Rebates are available to Introducing Brokers, and allow them to pay a portion of their rewards (even up to 100%) back to their clients. We recommend reading about the rebate system if you would like to know more about the topic, or explore the rebates area for a tour of all the data and features available to IBs in the rebates area.
- Rebates are available to select IBs, but can be provided upon request. If you do not see this option available in your PA and would like it, please contact Support to request this feature.
- Please note that rebates cannot be set up for Social Standard and Social Pro accounts (Social Trading).
Rebates can be paid out in numerous ways, i.e to individual clients manually, to groups of clients manually, and to groups of clients automatically; it’s up to you.
In this article we will look at all the different ways you can manage rebates, including:
- How to assign manual approval of rebates
- How to manage rebates with groups
- Create a group
- Edit a group
- Delete a group
- How to manually approve or reject rebates
How to assign manual approval of rebates
If you set manual approval of rebates for your referred clients, you will need to manually approve or reject rebates from the Approval List tab after this initial setup:
- Log in to your Personal Area.
- Select Rebates from the top menu.
- Choose Clients from the tab.
- You can use the available filters to find the clients you wish to assign manual rebates to.
- Click on the checkbox to select clients and then click Assign rebate with manual approval.
- Input the percentage amount you wish to set the rebate to, then click Submit.
How to manage rebates with groups
Groups can be created that allow you to pay out rebates to all clients in the group at once, even automatically if you set the group type to auto approve. These groups also let you set the same rebate rate for all clients within the group at once, which can be done when you edit a group.
Create a group
To create a group:
- Open the Groups tab in the Rebates area.
- Click Create group
- Select a name for the group, and click Create group
- Select the Group type to Auto rebate approve.
- A security code will be sent to your current security type to verify this action. Enter the code and click Save changes.
- You also have the option to set the group as your default group by ticking the checkbox. All new clients will automatically be assigned to the default group.
- You can only have one default group at a time.
- You can change the default group at any point in time.
Tip: Naming your group descriptively can help because this will be displayed in the Clients list and History area.
Next, under the Settings tab, you can create a rule to manage the rebates assigned to a group based on trading volume (TV) limits and account types.
- Before you set up customized rules, you can also set up a default rule which will assign rebates (based on the set up percentage) to clients who do not meet the rest of the rules.
- A maximum of 20 rules can be added at a given point in time, Once this limit is reached, the add new rule option will be automatically disabled.
Now, let us show you how to create a rule:
- Go to the Settings tab and click Add new rule.
- Set up a name for the rule and click Create rule.
- You will now see the rule displayed with edit icons beside each individual setting.
- Click the edit icon beside All account types to set up which account types you would like this rule to assign rebates to. Hit Submit to confirm.
- Click on the displayed percentage (set to 0% by default) to set up the rebate percentage for this rule and confirm with Submit.
- Click on the edit icon beside All trading volumes to set up the TV limits for this rule. Once done, confirm by hitting Submit.
- That’s it, you have now set up a rule for rebate payment.
- If you would like to edit the rule, click on the pencil icon to make changes.
Once you have set up all the rules for this group, you can use the slider to move rules up or down in the list.
Note that the top most rule will take priority when assigning rebates.
Using this tab you can remove some clients from the group.
To delete clients from a group:
- Set up the filters to display the list of clients.
- Tick the clients you want to delete from the group.
- Hit Remove from group.
Edit a group
When you edit a group, you change the group type to auto approve rebates for clients within the group, set the same rebate rate for the entire group, and remove clients from the group.
Follow the steps below for these functions:
- From the Groups tab, click the Edit button next to a group.
- The Information tab lets you set:
- A group name
- Group type - manual approve, auto approve
- Rebate rate
- Set this group as default (new clients are automatically added to it)
Click Save changes to apply them.
- The Clients tab lets you select individual clients and remove them from the group; select clients to remove then click Remove from group. Confirm the action by clicking Submit.
When certain edits are made, the group type will be set to manual approve. Please confirm this in the Information tab if you want the group type to be set to auto approve. You must confirm such edits with a verification code sent to your security type.
Delete a group
Only groups that have no clients can be deleted; the option will not display for groups that have clients inside.
- From the Groups tab, click the Delete button next to a group
- Click Submit to confirm
How to manually approve or reject rebates
You need to manually approve and reject rebates from the Approval List tab daily; a verification code sent to your security type is required.
Follow the steps to approve or reject rebates:
- Select Rebates in your Personal Area.
- Open the Approval list tab to see a list of pending rebates.
- The Status column gives you the opportunity to Reject or Approve rebates for groups of clients, or individual clients with assigned rebates if no groups have been created. Clients within a group can also be approved or rejected from this area.
- A popup will summarize information about the chosen action; enter the verification code sent to you, then click Submit to confirm.
The status of your rebates tell you more about how the rebates are processing:
- Paid: the rebate was paid fully
- Rejected: shown when a rebate is rejected by you
- Processing: when payment being processed
- Error: this rebate experienced an error, the nature of which can be seen by clicking the ? icon displayed.
To see more information about the features presented in this area, follow the link for an article that explores the rebates area.