What Are The Benefits Of Joining A Forex Rebates?
Forex rebates allow traders to earn extra cash from their trading, and with their preferred forex broker, regardless if a position is closed in profit or loss. Simply put, it’s a cashback program offered by a third-party provider, linked to your trading account, paying you a cash rebate for each trade you make.
Extra cash. When working with a trustworthy provider, there is no ‘catch’. It is more beneficial to a trader’s financial position to work with a provider than solely with the forex broker.
Protection. Due to Cashback Forex’s unique relationship with many forex brokers, we have often mediated between brokers and clients to help successfully resolve client issues. This also included clients who were having withdrawal issues.
Forex brokers are often very fast to respond to us since we typically have many clients with them. For your benefit, our knowledgeable support team is available 24 hours per day in 8 native languages and 23 total languages for any questions.
Reduced transaction costs. A rebates cashback program can reduce the actual costs of your transactions, as they are a portion of the transaction cost that is paid back to you on each trade. This will result in a lower spread and an improved win ratio. In practical terms, if your rebate is 1 pip and your forex broker spread on a certain instrument is 3 pips, then your net spread is only 2 pips.
Is it safe to work via a forex rebates provider?
Yes, 100%. Providers do not have the ability, or any direct access, to perform any trading functions on your trading account.
Operations on your trading platform, MT4, MT5, etc, such as placing a market order, moving a stop loss, closing a position, etc. are completely blocked to the Rebate provider.
Typically, a rebate provider will only have access to limited details, such as your name, trading account number, and depending on the forex broker, your trading history.
Are forex rebates programs legitimate?
Yes, these types of forex rebates programs, paid by legitimate providers, are not a scam, however, scams do exist. The most common scam is an unscrupulous provider that marks up the spread or commission. They do this to pay a higher rebate than their competitors. But your trading costs will be significantly higher!
Many forex brokers do allow a referring party, or a rebates provider, to mark-up costs to the traders they refer to. This defeats the purpose of the program, and thus jeopardizes the viability of the provider’s reputation and its business.
So, a reliable provider wouldn’t even consider this approach. Besides that, certain providers may not pay on time, or, in the worst-case scenario not paying you back at all. This is why it’s important to choose a reliable provider.
Since Cashback first began offering its quality services, only once, a broker was found to be marking up the pricing on their own, to gain a higher profit for themselves.
This was very easy to spot since clients quickly reported the pricing difference. The agreement with that broker was terminated indefinitely.
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