What is a micro lot?

Currencies are traded in standard sizes, called lots.

A standard lot is made up of 100,000 currency units. But these units are not usually bought or sold individually; instead, you buy or sell a lot.

etoro has started measuring currency trades in micro lots instead of the actual currency units.

One micro lot is one-hundredth of the size of a standard lot and is equivalent to 1,000 units of the base currency in a forex trade.

In this example, the base currency is GBP.

You would need to pay 1,188.18 USD in order to get 1,000 units of GBP.

Therefore, one micro lot of GBP costs 1,188.18 USD.