Forex rebate website PayBackFX said earlier this week it has partnered with offshore forex broker FBS. Clients of the broker who use the rebate service will be able to receive a cashback reward of up to 60% for a single round-tern lot.
As part of the partnership, PayBackFX will pay up to $7.5 per round-turn lot to clients who operate Cent, Standard, and Zero Spread account, while those with Micro account will receive up to $60 per round turn lot and those with Unlimited account will be offered $3.75 per round-turn lot.
Traders should have a difference between the opening and closing price exceeding 5.9 pips in order to be eligible for cash back.
PayBackFX offers a different rebate amount, or cash back, for each trade to clients of its broker partners, regardless whether the deal they make is a winning one or not. The amount depends on the broker, the account type, and the trading instruments and conditions a trader chooses. It may be a fixed amount in currency of pips, or a percentage of spreads or commissions.
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.
Traders can either connect an existing account they have with a broker-partner of PayBackFX, or open a new one via www.paybackfx.com. Traders still use the same trading conditions their broker offers as they would even if they didn’t use the cash back service.
PayBackFX commenced operations in February 2016 by Myfxbook, aUK forex analytical tools provider and a social forex community. The website has partners with a number of well-known brands like FxPro, AxiTrader, FXOpen, IC Markets, Oanda, RoboForex, Exness, XM, and ThinkMarkets, among others.
FBS is a trading brand of FBS Markets. It is entirely focused on forex trading instruments. The broker is present in more than 120 countries worldwide and has more than 176 million opened orders and some 2.3 million active traders. The broker is regulated by the International Financial Services Commission (IFSC) of Belize, an offshore destination for forex brokers.