Paybackfx Review 2023 - Verified Customer Reviews
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2.3
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0.0
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Paybackfx Review
Updated May 11, 2021
2.3
Score breakdown
Pricing: 4
Regulation: 0
Popularity: 5
Paybackfx overall score rank: 24 out of 66
Paybackfx is an international rebate service presenting a portfolio of 34 regulated CFDs brokers, and providing forex and cryptocurrency rebates.
Paybackfx is a brand of Myfxbook, operating from their offices in Taasia 8, Ashkelon, Israel. Those familiar with CashBackForex.com, the original rebates provider, will find many similarities between both user interfaces, not only regarding how brokers and rebate rates are presented, but also the extra features offered on the Paybackfx website, like the calculators and broker’s filters.
Thus, website navigation is simple and fast, and all the information needed to select a broker and start earning rebates is there.
Paybackfx is a brand of Myfxbook, operating from their offices in Taasia 8, Ashkelon, Israel. Those familiar with CashBackForex.com, the original rebates provider, will find many similarities between both user interfaces, not only regarding how brokers and rebate rates are presented, but also the extra features offered on the Paybackfx website, like the calculators and broker’s filters.
Thus, website navigation is simple and fast, and all the information needed to select a broker and start earning rebates is there.
KEY TAKEAWAYS
- Paybackfx is a service owned and operated by Myfxbook
- Portfolio of 34 CFD brokers; forex, crypto, stocks
- Paybackfx is also available through their Android App
- Balance can’t be credited back to trading account
Following the footsteps of its competitors, Paybackfx was developed as an alternative IB broker, and rebates provider, to face the huge demand, by smart traders, for forex rebates.
Simply put, and as stated on their website, the IB broker will “pay you back for your trades”. Trade, Get paid, Repeat, it’s their slogan. So, how does it work? When an investor opens a trading account with a broker through Paybackfx, and trades, the broker will pay Paybackfx a rebate for each closed trade. Paybackfx will then “pay you back the majority of this rebate which you can withdraw at any time.”
Well, not quite. For a bank wire withdraw, the minimum withdrawal amount is $100. This means that if a trader has $90 on their account, he/she can’t “withdraw at any time”. Plus, there are also daily limits set for withdrawals via Skrill and PayPal.
Thus, this IB broker might not be the best option for dynamic traders with very high volumes, due to the daily limits for withdrawals. Let’s now look in more detail what Paybackfx has to offer, what payment methods are available, fees and minimum withdrawal amounts.
Simply put, and as stated on their website, the IB broker will “pay you back for your trades”. Trade, Get paid, Repeat, it’s their slogan. So, how does it work? When an investor opens a trading account with a broker through Paybackfx, and trades, the broker will pay Paybackfx a rebate for each closed trade. Paybackfx will then “pay you back the majority of this rebate which you can withdraw at any time.”
Well, not quite. For a bank wire withdraw, the minimum withdrawal amount is $100. This means that if a trader has $90 on their account, he/she can’t “withdraw at any time”. Plus, there are also daily limits set for withdrawals via Skrill and PayPal.
Thus, this IB broker might not be the best option for dynamic traders with very high volumes, due to the daily limits for withdrawals. Let’s now look in more detail what Paybackfx has to offer, what payment methods are available, fees and minimum withdrawal amounts.
Paybackfx Payment Methods, Fees and Minimum Payment
3.0
| Cashback | Payment Methods | Withdrawal Fees | Withdrawal Minimum |
|---|---|---|---|
| Forex Crypto Stocks Indices Commodities |
Bank Wire | $40 | $200 |
| Skrill | 3.5% | $1 | |
| PayPal | No fees | $10 | |
| Credited to trading account | ❌ | ❌ |
Rebates and Cashback
- Paybackfx offers offers the smart option of earning extra cash from your trading in 3 easy steps. First, sign up for a rebates account with them. Secondly, open an account with one of the selected brokers present on their website, or transfer your trading account to Paybackfx, following the instructions on the broker description page. Third, start trading and earning cashback on each closed trade.
- Paybackfx is an IB broker working with 34 selected brokers, and paying rebates for closed trades on a wide range of CFDs; forex, cryptocurrencies, indices, stocks, and commodities.
- Rebates are offered as a spread or trading commissions reductions, and paid on every trade, whether it's a win or a loss.
- Rebates can be offered as trading commissions and spreads reductions, and paid on every closed position, regardless if closed in profit or loss.
- Cashback can be redeemed only via three different payment methods; bank wire, Skrill and PayPal.
Withdrawals and Other Fees
- Withdrawal fees - Paybackfx collects the funds from each broker separately, once a month, usually between the 1st and the 10th. Once the funds are collected, the balance will be immediately available for withdrawal, if withdrawal conditions are met. Paybackfx account balances can be withdrawn via 3 different payment methods, and will be subject to fees as per withdrawal method.
- Inactivity fee - Paybackfx does not charge an inactivity fee, or any account maintenance fees.
