Forex rebate website PayBackFX has increased by 43% the rebates it offers to clients of forex broker XM, the service provider said earlier this month. The website now offers rebates of $7.5 per a round-turn lot for traders with the broker who use Micro or Standard trading accounts and $3.75 for XM Zero account holders. In comparison, before that XM clients received $5.25 in cash back for each round-turn lot, regardless of the type of trading account they used.
The rebates offers apply to new clients who open new accounts with XM and connect them to PayBackFX.com. Another prerequisite is that the broker will not pay rebates for trades with duration of less than five minutes. The limitations aim to prevent traders from opening trades for the sole purpose of receiving rebates. Meanwhile, trading accounts that are referred to XM by PayBackFX will not be eligible to partake in the broker’s bonus program.
XM partnered with PayBackFX in mid-March this year, or about a month after the forex rebates website was launched. The cash back service 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. The service is accessible from desktop and mobile devices.
The website has been constantly expanding its list of supported brokers. In July alone, it added FxPro, FXOpen UK, Traders Trust, and TradingForex. Other brokers that have partnered with the rebate website, in addition to XM, are Mayzus, GKFX, FxGrow, Vantage FX, GBE Brokers, MaxFX, ThinkForex, Tickmill, RoboForex, NoaFX, Fidelis Capital Markets Cyprus, Oanda Europe, AxiTrader, Exness, FXPrimus, Solidary Markets FX, IC Markets, Pepperstone, FIBO Group, and TradeView Forex.
Offered rebates usually depend on which broker traders use and what accounts they choose. Traders can receive fixed amounts in currencies, pips, or percentage of spreads or commissions.
XM is a 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 in other countries throughout Europe, including the UK, Germany, Spain, Italy, Finland, and France.
The broker offers trading in forex, commodities, equity indices, metals and energies via the web-based, desktop and mobile versions of the MetaTrader 4 (MT4) platform. It is active in nearly 200 countries.