Introduction
Forex trading costs can eat into your profits faster than you think—but what if you could turn those expenses into earnings? A forex cashback provider offers exactly that, refunding a portion of your spreads or commissions on every trade. In 2024, with tighter spreads and rising competition among brokers, choosing the right forex rebate program could mean the difference between breaking even and maximizing returns. Whether you’re a high-volume scalper or a long-term position trader, understanding how to evaluate cashback forex brokers is crucial. This guide breaks down the key factors—from payout transparency to broker compatibility—so you can lock in the best forex trading rebates and keep more of your hard-earned profits.
1. Understanding Forex Cashback Providers
Forex cashback providers have become an essential part of the trading ecosystem, offering traders a way to recover a portion of their trading costs. Whether you’re a retail trader, a high-volume investor, or an algorithmic trader, understanding how these providers operate can help you maximize your profitability.
In this section, we’ll explore what forex cashback providers are, how they function, and why they are valuable to traders. We’ll also examine different types of cashback models and how they integrate with brokers and trading strategies.
What Is a Forex Cashback Provider?
A forex cashback provider is a service that refunds a portion of the spread, commission, or other trading fees back to the trader. These providers partner with forex brokers to offer rebates on executed trades, effectively reducing the overall cost of trading.
Cashback can be received in various forms:
- Per-lot rebates – A fixed amount paid per standard lot traded.
- Percentage-based refunds – A percentage of the spread or commission returned.
- Tiered rewards – Higher rebates for increased trading volumes.
### How Do Forex Cashback Providers Work?
Forex cashback providers act as intermediaries between traders and brokers. Here’s how the process typically works:
1. Partnership with Brokers – Cashback providers establish agreements with forex brokers to receive a portion of the revenue generated from traders’ spreads and commissions.
2. Trader Enrollment – Traders sign up with the cashback provider and link their trading accounts.
3. Trade Execution – As the trader places orders, the provider tracks the trading volume and fees.
4. Rebate Calculation – The provider calculates the rebate based on the agreed terms (per lot, percentage, etc.).
5. Payout – The cashback is paid to the trader, usually via bank transfer, e-wallet, or broker account credit.
Why Use a Forex Cashback Provider?
1. Cost Reduction – Trading costs add up over time, especially for high-frequency traders. Cashback helps offset these expenses.
2. Increased Profitability – Even small rebates per trade can accumulate into significant savings, improving net returns.
3. Broker Neutrality – Some providers work with multiple brokers, allowing traders to compare and switch without losing rebates.
4. Passive Income – Traders can earn rebates even on losing trades, providing an additional revenue stream.
Types of Forex Cashback Providers
Not all cashback services operate the same way. Here are the most common types:
1. Independent Cashback Platforms
These are third-party services that partner with multiple brokers. Examples include Cashback Forex, Forex Rebates 888, and TopCashback. They offer flexibility, allowing traders to choose from various brokers while still receiving rebates.
2. Broker-Specific Cashback Programs
Some brokers offer in-house cashback schemes. While convenient, these programs are limited to one broker, reducing flexibility. Examples include IC Markets’ rebate program and Exness’ cashback offers.
3. Affiliate-Linked Cashback
Certain providers combine cashback with affiliate marketing. Traders sign up through an affiliate link, and the affiliate shares a portion of their commission as cashback.
Key Features of a Reliable Forex Cashback Provider
When evaluating a forex cashback provider, consider the following factors:
- Transparency – Clear terms on rebate calculations and payout schedules.
- Broker Network – A wide selection of reputable brokers to choose from.
- Payout Frequency – Daily, weekly, or monthly payouts based on trader preference.
- Minimum Thresholds – Some providers require a minimum rebate amount before withdrawal.
- User Dashboard – An intuitive platform to track rebates and trading history.
### Practical Example: Calculating Cashback Earnings
Let’s assume a trader uses a forex cashback provider offering $5 per standard lot on EUR/USD trades.
- Trade Volume: 10 lots per month
- Rebate: $5 × 10 = $50 monthly cashback
- Annual Earnings: $50 × 12 = $600 in rebates
For a high-volume trader executing 100 lots monthly, this could mean $6,000 annually—a substantial reduction in trading costs.
Potential Drawbacks to Consider
While cashback services are beneficial, traders should be aware of:
- Broker Restrictions – Some brokers prohibit cashback programs.
