A forex rebate looks simple on the surface: you trade, and part of your cost comes back. But traders often ask the same questions. Does a 0.01-lot trade count? Is it paid on opening or closing? Does gold earn the same as EURUSD? This guide walks through how rebates are calculated, step by step, with worked examples you can check against the rebate calculator.
The basic formula
Almost every rebate programme uses the same core calculation:
Rebate = lots traded × rebate rate per lot
At PipRefund, the maximum rates are:
| Broker and account | Rebate rate |
|---|---|
| Exness Standard | Up to $14 per lot |
| XM Standard | Up to $15 per lot |
| Vantage Standard STP | Up to $20 per lot |
These are maximums. The actual amount can be lower on some instruments, because brokers pay their partners different amounts depending on what you trade.
What counts as a “lot”
A standard lot is 100,000 units of the base currency. Most platforms let you trade fractions of a lot, and rebates scale proportionally:
| Position size | Name | Share of a standard lot |
|---|---|---|
| 1.00 | Standard lot | 100% |
| 0.10 | Mini lot | 10% |
| 0.01 | Micro lot | 1% |
So a 0.10-lot trade on Vantage Standard STP earns up to $2 (0.10 × $20), and a 0.01-lot trade earns up to $0.20.
Round turn vs one side
This is the most common source of confusion. A round turn means opening and closing a position. Most retail rebate programmes, including ours, quote rates per lot on closed trades — you open 1 lot and close 1 lot, and that counts once, not twice.
If you compare rebate providers, always check whether their headline figure is per round turn or per side. A “per side” rate looks bigger but may work out the same, or less.
Step-by-step calculation
- Collect your closed trades for the period (we pay weekly).
- Add up the volume in lots. Only closed positions count; open trades are included once they close.
- Group by instrument type if rates differ (for example, forex majors vs metals).
- Multiply each group by its rate and add them together.
Worked example 1: a part-time Exness trader
Over one week, a trader closes these trades on an Exness Standard account:
| Trades | Size | Volume |
|---|---|---|
| 12 × EURUSD | 0.20 lot | 2.4 lots |
| 6 × GBPUSD | 0.30 lot | 1.8 lots |
| 4 × USDJPY | 0.20 lot | 0.8 lots |
| Total | 5.0 lots |
Weekly rebate: 5.0 × up to $14 = up to $70. Over a four-week month, that is up to $280.
Worked example 2: comparing all three brokers
Suppose you trade 30 lots a month and want to see what each broker could return:
| Exness Standard | XM Standard | Vantage Standard STP | |
|---|---|---|---|
| Lots per month | 30 | 30 | 30 |
| Rate per lot (up to) | $14 | $15 | $20 |
| Monthly rebate (up to) | $420 | $450 | $600 |
| Yearly rebate (up to) | $5,040 | $5,400 | $7,200 |
The rebate is only half the picture, though. What you really want to compare is net cost.
Net cost: the number that actually matters
A rebate reduces your trading cost — it does not replace a good broker choice. The fair comparison is:
Net cost per lot = spread cost + commission − rebate
Worked example 3: net cost per lot
Imagine that on your main pair, your average spread cost on a standard account is $10 per lot at one broker and $12 per lot at another (illustrative numbers only — measure your own on a demo):
| Broker A | Broker B | |
|---|---|---|
| Spread cost per lot | $10 | $12 |
| Commission | $0 | $0 |
| Rebate per lot (up to) | $14 | $20 |
| Net cost per lot | −$4 at best | −$8 at best |
In this example, the broker with wider spreads ends up cheaper once the rebate is included. With real numbers, the result can go either way, which is why it pays to measure spreads on the instruments and hours you actually trade.
Spreads float and differ by account, instrument and region, so check the latest conditions on the broker’s official website.
Instruments: why gold may earn a different rate
Brokers usually pay partners a set amount per lot for forex majors and different amounts for metals, indices, energies and crypto CFDs. That means the rebate on a gold trade may be lower than the headline forex rate. We explain this in more detail in our guide to forex rebates for gold traders.
What does not earn a rebate
- Trades on accounts not linked to our partner link.
- Account types we don’t currently cover (for example, raw or professional accounts).
- Very short trades opened and closed within seconds purely to generate volume. Brokers typically exclude these from partner commission, and normal trading is not affected.
- Deposits and withdrawals — rebates are based on trading volume, not on how much you fund.
Use the calculator
You don’t need to do this by hand every week. Enter your typical monthly volume into the PipRefund rebate calculator to see what each broker could return, then compare with your own spread costs.
If you’re new to rebates, start with What Is a Forex Rebate?, and when you’re ready, sign up here to link your account.
A note on risk
Trading forex and CFDs carries a high risk of losing money. Rebates lower your costs, but they do not make a losing strategy profitable. Never increase your trading volume just to earn a larger rebate.