Forex trading has grown tremendously over the last few decades. As technology advances, traders can take advantage of more sophisticated tools, and cashback forex brings an additional benefit to traders. Here, we’ll take a look at how cashback forex works and how it can be beneficial to experienced and novice traders alike.
What is Cashback Forex?
Cashback Forex is a reward system where a trader is awarded back part of their transaction cost when they open or close a trade. This could be in the form of a cash rebate or other discount, depending on the broker used. A rebate is based on a percentage of the position size and may be as high as several cents or dollars per trade. The percentage amount and the amount of cash rebated can often vary greatly between brokers.
Benefits of Cashback Forex
One of the main benefits of using cashback forex is that it can help reduce trading costs. This is particularly beneficial for new traders, who may not want to invest large amounts of money in their trading accounts. Additionally, cashback forex can also be beneficial for experienced traders, as it allows them to save on fees. This helps them to maximize their returns, while still reducing their overall trading costs.
It’s also important to note that cashback forex is not limited to Forex trading. It can also be used for other types of trading, such as CFDs and binary options. This means that experienced traders can also benefit from this reward system while diversifying their portfolio.
Cashback vs Bonuses
Cashback rewards are usually offered as a percentage of the position size, while bonuses are often offered as a fixed amount. Bonuses are usually calculated as a percentage of the amount deposited into the trading account. For bonus offers, traders must usually meet certain conditions to be eligible for the reward. With cashback forex, however, traders don’t have to meet any conditions and simply receive the reward for opening or closing a trade.
Cashback forex is a great way for traders to maximize their returns and reduce trading costs. It can be particularly beneficial for new traders, as it helps to reduce the amount of money needed to invest into a trading account. Experienced traders can also take advantage of cashback forex by diversifying their portfolio and reducing their trading costs.
Best Cash Back Credit Cards
Cash back credit cards are a great way to earn rewards for your purchases. Whether you’re looking for no annual fee cards or those that offer a good return on all of your spending, there’s a card out there to fit your needs.
The Chase Freedom Flex℠ is an excellent choice for those seeking no annual fee cards. With unlimited 1% cash back on all purchases, it’s easy to see why this card is so popular. Plus, you can earn 5% cash back in rotating categories and on travel booked through Chase Ultimate Rewards.
The Blue Cash Preferred Card from American Express is another great option for those looking for maximum rewards on their spending. With 6% cash back at U.S. supermarkets, you’ll get a great return. Plus, you’ll get 3% cash back at U.S. gas stations and select department stores.
The Chase Freedom Unlimited is another great choice for those seeking a low APR and rewards. With no annual fee and 1.5% unlimited cash back on all purchases, this card is a great way to maximize rewards and get a low rate. You can even get 5% cash back in categories when you activate deals.
Cash Back Credit Cards with Special Bonuses
If you’re looking for an extra bonus when you use your cash back credit cards, there are a few that you should consider. The Citi® Double Cash Card allows you to earn twice the rewards – 1% when you make a purchase and another 1% when you pay it off. Plus, you’re still getting a low interest rate on the balance.
The Discover it® Cash Back Card has a great bonus: you get 5% cash back in rotating categories whenever you activate the bonus. Plus, you’ll get double the rewards in the first year. You can also get 1% unlimited cash back on all other purchases.
Finally, the American Express Cash Magnet Card has a great introductory bonus: you can get up to $150 after you spend $1,000 within the first 3 months. Plus, you’ll get 1.5% cash back on every purchase.
Cash Back Credit Cards for Travel Rewards
If you’re looking for a card to help you travel further, here are some of the best cash back cards for traveling. The Chase Sapphire Preferred Card is a great choice for those who want to get great rewards for their travel purchases. There is a great bonus of up to 60,000 bonus points when you spend $4,000 within the first 3 months. Plus, you can transfer your points to leading loyalty programs such as the Marriott and Southwest Airlines.
The Barclaycard Arrival Plus World Elite Mastercard is another great choice for travelers. With this card, you’ll get 2x miles on all of your travel and dining purchases. Plus, you can get a 50,000 bonus miles after you spend $5,000 within 90 days.
The American Express® Gold Card has no foreign transaction fees, so it’s perfect for those who travel often. You can get 4x Membership Rewards points at US restaurants and on up to $25,000 in purchases each year at US supermarkets. Plus, you can get 3x points on flights booked directly with airlines or through.