- Tax Implications – Rebates may be taxable depending on jurisdiction.
- Over-Trading Risk – Traders might overtrade just to earn rebates, leading to poor strategy execution.
### Conclusion
Understanding forex cashback providers is crucial for traders looking to optimize their cost structure. By selecting a reputable provider with transparent terms, traders can significantly reduce expenses and enhance profitability.
In the next section, we’ll discuss how to evaluate and choose the best forex cashback provider based on reliability, broker partnerships, and payout efficiency.
—
2. Key Features of Top-Tier Providers
Choosing the right forex cashback provider can significantly impact your trading profitability by maximizing rebates on every trade. However, not all providers are created equal. Top-tier providers distinguish themselves through a combination of reliability, transparency, and value-added services. Below, we explore the essential features that set the best forex cashback providers apart in 2024.
1. Competitive Rebate Structures
A leading forex cashback provider offers a competitive and transparent rebate structure. The best providers calculate rebates based on:
- Per-Lot Rebates: Fixed cashback per standard lot traded (e.g., $2-$10 per lot).
- Percentage-Based Rebates: A percentage of the spread or commission (e.g., 20%-50% of broker fees).
- Tiered Rebates: Higher rebates for high-volume traders (e.g., scaling up with monthly trade volume).
Example: A top-tier provider might offer $8 per lot on major currency pairs, while a lower-tier competitor may only provide $5. Traders should compare rebate rates across multiple providers to ensure maximum returns.
2. Wide Broker Coverage
The best forex cashback providers partner with a broad network of reputable brokers, including:
- Major ECN/STP Brokers (e.g., IC Markets, Pepperstone, FP Markets)
- Market Makers (e.g., FXTM, XM)
- Crypto & CFD Brokers (e.g., Binance, eToro)
A provider with extensive broker coverage ensures traders can earn cashback regardless of their preferred trading platform. Some providers even allow retroactive cashback claims for existing broker accounts.
3. Fast and Reliable Payouts
Top providers process payouts efficiently through multiple methods:
- Bank Transfers (1-3 business days)
- E-Wallets (Skrill, Neteller, PayPal – often instant)
- Cryptocurrencies (BTC, USDT – preferred for low fees)
Key Consideration: Avoid providers with excessive withdrawal restrictions (e.g., high minimum thresholds or infrequent payout schedules). The best providers offer weekly or monthly payouts with low minimums (e.g., $10-$50).
4. Transparent Tracking & Reporting
A reputable forex cashback provider offers real-time tracking with:
- Dashboard Analytics: Detailed breakdowns of rebates per trade, broker, and currency pair.
- Trade History Logs: Confirmation of executed trades for verification.
- Automated Calculations: No manual claims required—rebates are auto-calculated.
Example: Providers like CashbackForex and ForexRebates offer user-friendly portals where traders can monitor earnings daily.
5. No Hidden Fees or Restrictions
Top-tier providers operate with full transparency, avoiding:
- Account Maintenance Fees
- Withdrawal Charges (unless imposed by payment processors)
- Unrealistic Volume Requirements
Traders should carefully review terms to ensure no unexpected deductions reduce their cashback earnings.
6. Additional Trading Benefits
Beyond cashback, elite providers enhance trader value through:
- Exclusive Broker Discounts: Lower spreads or commissions.
- VIP Trading Support: Dedicated account managers.
- Educational Resources: Webinars, market analysis, and trading tools.
Example: Some providers offer free VPS hosting for algorithmic traders to ensure uninterrupted trade execution.
7. Strong Reputation & Customer Support
A trustworthy forex cashback provider will have:
- Positive User Reviews (Trustpilot, Forex forums)
- Responsive Support (24/5 live chat, email)
- Regulatory Compliance (No shady affiliations)
Red Flag: Lack of verifiable reviews or delayed support responses may indicate an unreliable service.
Conclusion
Selecting the best forex cashback provider requires evaluating rebate structures, broker partnerships, payout efficiency, and transparency. By prioritizing providers that excel in these key areas, traders can maximize their earnings while enjoying a seamless cashback experience. Always compare multiple providers and test their services with small volumes before committing long-term.
In the next section, we’ll analyze “How to Compare Forex Cashback Providers” to help you make an informed decision.
