Which broker pays the highest rebate — and why not to choose on it

This question has a numerical answer, and that answer almost always leads to the wrong decision.
Here are both: the numbers, and the reason not to pick a broker with them.

Highest rebate by instrument

USD per round-turn lot, on each broker’s highest-paying account type. These
four publish a per-instrument breakdown.

XM leads on every instrument — which is the signal to read carefully

When one broker pays more on everything, generosity is rarely the reason. The reason is
usually that its underlying costs are higher.

Partner commission — the only source of rebate money — is taken from the
markup inside the spread. A wide spread means a large
commission, and the rebate scales with it.

Check it against the starting spread on the matching account type: XM Standard from 1.6 pips;
Exness Standard from 0.2 pips. The rebate gap mirrors that gap exactly.

The number that matters: net cost

Net cost = spread + commission − rebate

EUR/USD, using assumed real-world spreads:

• XM Standard at 1.8 pips: $18 − 8.10 = $9.90
• Vantage Standard at 1.4 pips: $14 − 6.12 = $7.88
• HFM Premium at 1.3 pips: $13 − 7.20 = $5.80
• Exness Standard at 1.0 pip: $10 − 3.20 = $6.80

The order reverses completely against the
rebate table. The highest-paying broker becomes
the most expensive one.

Note: the spreads above are assumed, to demonstrate the method. Replace them with spreads
you measure yourself at the hours you trade — that step cannot be skipped.

The other four brokers

Ultima Markets, VT Markets, EC Markets and IC Markets publish rebates by product group rather than
by symbol, so they cannot be placed in the table above.

The practical conclusion

The rebate rate is half of the calculation. Choosing a broker on it while
ignoring the other half means optimising the most visible number and getting the most important one
wrong.

This article is for information only and is not investment advice. Conditions and fee levels are published by the brokers and can change at any time — check with the broker you actually use. Leveraged forex and CFD trading carries a high level of risk and can cost you your entire deposit.