,000 account with a €200 budget and a stop of 20 pips, step 3 gives 1.11 lots on EURUSD, 1.77 on USDJPY and 0.84 on EURGBP, not 1 lot on all three.

What is a pip value?

It’s what a one-pip price move is worth on your position, in the money you hold. A pip is 0.0001 on most pairs and 0.01 on yen pairs, and 1 standard lot is 100,000 units of the first currency, so everything after the first 10 units, or 1,000 yen, is a conversion.

One thing we couldn’t pin down: OANDA publishes its conversion fee, but for the other brokers we looked at we found no public figure for the rate they use to turn profit on the quote side into your balance. The figure in your terminal can sit a little off our grid, and it’s the one you’re paid on.

Back to the cell that says 10. On 8 October it was wrong for all three trades on that sheet: the stops would have cost €178.79, €112.96 and €236.13 against the €200 written next to them.