3. Evaluating Broker Partnerships
Choosing the right forex cashback provider is only part of the equation—equally important is assessing the broker partnerships they offer. Since cashback is typically tied to specific brokers, the quality, reliability, and trading conditions of these brokers play a crucial role in determining the overall value of your cashback arrangement.
In this section, we’ll explore the key factors to consider when evaluating broker partnerships tied to a forex cashback provider, ensuring you maximize both rebates and trading performance.
3.1 Broker Reputation and Regulation
Why It Matters
A forex cashback provider may partner with multiple brokers, but not all brokers are created equal. Regulatory oversight ensures broker credibility, fund security, and fair trading conditions.
Key Considerations:
- Regulatory Compliance: Verify if the broker is regulated by reputable authorities such as the FCA (UK), ASIC (Australia), CySEC (Cyprus), or the NFA (USA). Avoid brokers with offshore licenses lacking stringent oversight.
- Track Record: Research the broker’s history—look for any past regulatory violations, withdrawal issues, or negative trader reviews.
- Transparency: A trustworthy broker should provide clear information on spreads, commissions, and execution policies.
### Example:
If a forex cashback provider offers rebates through an unregulated broker with a history of delayed withdrawals, the cashback benefit may be negated by potential financial risks.
3.2 Trading Conditions and Execution Quality
Why It Matters
Even with high cashback rates, poor trading conditions (such as wide spreads or frequent requotes) can erode profitability.
Key Considerations:
- Spreads & Commissions: Low spreads are crucial for scalpers and high-frequency traders. Some brokers offset tight spreads with high commissions—ensure the net cost aligns with your strategy.
- Execution Speed & Slippage: Look for brokers with ECN/STP execution to minimize conflicts of interest.
- Order Types & Platform Stability: Check if the broker supports advanced order types (e.g., limit, stop-loss, trailing stops) and offers stable trading platforms like MetaTrader 4/5 or cTrader.
### Example:
A forex cashback provider may offer $5 per lot in rebates, but if the broker’s spreads are 3 pips on EUR/USD, the net savings could be less than a broker with 1-pip spreads and $3 cashback.
3.3 Cashback Compatibility with Broker Policies
Why It Matters
Some brokers impose restrictions that can limit cashback eligibility, such as prohibiting scalping or high-frequency trading.
Key Considerations:
- Trading Style Restrictions: Ensure the broker allows your preferred strategy (e.g., hedging, news trading, or expert advisors).
- Account Type Eligibility: Cashback may only apply to certain account types (e.g., standard vs. ECN accounts).
- Withdrawal Conditions: Some brokers may require a minimum trading volume before cashback is withdrawable.
### Example:
If a trader using automated strategies selects a broker that bans EAs, their cashback earnings could be voided due to policy violations.
3.4 Range of Partner Brokers
Why It Matters
A forex cashback provider with multiple broker partnerships offers flexibility, allowing traders to choose the best fit for their needs.
Key Considerations:
- Diversity of Options: Look for providers offering cashback across major, minor, and exotic currency pairs with various brokers.
- Global vs. Regional Brokers: Some brokers specialize in specific regions—ensure they support your country for seamless deposits/withdrawals.
- Exclusive vs. Non-Exclusive Partnerships: Some cashback providers have exclusive deals with brokers, meaning you can’t combine their rebates with other promotions.
### Example:
A trader in Asia may prefer a forex cashback provider partnered with brokers offering low-latency servers in Singapore, whereas a European trader might prioritize FCA-regulated brokers.
3.5 Payout Reliability and Frequency
Why It Matters
Cashback is only valuable if it’s paid consistently and on time.
Key Considerations:
- Payment Schedule: Some providers pay daily, weekly, or monthly—choose one that aligns with your cash flow needs.
- Payment Methods: Check if payouts are via bank transfer, e-wallets (Skrill, Neteller), or cryptocurrency.
- Minimum Thresholds: Ensure the withdrawal minimum is reasonable (e.g., $10-$50).
### Example:
A high-volume trader may prefer daily cashback payouts to reinvest profits, while a part-time trader might opt for monthly payouts.
3.6 Transparency in Cashback Calculations
Why It Matters
Hidden fees or unclear rebate structures can reduce expected earnings.
Key Considerations:
- Per-Lot vs. Percentage-Based Rebates:
– Per-lot rebates (e.g., $5 per standard lot) are straightforward.