Paybackfx Pricing
4.0
| Instruments | Spread Reduction | Rebate per Lot | Commission Reduction |
|---|---|---|---|
| Forex | Avg. 0.49 pip | Avg. $4.70/lot | Avg. 25.86% |
| Commodities | Avg. 0.49 pip | Avg. $4.70/lot | Avg. 25.86% |
| Crypto | Avg. 0.49 pip | Avg. $4.70/lot | Avg. 25.86% |
Spread Reduction
Paybackfx spread reduction rates are currently below the average when compared to other rebates providers. Traders linking a trading account with this IB Broker will benefit of an average spread reduction, on several CFDs, of 0.49 pip.
This means investors with a Standard type trading account, with one of the selected brokers proposed by Paybackfx, and trading the EUR/USD with a spread of 1 pip, will get less than half of that spread (0.49 pip) credited back to the rebate account.
This means investors with a Standard type trading account, with one of the selected brokers proposed by Paybackfx, and trading the EUR/USD with a spread of 1 pip, will get less than half of that spread (0.49 pip) credited back to the rebate account.
Rebates per Lot
Traders can also earn rebates with some of the CFD brokers proposed by Paybackfx, with the rebates per lot option. By selecting a broker offering this option, investors will get cashback on each traded lot (100,000 currency units), with an average of US$ 4.70 per closed lot.
Of course that 1 traded lot volume also includes mini-lots (0.10, 0.20, etc.), that should be added to a minimum of 1 complete lot by month end to be eligible for the rebates. Paybackfx will credit the equivalent cashback to its clients, regardless if the trades were closed with a profit or a profit.
Of course that 1 traded lot volume also includes mini-lots (0.10, 0.20, etc.), that should be added to a minimum of 1 complete lot by month end to be eligible for the rebates. Paybackfx will credit the equivalent cashback to its clients, regardless if the trades were closed with a profit or a profit.
Commissions Reduction
The third option to earn rebates with Paybackfx is with a trading commission reduction percentage. This rebate option is offered by several ECN type brokers, and traders opening an account with a broker offering this option will be credited, to their rebates account, part of the broker’s trading commission, with an average of 25.86% reduction on the trading commission.
Thus, a trader with an ECN type account with a broker charging $US 6.00 commission per 1 traded lot of EUR/USD, will in reality pay $US 4.45 trading commission per lot, with the remaining $US 1.55 credited back as cashback. We consider this trading commission reduction percentage below average when compared with other rebate providers.
Thus, a trader with an ECN type account with a broker charging $US 6.00 commission per 1 traded lot of EUR/USD, will in reality pay $US 4.45 trading commission per lot, with the remaining $US 1.55 credited back as cashback. We consider this trading commission reduction percentage below average when compared with other rebate providers.
Paybackfx Popularity
5.0
| Trading Education | Trading Tools | Customer Support | Support Languages |
|---|---|---|---|
| ❌ | Calculators | Email Contact Form |
English |
Paybackfx enjoys of great popularity with the trading community, thanks to their direct relationship with Myfxbook. Very few traders won’t recognize the name, and for those who don’t, Myfxbook offers many trading tools which are used by millions of forex traders. Traders can analyse their trading accounts with advanced statistics, learn, compare and improve trading skills with the help of Myfxbook forex forum.
Cashback with Paybackfx can be earned by trading with the selected, and highly regulated brokers, many offering the highest level of retail investors protection, with safety mechanisms such as Investor Compensation Scheme, or Negative Balance Protection. Paybackfx partners with brokers allowing trading across multiple platforms (MetaTrader 4, MetaTrader 5 and cTrader) to suit all kind of traders.
- Trading Education - Currently, Paybackfx does not offer any trading education materials, such as articles or market analysis. Still, users can access the whole range of trading tools available through Myfxbook. On the Paybackfx website users will find some handy trading calculators, and the essential forex rebates calculator.
- Customer support - Paybackfx support seems to be available only in English language, and for any questions, or issues related with the account, the only way of contacting this IB broker is via contact form or email, as the Live Chat widget is, most of the time, offline.
To conclude our Paybackfx review, this IB broker, despite being present on the market for only 5 years now, enjoy of great popularity with the trading community, thanks to the “free advertising” of their parent website, Myfxbook. Although the rebate rates offered are not the most competitive on the net, and the lack of withdrawal methods penalises the popularity of this IB, Paybackfx is a very valid option for smart traders looking to earn some extra cash with their trading.
If you would like to find out more about this IB broker promotions, services and offerings, please visit Paybackfx for more details.
If you would like to find out more about this IB broker promotions, services and offerings, please visit Paybackfx for more details.
What is the Best Forex Rebate Program?
There are several forex rebate providers out there. Alternatively, to Paybackfx, if you are looking for peace of mind, we recommend CashBackForex, the largest forex rebate provider. Their services date back to 2007, being one of the oldest, and safest, introducing broker, globally.
Not only that, but due to their unique relationship with many top brokers, you can rest assured that your trading conditions will never change (i.e., spread increase). And for anything else, CashBackForex boasts a multi language, very professional and friendly support team, available 24/5 through live chat, phone call, email and contact form.
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Not only that, but due to their unique relationship with many top brokers, you can rest assured that your trading conditions will never change (i.e., spread increase). And for anything else, CashBackForex boasts a multi language, very professional and friendly support team, available 24/5 through live chat, phone call, email and contact form.
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Paybackfx user rating score rank: 14 out of 66
Paybackfx Products
Forex
Cryptocurrencies
Indices
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