Introduction:
In the fast-paced world of forex trading, every pip saved can translate into significant profits—and that’s where a forex cashback program becomes a game-changer. As traders navigate volatile markets in 2025, securing maximum rebates isn’t just about reducing costs; it’s about strategically aligning with programs that reward volume, loyalty, and trading style. Whether you’re a scalper capitalizing on tight spreads or a long-term investor leveraging tiered rebates, choosing the right cashback broker could mean the difference between leaving money on the table and optimizing every trade. This guide dives deep into how to evaluate, compare, and select the best forex rebates—ensuring you keep more of your hard-earned gains.
1. Understanding Forex Cashback Programs

Forex cashback programs have become an increasingly popular way for traders to maximize their profitability by earning rebates on their trading activity. These programs are designed to return a portion of the trading costs (spreads, commissions, or fees) back to the trader, effectively reducing the overall cost of trading.
In this section, we will explore the fundamentals of forex cashback programs, how they work, their benefits, and why traders should consider incorporating them into their trading strategy for enhanced returns in 2025.
What Is a Forex Cashback Program?
A forex cashback program is a rebate system where traders receive a percentage of their trading costs back, either in cash or credit, based on their executed trades. These programs are typically offered by:
- Third-party cashback providers (independent platforms that partner with brokers)
- Forex brokers directly (as an incentive to attract and retain clients)
The rebate amount varies depending on the broker, trading volume, and the specific terms of the cashback program.
How Do Forex Cashback Programs Work?
1. Trader Signs Up for a Cashback Program
– The trader registers with a cashback provider or selects a broker that offers an in-house rebate program.
– Some programs require traders to sign up before opening a trading account, while others allow retroactive claims.
2. Trading Activity Generates Rebates
– Every time the trader executes a trade (whether a buy or sell order), a small portion of the spread or commission is returned as cashback.
– The rebate is usually calculated per lot traded (e.g., $2-$10 per standard lot).
3. Rebates Are Paid Out
– Cashback can be paid daily, weekly, or monthly, depending on the provider.
– Payments may be made via bank transfer, e-wallet, or trading account credit.
Types of Forex Cashback Programs
There are two primary types of forex cashback programs:
1. Broker-Integrated Cashback Programs
– Some brokers offer built-in cashback incentives as part of their loyalty programs.
– Example: A broker may offer 0.5 pips cashback per traded lot.
2. Third-Party Cashback Providers
– Independent platforms partner with multiple brokers to offer rebates.
– Example: Websites like CashbackForex or ForexRebates provide cashback for trades executed through their partnered brokers.
Key Benefits of Forex Cashback Programs
1. Reduced Trading Costs
– Even small rebates add up over time, especially for high-volume traders.
– Example: A trader executing 50 lots per month at $5 cashback per lot earns $250 monthly.
2. Increased Profitability
– Cashback acts as a buffer against losses, improving overall trading performance.
3. No Additional Effort Required
– Traders earn rebates passively without changing their trading strategy.
4. Access to Better Broker Conditions
– Some cashback providers negotiate tighter spreads or lower commissions with brokers.
Potential Drawbacks to Consider
While forex cashback programs offer clear advantages, traders should be aware of potential downsides:
1. Broker Restrictions
– Some brokers exclude certain account types or trading strategies (e.g., scalping) from cashback eligibility.
2. Payment Delays
– Third-party providers may have processing times before rebates are paid.
3. Hidden Terms
– Minimum withdrawal thresholds or maximum rebate caps may apply.
Who Should Use a Forex Cashback Program?
- Active Traders – High-volume traders benefit the most from consistent rebates.
- Scalpers & Day Traders – Since they trade frequently, cashback significantly reduces costs.
- Long-Term Investors – Even swing traders can accumulate meaningful rebates over time.
### Real-World Example of Cashback Savings
Let’s assume Trader A executes 100 standard lots per month with a broker offering $5 cashback per lot.
- Monthly Cashback: 100 lots × $5 = $500
- Annual Cashback: $500 × 12 = $6,000
This additional income can substantially offset trading losses or enhance profits.
Conclusion
Understanding forex cashback programs is essential for traders looking to optimize their profitability in 2025. By leveraging these rebates, traders can lower their transaction costs, improve net returns, and gain an edge in the competitive forex market.