– Percentage-based rebates (e.g., 20% of spread) depend on broker pricing.
- Volume Tiers: Some providers offer higher rebates for increased trading volume—check if the tiers are achievable.
- Real-Time Tracking: The best forex cashback providers offer dashboards showing accrued rebates.
### Example:
A provider advertising “up to 90% cashback” may only apply that rate to exotic pairs with low liquidity, while major pairs offer far less.
Conclusion
Evaluating broker partnerships is a critical step in selecting the right forex cashback provider. By assessing regulation, trading conditions, payout reliability, and transparency, traders can ensure they maximize rebates without compromising on broker quality.
Before committing, always cross-check broker reviews, test execution on a demo account, and confirm cashback terms to avoid unpleasant surprises. A well-chosen partnership enhances profitability, making cashback a true value-add rather than a marketing gimmick.
—
Next Section Preview:
Now that we’ve covered broker evaluations, the next section will explore “4. Comparing Cashback Structures and Payouts”—helping you decode rebate models to find the most lucrative deals.
—
4. Red Flags and Scam Avoidance
Selecting a reliable forex cashback provider is crucial to ensuring you receive the rebates you’re entitled to without falling victim to fraudulent schemes. Unfortunately, the forex industry attracts its share of scams, and cashback services are no exception. To safeguard your investments and maximize your returns, it’s essential to recognize the warning signs of untrustworthy providers.
In this section, we’ll explore the most common red flags associated with forex cashback scams, along with actionable strategies to avoid them.
1. Lack of Transparency in Cashback Calculations
A reputable forex cashback provider should offer clear, detailed explanations of how rebates are calculated. If a company is vague about its payment structure or refuses to provide a breakdown of your earnings, this is a major red flag.
Warning Signs:
- No clear formula for calculating rebates (e.g., per-lot, percentage-based, or fixed-rate).
- Hidden deductions or unexplained reductions in payouts.
- Refusal to provide transaction statements or proof of rebates.
### How to Avoid It:
- Choose providers that offer a transparent rebate calculator on their website.
- Verify past payment records from other traders (e.g., through forums or reviews).
- Request a sample statement before committing to a provider.
## 2. Unrealistically High Cashback Offers
If a forex cashback provider promises rebates that seem too good to be true, they probably are. Scammers often lure traders with inflated cashback rates that are unsustainable in the long run.
Warning Signs:
- Offers significantly higher rebates than industry standards (e.g., $10 per lot when most providers offer $2-$5).
- Claims of “guaranteed” profits alongside cashback (a common Ponzi scheme tactic).
### How to Avoid It:
- Compare rates across multiple providers to identify reasonable benchmarks.
- Be skeptical of providers that pressure you with “limited-time” high-rebate offers.
- Research whether the provider has a history of suddenly reducing payouts.
## 3. No Verifiable Track Record or Regulatory Compliance
Legitimate forex cashback providers should have a verifiable history and, ideally, some form of regulatory oversight or partnership with reputable brokers.
Warning Signs:
- No company registration details or physical address listed.
- Fake or stolen regulatory licenses (always verify via official regulator websites).
- Newly created websites with no user reviews or third-party validation.
### How to Avoid It:
- Check regulatory bodies like the FCA (UK), ASIC (Australia), or CySEC (Cyprus) for registered entities.
- Look for providers with long-standing reputations (e.g., 5+ years in operation).
- Search for independent reviews on ForexPeaceArmy, Trustpilot, or trading forums.
## 4. Delayed or Missing Payouts
A common scam tactic is delaying payments indefinitely or imposing unreasonable withdrawal conditions.
Warning Signs:
- Frequent excuses for delayed payments (e.g., “technical issues,” “processing delays”).
- Sudden changes in payout schedules without prior notice.
- Requiring excessive trading volume before allowing withdrawals.
### How to Avoid It:
- Opt for providers with automated and timely payouts (e.g., weekly or monthly).
- Confirm payout policies in writing before signing up.
- Test withdrawals with a small amount before committing fully.
## 5. Fake or Manipulated Trading Volume Reports
Some dishonest providers manipulate trade data to reduce the cashback owed to traders.
Warning Signs:
- Discrepancies between your broker’s trade history and the cashback provider’s reports.
