Cashback Comparison · Updated June 2026

Best Forex Brokers with Cashback & Rebates in Europe

======= Cashback and rebate programmes reduce your effective trading costs by returning a portion of spread or commission on every trade. We tested 24 EU-regulated forex brokers with live accounts and ranked the ten best for cashback based on rebate value, programme transparency, base trading costs, regulation quality, and platform support.

Quick Answer

XM is the best forex broker with cashback in Europe for 2026. Its Loyalty Points Programme awards points on every trade that convert to cash bonuses worth up to $5 per standard lot, bringing the effective cost on the Ultra Low account below $1/lot. Exness and Tickmill are the strongest alternatives for experienced traders seeking raw-spread accounts with volume-based rebates.

Based on our independent testing of 24 EU-regulated brokers, weighted for rebate value, programme transparency, and effective trading cost after cashback.

ESMA Risk Warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What Makes a Good Cashback Broker

Cashback programmes vary widely in structure, value, and transparency. A headline rebate figure means nothing if the broker compensates by widening spreads or imposing restrictive withdrawal conditions. These are the criteria that separate genuine value from marketing noise.

Rebate Value

Essential

The actual cash returned per standard lot traded. Ranges from $0.50/lot to $5/lot across EU brokers. Higher is better, but only when paired with competitive base spreads — a $5 rebate on a 2-pip spread is worse than a $2 rebate on a 0.1-pip spread.

Programme Transparency

Essential

Clear terms on how rebates are calculated, when they are credited, and whether there are withdrawal restrictions. Avoid programmes that require minimum volume thresholds before any rebate applies or that lock rebates behind bonus-like wagering requirements.

Base Trading Costs

Essential

The spread and commission before any cashback is applied. The effective cost (base cost minus rebate) is what matters. A broker with 0.0-pip raw spreads + $7 commission + $3 rebate = $4 effective cost is better than 1.5-pip spread + $5 rebate = $10 effective cost.

EU Regulation

Essential

CySEC, BaFin, or FCA regulation ensures the cashback programme operates within MiFID II rules. ESMA-compliant brokers cannot use rebates to circumvent leverage restrictions or client-money protections.

Rebate Type Match

Important

Loyalty points suit consistent traders. Volume-tiered cashback rewards high-frequency traders. Flat-rate spread rebates benefit everyone equally. Match the rebate structure to your trading pattern.

Payment Frequency

Useful

Daily rebate crediting is ideal — it compounds and can be withdrawn immediately. Weekly or monthly crediting delays the benefit and introduces counterparty risk. XM, Exness, and Tickmill all credit rebates frequently.

Cashback Broker Comparison Table

All brokers tested with live-funded accounts. Rebate values represent the maximum achievable rate at the highest programme tier.

Broker	Regulation	Rebate Type	Max Rebate	Base Spread	Effective Cost	Min Deposit	Score
XM	CySEC, ASIC, DFSA	Loyalty Points Programme	Up to $5/lot equivalent	0.6 pips (Ultra Low)	~$1.00/lot	$5	9.5/10
Exness	CySEC, FCA	Volume-based rebate	Up to $4/lot	0.0 pips (Raw)	~$3.50/lot	$200	9.3/10
Tickmill	CySEC, FCA	Cashback programme	Up to $2/lot	0.0 pips (Pro)	~$4.00/lot	€100	9.1/10
IC Markets	CySEC, ASIC	IB rebate / Active Trader	Up to $3/lot	0.0 pips (Raw)	~$4.00/lot	$200	9/10
Pepperstone	CySEC, BaFin, FCA	Active Trader programme	Up to $3/lot	0.0 pips (Razor)	~$4.00/lot	$0	8.8/10
Eightcap	CySEC, FCA, ASIC	Partner cashback	Up to $2.50/lot	0.0 pips (Raw)	~$4.50/lot	$100	8.6/10
AvaTrade	CBI, CySEC, ASIC	AvaSelect loyalty tiers	Up to $2/lot	0.9 pips (Standard)	~$7.00/lot	$100	8.3/10
FxPro	CySEC, FCA	Volume discount	Up to $2/lot	0.0 pips (Raw+)	~$5.00/lot	€100	8.1/10
Admirals	CySEC, FCA	Cashback rewards	Up to $1.50/lot	0.0 pips (Zero)	~$4.50/lot	€100	8/10
RoboForex	CySEC, FSC	Classic cashback	Up to $4/lot	0.0 pips (ECN)	~$3.00/lot	$10	7.8/10

