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Forex rebate service provider PayBackFX said on Friday it has included XM, regulated in Cyprus and Australia, and Cyprus-regulated FX Grow to its list of supported brokers. The two brokers’ clients can take part in the PayBackFX rebate program, under which they get $5.25 back for each trade they close.
Usually, PayBackFX allows traders to take part in the rebate program either if they connect an existing account or if they open a new one via www.paybackfx.com. The same conditions apply for FXGrow.
However, all XM’s clients who want to participate in the program need to open a new account, since traders’ existing account with XM are not eligible to get cash back. On the other hand, accounts that are referred to XM by PayBackFX will not be eligible for the broker’s bonus program.
PayBackFX started operations mid-February 2016. The service is accessible from desktop and mobile devices. It is a project of UK forex analytical tools provider Myfxbook, a social forex community and an online automated analytical tool for forex trading that supports over 100 brokers and the trading platforms cTrader, MetaTrader 4 (MT4), MetaTrader 5 (MT5), fxTrade/fxTrade Practice, FXCM Trading Station and Strategy Trader.
Ever since its launch, PayBackFX has been systematically expanding its supported brokers list. As a result of the new additions, the number of forex brokers that have partnered with PayBackFX has increased to 15 in total. Earlier this week it included Solidary Markets FX. The other brokers that take part in the PayBackFX rebate system are FXPrimus, IC Markets, ThinkForex, Fibo Group, Oanda Europe, Fidelis Capital Markets Cyprus, Tickmill, TradeView Forex, MaxFX, Pepperstone, Sensus Capital, and AxiTrader.
Traders who use the PayBackFX rebates system get rebates, or cash back, for each trade they make with any of the supported brokers, regardless whether their trade is a winning one or not. The amounts they receive differ, depending on their choice of broker and trading account. The current rebates range in type – from fixed amounts in currencies, to pips, or percentage of spreads or commissions.
PayBackFX received from broker-partners 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.
Other forex rebate websites are CashBackForex.com, ForexCashbackRebate.com, www.forexbrokercashback.com, www.hftgroupfx.com, and www.fxrebategurus.com.
XM the trading brand of Cyprus-based Trading Point Holdings. The XM group consists of companies licensed by the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC). They are also registered with the relevant authorities in a several of European countries, including the UK, Germany, Spain, Italy, Finland, and France.
The broker offers trading in forex, commodities, equity indices, metals and energies. It uses the MT4 platform in all of its versions – web-based, desktop and mobile. The broker serves customers in nearly 200 countries. Its clients can choose between Mini, Standard and XM Zero account types.
FxGrow is a trading brand of Growell Capital, a company regulated by the website of the Cyprus Securities and Exchange Commission (CySEC). It is also registered in a number of other EU member states, including the UK, Germany, Poland, Sweden, and Spain.
The broker offers trading in currencies and contracts for difference (CFDs) via ECN and ECN Plus accounts.