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Forex rebate service provider PayBackFX said on Thursday it has expanded its rebates program with the addition of another forex brokers – Cyprus-based FXPrimus. As a result, the number of PayBackFX supported brokers increased to 12 in total.
Traders who use the PayBackFX rebates system will receive rebates, or cash back, for each trade they make with any of the supported brokers, regardless whether they lose or win. In order to benefit from the cashback rewards, they need to open an account with the PayBackFX, or connect an existing account they already operate. PayBackFX gets a pre-determined commission from its broker partners for each order, part of which it later re-directs to traders, so that they have an incentive to use the service. Traders still use the same trading conditions their broker offers as they would even if they don’t use the cash back service.
The service is accessible from any device, being it desktop or mobile.
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.Details about the conditions offered to FXPrimus clients follow:
FXPrimus offers trading in forex, commodities, energies and indices. It holds a license by the Cyprus Securities and Exchange Commission (CySEC), which allows it to operate in and target clients in all EU member states.
Last week, another three brokers joined the PayBackFX forex rebate service – Cayman Islands-registered forex broker TradeView Forex, followed by Fibo Group and Oanda Europe. The rest of the supported brokers are Fidelis Capital Markets Cyprus, IC Markets, ThinkForex, Tickmill, MaxFX, Pepperstone, Sensus Capital, and AxiTrader.
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.
With the launch of the service, PayBackFX also launched a promotional program under which the first 100,000 connected accounts would receive a $10 bonus, or $1.0 million in total. The remaining bonus balance is $994,290, according to data on the the service provider’s website. This means, that there have been 571 trading accounts opened via or connected to the website so far.
Other forex rebate websites include CashBackForex.com, ForexCashbackRebate.com, www.forexbrokercashback.com, www.hftgroupfx.com, and www.fxrebategurus.com.