In the next section, we’ll explore how to evaluate and choose the best forex cashback program based on broker partnerships, payout reliability, and rebate rates.
—
2. Evaluating Forex Cashback Programs
Choosing the right forex cashback program can significantly enhance your trading profitability by returning a portion of your trading costs. However, not all cashback programs are created equal. To maximize rebates, traders must carefully evaluate key factors such as payout structures, broker partnerships, transparency, and additional benefits. This section provides a detailed guide on assessing forex cashback programs to ensure you select the most advantageous option in 2025.
1. Understanding Payout Structures
The payout structure of a forex cashback program determines how much you earn per trade. Programs typically offer rebates in one of the following ways:
a) Fixed Rebate per Lot
Some programs provide a fixed cashback amount per standard lot traded (e.g., $5 per lot). This model is straightforward and predictable, making it ideal for high-volume traders.
Example:
- If a program offers $4 per lot and you trade 50 lots per month, your rebate would be $200.
### b) Variable Rebate Based on Spread or Commission
Other programs calculate rebates as a percentage of the spread or commission paid. This model benefits traders who frequently trade high-spread instruments.
Example:
- A program offering 20% cashback on spreads means if you pay $100 in spreads, you receive $20 back.
### c) Tiered Rebate Systems
Some providers offer tiered structures where rebates increase with trading volume. This rewards active traders with higher payouts as they trade more.
Example:
- Tier 1 (1-50 lots/month): $3 per lot
- Tier 2 (51-100 lots/month): $4 per lot
- Tier 3 (100+ lots/month): $5 per lot
Key Consideration:
- High-frequency traders should prioritize programs with tiered or volume-based rebates.
- Scalpers and day traders may benefit more from spread-based cashback.
## 2. Broker Compatibility and Restrictions
Not all forex cashback programs work with every broker. Some providers partner exclusively with specific brokers, while others offer broader compatibility.
a) Supported Brokers
- Check if the program supports your preferred broker.
- Some brokers have in-house cashback programs, while third-party providers may offer better rates.
### b) Restrictions on Account Types
- Certain programs exclude ECN or STP accounts due to lower spreads.
- Others may not support Islamic (swap-free) accounts.
Practical Tip:
- Verify broker compatibility before signing up to avoid forfeiting rebates.
## 3. Transparency and Reliability
A trustworthy forex cashback program should provide clear terms and consistent payouts.
a) Payment History and Reviews
- Research user feedback on forums like ForexPeaceArmy or Trustpilot.
- Look for complaints about delayed or missing payments.
### b) Real-Time Tracking
- Reputable programs offer dashboards showing rebate calculations in real time.
- Avoid providers that lack transparency in tracking trades.
### c) Minimum Payout Thresholds
- Some programs require a minimum rebate amount (e.g., $50) before withdrawal.
- Ensure the threshold aligns with your trading volume.
## 4. Additional Benefits Beyond Cashback
The best forex cashback programs offer extra perks that enhance overall trading value.
a) No-Deposit Bonuses
- Some providers offer sign-up bonuses (e.g., $5-$50) without requiring a deposit.
### b) Loyalty Rewards
- Long-term traders may receive higher rebates or exclusive promotions.
### c) Referral Commissions
- Earn extra by referring other traders (e.g., 10% of their rebates).
## 5. Comparing Top Forex Cashback Programs in 2025
To illustrate, here’s a comparison of leading programs:
| Program | Rebate Structure | Broker Support | Payout Frequency | Additional Benefits |
|——————-|—————————|——————-|———————-|————————-|
| Program A | $5 per lot (fixed) | 50+ brokers | Weekly | Referral bonuses |
| Program B | 30% of spread/commission | ECN brokers only | Monthly | VIP tier rewards |
| Program C | Tiered (up to $7/lot) | Major brokers | Bi-weekly | No-deposit bonus |
Conclusion
Evaluating a forex cashback program requires analyzing payout models, broker compatibility, transparency, and added incentives. By selecting a program that aligns with your trading style and volume, you can maximize rebates and improve overall profitability. In the next section, we’ll explore strategies to optimize cashback earnings further.
By following these guidelines, traders can make informed decisions and choose the best forex cashback program in 2025 for maximum financial benefits.
