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LotsForex is generally traded in lots. The main exception to this is when spread betting where you have a stake per pip. 1 lot of a currency pair is usually defined as 100,000 units of the first named currency in the pair. For example, 1 lot of GBPUSD is worth 100,000 GBP and 1 lot of USDCAD is 100,000 USD. Most Forex brokers provide mini accounts which allow you to trade a mini-lot. This is one tenth of a full lot, so 1 mini-lot of GBPUSD is worth 10,000 GBP and 1 mini-lot of USDCAD is 10,000 USD. Some brokerage accounts allow trading in micro-lots (though some of these have a minimum trade size of 1 mini-lot). A micro-lot is one hundredth of a full lot, so 1 micro-lot of GBPUSD is worth 1,000 GBP and 1 micro-lot of USDCAD is 1,000 USD. |