Forex.com to fine inactive accounts

Forex.com (Gain Capital) sent the following notice to its clients (emphasize is mine): “Dear Client, Re. Inactive Accounts With effect

Forex.com (Gain Capital) sent the following notice to its clients (emphasize is mine):

“Dear Client,

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Re. Inactive Accounts

With effect from 30 April 2010, FOREX.com accounts that are inactive will be subject to a £15.00 monthly service fee. An account will be deemed inactive if no trading activity has occurred for a period of 30 days or longer.

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In addition, accounts with zero balance that remain inactive for a period of 60 days or longer will be deactivated on the first Friday of the calendar month. Once an account has been deactivated, you will no longer have access to the MetaTrader platform, or any account history or statements. If your account meets these criteria, we strongly encourage you to log into the platform and download your account statement prior to Friday, 7th May 2010.

Should you have any questions, or if you are unsure of how this change will impact your FOREX.com account, please contact one of our customer service representatives.

Sincerely,

The Team at FOREX.com”

Now I know that brokers tend to freeze or shut down inactive accounts because inactive accounts can be a burden for several reasons, but fining clients for not trading is a bit too much if you ask me. What if a client went on a vacation, is ill or is taking time off from forex trading? Why should these clients be fined is beyond me.

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