Forex rebates is a great way to reduce your trading expenses. It is completely free to participate in a Forex rebate program and apart from initial account set-up it is completely hassle free too. Regardless if your trade was in profit or loss, you will still receive a rebate (also called Forex cashback) for the trade, as long as trader instrument is within the supported range. You can see on your rebate provider website what account types with the selected broker can generate rebates and how much cashback you can earn by trading each instrument. Bear in mind that not all positions can generate rebates as some instruments are not covered. It is most common to get rebates for trading Forex, metals, also energies and crypto trades may sometimes be covered by your rebate provider.
The more you trade and the bigger lot size positions you open – the more rebates can be generated and paid back to you.
How to Start Using Forex Rebate Programs
You need to connect your trading account—new or old—to a Forex rebates provider, like Prime FX Rebates, in order to enrol in a rebate program. For each trading transaction you complete, your broker will pay a commission to the rebate provider. This provider will then grant you with a refund in exchange for their commission. Some Forex brokers advertise their own, in-house rebate service to clients, however, using a 3rd party rebate service provider will usually mean you are generating more cashback than broker would provide you directly.
How are rebates paid?
The rebate rates are usually displayed either in pips, percentage of commission or in USD value per lot traded. This depends on how broker is calculating affiliate commission to your rebate provider. The rebate provider will then pay a large part of that commission back to you. At the end of the day, you will always get your payout in cash (whatever currency is offered by your provider).
With some brokers your rebate provider may have an agreement and allow for daily rebates directly to your broker account. You have to make sure that your accounts are properly connected to their affiliate ID in order to get you cashback. Alternatively, you can always choose payouts to be done to your bank account, e-wallet or crypto wallet. Most providers offer monthly payouts and they are usually processed in the beginning of the new calendar month.
The Positives Forex Rebates
Earning Forex Rebates is Simple and Hassle-free
The set-up process is easy and straight forward, after the initial connection of your trading account, you’re all set. All tracking and rebate calculations are done by your provider, so you can focus on your trading strategy.
They Cut your Costs and Bring Extra Cash
Forex trading can be costly and losses sometimes are inevitable. For that reason it only makes sense to use a service that can help save part of these costs. Regardless if you closed a winning or a losing trade – you will receive your rebate. Essentially, it’s a great way to boost your trading earnings. There’s no hidden catch there – you really can make extra money with no hidden costs by using a Forex rebate service.
Forex Rebate Provider Can Help you Communicate with your Broker
Your chosen rebate provider probably has a large clientele and a close relationship with the Forex broker. For that reason it might be really useful to use such service, since they can help you when any disputes with the broker arise. Rebate provider will be interested in your successful trading experience and thus will help you communicate or even contact the broker on your behalf.
Forex Rebates: Are They Legitimate?
There are only two big traps you may fall into with Forex rebates.
First is using a rebate provider that is not legit and will not process you a promised payout, thus it may be a good idea to give it a ‘test run’ on the first month. If you have a smooth communication with the provider and you get your payout on time – you are good to go for more heavy trading.
Second trap is so called spread markup. Some providers may actually have an agreement with the broker to receive higher commission, however, at a cost of a client. Broker will apply a higher trading spread for all clients under the affiliate ID of such provider. Even though it’s possible, this is not a usual practice. You can make sure that spread markup was not applied to your trading account by comparing the spreads on two accounts of the same type – one that was assigned to your rebate provider and another one that was not.
Start your Journey to Earn Forex Cashback Today!
Using a Forex rebate provider helps traders to reduce transaction costs and provide extra cash – it is as simple as that. There is practically no reason why someone would not benefit from such service. Rebate provider can help you solve broker disputes, assist you in understanding complex calculation issues and simply pay you extra money for your trades.
