TMS Brokers introduces a fee for inactivity

The next Forex broker decided to extend its pricing list with a new position. The decision on the introduction of the fee for the lack of activity on the investment account was made by TMS Brokers informing about it via the newsletter. Details of the changes are presented below.

Charging conditions

The newly-introduced fee will be charged on a monthly basis and will be, depending on the deposit currency of the invoice, 9 PLN, 3 EUR and/ or 3 USD. The condition for starting its calculation is the lack of activity on the investment account by 365 days. It is considered inactivity not to enter into any transactions as well as not to maintain any active positions during this time.

Importantly, if there is not enough funds, the fee will be charged in the amount of free funds on the cash account and it will not result in the creation of debt (debit). In the case of zero balance, further fees will no longer be calculated, but you can expect the account to be deactivated.

The table of fees and commissions, extended by a new position, comes into effect on October XUMMX on October 1 and will include TMS Direct and TMS MiniDirect accounts.

The official announcement of TMS Brokers:

As of 1 October, 2018 will be charged for keeping a Cash Account (in the amount of 9 PLN / 3EUR / 3USD). The fee will be charged if the Customer fails to make a transaction within 365 on the Cash Account maintained by TMS Brokers for the benefit of the Client, unless the Client maintained open positions on that Cash Account during the indicated period. In the absence of sufficient funds, a fee is charged in the amount of the remaining funds remaining in the Cash Account. The fee is charged from the following month in which the condition justifying its collection occurred.

It is worth adding that the period of 365 days also includes the lack of backward activity. This means that if we have any funds left in our account and we made the last transaction in September of the year 2017, the first payment will be charged already in November 2018 for the month of October.

An assault on clients' funds?

The additional cost charged in the event of inactivity on the part of traders is not a novelty on the market - on the contrary, it is slowly becoming a standard. Brokers from all over the world are more and more often taking such a step. In their price list, items of this type have, among others Dukascopy, XM, or Admiral Markets.

The reason for their introduction is, first of all, the problem with the necessity to settle accounts with pennies. On the other hand, for example, after an account that is "reset" due to the Stop-Out mechanism, we often have only a few dollars or zlotys left on our account and there is a problem with withdrawing them by the client. It is not possible to make a withdrawal if the account balance exceeds the transfer cost.

Check it out: Forex Brokers Charging Inactivity Fees - 2018 Statement