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1 Lot = 10,000 or 100,000 Units?

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1 Lot = 10,000 or 100,000 Units?
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Old 11-30-2004, 03:46 PM
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Hello,

According to InterbankFX, a MetaTrader Broker, 1 Lot = 100,000 of base units, but according to FXCM, 1 Lot = 10,000 of base units. Does it mean that Lot size is non-standard?

References:
http://www.interbankfx.com/info/handbook.html#minimum
http://www.fxcm.com/mini-account-differences.html

Last edited by scorpion; 11-30-2004 at 04:26 PM. Reason: Correct some words
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Old 11-30-2004, 05:15 PM
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The standard lot size is 100,000. But there are brokers with mini accounts that have changed the terminoligy where 1 lot = 10,000. This is not technically correct. 1 lot = 100,000 and 1 mini lot = 10,000. With Oanda one can trade one dollar or any amount at a time, not limited to 10,000 or 100,000 multiples.

Steven
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Old 11-30-2004, 05:34 PM
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Yeah Oanda's trading is units base. I like it.
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Old 11-30-2004, 05:35 PM
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Btw, thx for such clear explanation, Steven.
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Old 11-30-2004, 07:05 PM
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Your welcome. Just trying to help where I can.

Steven
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Old 03-04-2005, 07:44 AM
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I just found out that at Alpari, tickers have different lot size. For example, 1 lot of EURUSD = 100,000 units, and 1 Lot of GBPUSD = 70,000 units. This forced me to modify the code of Broker Interface for MT3. All fixed!
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