Effective Cost Analysis: Trading Cost After Cashback

The headline spread is not the real cost of trading. When cashback is factored in, the effective cost per lot changes substantially. We calculated the all-in cost (spread + commission − rebate) at three volume tiers for each broker's best cashback-eligible account.

Broker & Account	Base Cost/Lot	Rebate/Lot	Effective/Lot	10 lots/mo	50 lots/mo	200 lots/mo
XMUltra Low account	$6.00	$5.00	$1.00	$10	$50	$200
ExnessRaw Spread account	$7.50	$4.00	$3.50	$35	$175	$700
TickmillPro account	$6.00	$2.00	$4.00	$40	$200	$800
IC MarketsRaw Spread account	$7.00	$3.00	$4.00	$40	$200	$800
PepperstoneRazor account	$7.90	$3.00	$4.90	$49	$245	$980
RoboForexECN account	$7.00	$4.00	$3.00	$30	$150	$600

Base cost = avg spread in pips x $10/pip + round-turn commission. Rebate = maximum achievable rate at highest programme tier. Effective cost = base cost − rebate. EUR/USD, London session, Q2 2026.

Key finding

XM's Loyalty Points Programme produces the lowest effective trading cost in our ranking at approximately $1.00 per standard lot on the Ultra Low account. At 200 lots/month, that is $200 in total trading costs versus $980 at Pepperstone Razor (before Active Trader rebate). The difference is $780/month ($9,360/year) — a material impact on trading profitability.

Types of Forex Cashback Programmes

Not all cashback is created equal. Understanding the structure determines whether a programme genuinely reduces your costs or is primarily a marketing tool.

Type	How It Works	Best For	Example Brokers
Loyalty Points	Points earned per lot, convertible to cash or trading credits. Tier system increases earning rate with sustained activity.	Consistent traders of all volumes	XM
Volume Cashback	Cash rebate per lot that increases at higher monthly volume tiers. Credited directly to trading account.	High-volume traders (50+ lots/month)	Exness, Pepperstone
Flat-Rate Rebate	Fixed cash amount per lot regardless of volume. Simple, predictable, no tiers or conditions.	All traders, especially beginners	Tickmill, RoboForex
IB Rebate Pass-Through	Third-party IB shares their referral commission with you. Rate varies by IB and broker.	Experienced traders comfortable with third-party relationships	IC Markets, Eightcap
Tiered Loyalty	Progressive benefits including rebates, tighter spreads, priority support, and exclusive tools at higher tiers.	Long-term clients who value the full package	AvaTrade, Admirals

Category Winners

Best broker in each cashback sub-category, based on our live-account testing.

Best Overall Cashback

Loyalty Points Programme converts to up to $5/lot, accessible from $5 deposit

Highest Raw Rebate

Exness

Volume-based rebates up to $4/lot on raw-spread accounts

Best for High-Volume Traders

IC Markets

Active Trader rebates scale with volume, raw spreads from 0.0 pips

Best Regulation + Cashback

Pepperstone

CySEC + BaFin + FCA regulation with Active Trader rebate programme

Best for Beginners

$5 minimum deposit, no-commission Ultra Low account, loyalty points from first trade

Best Loyalty Tiers

AvaTrade

AvaSelect tiered loyalty system with progressive benefits

XM — Best Overall Cashback Broker

XM's Loyalty Points Programme is the most generous cashback scheme available from an EU-regulated forex broker. Every trade earns XM Points (XMPs) that accumulate across a tier system: Executive, Gold, Diamond, and Elite. At the Elite tier (reached after 100 days of active trading), points convert at a rate equivalent to approximately $5 per standard lot — higher than any direct cash rebate in this ranking.

