FXOpen Cashback Program
Posted by Olga Palikarpava on 06 June 2017 01:19 PM
The 90-day FXOpen Cashback Program lets traders receive an additional refund for any kind of trades including loss-making. Cashback is automatically added to your Commission account that is open automatically.
The cashback amount is determined in accordance with the total margin used on all client's trading accounts. The program is available for all types of FXOpen trading accounts: ECN, STP, Crypto, Micro, PAMM ECN, PAMM STP.
Important: Cashback is credited only if you trade using your own deposited funds (bonuses are excluded).
How to join the program
New FXOpen clients are automatically enrolled in the Cashback Program. The program is available during the first 90 days from the moment of registration.
Existing FXOpen clients can join the Cashback Program by sending a request to [email protected]. The program is available during 90 days from the moment of joining the program.
Minimum and maximum cashback
The minimum cashback that FXOpen can pay you is $5, the maximum is $1,000. The maximum cashback per trade is $100.
The amount of cashback is determined in accordance with the total margin used on all client’s trading accounts within 90 days.
Standard commission (a percentage of the FXOpen commission) is the base value used in calculating the cashback and partner commission. It equals 2.4 pips (5-decimal pricing) per trade in an STP account and 15% of FXOpen commission for a trade performed in an ECN or a Crypto account.
Standard Commission is multiplied by a certain coefficient, which depends on the total Used Margin on all client's accounts. You can find coefficients for cashback calculation in the table below. The right part of the table shows an example of calculating the cashback for the Standard Commission of $ 15.
The chart illustrates the example of cashback calculation given in the table. As you can see, cashback value decreases with the increase in the total Used Margin. If the total Used Margin exceeded the threshold of $1.05m within 90 days, cashback is not credited. Conversely, you can receive a maximum cashback if you trade small volumes. In our example, a cashback of $22.50 will be credited to the client's account if the margin used within 90 days was less than $5k. In this case, the Standard Commission is multiplied by a maximum coefficient of 1.5 (150%).
Example of cashback calculation
The total ECN Commission paid from all trader's accounts within 90 days of trading with FXOpen is $100. The Standard Commission is 15% of ECN Commission.
Standard Commission: $100 * 0.15 = $15
The total margin used on all trader's accounts within 90 days is $45k.
Used Margin: $45k
We have: the Standard Commission is $15, the total Used Margin is $45k, which is in the range from $15k to $50k. Cashback coefficient in this range is 0.7 (70%). The amount of cashback is: $15 * 0.7 = $10.50.
The client gets a cashback in the amount of $10.50 as a reimbursement from the broker.