IMPORTANT NOTIFICATION REGARDING YOUR SHAREWATCH ACCOUNT
We have recently received your application to open a Saxo Capital Markets UK Limited (SCML) trading account which is currently being processed.
We are aware that one of the main reasons that you wish to open an SCML trading account is to transfer your current cash and equity holdings from your existing broker Forex Capital Markets Limited (FXCM) following their intention to implement an inactivity fee.
Currently SCML does not charge an inactivity fee, however our parent company Saxo Bank A/S will be implementing an activity fee which will to come in to effect from February 2013. As a wholly owned subsidiary of Saxo Bank A/S, it is likely that SCML will implement a similar fee in 2013 and further details will be communicated once a formal decision has been made in accordance with our General Business Terms.
To ensure the fair treatment of our clients we would like to take this opportunity to notify you that SCML is likely to implement an inactivity fee during the first quarter of 2013 and therefore provide you with sufficient time before transferring any cash and / or securities from your current broker or if you believe that an SCML trading account is no longer appropriate for you to provide you with sufficient time to consider other alternative brokerage arrangements.
In view of the above, I would be grateful if you could reply to this email and confirm if you would like to SCML to continue to process your application for a trading account. If we do not receive any reply from you we will place your application on hold until we receive confirmation from you.
If you have any questions please do not hesitate to contact us on +44 (0) 207 151 2222.
UK Client and Partner Support
Same here!!Sounds like my time spent transferring to Saxo (account opened but transfer ongoing) was a huge waste of time.
That email was from Amanda. She is being deliberately vague on whether or not they will be introduced. If you ask me, she knows exactly when they will and what they will be, time will tell.Hi Laturneu,
Accorrding to Amanda Harrison at Saxo it is 99.9% certain they will impose an inactivity fee.
I agree and I've decided to open an account with them. They're based in Ireland with a "physical address", hold CREST accounts and the annual charge is only €50 per annum. That's less than two month of inactivity with FXCM.Campbell O'Connor would be a good option i think.