The smallest standard price movement in a forex pair, usually 0.0001 (or 0.01 for JPY pairs).
A pip is the standardized unit traders use to measure price changes between two currencies. For most pairs it represents the fourth decimal place; for yen-quoted pairs it represents the second decimal place. Pip value scales with lot size, so a 1.0-lot EUR/USD position is worth roughly $10 per pip.
Understanding pip value is the foundation of position sizing. On Coral Markets, traders typically pay spreads measured in pips (or fractions of a pip on Pro/ECN accounts).
Coral Markets publishes a full trading glossary so working traders can quickly check definitions in plain English. Every term ties back to how the concept actually shows up on MetaTrader 5 and on real charts.