Which brokers are penalty free
- Thread starter One jls
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Well, I use tradersway, fxcm and alpari..had been away on a vacation for two months, with no trading and none of these brokers penalized me..but that was a while back. Frankly, any brokerage that penalizes a trader for this sum, for inactive period is one to be avoided.
Well i have been trading for last 5 years. I trade with Exness, Hotforex and XM.com... they never charged me any penalty fee when my account were not active even for 6-7 months. I think most of the reputable brokers wont charge you any penalty fee no matter for how much time your account remains inactive.
I am also new in forex trading i am also facing the same problem and want to get a penalty free broker therefore i think that this post is helpful for me.Now i will find this type of broker through this post.
Look, again, if a broker charges you a penalty for being inactive, it is not worthwhile trading with that broker. Most brokerages do not penalize you in the hundreds for being in active. You may want to move on to better brokers, just a suggestion.
From your user name its seems that you are working for Exness so how you can say that YOU trade with Exness, Hotforex and XM.com ?
There are forex brokers that do not penalize you for inactivity. You can open an account with the Broker I represent and have the freedom of trading without fear of inactivity fee.
i can recommend you NAS Broker, it has no charges and blocks for account inactivity..Hope you'll find right broker for u..
I am pretty sure that your funds will be withdrawn without any issues after first request to that company. Some of brokers really freeze your money because of your account staying idle but don't worry they have no right it to take for their own. If any problem appears post it there so we can work out solutio together.
are they allowed to take your 300 pounds? thats absurd, ill ask support later about that though live chat, but i dont think i ever reached 6 month of inactivity but its better to be ready just incase.
No, no broker can claim your funds for their own, on account of being inactive. Let me put it this way, no trader is under any obligation to guarentee the broker spread commissions, for each month.
Or to put it in another way, they cannot claim your money for their own, for this is not a paid membership and the broker takes his cut from the spread. At most, they can freeze your funds for inactivity which should be removed once you send in a request.
That said, some brokerages do seize client funds for their own, I would suggest that you do a runner..and see if you can explore other options to reclaim your funds..
Or to put it in another way, they cannot claim your money for their own, for this is not a paid membership and the broker takes his cut from the spread. At most, they can freeze your funds for inactivity which should be removed once you send in a request.
That said, some brokerages do seize client funds for their own, I would suggest that you do a runner..and see if you can explore other options to reclaim your funds..
thanks fxpipper, i see so thats how it is, i wonder if he was able to get back his 300 pounds, its still money that can be used i mean in other things aside from trading, i hope it dont go to waste..
Penalising you because you didn’t trade for a long time does not sound real fair to me; though I have never experienced such with my broker. I took an extended leave of 2 and a half months from trading forex some time last year because I had to travel to another country for a training, I came back and met my Profiforex account still in tact.
i've been years with Armada Markets, they didnt have any rule for charging an account for inactive. some brokers didnt put any charge, but more tricky, they "archive" any account with no trading activity, so the client are failied to login, and most of them thing the account are missing, or lose it balance. be carefull in choosing brokers, it where you store your investement, put more value on it by deep research before chosing any brokers.
it would be nice to have a list of all brokers that were penalized by regulations and see what happened, this might be a problem to some brokers but i think it would be good for traders dont you think.
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