3. Top Forex Cashback Programs for 2025
As forex traders seek ways to maximize profitability, forex cashback programs have become an essential tool for reducing trading costs and enhancing returns. These programs refund a portion of the spread or commission paid on each trade, effectively lowering transaction expenses.
In 2025, the competition among cashback providers has intensified, with several platforms offering innovative rebate structures, higher payout rates, and additional perks. Below, we explore the top forex cashback programs for 2025, evaluating their features, benefits, and suitability for different trading styles.
—
1. CashBackForex
Overview:
CashBackForex remains one of the most trusted forex cashback programs, known for its transparency and high rebate rates. The platform partners with over 30 brokers, including major names like IC Markets, Pepperstone, and XM, ensuring traders have flexibility in broker selection.
Key Features:
- High Rebate Rates: Offers up to 90% of the spread as cashback, depending on the broker.
- Multiple Payout Options: Supports withdrawals via bank transfer, PayPal, Skrill, and cryptocurrency.
- No Minimum Trading Volume: Unlike some competitors, CashBackForex does not impose strict volume requirements.
- Real-Time Tracking: Traders can monitor rebates in real-time through a user-friendly dashboard.
### Why Choose CashBackForex in 2025?
With its long-standing reputation and consistent payouts, CashBackForex is ideal for high-frequency traders and scalpers who benefit from frequent rebates. Additionally, its multi-broker support allows traders to switch brokers without losing cashback eligibility.
—
2. ForexRebates.com
Overview:
ForexRebates.com is another leading forex cashback program, catering to both retail and professional traders. The platform is particularly popular for its lifetime rebates, meaning traders continue earning cashback even if they stop actively trading.
Key Features:
- Lifetime Cashback: Rebates are paid indefinitely, even after a trader stops using the service.
- Wide Broker Network: Supports brokers like Exness, FBS, and RoboForex.
- Flexible Payout Schedule: Offers daily, weekly, or monthly withdrawals.
- Bonus Offers: Occasionally provides sign-up bonuses in addition to standard rebates.
### Why Choose ForexRebates.com in 2025?
This program is perfect for long-term traders who want sustained passive income from past trades. The lifetime rebate model ensures continuous earnings, making it a valuable long-term investment.
—
3. FXPig Rebate Program
Overview:
FXPig is a specialized forex cashback program that stands out for its high rebate rates and exclusive broker partnerships. Unlike generic cashback services, FXPig focuses on maximizing trader payouts by negotiating direct deals with brokers.
Key Features:
- Aggressive Rebate Structure: Offers up to $10 per standard lot traded, one of the highest in the industry.
- Exclusive Broker Deals: Works with select brokers to provide enhanced cashback rates.
- Fast Payouts: Processes withdrawals within 24-48 hours.
- No Hidden Fees: Unlike some competitors, FXPig does not deduct processing fees from rebates.
### Why Choose FXPig in 2025?
FXPig is best suited for high-volume traders who execute large lot sizes and want the highest possible rebates per trade. Its exclusive broker partnerships ensure traders receive premium cashback rates not available elsewhere.
—
4. Rakuten Rebates (Formerly Ebates)
Overview:
While primarily known for retail shopping cashback, Rakuten Rebates has expanded into forex trading, offering competitive rebates through partner brokers.
Key Features:
- Dual Cashback Model: Earn rebates on both forex trades and retail purchases.
- Broker Variety: Includes partnerships with OANDA, FOREX.com, and TD Ameritrade.
- Quarterly Payouts: Rebates are paid every three months via PayPal or check.
### Why Choose Rakuten Rebates in 2025?
This program is ideal for multi-asset traders who also engage in stock or CFD trading, as Rakuten provides cashback across multiple financial products.
—
5. TopCashback Forex
Overview:
TopCashback, a well-known cashback platform, has entered the forex space, offering simple, no-frills rebates with a strong focus on user experience.
Key Features:
- Easy Sign-Up Process: No complex verification steps required.
- Competitive Rates: Offers up to $8 per lot depending on the broker.
- Additional Retail Cashback: Traders can earn extra rebates on everyday purchases.
### Why Choose TopCashback Forex in 2025?
This program is best for casual traders who prefer a straightforward cashback model without extensive broker restrictions.
