Available only to Introducing Brokers, rebates allow them to pay a portion of their rewards back to their clients. We recommend reading about the rebate system to better understand how the rebates work or exploring the rebates area for a tour of all the data and features available to IBs in the rebates area.
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:
- Assigning manual approval of rebates
- How to manually approve or reject rebates
- How to manage rebates with groups
Assigning 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 Partner 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 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 these 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 Action column gives you the option to Reject or Approve rebates for a group of clients, or individual clients with assigned rebates. Clients within a group can also be approved or rejected from this area.
- A popup will then summarize the action made, enter the approval code sent to your security type, and click Submit.
How to manage rebates with groups
Groups can be created to allow you to conveniently pay out rebates to your clients at once, either manually or automatically. Creating a group also allows you to set the same rebate rate for chosen clients within the group at once as well as rules to manage rebates.
To create a group
- In your Partner Personal Area, select Rebates from the top menu.
- Click on the Groups tab.
- Click on Create group.
- Enter a group name and click on Create group.
After a group is created, you would need to edit the group information. Here you can set up the group type of either Manual rebate approve or Auto rebate approve.
If Auto rebate approve is chosen as the group type, an approval code will be sent to your security type to verify this action. Enter the code and click Save changes to proceed.
You also have the option to set a group as the default group by clicking the checkbox. This means that all new clients will automatically be assigned to this group. You may change the default group to another group at any time, though you can only have one default group at a 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.
To create a rule based on your client’s trading volume:
- On the Settings tab, 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 next to the respective fields 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.
This tab allows you to remove clients from the group, here’s how:
- 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 can change the group type to either auto or manual approval for clients within the group, set the same rebate rate for an 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:
- The group name
- Group type - manual approve rebate or auto approve rebate
- Rebate rate
- Option to set as default group (new clients are automatically added to it)
- 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 rebate. Please confirm this in the Information tab if you want the group type to be set to auto approve rebate. You must confirm such edits with an approval 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
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.