Leading forex and CFD provider XM was included in PayBackFX’s list of supported brokers. PayBackFX is a project of UK FX analytical tools provider Myfxbook, that also developed the automated social trade copying service AutoTrade.
The PayBackFX rebate service was launched in February and initially there were six companies in its list of supported brokers, however their number increased quite rapidly to 15 in total. Another Cyprus based broker, FxGrow, was included in the list along with XM.
As a result, XM’s clients can now participate in the PayBackFX rebate program and get back $5.25 for each closed trade. All they have to do is open a new account, since traders’ existing accounts are not qualified to get cash back. Then again, accounts referred to the broker by PayBackFX will not be eligible for XM’s bonus incentives.
Traders who use the PayBackFX rebates system get rebates for each closed position with any of the supported brokers, regardless whether their trade is a winning one or not. The cash amounts received back vary, depending on the choice of broker and account type. Besides, current rebates range in type – from fixed amounts in currencies, to pips, or percentage of spreads or commissions.
In fact, PayBackFX gets a commission from its broker partners for each order, the amount of which is determined in advance, and later re-directs part of it to traders. This is how the system operates, so that traders have a motive to use the service.
XM is the trading name of Trading Point Holdings Ltd., headquartered in Cyprus. The XM group consists of companies licensed by the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC). Furthermore, they are also registered with the relevant authorities in several of European countries, including the UK, Germany, Spain, Italy, Finland, and France.
The broker offers trading in forex, commodities, equity indices, precious metals and energies. It supports the most popular MT4 platform, available as web, desktop and mobile versions. Its clients can choose between Mini, Standard and Zero account types.