I think I’m posting this as more of a heads up. I’ve been out of active trading for quite a while due to a sick family member and trying to keep basic life going around that. I opened up my trading platform to check my balance, since I’m needing some money to pay for perspcriptions, I need to evaluate where I can scrape some cash from.
Getting to the point, it’s been well over a year since I traded, and I’ve lost more than half of my balance to monthly $50 inactivity fees. I’ll probably score a couple of them back as a courtesy, but since there are so many, I won’t get them all back.
Just a heads up to anyone that thinks their trading account works anything like a safe place to have money when your not trading, and re-read your agreement with your broker.
unfortunately that does happen. Sorry to hear it but yes make sure you understand your agreement. 50 a month sounds pretty extreme but I know there are brokers that charge more than that.
When I started my first live account (with GFT) it was on the 26th of a month which was a Sunday. I don’t believe in making trades until NY close on Monday (though I didn’t see anything good on that Monday). So, my first trade was on Tuesday, the 28th. Much to my surprise, they billed me $50 for inactivity! Luckily, they reversed the charge before I even called and complained. I would have closed my account had they not. Nonetheless, being charged for inactivity after two days is RIDICULOUS. I am still pissed about it, although I have no other complaints about them aside from this.