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A micro lot is a lot of units of your accounting funding currency. If your account is funded in US dollars a micro lot is $ worth of the base currency you want to trade. If you are trading a dollar-based pair, 1 pip would be equal to 10 cents. In the past, spot forex was only traded in specific amounts called lots, or basically the number of currency units you will buy or sell.. The standard size for a lot is , units of currency, and now, there are also a mini, micro, and nano lot sizes that are 10,, 1,, and units respectively.
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Historically, this was the case.