CashbackForex Review– ☑️ Unbiased Pros and Cons Revealed (2023)

Overall, when it comes to rebates on transactions, CashbackForex was the pioneering broker. CashBackForex is an introducing broker meaning they link customers to full-service brokers that execute transactions, allowing them to give incentives.

 

CashBackForex Review – 15 Key Point Quick Overview

1. ✅ CashbackForex Website Metrics
2. ✅ CashbackForex Brokers
3. ✅ Licensing and Regulations
4. ✅ Features
5. ✅ Tools Provided
6. ✅ Customer Support
7. ✅ Payment Options
8. ✅ Referral Program Overview
9. ✅ What are the Broker Criteria used for Rebate Reviews?
10. ✅ CashbackForex Rebates
11. ✅ How to Sign Up with CashbackForex
12. ✅ CashbackForex Customer Reviews
13. ✅ CashbackForex Top Competitors
14. ✅ Final Verdict on CashbackForex
15. ✅ Frequently asked questions

CashbackForex Website Metrics

Cashback Forex receives a commission when you sign up with a broker via their site, and a percentage of that commission is given to you. So, it is safe to say that Cashback Forex is more like a digital group than a single company.

To illustrate the variety of reimbursement options available, they provide a disclaimer at the bottom of their webpage. Additionally, four companies/vendors fall under the same umbrella. These vendors include Cashback Forex, Cashback Forex USA, FXVerify, and Rebate King FX.

These businesses are conveniently located in the same building. The vendor indicates their preference for FXVerify as their broker via this incentive scheme. This is more evidence of the platform’s dependability and popularity online.

In addition, their Facebook profile reveals that Cashback Forex is often updated.

CashbackForex Brokers

Cashback Forex currently has 39 brokers on its website, continuously expanding. The broker list includes the following:

Licensing and Regulations

Cashback Forex is based in Ireland and London, but the provider is not regulated by any local entities (Financial Conduct Authority and Central Bank of Ireland). Subsequently, Cashback Forex is unregulated.

While the platform offers legitimate services, it will instill confidence in South Africans if the platform obtains a license and regulations.

Users risk losing money due to the lack of protections provided by the platform’s lack of oversight. If the platform ever goes bankrupt, members will be the ones who pay the ultimate price.

At any point, the vendor might decide to terminate service for the platform. Remember that the company’s physical location and ownership information are hidden from customers.

Features

Cashback Forex is the oldest and most established source of Crypto and forex rewards. Users get quick rewards sent into their brokerage account and spread commission savings.

With favorable feedback from customers at a rate of 99%, the rebate program is among the finest in the business. South Africans can find the following features on the Cashback Forex website:

• Access to 39 brokers.
• Weekly trading contests that provide cash prizes of over 1,000 USD.
• Forex Rebates and Crypto Fee Discounts.
• Performance Analysers for MetaTrader 4 and MetaTrader 5.
• Social Trading Forum and Chat Room.
• Forex Broker Ratings.
• Crypto Exchange Ratings.
• Real-Time Economic Calendar.
• Embeddable Widgets.
• Trading Calculators that feature real-time data.
• Dedicated Customer Support is available 24/5.

Tools Provided

Cashback Forex offers the following tools on the official website:

• Performance Analysers for MetaTrader 4 and MetaTrader 5.
• Forex Broker Ratings.
• Crypto Exchange Ratings.
• Real-Time Economic Calendar.
• Embeddable Widgets.
• Trading Calculators that feature real-time data.

Performance Analysers for MetaTrader 4 and MetaTrader 5

This tool allows traders to link an existing MT4 or MT5 account with a broker. Using this tool, traders can analyze their performance and opt to share their performance. The analyzer indicates the following information:

• Username
• Country of residence
• Account
• Equity
• Profits
• Profit Percentage
• Peak Drawdown
• Monthly Profit Percentage
• Broker

Forex Broker Ratings

Cashback Forex offers credible broker evaluations based on 6 importance-weighted criteria, such as regulatory rigor, broker popularity, web traffic, price, features, and customer service, as well as actual user reviews from clients who have synchronized their live trading accounts.

South Africans can search Cashback Forex’s database to view over 1,778 brokers that have been reviewed by the platform, providing them with comprehensive details on brokers before they start trading.

Crypto Exchange Ratings

Cashback Forex offers trustworthy reviews of exchanges based on regulatory prowess, liquidity, website traffic and popularity, price, features, and customer support, along with a side-by-side comparison of full-service rates.

There are 517 exchanges listed on the Cashback Forex website, making it a comprehensive platform for those who want to view in-depth details on crypto exchanges before they start trading.

Real-Time Economic Calendar

South Africans can utilize Cashback Forex’s extensive Forex Economic Calendar to be informed of forthcoming economic events that can influence market volatility. Furthermore, South Africans can observe the real-time price movement of many markets with Cashback Forex’s Live Charts Tool.

Traders can use this tool to stay current on the prices of thousands of instruments. Interactive and customizable charts for forex majors, commodities, indices, crosses of cryptocurrencies, stocks, etc.

Embeddable Widgets

A free, unbranded suite of forex and financial widgets in HTML is available. These widgets are customizable, embeddable, and mobile-responsive and use the most current live market rates.

Furthermore, widgets are an optimal method for enhancing the content of financial websites and blogs and more.

The widgets that South Africans can expect are:

• Risk of Ruin Calculator Widget
• Drawdown Calculator Widget
• Currency Converter Widget
• Pip Calculator Widget
• Compounding Calculator Widget
• Pivot Point Calculator Widget
• Fibonacci Calculator Widget
• Economic Calendar Widget
• Forex & Crypto Broker List Widgets
• Position Size Calculator Widget
• Profit Calculator Widget
• Forex Rebate Calculator Widget
• Margin Calculator Widget

To embed any of the widgets listed above, click the embed button in the tool’s bottom-left corner on the Cashback Forex website.

