There's no such thing as a free lunch? Well maybe this is the closest thing. It's called Forex Cashback. And if you're a forex trader, and haven't been using it, you are leaving money on the table.
What is Forex Cashback
A forex cashback service gives you cashback on the money you trade on various forex and CFD platforms. How? Well when you open a trading account through their service, the brokerage pays them a commission. And they simply send through part of this commission to you.
Poker sites have had access to these services for a long time, but it's only starting to become more popular in Forex more recently.
What I love about this concept is you don't need to change anything that you're currently doing. It's a no lose situation. You trade as usual, but as a member of a cashback service, you'll earn a rebate.
How Does it Work
Here is how to earn a rebate on your forex trades:
- Join a rebate service. My favorite is CashBackForex. I use them and they have been around since 2008. And have good reviews from members.
- Choose a broker. There are heaps to choose from and chances are the broker you currently use will already be there.
- Begin Trading! Just like you regularly would. Every trade will earn you a small rebate. It's a great way to help offset your losses.
- Get your payout. They offer a variety of payout options including PayPal.
As you can see it's very simple. If you're a forex trader then this is something I highly recommend. We're always looking for ways to improve our monthly performance and here is just one more way to squeeze every last drop of profit from our trades.
Do you use a cashback service? How have you found it. Let me know in the comments.