Best Forex Rebate Brokers

Written By

James Barra

Written By

James Barra

James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Updated

Mar 22, 2024

Forex rebate brokers offer cashback to active traders in the form of discounts on spreads and commissions. As a result, they can be an attractive way for high-volume traders to reduce their trading costs.

Our experts have tested, compared and ranked the best forex brokers with rebate programs, taking into account:

List Of Best Forex Rebate Brokers 2024

These are the 5 top forex cashback schemes based on our findings:

1. Pepperstone – Best Overall Forex Rebate Broker
2. CMC Markets – Best Broker For Forex Coverage
3. IC Markets – Best Forex Broker For MetaTrader
4. FOREX.com – Best Forex Broker For Fast Execution
5. OANDA US – Best Forex Broker For Automated Trading

Comparison of Top 5 Forex Rebate Brokers

Pepperstone - Best Overall Forex Rebate Broker

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Summary

• 25%+ forex spread cashback available
• Cashback is paid out daily or monthly
• Rebates are available on forex, commodities and indices
• Both CFDs and spread bets count towards monthly volume requirements

How Does The Pepperstone Rebate Program Work?

Pepperstone’s Active Trader rebate program is available to professional traders and offers competitive rates.

Clients receive a rebate as a percentage of the spread when trading forex, commodities and indices.

The amount of forex cashback available depends on your monthly trading volume:

• 15% rebate when you trade $20M – $99M
• 20% rebate when you trade $100M – $199M
• 25% rebate when you trade $200M – $299M
• Personalized rate when you trade $300M+

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CMC Markets - Best Broker For Forex Coverage

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Summary

• 20% forex spread cashback available
• Cashback is paid out monthly
• Rebates are available on forex, commodities and indices
• Rebates are paid on holding costs in addition to trading fees

How Does The CMC Markets Rebate Program Work?

CMC Markets rebate program paid out over $20 million in the 2019 – 2020 financial year. It is available on 330+ currency pairs, as well as commodities and indices.

CMC Markets pays rebates in a single transaction at the end of each calendar month. Typically, you will receive the spread rebate on the second working day of the new calendar month.

The amount of forex cashback available depends on your monthly trading volume:

• 5% rebate when you trade $25M – $100M
• 10% rebate when you trade $100M – $200M
• 15% rebate when you trade $200M – $300M
• 20% rebate when you trade $300M+

You can also receive rebates on holding costs. These are fees paid on positions that are still held after 5 PM New York time.

The amount of cashback on holding fees also depends on your monthly trading volume:

• 0.20% rebate when you trade $25M – $100M
• 0.35% rebate when you trade $100M – $200M
• 0.50% rebate when you trade $200M – $300M
• 0.75% rebate when you trade $300M+

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IC Markets - Best Forex Broker For MetaTrader

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Summary

• $2.50 per lot cashback available
• Cashback is paid out daily
• Rebates are available on forex, commodities and indices
• Access to the rebate program also comes with a free VPS

How Does The IC Markets Rebate Program Work?

IC Markets’ Raw Trader Plus account offers competitive cashback on forex, commodities and indices.

The amount of cashback available depends on the number of lots you trade:

• $1.50 per lot when you trade 100+ lots
• $2.25 per lot when you trade 1,000+ lots
• $2.50 per lot when you trade 2,000+ lots

Traders must meet the volume requirement at least once over a three-month period to remain on the rebate program.

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Forex.com - Best Forex Broker For Automated Trading

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Summary

• $10 per million cashback available
• Cashback is paid out monthly
• Rebates are available on forex only
• Access to the rebate program also comes with VIP events and webinars

How Does The Forex.com Rebate Program Work?

Forex.com offers a leading rebate program. As well as cashback on commissions, traders get refunds on margin from leverage trading and bank fees.

Forex.com aims to pay out forex rebates within a few days of the start of a new calendar month.

The amount of forex cashback available depends on your monthly trading volume:

• $3 per million when you trade $50M – $100M
• $5 per million when you trade $100M – $250M
• $8 per million when you trade $250M – $500M
• $9 per million when you trade $500M – $1B
• $10 per million when you trade $1B+

To access the rebate scheme, you need to deposit at least $10,000 or trade $50 million. Then, you need to maintain an average daily balance of $25,000 after each calendar quarter ends.

