Automated forex broker RoboForex said on Wednesday it will improve improved the conditions of its cashback program and now investors with accounts that have just 10 lots traded can also receive rebates. At the same time, the maximum payout percentage of 15% is now available for accounts with more than 3,000 lots traded. The changes will come into effect from 1 July, 2016.
The amount traders get back as rebates, or cash back, will depend on the number of lots they have in their portfolio. Rebates will range from 5% to 15% of the spread (for all accounts) or of the commission (for ECN-Pro and Zero Spread instruments), depending on the activity of the account. Following are details about the payout rates and requirements that RoboForex offers through its cashback program:
more than 3,000 lots
Of commission (ECN-Pro and Zero Spread instruments)
RoboForex offers six types of trading accounts – Cent, Standard, and ECN accounts with either fixed or Pro conditions. In addition, it offers Fix, Pro, and ECN-Pro Affiliate accounts in partnership with other brokers. The cashback payout rates for cent accounts are 10 times less than for the other account types.
Cashback programs are an attractive way for brokers to encourage traders to be more active. Last month, RoboForex also partnered with forex rebate website PayBackFX and now traders can earn back 30% of spreads if they use cent, standard, or ECN-FixSpread NDD accounts, or receive 30% of the commission back if they trade via ECN-Pro NDD accounts.
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.