How much is 1 pip in forex

Assuming your account is in USD:

Pip rate calculation:

Base Currency/Counter Currency= Currency pair

EUR/USD

All pairs with counter currency USD will have a pip rate of 1 USD.

Calculating sample pip rate for another counter currency:

USDCAD: Let's say exchange rate is 1.4334

Buy 1 Mini lot =10000 USD/CAD

You bought 10000 USD and sold equivalent CAD. So you sold 14334 CAD.

Price goes up 100 pips(USDCAD is at 1.4434) your USD is now worth 14434 CAD. You close the position with a profit of 100 CAD.

Now your profit is 100/1.4434=69.28 USD, so pip rate is 0.6928 USD per pip or 1 CAD per pip.

If you are trading a standard lot size (100,000 units) of a currency pair with the USD on the right hand side (example EUR/USD, GBP/USD etc.) and you are trading with a USD account currency, then the value of 1 pip is 10 USD. How did we arrive at this? Simply do the math 0.0001 x 100,000 units to give 10 USD.

However, when trading other currency pairs where the USD is not on the right hand side, the arithmetic changes. The value of 1 pip will depend on the exchange rate of the currency pair. The formula will be (0.0001/Exchange Rate) x Lot Size

Let us assume the USD/CAD exchange rate is 1.4312 and you are trading a standard lot of 100,000 units: 1 pip will be worth (0.0001/1.4312) x 100,000 units = 6.98 USD

When trading 100,000 units also known as standard lot of a major currency pair containing USD as the quote currency, then 1 pip is approximately Ten Dollars then as you trade smaller lot sizes the value of 1 pip reduces in proportion.

But, when you are trading minor and exotic currency pairs, 1 pip is more than ten dollars. Nowadays, forex brokers provide calculators you can use to get the value of 1 pip for any currency pair. But just know that for major pairs containing the dollar like EUR/USD, GBP/USD, 1 pip is approximately ten dollars.

Thanks @Patrader