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Automated forex broker RoboForex has started a partnership with forex rebate website PayBackFX, the rebate service provider said on Monday. Its clients can now receive rebates, or cash back, for each trade they make, regardless whether it is a winning one or not.
The website offers 30% of spreads back for traders with cent, standard, or ECN-FixSpread NDD accounts and 30% of the commission to ECN-Pro NDD account users.
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.
PayBackFX offers rebates to clients of its partners, which are currently 23. The service provider receives a pre-determined commission from brokers, 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 the choice of broker, trading account and instrument. The rebates currently vary from fixed amounts in currencies, to pips, to percentage of spreads or commissions.
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.
The website has partnered with other forex brokers, as well – Exness, GBE Brokers, FXOpen, Vinson Financials, NoaFX, XM, FxGrow, Solidary Markets FX, FXPrimus, AxiTrader, FIBO Group, Oanda Europe, Fidelis Capital Markets Cyprus, GKFX, MaxFX, Tickmill, TradeView Forex, Pepperstone, ThinkForex, Vantage FX, IC Markets, and Mayzus.
Other forex rebate websites are CashBackForex.com, ForexCashbackRebate.com, www.forexbrokercashback.com, www.hftgroupfx.com, and www.fxrebategurus.com.
RoboForex provides trading in currencies, metals and contracts for difference (CFDs). The brokerage group is headquartered in Cyprus’ Limassol and has representative offices globally. It consists of the holding company RoboForex Financial Group, and its units Cyprus-regulated RoboForex, Belize-regulated RoboTrade Ltd. and New Zealand-based RoboForex LP.