TL;DR — To compare forex cashback rates fairly, you must look beyond the headline per-lot number. Account type, instrument, and how the broker calculates volume all change the real value of a rebate, so use a rate board that standardizes these factors and always weigh cashback against your total trading costs.
Why headline cashback rates are misleading
When you first look at broker rebate offers, the numbers seem simple: one broker offers $X per lot, another offers $Y. But that comparison is rarely apples-to-apples. Brokers structure their commission and spread models differently, and cashback rates are tied to those structures. A broker that advertises a high rebate may also have wider spreads or higher commissions, which can eat into your profits more than the rebate returns.
For example, a broker might offer a rebate of, say, $5 per lot for standard accounts, but if that account type has spreads that are consistently 1 pip wider than a competitor's, you could be paying $10 more per lot in spread costs—making the rebate a net loss. The only way to compare fairly is to evaluate the total cost per trade: spread plus commission minus rebate.
Account type matters more than you think
Most brokers have multiple account types: standard, raw, pro, or ECN. The rebate you receive often depends on which one you use. Standard accounts typically have no commission but wider spreads, while raw or ECN accounts charge a commission per lot and offer tighter spreads. Rebates are usually higher on commission-based accounts because there is a clear per-lot cost to rebate.
When comparing cashback rates, always check which account type the rate applies to. A rate that looks generous on a standard account might be lower than what you'd get on a raw account, but the raw account's commission reduces your net return. Use a cashback calculator to model both scenarios with your typical trade size and frequency.
Instrument differences: forex vs. gold
Rebate rates are not uniform across instruments. Forex pairs like EURUSD may have different rates than gold (XAUUSD) or other metals. Some brokers pay more for gold due to higher volatility and wider typical spreads, while others pay less. If you trade both forex and gold, you need to compare rates per instrument separately.
Expaid's gold cashback and forex cashback pages break down rates by asset class, so you can see exactly what you'd earn per lot for XAUUSD versus EURUSD. When comparing brokers, don't average rates across instruments—look at the specific ones you trade.
How volume is calculated and paid
Cashback is almost always paid per standard lot (100,000 units of base currency for forex, 100 ounces for gold). But brokers calculate volume differently. Some count only closed lots, others count round turns (open and close). Some include partial lots, while others round down to the nearest whole lot. These nuances can change your effective rebate significantly.
For instance, if a broker rounds down partial lots, a 0.8 lot trade might earn zero rebate, whereas another broker that pays on fractional lots would credit you for 0.8. Over many trades, this adds up. Always read the fine print on how volume is measured and when cashback is credited. Expaid pays daily, win or lose, which simplifies tracking, but your broker's own policies still matter for the initial calculation.
Comparing total cost, not just rebate
The fairest way to compare cashback offers is to calculate the net cost per lot after accounting for spread and commission. Here's a simple checklist:
- Identify the account type you would use and its typical spread for your main instruments.
- Note the commission per lot, if any.
- Find the rebate per lot for that specific account and instrument.
- Compute net cost per lot: (spread cost in pips or dollars) + commission – rebate.
- Repeat for each broker you're considering.
For example, if Broker A has a spread of 0.8 pips on EURUSD, no commission, and a $4 rebate, while Broker B has a 0.2 pip spread, $7 commission, and a $6 rebate, the net costs might be similar. Use a switch calculator to see how much cashback you might be missing with your current broker and whether switching makes financial sense.
In our view — Cashback should be seen as a cost reduction, not a profit source. A broker with a slightly lower rebate but tighter spreads and better execution can be more profitable in the long run. Always evaluate the full picture.
Using Expaid's rate board for fair comparisons
Expaid's broker rate board lists current rebate rates for each broker and account type, updated regularly. To compare fairly, filter by the account type you actually trade and the instruments you use. Rates are shown per lot, but you should still consider the broker's overall trading conditions.
You can also read broker reviews to see how traders rate execution, spreads, and withdrawal speed—factors that cashback alone doesn't capture. And if you're new to cashback, our how it works page explains the mechanics.
Common pitfalls to avoid
- Comparing rates across different account types without adjusting for commission.
- Ignoring instrument-specific rates when you trade multiple assets.
- Assuming all brokers calculate volume the same way.
- Focusing only on the rebate and ignoring spread costs.
- Not checking if the rebate is paid on all trade sizes or only round lots.
By avoiding these pitfalls, you'll make a more informed choice. Remember, a per-lot rebate effectively lowers your trading cost on every lot, win or lose, but only if the broker's other costs are competitive. To see which brokers offer the best net value for your style, visit the broker comparison page and use the tools available.
Where to go next
Now that you know how to compare cashback rates fairly, put it into practice. Check the live rate board to see current offers, and use the rebate calculator to estimate your monthly earnings based on your trading volume. If you're already trading with a broker, see how much cashback you might be missing with the switch calculator. Then, if you're ready, sign up to start earning rebates on your trades.