IronFX, What is a lot in Forex?
What is lot in the Forex market? What are the contract size and trading volume?
Lot in Spot Forex
Historically, spot forex was only traded in specific amounts also known as lots, which represent the total number of currency units you will buy or sell.
The standard lot size is 100,000 units of currency; however, there are also mini, micro, and nano lot sizes that consist of 10,000, 1,000, and 100 units.
When you place traders on any trading platforms, you will only see the lot size, instead of unit size.
It is important that you know the size of 1 lot of each product before making an order.
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Contract Size for other financial markets
The lot size is the contract size.
Each broker and account type may have different standard for this “Lot” size.
In case of other financial markets such as Stocks, Commodities, Precious Metals, Energies and Stock indices, a different lot size may apply.
The lot size for CFD products are often referred as “contract size”.
The contact size is the number of products you will be trading per 1 lot on the trading platform.
The lot size (contract size) of each financial instrument can be normally found in the contract specification or terms and conditions of your broker’s website.
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