London-based financial spread betting and CFD broker LCG (London Capital Group) have introduced an inactivity fee, so if you’re not active on your account for over 180 calendar days you’ll be charged a fee for not trading (they will not charge you if you have no money on your account). This seems like a move to tell traders when and where to trade and one should decide for themselves.
LCG T&C changes in detail:
1. Where no activity has occurred on your account for 180 calendar days or more (“qualifying charging period”), your account will be deemed inactive.
2. Activity relates to the placing or closing of a trade, maintaining an open position or making a deposit on your account.
3. In such cases, a monthly inactivity fee will be applied to your account as follows and in accordance with the designated currency of your account:
- GBP 15
- EUR 18
- USD 20
- CHF 20
- PLN 75
- Other Currency 25
4. With the issuance of these Terms and Conditions, LCG reserve the right to apply the inactivity fee to your account without prior notice.
5. Inactivity fees will be deducted from your available cash balances on the last calendar day of each month following the qualifying charging period as noted in (1) above. LCG will never take your account to a negative balance to cover the fee.
6. Where you have multiple accounts with them, LCG will apply the fee on each inactive account.
7. Should your account become active during a calendar month, they will waive the inactivity fee for that particular month. The qualifying charging period will then reset.
If there has been no activity on your account for the last 180 calendar days, LCG will charge an inactivity fee, which will come into effect on the 30th of June 2016.