PRICE INTEREST POINT (PIP) What is a pip? A pip is the price move in a given exchange rate. Understanding the change in value helps traders to enter, or edit orders to manage their trading strategy. The Importance of Pips in Forex Trading Nov 13, 2019 · The currency you used to open your forex trading account will determine the pip value of many currency pairs. If you opened a U.S. dollar-denominated account, then for currency pairs in which the U.S. dollar is the second, or quote, currency, the pip value will be $10 for a standard lot, $1 for a mini lot, and $0.10 for a micro lot.