Forex rebate service provider PayBackFX said on Wednesday it has partnered with forex broker FXOpen, increasing its brokers partners to 18 in total.
The rebate website will provide FXOpen’s clients a cash back of 18.75% of the commission they pay for ECN and Crypto trading accounts and 2.25 pips per a round-turn lot for users of STP accounts.
FXOpen offers trading in forex and contracts for difference (CFDs). Through its subsidiaries the brokerage is licensed by the Australian Securities & Investments Commission (ASIC) and by the Financial Conduct Authority (FCA), UK’s financial regulatory body.
The broker offers ECN, Crypto, STP and Micro trading accounts. PayBackFX offers a different rebate amount, or cash back, for each trade to clients of its broker partners, regardless whether the deal they make is a winning one or not. The amount depends on the broker, the account type, and the trading instruments and conditions a trader chooses. It may be a fixed amount in currency of pips, or a percentage of spreads or commissions.
The service provider receives a pre-determined commission from broker-partners, part of which it later re-directs to traders, so that they have an incentive to use the service.
Traders can either connect an existing account they have with a broker-partner of PayBackFX, or open a new one via www.paybackfx.com. Traders still use the same trading conditions their broker offers as they would even if they didn’t use the cash back service.
PayBackFX commenced operations in February 2016 and since then has been actively expanding its offering. Just this month, the website added XM, FxGrow, Solidary Markets FX, FXPrimus, AxiTrader, ACFX, Fidelis Capital Markets Cyprus, Oanda Europe, Fibo Group, Vinson Financials and NoaFX. The other brokers that take part in the program are Sensus Capital, ThinkForex, MaxFX, Tickmill, Pepperstone, IC Markets, and TradeView Forex.
PayBackFX is a project of Myfxbook, aUK forex analytical tools provider. Myfxbook represents 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.
Other forex rebate websites are CashBackForex.com, ForexCashbackRebate.com, www.forexbrokercashback.com, www.hftgroupfx.com, and www.fxrebategurus.com.