Forex is perhaps the biggest trading market in the world. It shot up like a volcanic explosion in volume and popularity in 1971 when the gold standard was abolished. Currency was not backed any longer by gold and, as a result, currency printing began to accelerate. Forex trading became a great way to earn extra money. Many people began trading as a part time job. They learned of ways to take advantage of this huge financial opportunity.
Notwithstanding the way you ultimately decide to trade, you will always find it feasible to get forex cash back for all your forex trades. Forex rebates are a smart way to reduce your trading costs. You will earn your rebates whether you make money or lose money on a trade.
Many online forex companies have their distinct rebate forex programs that allow you to receive highly competitive rebates on your trades. The main benefit of this program is that you will be able to get the same service from your brokers at a lower cost than those brokerage firms that do not give you a rebate. To enroll for the program, you will need to register online with such brokerage firms that offer cash back and open an account.
There are five easy steps on how to start receiving rebates.
1. Sign up for an account – This is the most crucial step to start receiving rebates.
2. Open a new account.
3. Give your full name, name of the broker and your account number through the `Contact Us’ form – this information is required to verify your account. Once the information ids verified, you will find your broker and your account number in your user account profile.
4. Select the payment method in your `User Profile’ so that the brokerage firm is clear on where to send your rebates. You have to ensure that you give all the necessary information for the payment mode that you wish to utilize, for example – your bank account information, PayPal details and your registered eMail address.
5. Fund your account and start trading to receive rebates on per trade basis at the end of the month.
The highest rebate that is offered by some brokerage firms is going around 1.2 pips per trade. Some brokers give 0.7 pips and others give around 0.6 pips per trade. There are some firms who will give you a first time rebate of $30 and then if your trades reach a lot of hundred, they will give you an additional $50 reward that keeps repeating after each lot of hundred trades.
Another advantage with large brokerage firms is that they are always adding new brokers to their rebate program to give you the facility of greater variety. There is no minimum requirement of an account size or activity levels to be a part of a rebate program. The rebate forex concept is offered by brokerage firms as an incentive to you for opening a trading account with them. The forex brokers do not charge a commission normally unlike stock and futures brokers. They charge a spread instead as their means of profit for giving you access to the currency markets. A rebate forex method has the effect of reducing the impact of the spread on your trades. You will end up retaining more profits from your successful trades and you can keep more of your trading capital from your unsuccessful trades. The amount of the rebate forex will preserve trade equity.