Forex rebate website PayBackFX said on Monday it has partnered with forex broker Fort Financial Services, trading as FortFS, to offer cashback rewards to its clients for each order they make via the system.
FortFS offers three types of trading accounts – Fort, Flex, and Pro. The website pays different rebates depending on the type of account. Holders of Flex or Pro are eligible to receive back $3 for each round-turn lot, while investors trading via Fort accounts can get back 30% of the spread they paid. Rebate rates for trading in contracts for difference (CFDs) is 26.25% of the spread.
Following are details about the rebates from which clients of the broker can take benefit:
To get cash back, traders can connect an existing account with any of PayBackFX’s partner brokers or open a new one via the paybackfx.com website. They get the same trading conditions their broker offers as they would even if they didn’t use the rebate service. They receive a reward for each trade they make, regardless whether it is a winning one or not. The amount received differs, depending on the choice of broker, trading account and instrument. The website receives a pre-determined commission from partner-brokers, part of which it later re-directs to traders, so that they have an incentive to use the service.
PayBackFX was launched mid-February 2016 by UK forex analytical tools provider Myfxbook. Since then, it has grown to include rebates to the clients of 27 forex brokers. These are FortFS, IC Markets, RoboForex, AxiTrader, Oanda Europe, TradeView Forex, FxPro, Pepperstone, FxPrimus, Fibo Group, MaxFX, LiteForex Europe, Vantage FX, FxGrow, GBE Brokers, Solidary Markets FX, TradingForex, Tickmill, Traders Trust, Fidelis Capital Markets Cyprus, GKFX, Exness, FXOpen, XM, Forex4you, ThinkForex, and InstaForex.
Fort Financial Services, formerly known as TradeFort, was established in 2010 in Belize and holds a license by the International Financial Services Commission (IFSC) of Belize. It operates offices in Belize, Malaysia, and Indonesia. The broker offers a wide range of tradable instruments, including forex, indices, commodities, metals, contracts for difference (CFDs), as well as binary options.