So if my thinking is correct, 5.0 lot size would be just shy of £1 a pip?

It’s Up and Down to you to work out how FXCM calculate their £ per point.

Once you open an FXCM account you will have access to ALL of their services and even an Account Manager who will answer ALL of your FXCM related questions.

Be sure to make full use of them, as it is your entitlement.