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How to Lower Your Transaction Costs with Forex Rebates
“What on earth are Forex rebates?”
A long time ago, I was wondering the same thing as when someone told me about them I never bothered to look into it – that was actually my biggest Forex remorse.
Let’s get to the point though. As you are probably wondering, what are these so called “rebates”? Well, Forex rebates can simply be defined as “free cash bonus that all Forex traders are eligible to receive on every single trade they place.” So if you are interested in free cash bonus on every single trade you place, just read the following paragraphs and you will see that there’s nothing tricky about it.
Right now you have all the right to be skeptical as you’re probably thinking: “Free cash rebates, free kickbacks free this free that?? Bull$#%^! How the heck is that even possible?” believe it or not it is only a matter of 45 seconds to understand how rebates work. It actually makes sense if you think that it’s based on profit sharing with Forex traders and it results in a win-win situation for both the Forex trader and the rebate provider. The steps that make rebates possible are as simple as the following:
I. You open a trading account with a Forex broker through a middleman (NOT directly with the broker).
II. As a reward, the broker pays the middleman an agreed finder’s fee, which is equivalent to a portion of your transaction fees every time you place a trade.
III. Just for choosing your broker through the specific middlemen, some of them give you back a portion of this finder’s fee! This is basically what is called a Kickback or a “rebate”.
The greatest part of all is that everyone is happy in the end because the broker finds a customer, the middleman receives a finder’s fee as a reward, and you receive a part of this Kickback reward – that is a rebate. In addition there’s something equally important you need to consider. You don’t have to pay anything to join a rebates program; nevertheless an average trader can be paid about $3,000 a year just through rebates. What’s more, it requires nothing for receiving rebates; you can receive rebates on a $20 dollar deposit where you only trade minilots if you want. Last but not least, top rebate providers like http://www.KickBackFX.com do not mark up any spreads for the sake of giving higher rebates. That basically means that the spreads you see will be exactly the same either if you join a rebates program or not. In other words you wouldn’t have to change anything in the way you trade, yet you would receive rebates on every single transaction fee you pay win or lose.
Perhaps you are now asking the question of “How do I receive these rebates?” Well, my fellow trader, here it goes:
- Choose a middleman that you would like to be your rebates provider. Be careful however because there are not that many great Forex rebate providers out there, most likely because most of the middlemen are greedy and keep everything that brokers pay them for themselves. The most important things to consider when choosing a middleman are the rebate rates you will get, the rebate tools offered, the brokers that they work with, the customer support quality, and the additional bonuses (such as referral bonuses).
- Sign up for a free account with the rebate provider you chose. No matter whom you choose this usually takes about 30 seconds as you just need to let them know how you would like to be paid your rebate (PayPal, check, etc.).
- Open a Forex trading account with one of your rebate provider’s partner brokers. The important thing to keep in mind throughout this step is to sign up with a broker through your rebate provider’s website because if you don’t, then your rebate provider will not be paid their finder’s fee, which means you won’t receive your rebates as well.
- The moment your account is approved, begin trading and you will automatically start earning rebates, as rebates are accumulated automatically.
- If a referral program is offered, you might as well pass on the good word and make some extra cash.
The majority of rebate providers offer some form of a referral program so make sure to check if yours does. You don’t have anything to lose really, because the only thing you have to do is let somebody know about how he can get some extra cash and at the same time you fill up your own pocket.
That is basically it – hopefully, it should be very clear-cut. If you would like the idea of receiving rebates (who wouldn’t?), then you just need to switch your broker to one that a rebate provider works with. The bottom-line is that first of all and more importantly Forex trading is enjoyable and addictive. Secondly you should definitely keep in mind that it always has its up and downs and thus it is not easy at all to stay consistent. Thirdly it’s obvious that there are plenty of Forex strategies you can mix and match, but you should fit in the only one that is guaranteed to stay consistent and positive, which is a Forex rebate of course.
Do consider that you dont pay anything to anyone. When you open an account with a rebate provider you receive monthly cash on every trade you make. Simple as that.
KickbackFX is the rebate provider that we used to test this service.
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