TIOmarkets’ COO Nick Jay Launches Pass-Through Rebate Firm ‘Ninjay’
Nick Jay, a familiar name across the retail-brokerage industry, has quietly shifted from running brokerages to building one of his own, but this time it’s not a trading firm. His latest venture, Ninjay, is a cashback portal promising to return up to 80 percent of partner revenue to traders.
The launch follows Jay’s brief stint as Chief Operating Officer at TIOmarkets in January 2025, and his earlier consultancy work with Danish RegTech Muinmos, which builds automated KYC and AML tools for financial institutions. The timing suggests a move from the compliance-and-operations side of the industry to the client-growth mechanics that underpin it.
“We wanted to build something transparent—something traders can actually understand,” Jay said in a LinkedIn post announcing the launch.
From the brokerage floor to the cashback war
Ninjay isn’t a broker. It doesn’t hold . Instead, it plugs into the introducing-broker ecosystem that’s existed for decades, where brokers pay partners a cut of the spreads or commissions generated by the traders they refer. Most rebate portals keep a slice of that money. Ninjay’s hook is giving most of it back.
The firm’s website lays it out in plain English. For a standard EUR/USD trade, assume a broker earns roughly 1.2 to 1.4 pips in total commission. About one pip of that usually goes to the introducing broker. Ninjay says it will hand 0.8 pips of that back to the trader, keeping only a thin margin. During launch season—through October 31, 2025—it’s offering a 100 percent give-back, meaning all rebate revenue flows directly to clients.
The branding is deliberately personal. The site lists Nick Jay as CEO and Alexandra Dinu as COO, complete with photos and short bios—a contrast to the anonymous feel of older cashback aggregators. The contact address points to Cyprus, long a hub for the global retail-trading industry.
Jay’s résumé reads like a tour of the modern CFD world. Between 2011 and 2020 he cycled through FXGM, IronFX, and HotForex (now HFM), eventually leading partnerships. From 2020 to 2023 he assisted M4Markets of affiliates before joining TIOmarkets as COO in 2025, right later than consulting for Muinmos. That front-row , client retention and regional pricing actually work—now feeds directly into Ninjay’s business logic.
On launch, Ninjay’s broker directory already lists heavyweights such as Vantage, TMGM, XM, HFM, Tickmill, IC Markets, PU Prime, FinPros and Tauro Markets. Each runs an open IB program that pays per-lot rebates—usually daily or weekly.
These relationships are the lifeblood of Ninjay’s model. By routing client accounts through tracked partner IDs, the portal earns the broker’s partner commission, then passes up to 80 percent of it back to the trader. The approach isn’t new—sites like PaybackFX popularized it years ago—but Ninjay’s founders believe their brokerage experience allows better terms and clearer communication.
The timing may be right. Retail brokers are grappling with tighter spreads, higher acquisition costs and stricter regulators. Margins are thin; loyalty is fleeting. In that environment, portals that make .
Jay’s pitch blends transparency with a dose of personality. Beyond its calculator tool, Ninjay’s blog posts explain rebates in plain language and even tease community features. The tone is informal—more gamer culture than finance textbook—which could assist attract the new wave of Gen-Z traders who treat platforms.
Despite the marketing gloss, Ninjay’s disclaimer is clear: it is not a broker. Rebates are paid by the broker, credited to the user’s account, and subject to each broker’s own eligibility rules. Residents in the United States and certain other regions are excluded due to inducement restrictions.