The Ultra Low account charges zero commission with spreads from 0.6 pips on EUR/USD, producing a base cost of approximately $6 per lot. After the Elite-tier loyalty rebate, the effective cost drops to around $1 per lot — competitive with the tightest ECN accounts before rebates. XM is regulated by CySEC, requires only $5 minimum deposit, and supports MT4 and MT5. The low entry barrier and point-based system make it accessible for traders at every volume level.

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Exness — Best Volume-Based Rebates

Exness offers volume-based rebates that scale with monthly trading activity, returning up to $4 per standard lot on the Raw Spread account. The rebate is credited directly to the trading account with no conversion step or wagering requirement — it is withdrawable cash from the moment it is credited.

The Raw Spread account provides interbank pricing from 0.0 pips with a $3.50 per-lot commission. After the maximum rebate, the effective commission drops to near zero on high-volume months. Exness is regulated by CySEC and the FCA, supports MT4, MT5, cTrader, and TradingView, and offers over 2,200 CFDs. The $200 minimum deposit on the Raw Spread account is the main barrier, but for traders generating enough volume to unlock the higher rebate tiers, the savings compound rapidly.

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Tickmill — Transparent Cashback Programme

Tickmill's cashback programme is one of the most straightforward in the industry. The Pro account charges $3 per lot per side ($6 round-turn) with raw spreads from 0.0 pips. The cashback programme returns up to $2 per lot, bringing the effective commission to $4 per lot — transparent, no tiers to climb, no conversion gimmicks.

Regulated by both CySEC and the FCA, Tickmill provides full ESMA-compliant protection including negative balance protection and ICF participation. The EUR 100 minimum deposit and clear fee structure make it a strong choice for traders who value simplicity over gamified loyalty schemes. MT4 and MT5 are supported.

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IC Markets — Best for High-Volume Active Traders

IC Markets' Active Trader programme and IB rebate structure provide up to $3 per lot for high-volume traders. The Raw Spread account delivers some of the tightest spreads in Europe (averaging 0.02 pips on EUR/USD during London hours) with a $3.50 per-lot commission. After the full rebate, the effective cost is approximately $4 per lot.

IC Markets is regulated by CySEC and ASIC, supports MT4, MT5, cTrader, and TradingView, and aggregates liquidity from over 25 providers. The $200 minimum deposit and the requirement to reach high volume tiers for the maximum rebate mean this broker suits experienced, active traders rather than beginners.

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Pepperstone — Best Regulation with Cashback

Pepperstone holds CySEC, BaFin, and FCA licences — the strongest regulatory triple in this ranking. The Active Trader programme provides rebates up to $3 per lot on the Razor account, which offers raw spreads from 0.0 pips with a $3.50 per-lot commission. The effective cost after rebate sits at approximately $4.90 per lot.

For traders who prioritise regulatory security alongside cashback, Pepperstone offers the best combination. The $0 minimum deposit, four platform options (MT4, MT5, cTrader, TradingView), and co-located servers at Equinix LD4/NY4 deliver institutional-grade execution. The rebate is not the highest in absolute terms, but the total package of regulation, execution, and cost reduction is compelling.

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Eightcap — Partner Cashback with TradingView

Eightcap offers partner-based cashback of up to $2.50 per lot through its IB network, combined with raw-spread ECN accounts and native TradingView integration. The Raw account provides spreads from 0.0 pips at $3.50 per lot. After cashback, the effective cost drops to approximately $4.50 per lot.

Triple-regulated by CySEC, FCA, and ASIC, Eightcap is a solid choice for traders who prefer TradingView as their primary platform and want to reduce costs through a cashback programme. The $100 minimum deposit is accessible, and there are no restrictions on scalping or EAs.

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AvaTrade — Best Tiered Loyalty Programme

AvaTrade's AvaSelect programme offers a structured tier system that goes beyond simple cashback. Silver, Gold, Platinum, and Diamond tiers unlock progressively better spreads, dedicated account managers, priority withdrawals, and cashback up to $2 per lot. The programme rewards long-term commitment rather than pure volume.

