Admiral Markets will charge 10 EUR for a month of inactivity

Admiral Markets introduces fees for inactive bills from August 1 this year - such a message was sent to customers at the end of last week. This is another Forex broker to take such a step.

BROKERS - FEES FOR NO ACTIVITY

10 EUR for each month

It seems a lot but the conditions are not that rigorous. In the absence of activity, the broker defines as not making any transactions during the last 24 months. Only then will 10 EUR pay us for each month (or the equivalent in the currency of our account).

In the Admiral Markets communication, we read:

"The fee will be deducted monthly from a positive balance on your account or bills. Please note that the fee (s) will apply to any separate, inactive transaction account. So the fee will apply to the bill and not to the customer. "

It should therefore be remembered that the fee applies to individual accounts, not to a given person. So traders with several accounts should think about an "inventory" and transfer funds only to the accounts they actually use, and close or suspend the rest.

The fee will cause a debit?

The broker himself also informs that before he starts charging the aforementioned fee, he will take steps to contact the customer and notify him of the impending expiry of the 24 month.

We read:

"Before charging (fees) from the balance (s) of your account (s), we will make reasonable efforts to contact you regarding any funds accumulated in your trading account (s) to inform you that the fee (s) will be charged. Please keep in mind that it is your responsibility to ensure that the contact details you have provided are kept up-to-date. "

The situation seems to be fair and no one should surprise us with the loss of funds from the account. Of course, as long as we continue to use the same email address and / or phone number.

But what if there are no funds in the accounts? Do we have anything to fear?

The broker reassures that the fees will be charged only for accounts with overdue funds and will continue until his balance reaches zero. So there is no fear of being surprised by an overdraft. The zeroed account will go into sleep mode but will not be closed or deleted - it will still be possible to reactivate it. To avoid a fee, all you have to do is withdraw all funds, close the account or once per 24 months, make at least one transaction.

Are these fees necessary?

According to some brokers, yes. The reason is accounting operations, which must be regularly made by the broker regarding each account on which the funds are located. Dukascopy Bank, Dukascopy Europe, LMAX Exchange, Gain Capital and several other brokers decided on a similar step. In each case, the policy of calculating fees differs to some extent from one another, but it is not possible for any company to result in debt. We explain the issue in the following article in more detail.

Be sure to read: Charges for running Forex accounts