Forex rebate service provider PayBackFX has expanded its rebates program with the offerings of two more brokers – Fibo Group and Oanda Europe, separate notices published by the company indicated last week. Traders who use the PayBackFX system to trade with the two brokers will get cash back for each trade they make.
With the addition of the two brokers, PayBackFX has expanded its offering with three brokers in a single week since it also included Cayman Islands-registered forex broker TradeView Forex last week. In addition, the company also works with ThinkForex, MaxFX, Pepperstone, IC Markets, Tickmill, Fidelis Capital Markets Cyprus, Sensus Capital, and AxiTrader, or a total of 11 brokers.
Under the cashback system, traders get rebates, or cash back, for each trade they make through the PayBackFX system. The service provider gets a pre-determined commission from its broker partners for each order executed on a trading account opened via the www.paybackfx.com website. It later re-directs all or part of this amount to traders, so that they have an incentive to use the service.
The rebates traders receive when using PayBackFX vary for each broker and trading account they use. Traders receive fixed amounts in currencies, pips, or percentage of the spreads or commissions. Clients who use Oanda’s trading conditions will receive $3.0 for a round-turn lot, while those who chose Fibo Group’s trading conditions will get, depending on the accounts and platforms they use, either 0.45 pips for a round-turn lot, or 19.5% of spread, or 18.75% of commissions.
Oanda Europe, part of international forex group Oanda, and Fibo Group both offer forex and contracts for difference (CFDs). Oanda Europe is license by the UK’s Financial Conduct Authority (FCA), while Fibo Group is holds a license by the Financial Services Commission (FSC), the financial authority in the Virgin Islands.
PayBackFX was launched in mid-February 2016 and is a project of UK forex analytical tools provider Myfxbook. MyFxBook is a social forex community and an online automated analytical tool for forex trading. It supports over 100 brokers and the trading platforms cTrader, MetaTrader 4 (MT4), MetaTrader 5 (MT5), fxTrade/fxTrade Practice, FXCM Trading Station and Strategy Trader.
Other forex rebate websites include CashBackForex.com, ForexCashbackRebate.com, www.forexbrokercashback.com, www.hftgroupfx.com, and www.fxrebategurus.com.