Have you just started trading in the Forex or cryptocurrency market? Or have you been doing it for many years now? Either way, I’ll let you in on a little secret on how you can easily make even more money in Forex without investing any additional capital. Just follow my step-by-step guide, and by the end of next month, you’ll have some extra money in your pocket.
If you’re already familiar with Forex rebates, you may want to skip this article. However, if you know nothing about them, I’ll explain how Forex rebates work and what you need to do to get some free money.
What are Forex Rebates?
When you trade currencies, your broker makes money from price spreads, charges a commission for every lot you trade, or does both. For simplicity’s sake, let’s say you trade on an ECN account where you pay between 4 and 8 USD (depending on the broker) in commissions per one-lot round turn. If you trade frequently, you’re likely already aware that commissions and spreads can significantly erode your trading profits. The good news is that you can recoup part of the money you pay to your broker. Sound too good to be true? It’s actually a legitimate option: for example, in November 2021, I received $428 in my PayPal account as a rebate (see picture below). The amount you can get back varies depending on the broker you use and the number of lots you trade each month.
A Forex rebate is sometimes referred to as a Forex discount, Forex cashback, or Forex payback. Essentially, it is a service that reduces your trading costs. If you aren’t using a Forex rebate service yet, you’re simply paying more to your broker than you need to.
The great part is that it doesn’t matter whether you’ve made or lost money while trading Forex; you’ll still receive a rebate for the commissions (or spread) you’ve paid. So you’ll either increase your profit or lessen your loss.
Overall, Forex rebates can be a valuable way for traders to recoup some of their trading expenses and enhance their profitability. However, traders should carefully research their options and choose a reputable provider to ensure they receive the maximum benefit from these programs.
Are Forex Rebates a Scam?
You might wonder: how is this even possible? Why would someone give you money for free? Is it a scam? Well, I’ll explain the reality of how this all works, and rest assured, there’s nothing tricky about it.
It all starts with the brokers. They’re all keen on gaining more customers, so they pay commissions to affiliates who bring new traders their way. The amount that brokers pay to these introducing partners can vary, but for simplicity’s sake, let’s say a broker pays 40% of the commissions they earn from a trader back to the affiliate. If a broker charges you 7 USD in commissions for a 1-lot round turn, they would pay 2.8 USD to the affiliate who introduced you to them. This affiliate, who also acts as a rebate provider, then passes half of that amount back to you. In this example, you would receive 1.4 USD as a rebate, while the other half goes to the rebate provider. As you can see, it’s a win-win situation: the broker gains a new client, the rebate provider earns a commission, and you benefit from reduced trading costs. Therefore, Forex rebates are not a scam.
I have been trading in the Forex market and using a rebate service for many years. I’ve had no issues with either the broker or the rebate company. My trading conditions (such as spreads, commissions, slippage, and execution speed) remained the same after I started using a rebate service. So, there’s no risk in using a rebate service yourself.
How to get Forex Rebates:
There are many Forex rebate providers in the market, and I’ve tried several of them. However, I’d like to recommend the one I’ve been using the most and am quite satisfied with: CashBackForex. They partner with more than 30 popular Forex brokers and offer excellent rebate rates. CashBackForex provides multiple payment options, and most importantly, the payments are always on time. They also have great customer service, so they’ll guide you if you encounter any issues while setting up your trading accounts.
To get started:
- Sign up for a free account on the CashBackForex website.
- Once logged in, navigate to the ‘Brokers’ list. Choose your broker and click the ‘Get Cashback’ button.
- Follow the website’s instructions on how to set up a new broker trading account, or add an Introducing Broker (IB) code to your existing trading account. Please note that some brokers allow you to add or change the IB for existing trading accounts, while others don’t. If your broker doesn’t allow this, you’ll need to open a new trading account using a different email address and enter the IB code (provided on the CashBackForex website) during the signup process.
- After setting up your broker account, submit its account number to CashBackForex for verification and approval.
- Next, go to your CashBackForex dashboard and enter your payment details. The company processes rebates once per month, usually by the 12th day of the following month. Supported payment methods include PayPal, Skrill, Neteller, Sticpay, bank wire, and China Union Pay.
- Once your account is verified, simply trade Forex as you normally would and enjoy increased profits.
List of brokers where you may get rebates:
|Admirals (Admiral Markets)