Switching Overseas FX Brokers: Cashback via an Extra Account
Want to move from your current account to one eligible for cashback, but not sure what to watch for?
When switching, the starting point is to check the broker's terms first: does an extra account count, or is a new registration required? XB will post how each case is handled on each broker page at launch.
This article covers how to think about switching and what to watch for when moving funds.
Summary: switch in the order of "check the terms, then move funds"
- Whether an extra account counts or a new registration is needed is set by the broker's terms
- Fees and several days may pass between withdrawal and re-deposit
- A bonus may disappear when you withdraw or move accounts
- Do not move with open positions; close them first, then move
2 ways to move from an existing account to an eligible one
There are two ways to switch: add an account with the same broker, or register anew with a different broker. Which one counts for cashback differs by broker.
| Method | Overview | What to check |
|---|---|---|
| Add an account with the same broker | Create another trading account from your existing My Page | Whether the extra account is treated as coming through the referral link |
| Register anew with a different broker | Sign up as a new member through a referral link | Whether the terms have restrictions, such as a ban on duplicate registration |
What to watch for when moving funds while switching
Funds often cannot be moved directly between brokers, so the basic flow is to withdraw and then deposit with the other broker. You need to allow for the cost and the days it takes.
- Withdrawal fees, or bank and payment provider fees, may apply
- Make the name on the sending account match your registered name
- Withdrawals may be limited to the same route as the deposit
- Processing can take several days, so allow plenty of time
- If the account currencies differ, conversion costs may apply
If you have received a bonus, it may disappear when you withdraw or move accounts. Read the broker's bonus terms before moving.
Do not move with open positions
If you withdraw while holding positions, your margin drops and the risk of forced liquidation rises. The general approach is to close your positions before switching.
- 1
Sort out your positions
Close your open trades and cancel your orders.
- 2
Check the terms and eligibility conditions
Look into whether it is an extra account or new registration, and how bonuses are handled.
- 3
Request the withdrawal
Check the fees and expected arrival date before you apply.
- 4
Open the account through the referral link
Open the new account by going through the link.
- 5
Deposit and resume trading
Confirm the funds have arrived, then resume trading.
What to weigh when considering a switch
If you decide based only on whether cashback exists, you may overlook the total cost, such as spreads and fees. Check whether switching is worth it in terms of overall trading cost.
- The real trading cost, with spread and commission combined
- The fees for switching, and the period when you cannot trade
- Whether the method you use now (scalping, EAs and so on) is allowed
- Day-to-day usability, such as withdrawal handling and support
Compare candidate brokers by account type and conditions.
See supported brokersFAQ
Q.Can I get cashback with a broker where I already have an account?
It depends on the broker's terms. In some cases an extra account is eligible, and in others a new registration is required. XB will post what we confirm on each broker page at launch.
Q.Does adding an overseas FX account make it eligible for cashback?
It is often decided by whether the account came through a referral link, and how extra accounts are treated differs by broker. Before adding an account, check the terms and support's guidance.
Q.What happens to my bonus when I switch?
The bonus may disappear when you withdraw or move accounts. Handling is set by the broker's bonus terms, so check the clauses before moving.
This article is for information purposes only and is not investment advice. Conditions may change, so please check each broker's official page for the latest information. Offshore FX and CFD trading carries a risk of losses exceeding your principal.
