When cashback makes a slightly wider broker the cheaper one

[FXS London Scalper]

It's easy to compare brokers on spread alone. But cashback or rebate programmes can change the ranking.

Example:
- Broker X: EURUSD average 0.1 pip + $7 commission = 0.8 pips.
- Broker Y: EURUSD average 0.2 pip + $6 commission = 0.8 pips, plus $1.50 cashback per lot = 0.65 pips net.

Broker Y looks wider but ends up cheaper.

But there are conditions:
- The cashback has to be paid reliably.
- It shouldn't come with conditions that restrict your trading.
- Execution quality must be comparable. A broker that's 0.15 pips cheaper but slips 0.3 pips more on stops isn't cheaper.

When comparing, use full cost: spread + commission + average slippage - cashback.

Has a cashback programme ever changed your choice of broker?