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# Affiliates FAQ

#### What is a Lot?

A lot is a transaction unit on the market. One standard lot contains 100,000 units of base currency.
For example, one standard lot of EUR/USD equals 100,000 EUR. Bear in mind that on Cent accounts you trade cent lots, where one cent lot equals 1,000 units of base currency.
The minimum lot which can be opened on the MetaTrader4 platform is 0.01.

#### Which currency is basic and which is the counter currency in the pair USD/JPY?

The USD is the basic currency (the first in the pair, i.e. the one you buy or sell). JPY is a counter currency (second in the pair).

#### What is the level of order?

This is the price specified in the order.

#### What is a ‘Swap’?

This is a fee that the client has to pay to keep a position open overnight. From Wednesday to Thursday swaps are calculated in triple size (for the weekend).

#### What is a ‘Pip’?

The unit of measurement to express the change in value between two currencies is called a “pip.”
A pip is usually the last decimal place of a quotation.
If EUR/USD moves from 1.1050 to 1.1051, that .0001 USD rise in value is ONE PIP.

#### What is a ‘Pipette’?

There are brokers that quote currency pairs beyond the standard “4 and 2” decimal places to “5 and 3” decimal places.
They are quoting FRACTIONAL PIPS, also called “pipettes.”
For instance, if GBP/USD moves from 1.30542 to 1.30543, that .00001 USD move higher is ONE PIPETTE.

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