Cash Back Forex Review: “Does your broker actually pay you to trade?”
This is a question that every forex trader should be asking themselves. If your answer is no, then you should be asking yourself why? The fact is that if you’re an active forex trader and you don’t know about websites like CashBackForex.com then you are clearly missing out on what is virtually ‘free money’.
Before you close this page in disbelief (and probably disgust) you should know that I am fully aware that there’s no such thing as a ‘free lunch’, especially within the forex trading industry. However, please suspend your disbelief for just a couple of minutes because what I’m about to tell you is as close as you’re going to get to ‘free money’. It’s real, it’s legit and it’s happening every single month for thousands of happy forex traders throughout the world, including myself.
What is this so called ‘free money’?
Put simply, forex brokers need clients like you and me in order to be in business and make a profit. Thing is, there is such brutal competition between brokers these days that acquiring new clients is very expensive. Brokers need help to attract new clients and in recent years a number of them have started offering what are called ‘Introducing Broker’ programs.
What’s an ‘Introducing Broker’ ?
An introducing broker (or IB for short) is any authorized person or business (whether it be a website owner or offline business) that sends or refers prospects to the forex broker. For every new prospect that opens up a live trading account with them and places trades, the forex broker will pay a commission to the introducing broker (usually on each ’round lot’ traded) for referring them. It’s not unlike many of the affiliate programs you see online e.g. Amazon.com where you get paid a commission for each purchase that is made by people who arrived at their website via your affiliate link.
Each forex broker offers a different cash back rate per round lot traded. For example my broker Pepperstone offers 0.36 pips or $3.60 cash back per round lot traded. How much could you make based on the number of lots you trade each day? Use the cash back estimator and see just how much extra cash you’ve been missing out on!
So how do I make money with this?
Well, I’m getting to that but first I need to tell you about a website called CashBackForex.com cause this is where the ‘free money’ comes in. These guys are one of the largest Introducing Brokers (IBs) online and they refer lots of new prospects to the various forex brokers that they partner with. The thing that sets them apart is that if you visit their website at CashBackForex.com and open up your forex broker account by going through one of their referral links, then they will actually pass on to you a big percentage of the commission they receive from the broker (on every single trade you make) for referring you. Hard to believe but it’s 100% true.
Is Cash Back Forex a scam?
To be honest, I was extremely skeptical. I mean, it all sounded too good to be true. However, as I looked into it further (trying to find the ‘catch’) I saw the business model behind it and I actually concluded that it was a smart, affordable way for the forex brokers to bring in new clients. A true win-win-win situation for the forex broker, for CashBackForex.com (the referrer) and most importantly you and I, the clients / traders.
I also thought, “What have I got to lose?” I’m going to be placing my trades anyway and the worse case scenario is that CashBackForex.com don’t pay me my ‘cash back’. I’d be no worse off than had I not tried out the program at all. So I gave it a go and I’m pleased to report that at the time of writing this I have been getting an extra $2000-$3000 cash back each month from CashBackForex.com into my PayPal account. The payments have been 100% accurate based on my trades (I check my trading log thoroughly) and have been on time or early.
NOTE: I personally trade hundreds of lots monthly (making my broker rich, lol) and so you may not make the same amount of cash back as I do. Most traders I speak to are making on average an extra $300-$500 cash back monthly (which is still great money) regardless of whether they make a profit or loss on their trades.
All I can say is that I can wholeheartedly and with total integrity recommend the Cash Back Forex program. It’s money that is there for the taking. Best to grab some while you can. You’re going to be trading anyway, why not pick up a little extra along the way? It’s a no-brainer as far as I’m concerned.
Anyway, I hope you’ve found this Cash Back Forex review helpful and that you make some extra cash on your trades this month.