While there are many FX cashback sites, choosing one based solely on its seemingly high cashback rate can lead to problems such as “higher effective costs” or “being unable to withdraw the accumulated cashback.” In this article, we’ll explain seven key points you should always check when comparing services.
[Conclusion] Rather than focusing on “high cashback rates,” you should first check the following seven points: (1) whether there is a markup, (2) disclosure of operator information, (3) clear cashback terms, (4) withdrawal conditions, (5) participating merchants, (6) support systems, and (7) operational track record. If you check these in this order, you’ll be able to identify nearly all risky services.
Check 1: Presence or absence of markup (spread markup)
This is the most important point to check. Some services apply their own markup to the spreads on dedicated accounts. In such cases, even if the rebate rate appears high, you’re “only getting back a portion of the marked-up cost,” and the actual cost may even end up being higher than that of the broker’s standard account.
Be sure to check whether the trading conditions for the account are the same as those when opening an account directly with a broker. Be wary of services that do not clearly state this. For more details, see “What Is Markup? How Spread Markups Work.”
Check 2: Is operator information disclosed?
Check to see if the operator’s name, address, and contact information are clearly listed. Since cashback services hold your refund funds, it’s risky to entrust your money to a service where you don’t know who the operator is. You should also avoid services that don’t respond to inquiries or take an extremely long time to reply.
Check 3: Are the refund conditions clearly specified?
Don’t just rely on vague claims like “the industry’s highest cashback rate”; make sure the service discloses specific rates broken down by provider, account type, and stock. Services with ambiguous terms may result in actual cashback amounts that differ significantly from your expectations. Also, be sure to check the list of transactions that are excluded from the program (such as those made using bonuses or involving specific stocks).
Check 4: Are the withdrawal requirements realistic?
Whether you can actually receive the cashback you’ve earned depends on the withdrawal conditions. Services with extremely high minimum withdrawal amounts, high withdrawal fees, or extremely long wait times from the time you request a withdrawal until the funds are credited—tend to effectively leave you in a situation where “the cashback just accumulates but you can’t actually receive it.” Be sure to check these four points: minimum withdrawal amount, fees, withdrawal methods, and processing time.
Check 5: Does it support the service provider you want to use?
Cashback is only available when there is an affiliate agreement between the service and the provider. Be sure to check whether the provider and account type you want to use are supported, or—if you already have an account—whether you can change the linked account.
Check 6: Quality of Japanese Language Support
When you run into problems linking your account or making a withdrawal, it’s practically important to know whether you can contact customer support in Japanese and how quickly they respond. It’s a good idea to contact them once before registering to check how quickly they respond.
Check 7: Operational Track Record and Payment History
The fact that a service has been operating for a long time and has a track record of actual payments serves as proof of its reliability. Be sure to check the service’s operating history, its published payment records, and user reviews. Additionally, since you may not be able to receive any remaining cashback if the service is discontinued, it’s a good precaution to withdraw your cashback regularly. Our Cashback Switching Guide explains what to do if a service is discontinued.
In the case of REBATE ONE
For your reference, REBATE ONE operates in accordance with the following policies regarding the points mentioned above.
- We do not apply any markup and provide rebates under the same trading conditions as the broker's standard accounts.
- We have published the cashback terms and conditions by broker, account type, and security category.
- It supports 16 FX and CFD brokers and allows you to change the linked account for existing accounts with many of these brokers.
- We offer support in Japanese.
Please refer to the list of participating brokers for a list of eligible providers and the terms of the cashback offer.
FAQ
Wouldn't it be best to just choose the service with the highest cashback rate?
You can’t compare them based on the cashback rate alone. If there’s a markup, the actual cost will be higher, and if the withdrawal conditions are strict, you won’t be able to receive the cashback. Please make your decision by considering all seven checkpoints together.
Can I use multiple cashback services at the same time?
You can only link one cashback service to a single account. While it is possible to use different services for each provider, considering the effort involved in managing them, it’s more practical to consolidate them with one or two trustworthy companies.
Can I switch to a different service partway through?
Depending on the provider, you may be able to switch by changing your linked account or opening an additional account. Please refer to the switching guide for instructions.