A few days a go I made a post announcing that FXCM will be charging an account inactivity fee. Shortly thereafter a representative from FXCM made a post on the forum thread I liked to in my previous post. In the interest of information accuracy I’ve decided to post his statement here so that there is no confusion or misinformation with regards to this issue. Here it goes:
I can provide more information on the email. The email was sent out to traders who have been inactive for over a year, and the fee amount is $50 or the balance of the account whichever is less. The dormant fee occurs after a long period of inactivity because of laws in multiple different jurisdictions regarding dormant accounts. We would rather our traders either trade the account or return the funds to their own bank account if they plan on being inactive for years at a time.
There are multiple options for the group of inactive traders that received the email.
- Place a trade before February 4, 2011
- Deposit additional funds
- Withdraw the existing funds
- Do nothing and the account is closed if the balance is currently less than $50
Again, charging a dormant account fee isn’t done for the sake of charging a fee. We would much prefer there be an open and funded account waiting for you when you prefer to return back to trading, even if it is multiple years from now. But laws in the different jurisdictions where our traders are located would create an administrative headache and increased costs for both FXCM and our traders.
Please let me know if you have any questions.
Well there you have it folks, straight “from the horse’s mouth.” If you do have any questions for Jason please feel free to post on the Forex Nirvana forum thread I referenced to in my previous post.
That does it for this post. I wish you all happy and successful trading.