- Unexplained missing trades from rebate calculations.
### How to Avoid It:
- Cross-check trade confirmations from your broker with the cashback statements.
- Use providers that integrate directly with your broker’s API for real-time tracking.
## 6. Pressure to Deposit Funds or Use Specific Brokers
A legitimate forex cashback provider should not force you to trade with a particular broker or deposit additional funds.
Warning Signs:
- Mandatory deposits to “activate” cashback benefits.
- Exclusive partnerships with obscure or unregulated brokers.
### How to Avoid It:
- Only work with providers that support multiple reputable brokers.
- Avoid those that demand upfront fees or minimum deposits.
## 7. Poor Customer Support and Unresponsive Service
Reliable cashback providers offer prompt and professional customer service.
Warning Signs:
- No response to emails or live chat inquiries.
- Generic, automated replies instead of personalized assistance.
### How to Avoid It:
- Test their support responsiveness before signing up.
- Look for providers with 24/7 live chat or phone support.
## Final Checklist for Avoiding Forex Cashback Scams
Before committing to a forex cashback provider, ensure they meet these criteria:
✅ Transparent rebate calculations with no hidden fees.
✅ Realistic cashback rates (aligned with industry standards).
✅ Verifiable track record (regulatory checks, user reviews).
✅ Timely payouts with no unexplained delays.
✅ No pressure to use specific brokers or deposit funds.
✅ Responsive customer support for dispute resolution.
By staying vigilant and conducting thorough due diligence, you can maximize your forex trading profits while avoiding fraudulent cashback schemes. Always prioritize security and reliability over short-term gains when selecting a provider.
Next Steps:
Now that you know how to spot red flags, the next section will cover “5. Comparing Top Forex Cashback Providers in 2024” to help you make an informed choice.
5. 2024 Trends Shaping Cashback Programs
The forex cashback industry is evolving rapidly, driven by technological advancements, regulatory changes, and shifting trader expectations. As traders seek more value from their forex cashback provider, understanding the latest trends can help them maximize benefits while selecting the best service. Below, we explore the key trends shaping cashback programs in 2024 and how they impact traders.
1. AI and Machine Learning for Personalized Cashback Offers
Artificial Intelligence (AI) and machine learning are revolutionizing how forex cashback providers tailor rewards. Instead of offering generic rebates, leading providers now analyze trading behavior—such as trade frequency, volume, and preferred currency pairs—to deliver customized cashback incentives.
Practical Impact:
- Traders who frequently engage in high-volume forex pairs (e.g., EUR/USD, GBP/USD) may receive higher rebates.
- AI-driven platforms can predict optimal cashback times, such as during high market volatility, ensuring traders get the best possible returns.
Example: A forex cashback provider using AI might identify a trader specializing in gold (XAU/USD) and offer boosted rebates during key economic events like Fed rate decisions.
2. Tiered Cashback Structures for High-Volume Traders
In 2024, tiered cashback models are becoming the norm, rewarding traders based on their monthly trading volume. Unlike flat-rate rebates, tiered programs incentivize traders to increase activity by offering progressively higher returns.
How It Works:
- Basic Tier: 0.5 pips cashback per lot for traders with <100 monthly lots.
- Premium Tier: 1.0 pips cashback per lot for traders executing 100-500 lots.
- Elite Tier: 1.5+ pips cashback per lot for traders exceeding 500 lots.
Why It Matters:
High-frequency traders (HFTs) and institutional clients benefit significantly from tiered programs, as they can recover a larger portion of spreads and commissions.
3. Integration with Crypto and Multi-Asset Trading
As forex brokers expand into cryptocurrencies, commodities, and stocks, cashback providers are adapting by offering rebates across multiple asset classes. This trend caters to diversified traders who engage in forex alongside crypto or CFDs.
Key Developments:
- Some forex cashback providers now include Bitcoin (BTC/USD) and Ethereum (ETH/USD) trades in their rebate calculations.
- Traders using brokers with multi-asset platforms (e.g., MetaTrader 5) can earn cashback on forex, indices, and commodities in a single account.
Example: A trader executing EUR/USD and Bitcoin trades through their broker could receive separate cashback rates for forex and crypto transactions.
4. Enhanced Transparency Through Blockchain Technology
Blockchain is increasingly being used to ensure transparency in cashback payouts. By recording rebates on an immutable ledger, traders can verify the accuracy of their earnings without relying solely on the provider’s reports.
