Today I’m looking at a new rebate program brought to us by the creators of Myfxbook, PaybackFX. The purpose of this service is to give traders a break on the commission they pay the broker for each trade. Traders have to originally sign up with the broker through the Payback affiliate link, which entitles them to earn money off of every trade that you take. While still taking a small profit, the creators of this service will “pay you back the majority of this rebate which you can withdraw at any time.”
The service is owned and operated by Myfxbook LTD. Myfxbook is a very popular statement sharing service that allows traders to connect their MT4 trading accounts directly to a platform that shows different statistics and metrics to help traders analyze their results. To get in touch with support, there is a contact form on either of the webpages.
The creators of this rebate program believe that they stand above the rest of the market because they provide real-time reports, the highest rebate rates and awesome support. PaybackFX is also providing traders with a $10 bonus for each trading account to the first 100,000 people that sign up with this program. It is obviously quite popular already, because there is just over $500,000 in bonuses left. Which means they have nearly 50,000 accounts taking advantage of this rebate program.
There are currently 32 brokers associated with this program, and the earnings you can acquire “depend on the rebate rate of your broker.” To help try and determine how much you can earn, there is a calculator that will help generate the level of profits you can expect.
PaybackFX has done an effective job at lining up a very impressive list of Forex brokers for this project. It’s a very likely that you are already connected with one of these brokers, because they have arrange deals with the most popular brokers on the market.
- Solidary Markets FX
- Fort Financial Services
- Vantage FX
The majority of feedback suggest that the PaybackFX service is safe and trustworthy. I would echo the sentiments, because they are owned by the reputable Myfxbook.
The only concern voiced by members of the Forex community, are about the rebate rates. Traders feel that because of Myfxbook’s reach, and ability to acquire new clients easily that they are less likely to provide the most competitive rates in the marketplace. This does make a lot of sense to me. I haven’t done the research to compare rebate rates of other rebate providers, but I wouldn’t be surprised if this program is not as competitive as the others.
Depending on how you look at it, this shouldn’t be a major deterrent because while the rate may be lower, you would be dealing with a much safer resource.
Here are a few links with discussions about this service.
I’m impressed with what I see from the PaybackFX rebate program. If you are interested in rebates, then I see nothing wrong with you testing out this service and seeing whether or not you can benefit from getting some money back on every trade that you make. Personally, I have never used a rebate program in the past, but it’s probably something I should be looking into as well considering the volume that I trade. I almost feel a little silly that I haven’t taken advantage of this already.
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