MiFID forex broker GKFX has joined forex rebates website PayBackFX, the rebate service provider said earlier this week. Clients of the broker can get rebates for trading in forex, gold, indices, and commodities.
For forex instruments, traders are offered $6 cashback for each turn lot if they use Fixed trading accounts or $3.75 if they trade via Variable accounts. More details about the rebate rates available to GKFX clients follow:
GKFX offers Fixed, Variable, Swap Free, VIP, MAM, and Corporate trading account, but as it seems PayBackFX rebates are only offered for Fixed and Variable accounts. These two accounts can be opened in USD, EUR or GBP with a maximum leverage of 400:1. Both accounts support trading in forex, commodities, and contracts for difference (CFDs), but fixed accounts can also be used when trading indices.
The broker is based in London and regulated by the UK Financial Conduct Authority (FCA). It operates offices in the UK, France, Germany, Spain, the Czhech Republic, Poland, Slovakia, the UAE, China and Hong Kong.
PayBackFX offers rebates, or cash back, to traders for each trade they make with any of its partner brokers. Investors receive cash for each trade, regardless whether it is a winning one or not. 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. The amounts received differ, depending on their choice of broker, trading account and instrument. The rebates currently range from fixed amounts in currencies, to pips, to percentage of spreads or commissions.
PayBackFX allows traders to take part in the rebate program either if they connect an existing account with a broker-partner or if they open a new one via www.paybackfx.com. Traders still use the same trading conditions their broker offers as they would even if they don’t use the cash back service.
The website has partnered with other forex brokers, as well. The rest are Exness, GBE Brokers, FXOpen, Vinson Financials, NoaFX, XM, FxGrow, Solidary Markets FX, FXPrimus, AxiTrader, FIBO Group, Oanda Europe, Fidelis Capital Markets Cyprus, MaxFX, Tickmill, TradeView Forex, Pepperstone, ThinkForex, IC Markets., and Mayzus.
PayBackFX, which was launched mid-February 2016, js 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.