That position is
—
Standard lots—
Mini lots (0.1)—
Micro lots (0.01)—
One pip is worth—
10 pips—
Lots, in plain terms
A lot is just a bundle size. On forex one standard lot is 100 000 units of the base currency — buy one lot of EUR/USD and you are buying €100 000 worth. Nobody trades that on a small account, so brokers slice it:
- Standard — 1.00 lot, 100 000 units, about $10 a pip
- Mini — 0.10 lots, 10 000 units, about $1 a pip
- Micro — 0.01 lots, 1 000 units, about $0.10 a pip
Those dollar figures are for a five-decimal major on a dollar account. Gold, indices and crypto use completely different contract sizes, which is why this page asks which instrument you mean.
Why 0.01 is not always the minimum
Most brokers stop at 0.01 lots. Some go to 0.001 on cent accounts, and some index CFDs will not go below 0.1. If the size you want is below your broker’s step, the honest answer is that the trade is too big for the account, not that the size should be rounded up.