ICMarkets pip calculator is known as an essential tool in the Forex trading process. Pip in the Forex market is understood as a unit of measurement for price fluctuations. Therefore, determining and calculating the correct value of each pip in the market is very important. It not only helps you grasp the market quickly but also supports effective risk management. So how to use the pip calculator tool? Please follow the information below from Learn Forex Trading to understand more about ICMarkets pip calculator and how to use this tool!
Overview of ICMarkets pip calculator
Before participating in ICMarkets Forex trading, you need to learn and know how to use trading support tools. Especially pip and how to use pip calculator . Pip is simply understood as the minimum measurement of price fluctuations in the Forex market. Determining and calculating pip calculator is very important, but doing so is not simple.
Understanding the psychology of investors, ICMarkets trading exchange has launched the pip calculator tool. Helps users’ transaction process become simpler and more convenient.
What is ICMarkets Forex Pip?
Pip stands for percentage in point, which means percentage in point. This is the smallest unit used to measure the variation in Forex transaction value. ICMarkets pip calculator helps you quickly update and synthesize information about currency pairs, values, and transaction sizes. From there, replace humans to quickly and accurately calculate pips in the form of exchange rates or currencies.
How to calculate pip on Forex ICMarkets?
How to calculate pip on ICMarkets Forex exchange is determined based on three main factors: trading account type, trading currency pair, and transaction size. The ICMarkets Forex pip calculation mechanism is usually calculated as follows:
- For base currencies such as EUR/USD, GBP/USD: Value of 1 pip = (Trade size * 0.0001)/Current market rate.
- For other base currencies such as EUR/JPY, GBP/JPY: Value of 1 pip = (Trade size * Current market rate * 0.01).
The pip of each transaction changes continuously due to exchange rate factors. So you cannot calculate exact pips manually. Instead, take advantage of this tool to quickly and accurately calculate the pips of each transaction!
The pip calculator tool supports quick calculations
ICMarkets Forex exchange offers a simple but extremely powerful ICMarkets pip calculator tool. Users just need to update the relevant basic information. It is possible to quickly calculate the pip of each transaction for each different account. Within 3-5 seconds, the pip results displayed on the screen will show you the price fluctuations of each transaction. Thanks to that, investors can clearly understand the trading capabilities of their accounts. Helps come up with the most suitable pip risk management plan.
Instructions for using pip calculator ICMarkets
To use this tool to support quick calculations, you can follow these simple steps:
- Step 1: Visit the Pip Calculator page on the official ICMarkets website.
- Step 2: Choose the appropriate account classification.
The web interface will display a list of trading account types on ICMarkets. To ensure pip accuracy, you need to choose the correct classification of your trading account.
- Step 3: Choose the currency pair to trade.
To use the ICMarkets pip calculator tool, you must select the currency pair to calculate in the corresponding box. Currency pairs can be entered manually or selected from the drop-down file in the import window.
- Step 4: Provide transaction size.
The transaction size is the last information that needs to be provided so that ICMarkets can support pip calculation. Sizes can be micro lots, mini lots, or standard lots. Please consider choosing a transaction size that is appropriate to your strategy and trading account classification.
- Step 5: The system conducts calculations and returns results.
After completing the information on the screen. You select “calculate” to start calculating trading pips. Then wait about 3-5 seconds, the results are returned on the main screen. The final result will tell you the value of 1 pip in the respective currency.
>>>See more: ICMarkets register on your phone is the fastest
The benefits that the ICMarkets Pip Calculator tool brings
Every transaction on the ICMarkets Forex exchange requires accurate and careful calculation. Especially pip calculation. Pip not only helps you understand market fluctuations. Pip also supports effective risk management. Therefore, the ICMarkets pip calculator tool is increasingly widely used. Some benefits achieved when using the above tool:
Calculate pip value
The value of pip directly reflects the trading fluctuations in the market. Therefore, accurate calculation of pips is very important. ICMarkets pip calculator tool helps you quickly calculate every pip value of each currency pair with different sizes. Based on the pip value, you can spot the potential. Or the risk each transaction brings. In addition, to be able to use this tool better you can combine it with MetaTrader 5 ICMarkets
Support currency conversion when trading on ICMarkets Forex exchange
ICMarkets Forex exchange supports players with a variety of different currency pairs, so converting the appropriate currency for the account type is very important. ICMarkets pip calculator tool helps users quickly and accurately calculate pip value and supports conversion to the corresponding currency. Helps facilitate the monitoring process for investors.
Help decide ICMarkets Lot Size
To optimize profits and minimize risks, people often customize ICMarkets lot size to suit each transaction. Therefore, investors often take advantage of the ICMarkets pip calculator tool to calculate pips for many different trade sizes. Thanks to that, it is possible to determine the appropriate ICMarkets lot size for your currency pair and trading account type.
Disadvantages of ICMarkets Forex pip calculator
Traders on the ICMarkets Forex platform can exploit many benefits of the ICMarkets pip calculator tool. However, the tool still has some disadvantages that you need to note such as:
- The calculation of pip value partly depends on market data. In case the input data is incorrect, it will lead to erroneous output results.
- The tool only focuses on calculating pip values subject to changes in current exchange rates. Therefore, some pip cases are related to permutation possibilities. Or transaction costs, the tool will not be able to calculate them.
- The tool is for calculation support purposes only. Cannot replace the knowledge required of an investor.
Summary:
If you know how to exploit and use it, the ICMarkets pip calculator will be an effective tool to help you approach Forex trading at Learn Forex Trading in an effective and smart way. Besides, to increase your income you can also participate in additional programs that the exchange organizes, typically: ICMarkets rebate, a super attractive program that many people choose today.
>>>See more: Trade effectively with the leading ICMarkets MT5 platform
FAQs:
Where can I use the ICMarkets pip calculator?
Visit the website, and search for the keyword “pip calculator” or “calculator” to use the tool.
For which currency pairs can the ICMarkets pip calculator be used?
You can use the pip calculator tool. To calculate pips for all currency pairs on Forex ICMarkets.
Is there a fee to use the ICMarkets calculator?
Are not. This tool supports free users.