—
Final Thoughts: Selecting the Best Forex Cashback Program for 2025
Choosing the right forex cashback program depends on your trading style, preferred brokers, and payout preferences. Here’s a quick comparison:
| Program | Best For | Max Rebate | Payout Speed |
|———————-|—————————-|———————-|———————-|
| CashBackForex | High-frequency traders | Up to 90% of spread | 1-3 business days |
| ForexRebates.com | Long-term traders | Lifetime cashback | Flexible options |
| FXPig | High-volume traders | Up to $10 per lot | 24-48 hours |
| Rakuten Rebates | Multi-asset traders | Varies by broker | Quarterly |
| TopCashback Forex| Casual traders | Up to $8 per lot | 3-5 business days |
Key Considerations When Choosing a Forex Cashback Program:
1. Rebate Rate: Higher rebates mean more savings per trade.
2. Broker Compatibility: Ensure your preferred broker is supported.
3. Payout Flexibility: Faster withdrawals improve liquidity.
4. Additional Perks: Some programs offer bonuses or retail cashback.
By selecting a forex cashback program that aligns with your trading habits, you can significantly reduce costs and boost profitability in 2025. Whether you’re a scalper, swing trader, or long-term investor, there’s a cashback solution tailored to your needs.
Would you like recommendations based on your specific trading volume or broker preferences? Let us know in the comments!

4. 2025 Trends Shaping Cashback Programs
As the forex industry evolves, cashback programs are undergoing significant transformations to meet trader demands, regulatory changes, and technological advancements. For traders seeking the best forex cashback program in 2025, understanding these emerging trends is crucial to maximizing rebates and optimizing trading strategies. Below, we explore the key trends reshaping forex cashback programs in the coming year.
1. AI-Driven Personalization in Cashback Offers
Artificial Intelligence (AI) is revolutionizing how brokers structure cashback incentives. Instead of offering uniform rebates, AI algorithms analyze individual trading behaviors—such as trade frequency, preferred currency pairs, and risk appetite—to deliver tailored cashback rewards.
- Example: A high-frequency scalper may receive higher rebates per trade, while a long-term position trader could benefit from volume-based tiered rewards.
- Impact: Personalized cashback programs improve trader retention and satisfaction, making them a competitive differentiator for brokers.
## 2. Blockchain & Smart Contract Transparency
Blockchain technology is enhancing transparency in forex cashback programs, ensuring traders receive accurate and timely rebates without manual intervention. Smart contracts automatically execute cashback payouts based on predefined conditions, eliminating discrepancies.
- Example: A trader using a blockchain-based cashback program can track every rebate in real-time via an immutable ledger, reducing disputes.
- Impact: Increased trust and efficiency will drive adoption, particularly among traders skeptical of traditional cashback models.
## 3. Tiered & Dynamic Cashback Structures
Static cashback rates are becoming obsolete. In 2025, brokers are adopting dynamic, tiered structures where rebates increase with trading volume or loyalty status.
- Example:
– Tier 1 (0-50 lots/month): $3 per lot
– Tier 2 (51-200 lots/month): $4 per lot
– Tier 3 (201+ lots/month): $5 per lot
- Impact: Encourages higher trading activity while rewarding loyal clients with progressively better returns.
## 4. Integration with DeFi & Crypto Cashback Options
With decentralized finance (DeFi) gaining traction, some brokers now offer crypto-based cashback rewards. Traders can receive rebates in Bitcoin, Ethereum, or stablecoins, providing additional flexibility and potential appreciation.
- Example: A trader using a forex cashback program linked to USDT (Tether) avoids currency conversion fees and benefits from crypto’s liquidity.
- Impact: Appeals to crypto-savvy traders and diversifies rebate options beyond traditional fiat payouts.
## 5. Regulatory Compliance & Cashback Standardization
Regulators are scrutinizing cashback incentives to prevent misleading promotions. In 2025, brokers must ensure transparency in rebate calculations and disclose any restrictions (e.g., withdrawal conditions).
- Example: ESMA and other regulators may enforce standardized cashback disclosures, requiring brokers to clarify whether rebates are withdrawable or tied to bonus conditions.
- Impact: Traders benefit from clearer terms, but brokers may adjust cashback structures to comply with stricter rules.
## 6. Social Trading & Referral-Based Cashback Bonuses
Social trading platforms are integrating cashback incentives, allowing users to earn rebates not only from their trades but also from referred traders’ activity.
