The FXRebateClub has an army of forex brokers affiliated with them that provide the trading platform to customers who want to avail of the rebate or the partial refund of the commissions you help generate on the trades you place. It looks like a pretty good advantage to choosing other brokers who do not offer any. I have been with FXRebateClub for more than a month and I have to say that the only word that comes to my mind after dealing with them for year is ‘dishonesty’. I am so disappointed in their tall claims and bull crap trading strategies that make traders want to punch in more trades to make up for their losses and tear a bigger hole in their pocket.
As per their business model, FXRebateClub earns commission from these brokers for making clients sign up with them and they apparently pass on up to 90 percent of their commission to the client via forex rebate or cashback. The only catch here is that you need to go through the whole cycle of the trade to actually have to earn that cash back. So if I have punched in a trade and feel like I am headed for a loss, I will not get a cash back for such trades in site of the fact that commissions are charged every single time you transact on the forex broker software. That is pretty unfair if you ask me. So basically FXRebateClub will earn a part commission every time we punch in a trade and make money irrespective of the fact whether the client has made a loss or profit on that one.
It’s almost like I will take you to swim at the club but whether or not you learn from the coach or not, I won’t help you if you drown. They act like they are your best friend when you want to open an account by promising you big cash, but you don’t really get much at the end because the model only serves FXRebateClub and the affiliated brokers.
I signed up with FXRebateClub and one of the broker trading terminals on their website and sent them the mail requesting a free account. They took their own sweet time to reply with the verification mail that is to say they took ten days to get back to me, excuse: we are flooded with new member accounts and there is a long wait-list. I had already started trading on the account with the broker in the interim so I informed them that. They flatly refused to include those complete trades for cash back and of course I did not make any profit on those!
Just like the other broker sites, you realize too late that FXRebateClub does not have any listed contact number for support and complaints on the website so no matter how urgent your query is or how angry your complaint is, you can just write to them via the online form. I had put in 7 complete trades and they were not eligible for rebate. How convenient for them cheaters to rob me of my rightful cash back but there’s bloody nothing I could do!