Deposit bonus credit typically increases trading margin without becoming withdrawable cash. Cashback or rebates return part of a stated trading cost or reward qualifying activity. Both depend on their written terms.
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Can you withdraw the reward?
Check whether the reward is cash, trading credit or a conditional balance. A credit cap is not a cash prize. Some programmes remove credit after a withdrawal, which can reduce margin on open positions. A cashback label alone does not prove that a reward is unrestricted.
Compare the net cost
Add spreads, commission, financing and any extra activity required by the programme. A rebate on an expensive account can still leave a higher net cost than an account without a promotion. Compare the same instrument, account type and trade size.
Do not trade only to earn a reward
A volume requirement can increase losses and transaction costs. Avoid increasing deposits or trading activity merely to reach a reward tier. Check deadlines, excluded instruments, eligible countries and whether the provider can amend or end the programme.