Hi everyone. I’ve got some news for all you who trade with the popular FXCM forex brokerage firm. I got an e-mail from them just the other day telling me that my account will soon be charged an account inactivity fee. Here is a copy of the e-mail I received:
FXCM will institute a dormant account administrative fee the “fee” in early February, which will be applied to all accounts that do not have any transactions for at least one year. Your account meets this criteria.
On 4 February, 2011 your account will be charged a fee of $50* or the balance of your account, whichever is less. If your account balance falls to zero after the fee is charged, it will then be closed. Of course, we prefer that you be able to keep your account open and avoid any fee. Deposit funds into your account before the deadline of 1 February, 2011, to avoid the fee and continue to trade as you normally would.
So there you have it. If you have an account with them and it’s “dormant” according to their criteria I strongly suggest you close your account and take out whatever money remains in your account – assuming that you no longer wish to trade with FXCM.
Personally I don’t like any account inactivity fees, but I can sort of understand FXCM’s point of view (administrative costs, blah blah etc etc), so I guess in the end it is what it is. It does make it a pain in the ass as you’re going to have to re-open an account if you wish to trade with them in the future again.
Btw, if you wish to bitch and complain about this I’ve started a thread over at the Forex Nirvana forum where you can vent your anger,frustration, etc. Here is the link:
That does it for this news report. Alan out.