How Rates Are Displayed in the Rate List and Rate Panel
The first rate displayed is the bid (sell) rate. The second rate is the ask (buy) rate. For more information on bid and ask rates, refer to the currency trading conventions page of the fxTrade web site tutorial.
Most currency pair rates use five decimal places, with the fourth decimal place the "pip" and the fifth decimal place the "pipette." Some pairs use three decimal places (for example, XAU/USD or those with a rate currency of JPY, THB, or HUF). In this case, the pip is the second decimal place and the pipette is the third decimal place.