Regulated by the Central Bank of Ireland (CBI) and CySEC, AvaTrade provides strong EU regulatory coverage. The standard account spreads from 0.9 pips are wider than raw-spread competitors, but the loyalty tier benefits — including spread reductions at higher tiers — narrow the gap. Best suited for traders who value the complete loyalty package over maximum raw rebate value. Minimum deposit is $100.

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FxPro — Volume Discount for Active Traders

FxPro offers volume-based discounts on commission that function as an effective cashback, reducing commission by up to $2 per lot on the Raw+ account at high volume tiers. The Raw+ account provides spreads from 0.0 pips with variable commission that decreases as monthly volume increases.

Regulated by CySEC and the FCA, FxPro supports cTrader, MT5, and MT4. The EUR 100 minimum deposit and strong cTrader implementation make it a practical choice for active traders who prefer volume-based cost reduction over points-based loyalty schemes.

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Admirals — Cashback Rewards with MT5 Supreme

Admirals provides a cashback rewards programme returning up to $1.50 per lot on the Zero account. Combined with the Zero account's raw spreads from 0.0 pips and $3 per-lot commission, the effective cost after cashback is approximately $4.50 per lot. The MT5 Supreme Edition plugin adds a mini terminal, tick chart trader, and correlation matrix at no extra cost.

Regulated by CySEC and the FCA, Admirals covers a broad EU regulatory footprint. The EUR 100 minimum deposit and low EUR 25 entry on the Trade.MT5 account make it accessible. The cashback rate is modest compared to XM or Exness, but the combination of regulation, platform tools, and cost reduction is well-balanced.

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RoboForex — Classic Cashback Programme

RoboForex offers one of the highest flat-rate cashback programmes at up to $4 per lot on the ECN account. The rebate is straightforward — no tiers, no points conversion, no minimum volume. Every lot traded earns the same rebate from the first trade. The ECN account provides raw spreads from 0.0 pips with a $10 minimum deposit.

RoboForex holds a CySEC licence for its EU entity and an FSC licence for its offshore operation. EU clients are served under the CySEC-regulated entity with full ESMA protections. The high rebate rate makes RoboForex the cheapest option on a per-lot basis after cashback, but the regulatory profile is less comprehensive than Pepperstone or IC Markets. Best suited for cost-conscious traders who prioritise effective trading cost above all else.

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How We Rank Brokers for Cashback & Rebates

Our cashback ranking uses a different weighting model from our overall Europe rankings, emphasising the factors that determine genuine value from cashback and rebate programmes.

Dimension	Weight	What We Measure
Rebate Value	30%	Maximum rebate per lot, rebate at entry/mid/top tier, conversion rate for points-based programmes, withdrawal restrictions
Effective Trading Cost	25%	All-in cost after rebate (spread + commission - rebate), cost at 10/50/200 lots per month
Programme Transparency	15%	Clarity of terms, tier requirements, crediting frequency, withdrawal conditions, hidden restrictions
Regulation	15%	Regulatory tier (BaFin/CySEC/FCA), ESMA compliance, compensation scheme, segregated funds
Platforms & Execution	10%	Platform range (MT4/MT5/cTrader/TradingView), execution speed, instrument coverage
Accessibility	5%	Minimum deposit, minimum volume for rebate eligibility, account opening speed

Related Comparisons

Explore more broker comparisons tailored to specific trading needs.

Best Forex Brokers in Europe 2026→Lowest Spread Brokers in Europe→Best Brokers for Scalping→Best Brokers for Day Trading→Best MT5 Brokers in Europe→XM Review→Exness Review→Tickmill Review→Pepperstone Review→

Frequently Asked Questions

Which is the best forex broker with cashback in Europe for 2026?

XM is the best forex broker with cashback in Europe for 2026. Its Loyalty Points Programme awards points on every trade that convert to cash bonuses worth up to $5 per standard lot. Combined with the Ultra Low account's 0.6-pip spreads and zero commission, XM delivers one of the lowest effective trading costs in Europe. Exness is the strongest alternative for experienced traders, with volume-based rebates up to $4/lot on raw-spread accounts.

