What is a LOT in Forex Trading?

The basic contract unit of the Retail Foreign Exchange is the lot.
The standard lot size is 100,000 units of the base currency, known as a Standard Lot (1st currency in the currency pair), however you can also trade either multiples of, or fractions of, lots. The minimum at T4TCapital is 0.01 lot.
Example: Buying 1 lot on the GBP/USD market is the equivalent to buying ￡100,000 and selling the equivalent amount of USD at the current rate.

Lot Size Units of base currency (First currency)

1 100,000

0.1 10,000

0.01 1,000