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OANDA - Best Forex Broker For Fast Execution

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Summary

• $17 per million cashback available
• Cashback is paid out monthly
• Rebates are available on forex only
• Access to the rebate program also comes with a free VPS and wire transfers, plus discounts on TradingView

How Does The OANDA Rebate Program Work?

OANDA’s Elite Trader program offers impressive savings up to 34%. It also comes with a dedicated account manager and a range of perks.

OANDA pays out forex rebates within 15 days following the end of each calendar month, which is the slowest of our 5 best forex rebate brokers.

The amount of forex cashback available depends on your monthly trading volume:

• $5 per million when you trade $10M – $49M
• $7 per million when you trade $50M – $249M
• $10 per million when you trade $250M – $499M
• $15 per million when you trade $500M – $1B
• $17 per million when you trade $1B+

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How To Choose A Forex Rebate Broker

To find the best forex rebate brokers, our team evaluated trading platforms in several areas:

Amount Of Cashback

One of our key considerations is how much cashback you get for actively trading. Only forex brokers that offer a competitive level of rebates make our recommendations.

We also consider on what the cashback is paid on, whether that’s spreads, commissions or extra costs like holding fees.

Volume Requirements

Tied to the size of the discounts is the trading volume you need to meet to access fee rebates.

In our experience, the top forex rebate brokers have a monthly volume requirement with three to five tiers that offer more cashback the more you trade.

When Cashback Is Paid

Our team also consider when cashback is credited to accounts. Some forex brokers offer rebates daily, but most pay cashback monthly, usually within several working days of the following month.

Importantly, we look for brokers that automatically pay rebates promptly with little to no action required from traders apart from hitting the monthly thresholds.

Extra Perks

The best forex rebate brokers offer extra perks alongside fee discounts. A dedicated account manager is common, but we also look for access to a free VPS, so you can run automated trading strategies around the clock with no downtime.

Other useful extras include priority customer support whenever the forex market is open, plus expert market analysis and VIP events.

Regulation

Only forex rebate brokers that are authorized by a strong regulator and that we trust, make our list of recommended firms. Choosing a regulated forex broker will help protect you from scams and safeguard your trading profits.

We favor firms that are licensed by reputable regulators like the UK’s Financial Conduct Authority (FCA), the Australian Securities & Investments Commission (ASIC), the US National Futures Association (NFA), and the Cyprus Securities & Exchange Commission (CySEC).

Fees

We review and compare the fees charged by forex brokers. Our team check that platforms offer tight spreads, low commissions and competitive non-trading fees.

We then consider the amount of cashback available to understand how competitive the broker’s pricing model and rebate program are.

Trading Platform

The trading platforms and tools available have a large impact on the overall trading experience, so it was one of our top criteria when testing forex rebate brokers.

The best brokers with forex rebates offer high-quality and reliable platforms such as MetaTrader 4 and MetaTrader 5. With that said, we also evaluate any proprietary platforms available, and check they will meet the needs of high-volume forex traders.

Forex Coverage

The best forex rebate brokers offer a wide range of currency pairs, including majors, minors and exotics.

While most good platforms offer upwards of 50 currency pairs, some of the top forex brokers like CMC Markets offer 330+ forex assets, providing excellent coverage for serious forex traders.

FAQ

What Is A Rebate In Forex Trading?

A rebate in forex trading is cashback credited to your account, effectively reimbursing you for a portion of the spread and/or commission. The best rebate forex brokers have tiers whereby the more you trade, the more cashback you receive.

Which Is The Best Forex Broker With Rebates?

Pepperstone is the best forex rebate broker in 2024. Runners-up based on our tests are CMC Markets, IC Markets, FOREX.com and OANDA US. 

All these forex brokers offer competitive cashback programs for active traders, alongside excellent perks, priority support and a regulated trading environment.

How Do I Join A Broker’s Forex Rebate Program?

This will depend on the forex broker. Normally, you need to open a live account, apply for the rebate program by contacting customer support, and then meet the minimum monthly trading volume.

There may also be other eligibility requirements, for example, qualifying as a professional trader and trading with the broker for a minimum period, such as three months.