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Would you like to receive some free cash on every trade? I’m guessing you do, right? Great, here’s how it works…
There are certain forex cashback sites online that partner up with forex brokers in order to get them, customers, like you and me.
So the forex brokers pay a small commission to the cashback sites for referring new customers to the brokers.
And in return for you and me signing up with the Forex brokers through these cashback sites, the cashback sites give you a small commission on every trade, depending on your lot size. The higher lot sizes the more you earn cashback.
Here are some screenshots of cashback received on one of my small trading accounts:
Here are some “money received” notifications on another trading account I get free cashback on every trade…
Remember, this cashback is free cash, and pure passive income, just placing trades that you would do anyways and you also get cashback whether your trade is profitable or a losing trade!
Here’s how you too can earn cashback on every trade…
As I said, you need to go through special Forex broker cashback sites, the one I use is Cashback Forex, one of the established and trusted sites.
And one of my favourite Forex Brokers I use is IC Markets
IC Markets and Cashback Forex have “Excellent” ratings on trust pilot, an independent, trusted user review site.
So if you would like to open up a Forex trading account with my broker and use the Forex cashback site I use, you can do so by clicking the following link that will take you directly to the signup page for IC Markets through the Cashback Forex site: https://www.saeed-khan.com/icmarkets
Once you reach this page, click on the “get cashback” button:
You’ll then be taken to the cashback Forex, IC Markets registration page, which looks like this…
For the first option, select Add a new account
There are 2 ways you can earn cashback, monthly cashback or a reduced trade fee on every trade. I personally went with monthly cashback.
On step 1: open an IC Markets account, and select spread reduction or monthly cashback. Select monthly cashback if you just want cashback instead of reduced trade fees.
Once you click on the monthly cashback, button, a new page will open, which is the IC Markets registration page, but the current page (cashback forex) page will still remain open. It’s important you leave the current cashback forex page open because you’ll need to return to it to finish your cashback forex registration.
The new page will take you to the IC Markets official website account registration page. Carefully complete all the fields.
On the IC Markets registration process, here are some important things to know
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- On the “Tell us more about yourself” page, if you’re just an individual, then select “individual”. I personally chose this option
- On the Trading account configuration page, on the “choose trading platform” option, the most popular option is “Metatrader 4”
- On the Trading account configuration page, on the “choose account type” option the most popular option is “True ECN”
- On the Trading account configuration page, on the “choose account base currency” option, you can choose whichever one your country’s native currency is, for example, if you’re in the UK, you choose GBP etc.
- Leverage: If you are given the option for leverage, make sure you select 1:500, which is the highest leverage and enables you to trade more lots!
The last section is the declaration, which you must read and accept.
Once you’re done with the registration, you should receive your trading account details by email that looks something like this and will contain your trading account login details. Make a note of the “login” which will usually be a set of numbers, ie 342345222.
This is your account number, you will need this to complete the Cashback Forex registration as one field requires your Forex account number. We’ll go through this step later, but for now, let’s stick with the IC Markets onboarding.
IC Markets, for new customers, the next step is Identity verification
As part of KYC, you must verify your identity, which involves uploading some iD documents. Don’t worry, all the financial trading companies require this by law. If you just follow the onscreen instructions, you should be done in a few minutes, uploading.
Depending on how busy they are, usually verification is processed within a few hours in my experience. Just watch out for an email to say if it was verified or if they need more information from you.
Once you’re verified, you can log in to the IC Markets portal with the login details you received in the email.
After verification is successful, the next step is funding your account
Almost there! Now you need to fund your account with some money to trade. The minimum deposit for IC Markets is £200/$200 I understand.
Login to the IC Markets portal with the login details you received in the email. Then on the left menu click on “deposit” The following page will load:
There are a variety of deposit options, I personally deposit with my bank account details and choose any of the top 3 options to deposit.
Trading account software setup
Once deposited, the final step with IC Markets part is to download the MetaTrader 4 software and install it.
The software is supported by multiple platforms, including the Android app store app, Mac, and Windows. The MetaTrader 4 software is currently not available for ios phones, but you can still get it on your Mac and also on a web browser.
To download the app, on your IC Markets client area, click on the Downloads
Now select your preferred platforms and download and install.
For our trading challenge, the quickest and most convenient way will be your mobile device, but you need an Android device or iPhone.
For Apple users,
You can go to the app store and search for “MetaTrader 4”, and download the app. Then launch it. Carefully enter the login details you received in your email.
For Android users,
You can go to the play store and search for “MetaTrader 4”, and download the app. Then launch it. Carefully enter the login details you received in your email.
For Mac/PC users,
You can download the software “Metatrader 4”, from the downloads area in the IC Markets portal. Then launch it. Carefully enter the login details you received in your email.
Final step – Completing the Cashback Forex registration
Now, let’s go back to the Cashback Forex registration page, which was still open.
Step 2: Select “raw spread”
Step 3: Select MT4
Step 4: Enter your IC Markets, trading account number, received in your email from IC Markets.
Then tick the box “I authorise CBFX…” and click on Submit
That’s it you’re done, in a few days, you should receive an email from Cashback Forex confirming that your IC markets account is now linked to Cashback Forex and your’e eligible to receive cashback on every trade, that’s passive income on every trade, losing and winning trades:-)