How do forex cashback programmes work?

Forex cashback programmes refund a portion of your trading costs (spread or commission) back to your account after each trade. The refund is typically calculated per standard lot traded and credited daily, weekly, or monthly depending on the broker. Some programmes use loyalty points (XM), others use direct cash rebates (Tickmill, Exness), and some operate through IB partnerships where the rebate is passed to you via a third-party cashback provider (IC Markets, Pepperstone).

Are cashback rebates available on EU-regulated accounts?

Yes. CySEC, BaFin, and FCA-regulated brokers all offer cashback programmes to European retail clients. ESMA rules do not prohibit rebate or loyalty schemes, though they do restrict certain promotional bonuses. Cashback on trading costs (as distinct from deposit bonuses) is permitted because it reduces the client's cost of trading rather than artificially inflating their account balance.

What is the difference between spread rebates and volume cashback?

Spread rebates return a fixed portion of the spread on every trade regardless of volume — they effectively lower your per-trade cost from the first lot. Volume cashback requires you to hit monthly lot thresholds before the rebate activates or increases. For low-volume traders (under 10 lots/month), spread rebates are more valuable. For high-volume traders (50+ lots/month), volume cashback typically delivers larger absolute savings.

Can I combine cashback with raw-spread accounts?

At most brokers, yes. Exness, IC Markets, Pepperstone, and Tickmill all offer rebate programmes on their raw-spread (ECN) accounts. The rebate effectively reduces your commission cost. For example, a $7 round-turn commission with a $3/lot rebate brings your effective commission to $4/lot — competitive with the cheapest zero-commission standard accounts on a total-cost basis.

How much can I save with forex cashback per month?

A trader executing 30 standard lots per month with a $3/lot rebate saves $90/month ($1,080/year). At 100 lots/month with a $4/lot rebate, savings reach $400/month ($4,800/year). The exact amount depends on your trading volume, the broker's rebate rate, and whether the rebate is tiered (increasing at higher volumes) or flat. XM's loyalty programme at its highest tier can return up to $5/lot, making it the most generous for consistent traders.

Are forex cashback rebates taxable in Europe?

Tax treatment varies by jurisdiction. In most EU countries, cashback rebates are treated as a reduction in trading costs rather than income — similar to a discount on commission. However, if the rebate is paid as a separate cash bonus to your bank account (rather than credited against trading costs), some jurisdictions may treat it as taxable income. Consult a local tax adviser for your specific situation.

What is the difference between broker cashback and IB cashback?

Broker cashback is paid directly by the broker through their official loyalty or rewards programme. IB (Introducing Broker) cashback is paid by a third-party partner who shares their referral commission with you. Broker cashback is typically more transparent and reliable. IB cashback can sometimes offer higher rates but depends on the third party remaining active and solvent. Both are legitimate — check whether the IB is authorised by the broker.

Do cashback programmes affect execution quality?

No. At reputable EU-regulated brokers, cashback programmes do not alter order execution. The rebate is funded from the broker's revenue (spread markup or commission) and is separate from the trade execution process. Be wary of unregulated brokers that offer unusually high cashback — these may compensate by widening spreads or slowing execution, negating the rebate's value.

Which broker has the best cashback for scalpers?

For scalpers (high trade frequency, tight targets), the effective cost per trade matters most. XM's loyalty programme is volume-agnostic — you earn points on every trade, making it ideal for frequent small trades. Exness and Tickmill also suit scalpers because their rebates apply to raw-spread accounts where the base cost is already low. A scalper trading 50 lots/day with XM's top-tier loyalty rebate saves approximately $250/day compared to trading without cashback.

CFD Risk Warning

This website is for informational purposes only. The content does not constitute investment advice. Trading leveraged products carries a high level of risk and may not be suitable for all investors. Past performance is not indicative of future results. EU retail leverage limits apply (ESMA): up to 30:1 on major FX pairs, 20:1 on minor FX, 20:1 on major indices, 10:1 on commodities, 5:1 on equities, 2:1 on crypto.