Benefits:
- Eliminates discrepancies in rebate calculations.
- Builds trust between traders and their forex cashback provider.
Implementation:
Some providers now offer blockchain-based dashboards where traders can track rebates in real-time, with each transaction cryptographically verified.
5. Regulatory Compliance and Secure Payouts
With stricter financial regulations in 2024, reputable forex cashback providers are prioritizing compliance with anti-money laundering (AML) and Know Your Customer (KYC) policies. This ensures that rebates are processed securely and legally.
What Traders Should Look For:
- Providers registered with financial authorities (e.g., FCA, ASIC, CySEC).
- Secure payout methods, such as bank transfers, PayPal, or stablecoins (USDT, USDC).
Example: A trader choosing a forex cashback provider should verify if the company adheres to GDPR and AML guidelines to avoid payment delays.
6. Social Trading and Referral-Based Cashback Incentives
Social trading platforms like eToro and ZuluTrade are integrating cashback rewards for copy trading activities. Additionally, referral programs are gaining traction, allowing traders to earn extra rebates by inviting others.
How It Works:
- A trader referring a friend to a forex cashback provider earns a percentage of their friend’s rebates.
- Copy traders receive cashback not only on their own trades but also on the trades of those they follow.
Why It’s Growing:
This model fosters community engagement while increasing passive income opportunities for traders.
7. Instant Cashback Withdrawals (No Minimum Thresholds)
One of the biggest pain points for traders has been high withdrawal thresholds. In 2024, leading providers are eliminating minimum payout requirements, allowing instant access to rebates.
Advantages:
- Improves liquidity for retail traders.
- Encourages more traders to join cashback programs.
Example: Instead of waiting to accumulate $50 in rebates, a trader can withdraw $5 instantly via Skrill or Bitcoin.
Conclusion: Adapting to the Future of Forex Cashback
The 2024 trends highlight a shift toward personalization, transparency, and flexibility in forex cashback programs. Traders should prioritize providers that leverage AI, offer multi-asset rebates, and ensure regulatory compliance. By staying informed, traders can maximize their earnings while navigating an increasingly competitive forex market.
When selecting a forex cashback provider in 2024, assessing these trends will ensure you choose a service that aligns with modern trading demands. Whether you’re a high-volume trader, a crypto enthusiast, or a social trading participant, the right cashback program can significantly enhance your profitability.
—
FAQs: How to Choose the Best Forex Cashback Provider in 2024
What is a forex cashback provider, and how does it work?
A forex cashback provider is a service that refunds a portion of trading costs (spreads/commissions) to traders. When you trade through their partnered brokers, they track your activity and pay you rebates—either per trade or as a percentage of volume.
What are the key features of a top-tier forex cashback provider?
- High rebate rates (competitive % of spreads/commissions)
- Transparent payout terms (no hidden deductions)
- Wide broker network (compatibility with major platforms)
- Timely payments (weekly/monthly withdrawals)
- User-friendly tracking (real-time dashboards)
How do I verify if a forex cashback provider is legitimate?
Check for:
- Regulatory compliance (if applicable)
- Verified user reviews (Trustpilot, Forex forums)
- Clear terms & conditions (no vague clauses)
- Active customer support (responsive to queries)
Can I use multiple forex cashback providers at once?
Yes, but ensure your broker allows it—some have exclusivity clauses. Using multiple providers can maximize rebates, but managing payouts may become complex.
What are the biggest red flags in forex cashback providers?
Beware of:
- Unrealistically high rebates (often scam indicators)
- Delayed or missing payments
- Lack of broker verification (fake partnerships)
- Poor customer support
How do 2024 trends impact forex cashback providers?
Emerging trends like AI-driven rebate optimization, crypto cashback options, and dynamic tiered rewards are reshaping programs. Providers offering multi-asset rebates (stocks, crypto) are gaining popularity.
Do forex cashback providers work with all brokers?
No—they partner with specific brokers. Always confirm if your preferred broker is supported before signing up.
How much can I realistically earn with a forex cashback provider?
Earnings depend on:
- Your trading volume (more trades = higher rebates)
- Rebate rates (varies by provider/broker)
- Frequency of payouts
Active traders can recover 10-30% of trading costs annually.