Furthermore, you can alter the widget’s appearance and apply your customizations. Finally, copy and paste the HTML code into your project when you are satisfied with the setup.

Trading Calculators that feature real-time data

Cashback Forex offers South Africans the following calculators:

• Forex Rebates Calculator
• Lot Size Calculator
• Profit Calculator
• Compounding Calculator
• Pip Calculator
• Drawdown Calculator
• Risk of Ruin Calculator
• Pivot Point Calculator
• Fibonacci Calculator
• Margin Calculator
• Crypto Exchange Fees Calculator
• Crypto and Forex Converter

Furthermore, South Africans can access these additional tools:

• Economic Calendar
• Live Charts
• Broker Spreads Comparison Tool
• Broker Swaps Comparison Tool

Customer Support

Cashback Forex offers a live chat function on the website that can be used 24/5. Additionally, traders can contact Cashback Forex through the following communication channels:

• Telephonically
• Skype
• Email
• Online Contact Request Form
• Facebook
• Instagram

Payment Options

The provider has enumerated many payment choices that are accessible in all areas. These alternatives include Bank transfer, Neteller, PayPal, Skrill, and Sticpay.

Referral Program Overview

This platform is coupled with a referral program. The vendor has categorized the referral program into three groups. Tier 1, Tier 2, and Tier 3 programs are based on the number of affiliates.

• The Tier 1 plan offers 15% cash back on revenue made by referrals.
• Tier 2 users get 2% of the cashback produced by customers referred by the user.
• The Tier 3 plan includes 5% of the cashback profits of Tier 3 consumers.

What are the Broker Criteria used for Rebate Reviews?

Cashback Forex reviews the following criteria on Rebate Brokers:

• Overall Rating
• Regulation and Money Protection
• Cashback Rebates
• Web Traffic
• Broker Profile
• Asset Classes
• Account Types
• Demo Account
• Pricing
• Deposits and Withdrawals
• Popularity
• Promotions
• Real Customer Rating

CashbackForex Rebates

With Cash Back Forex, you can select from many linked Forex brokers, allowing you to get the greatest spread. For example, many brokers provide a 2-pip spread on the EUR/USD and USD/JPY; if you create an ECN account with them, you could obtain a 1-pip spread.

With certain brokers, you can acquire leverage of up to 500:1, which means you only need to deposit 200 units of the base currency as margin for one full-sized transaction.

How to Sign Up with CashbackForex

To sign up with Cashback Forex, South Africans can follow these steps:

1. Navigate to the official Cashback Forex website and click on the “FX Rebates & Crypto Fees Discounts” option on the homepage.
2. You will be redirected to the page containing Cashback Forex’s rebates section, where all brokers that offer rebates are listed. You can search for a broker, scroll down the list to find your broker, or select a broker to open an account.
3. Once you have found/chosen a broker, you can click on the “Get Cashback” banner to proceed.
4. You can choose between “Add a new account” or “Transfer an existing account.”
5. You can follow the remaining steps on the screen to connect your broker account to the Cashback Forex platform to start earning rebates.

CashbackForex Customer Reviews

Some customer reviews and comments include:

• Clara Loftry (June 03, 2021) “I have been using Cashback Forex for a few months, and I can confidently say they are dependable. The account onboarding process is easy, and I receive monthly cashback without issues. Therefore, I can recommend their services.”

• Toby McFarley (October 17, 2021) “Their service and support are acceptable. However, Cashback Forex needs an app for iOS and Android.”

• Elton Meersk (April 30, 2022) “I have been a member of CBFX since 2017 and have never experienced any issues. CBFX is honest and doing an excellent job.”

CashbackForex Top Competitors

EarnForex

EarnForex offers information regarding forex trading, education, and indicators for traders.

MyFXBook

MyFXBook provides comprehensive tools, including an economic calendar, market news, forums, trading analysis, and more.

ForexTime.com

ForexTime (FXTM) is a forex broker that provides several trading instruments, trading tools, educational materials, and more.

Babypips

Babypips is an informative website that offers insight into trading forex.

Final Verdict on CashbackForex

Cashback Forex is one of the industry’s longest-running refund schemes. It is worth attempting, particularly if you are a beginner. Cashback Forex offers a range of tools and resources for traders and is transparent about the rebates South Africans can expect.

However, the lack of regulations and licensing concerns trustworthiness, even if there are several positive comments about the platform. Furthermore, Cashback Forex should consider developing a mobile app for iOS and Android, providing mobile users quick access to its services.

Frequently asked questions

Can I trust Cashback Forex?

Cashback Forex is trusted by many brokers, as can be seen by numerous positive reviews. In addition, there have not been any complaints regarding withdrawal processes.

How many brokers are linked on the Cashback Forex website?

Cashback Forex links 39 brokers on its platform.

How much does it cost to sign up with Cashback Forex?

It is free to sign up with Cashback Forex. However, the broker you use will charge trading and non-trading fees.

Does Cashback Forex have a mobile app?

Cashback Forex is currently only available on web browsers, and there is no desktop or mobile app.

Is Cashback Forex regulated?

Cashback Forex is not currently regulated by any known entities as it is not a forex or CFD broker, but a website and provider of forex cashback rebates.

Addendum/Disclosure

No matter how diligently we strive to maintain accuracy, the financial markets are volatile that could shift and change at any given time, even if the information supplied is correct at the time of going live.