- Example: A trader referring a friend to a forex cashback program earns 10% of their friend’s rebates for six months.
- Impact: Expands cashback earning potential beyond personal trading, fostering community-driven growth.
## 7. Gamification & Milestone-Based Rewards
To boost engagement, brokers are introducing gamified cashback programs where traders unlock bonuses for hitting milestones (e.g., 100 trades/month).
- Example: A trader completing 200 monthly trades receives an additional 20% bonus on total cashback.
- Impact: Enhances trader motivation and retention while making cashback programs more interactive.
## 8. Multi-Asset Cashback Expansion
Beyond forex, cashback programs now include CFDs, stocks, commodities, and even cryptocurrencies. Traders diversifying their portfolios can earn rebates across multiple asset classes.
- Example: A trader executing gold CFDs and EUR/USD forex trades receives combined cashback from both instruments.
- Impact: Provides more value for multi-asset traders, increasing the attractiveness of cashback programs.
## 9. Instant Cashback Withdrawals
Delayed rebate processing has been a pain point for traders. In 2025, leading brokers are offering instant or same-day cashback withdrawals.
- Example: A trader’s rebates are credited to their e-wallet immediately after trade execution.
- Impact: Improves liquidity and trader satisfaction, setting a new industry standard.
## 10. Eco-Friendly & ESG-Linked Cashback Initiatives
With growing emphasis on sustainability, some brokers are introducing ESG (Environmental, Social, Governance)-aligned cashback programs, donating a portion of rebates to green initiatives.
- Example: A broker contributes 5% of a trader’s cashback to carbon offset programs.
- Impact: Appeals to socially conscious traders while differentiating brokers in a competitive market.
## Conclusion: Adapting to 2025’s Cashback Landscape
The forex cashback program ecosystem in 2025 is becoming more dynamic, personalized, and technologically advanced. Traders must stay informed about these trends to select programs that align with their trading style and financial goals. Whether through AI-driven personalization, blockchain transparency, or multi-asset rebates, the future of cashback is geared toward maximizing value for traders while fostering trust and innovation in the forex industry.
By leveraging these emerging trends, traders can secure the best possible rebates and enhance their overall trading profitability in 2025 and beyond.
5. Common Pitfalls to Avoid
Selecting the right forex cashback program can significantly enhance your trading profitability by maximizing rebates on every trade. However, traders often fall into avoidable traps that diminish the benefits of these programs. To ensure you get the most out of your cashback rewards, steer clear of these common pitfalls.
1. Ignoring the Rebate Structure and Payment Terms
One of the biggest mistakes traders make is failing to scrutinize the rebate structure of a forex cashback program. Not all programs offer the same payout models—some provide fixed rebates per lot, while others offer variable rates based on trading volume or currency pairs.
Key Considerations:
- Fixed vs. Variable Rebates: Fixed rebates are straightforward (e.g., $5 per lot), whereas variable rebates may fluctuate with market conditions.
- Payment Thresholds: Some brokers impose minimum withdrawal limits, delaying your cashback payouts.
- Frequency of Payments: Ensure the program offers timely payouts (e.g., weekly, monthly) rather than holding funds indefinitely.
Example: A trader who fails to check the payment terms might sign up for a program that only processes withdrawals above $100, leading to unnecessary delays in accessing rebates.
2. Overlooking Broker Reliability and Regulation
A forex cashback program is only as good as the broker facilitating it. Some traders prioritize high rebates without verifying the broker’s credibility, exposing themselves to potential fraud or withdrawal issues.
Red Flags to Watch For:
- Unregulated Brokers: Always confirm that the broker is licensed by reputable authorities (e.g., FCA, ASIC, CySEC).
- Negative Reviews: Check forums like ForexPeaceArmy for complaints about withheld payments.
- Hidden Fees: Some brokers deduct fees from rebates, reducing net gains.
Example: A trader attracted by a high-rebate offer from an unregulated broker may later struggle to withdraw funds due to compliance issues.
3. Focusing Solely on High Rebates Without Considering Spreads
A common misconception is that the highest rebate automatically equals the best deal. However, some brokers offering aggressive cashback incentives compensate by widening spreads, effectively reducing net profitability.
How to Avoid This Trap:
- Compare the effective spread (spread minus rebate) across brokers.
- Test the broker’s execution quality in a demo account to ensure tight spreads.
