UK forex brokerage London Capital Group, doing business as LCG, has partnered with forex rebate website PayBackFX, which ensures its clients access to rebates, regardless what account type they use, the rebate website announced earlier this week.
Customers of LCG can receive different rebates, depending on the instrument in which they trade. PayBackFX offers $9 cash back for a round-turn lot when trading in Majors via a Classic account. Those who use ECN accounts can get up to $0.75 for a round-turn lot on Majors.
Following is a more detailed list of the forex rebates available for the different class instruments:
- forex majors – 0.45-0.9 pips for Classic and 0.3-0.45 pips for ECN accounts
- forex minors – 0.75-20.25 pips for Classic and 0.45-20.25 pips for ECN accounts
- Australian/Asian currency pairs – 0.3-1.1 pips for Classic and ECN accounts
- Scandinavian currency pairs – 0.3-11.2 pips for Classic and ECN accounts
- exotic/emerging currency pairs – 0.3-11.2 pips Classic and ECN accounts
- indices and equities – 18.75% on Spread Revenue
- commodities – $0.75-$42.2 per lot
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 rebate website 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.
London-based holding company London Capital Group offers through its subsidiaries online trading in forex, index, share and commodity contracts for difference (CFDs), as well as financial spread betting (for UK residents). It is regulated by the UK Financial Conduct Authority (FCA).