Example: Broker A offers $10 rebate per lot but has a 3-pip spread, while Broker B offers $7 with a 1-pip spread. Despite the lower rebate, Broker B may be more cost-effective.
4. Neglecting to Track Rebates Accurately
Many traders assume their forex cashback program will automatically credit all eligible trades, but discrepancies can occur. Without proper tracking, you may miss out on rebates due to technical errors or broker miscalculations.
Best Practices for Tracking:
- Maintain a trade log with timestamps, volumes, and rebate expectations.
- Use third-party cashback tracking tools or Excel sheets to cross-verify broker statements.
- Regularly reconcile payouts with your trading activity.
Example: A trader who doesn’t track rebates may not notice missing payments on partial fills or exotic currency pairs, leading to lost revenue.
5. Failing to Optimize Trading Volume for Maximum Rebates
Some traders either underutilize or over-trade to chase rebates, both of which can be counterproductive.
Balancing Strategy and Rebates:
- Under-Trading: If you trade too little, you may not meet minimum payout thresholds.
- Over-Trading: Taking excessive trades just for rebates can lead to poor risk management and losses.
Solution: Align your trading strategy with rebate tiers—some programs offer higher payouts for increased volumes, but only if executed sustainably.
Example: A scalper might benefit from a high-volume rebate structure, while a swing trader should opt for a program with better per-trade returns.
6. Not Considering Tax Implications
Forex cashback rebates are often taxable, depending on jurisdiction. Ignoring tax obligations can lead to unexpected liabilities.
Tax Considerations:
- Reportable Income: In many countries, rebates are treated as taxable income.
- Broker Documentation: Ensure the broker provides proper tax statements (e.g., Form 1099 in the U.S.).
Example: A trader who earns $5,000 annually in rebates but fails to report them could face penalties during tax audits.
Conclusion
A forex cashback program can be a powerful tool for boosting profitability, but only if approached wisely. By avoiding these pitfalls—such as ignoring rebate structures, overlooking broker reliability, or mismanaging trading volume—you can maximize your rebates without compromising trading efficiency. Always conduct due diligence, track payouts meticulously, and align cashback incentives with your trading strategy for optimal results in 2025 and beyond.
By sidestepping these common mistakes, you’ll ensure that your chosen forex cashback program works for you—not against you.

FAQs: How to Choose the Best Forex Cashback Program for Maximum Rebates in 2025
What is a forex cashback program, and how does it work?
A forex cashback program refunds a portion of trading costs (spreads/commissions) to traders. When you trade through an affiliated broker, the program tracks your activity and pays rebates—either per trade or as a percentage of volume.
How do I evaluate the best forex cashback programs for 2025?
Key factors include:
– Rebate rates (higher % = more earnings)
– Broker compatibility (ensure your preferred broker is supported)
– Payout reliability (check reviews for delayed payments)
– Transparency (no hidden terms or minimum trade requirements)
Which forex cashback programs are trending in 2025?
Programs integrating AI-driven analytics, crypto payouts, and multi-tiered rebates (e.g., higher volumes = higher returns) are leading the market. Top picks include CashbackForex, FXRebates, and TopCashback’s forex division.
What are common pitfalls to avoid with forex cashback programs?
- Hidden fees (e.g., withdrawal charges)
– Restrictive broker lists (limiting trading flexibility)
– Delayed payouts (opt for programs with weekly/monthly withdrawals)
– Overemphasis on high rebates (balance rate with reliability)
Can I use multiple forex cashback programs simultaneously?
Yes, but ensure your broker allows it. Some programs restrict “double-dipping.” Always read terms to avoid account suspensions.
How do 2025 trends impact forex cashback programs?
Trends like automated rebate tracking, blockchain payouts, and dynamic rebate tiers (rewarding frequent traders) are making programs more efficient and lucrative.
Are forex cashback programs safe?
Reputable programs are safe, but always:
– Verify regulatory compliance (e.g., FCA, ASIC affiliations)
– Check third-party reviews
– Avoid programs demanding upfront fees
How can I maximize rebates with a forex cashback program?
- Trade frequently (higher volume = more rebates)
– Use high-spread brokers (since rebates are often spread-based)
– Combine with other perks (e.g., loyalty bonuses)
– Stay updated on promotions (limited-time boosts can increase earnings)