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ACM Forex disappears with investors` funds

ACM Forex


About the broker

According to Bloomberg, ACM Advanced Currency Markets SA (ACM Forex) provides forex brokerage services online and also invites its clients to trade gold and silver. The company was founded in 2002 and has been headquartered in Geneva, Switzerland. As of October 26, 2010 ACM Advanced Currency Markets SA (ACM Forex) worked as a subsidiary of Swissquote Group Holding Ltd.

Lloyd La Marca launched the official website of ACM Forex which had operated until 2010 until it was bought by Swissquote, a Switzerland-based bank. Following the link of the broker’s website, we open a trading floor of the Swissquote Bank which does not provide services to the Russian citizens.

Million-dollar affair

According to well-informed sources, ACM Forex became one of the three brokerage companies in Switzerland which lost a license from FINMA (the Swiss Financial Market Supervisory Authority). Eventually, the broker had to suspend its activities on Swiss trading floors.

ACM Forex has gained a dubious reputation due to involvement in a series of fraudulent schemes. The police carried out a raid in the office and removed documents and computers. The office was searched after a client from Mexico had filed a lawsuit against the broker. The client was reportedly defrauded of over $1 million as a result of a scam.

ACM Forex did not accept accusation of the Mexican customer. Moreover, the broker charged the former client with blackmail and forged documents.

Ilya Paniotov, a forex speculator from New York, traded with ACM Forex for more than three years. He told the Swisster news agency that the company cheated clients through its own trading platform. The broker provided fake quotes, overvalued spreads, and manipulated figures of amounts required to execute a deal.

The Russian trader from the US was aware of programming and claimed that the broker swindled its clients out of money. Paniotov traded with ACM Forex through MexBank. He arrived in Geneva to share his suspicions with the Swiss police.

The trader said that in March 2017 when he handled two different accounts with ACM Forex, deals in these accounts were recorded at the same time but at different prices. The broker explained that it uses different liquidity providers. Besides, citing the trader the company increased margin requirements without prior notice. As a result, traders were charged extra money to continue trading. Besides, the trader told the police that his accounts were disabled immediately after he had informed the broker of these problems. A former ACM employee gave him the screenshots which confirmed discrepancies between the deals on the EUR/USD pair executed at the same in different accounts.

In response to Paniotov’s testimony in Switzerland, ACM Forex made a statement to refute all allegations. The broker claimed being a victim of the former client. Moreover, the company brought an action against the trader, accusing him of blackmail, slander, and forged documents.

MexBank launched a probe of ACM Forex after a loss of several million US dollars in forex trade. For a start, the bank hired a lawyer and private detectives and then applied to the Swiss law enforcement authorities. After a while, the head office in Geneva was searched. The news spread across the Internet in a flash. Forex forums started heated discussions which are still going on. We came across several complaints about the broker, one of them was from that former trader of ACM Forex.

"Keep away from ACM Forex if you don’t want to lose your money," he warns traders. On the other hand, there are a lot of positive reviews of the company. Cathalene Kovacs from Lausanne calls an ACM trading platform the most suitable for ambitious traders.

Tribune de Geneve, a Geneva-based periodical, published an interview with one of the ACM founders Alexander Axalis. Citing the executive, the broker’s annual income in 2007 totaled CHF 70 million. According to the periodical’s estimate, the amount of funds in ACM accounts exceeded USD 100 billion in the same year.

The probe into the fraudulent scheme came to a halt and the broker went on with its routine. However, the company was not able to regain the trustworthy reputation due to maladministration and a struggle for power among shareholders. Eventually, founder and vice president Lloyd La Marca had to resign from the Board of directors. Later, the broker was taken over by Swissquote Bank, Switzerland’s bank.

This is all freely available information. The ruling on the lawsuit about lost millions of the Mexican client still remains a mystery. Interestingly, judging by recent reviews, ACM Forex is now operating under a different name but carries on its dishonest activities, cheating its clients.

Reviews of ACM Forex

In 2017, participants of trading forums took notice that Sakura, ACM Forex, and GTP are brokerage companies operated by the same people under the same scheme.

In April 2017, one of traders left a review, "ACM FX and GTP FX are swindlers. Broker’s representative Ranek (+442076917186; +442871930334; +442033896666; ranek@acm-fx.com) contacts you via email and telephone. However, as soon as you make a request for the first money withdrawal, he blocks all messages and you are not able to contact him."

"I used to be an ACM FX client. The broker stands out by quality customer support. It seems to me that ACM FX and GTP FX are brokers within the same group. Perhaps, Sakura also belongs to it. The company wins your trust by first-class costumer support, replying to all your questions and advising on any problem. This produces a magic effect, making you think that the company operates in the legal field. However, as soon as you want to withdraw cash, you’re blocked immediately. Please, don’t waste your time and money. I’ve lost $3,000 with them."

"The broker claims to cooperate with the global liquidity providers, referring to such banks as Citi Bank and the Bank of America. In fact, this is a lie. The FINMA watchdog refused to issue a license to ACM FX."

Author of ACM Forex: Farro | Date 2018-12-05
My trading experience at ACM Forex was a nightmare. The whole experience wasn't the best. The platform was unstable, had too many glitches, and have always frozen. And I think my platform was manipulated because I deposited $2500 and almost half of it was gone in just a month. It was not because of trading mistakes. It was because the platform malfunctioned a lot and later on I found that the price movement in my platform was different with other brokers. Of course I complained and I asked why their charts are different from the other brokers. Then they told me that there is no problem in their servers and charts and if I think the other broker has better charts then I should just go trade with them. They were very rude so I demanded a withdrawal of my remaining balance and closing of my account. But they did not give me my money and blocked me from all their contact medium.
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Author of ACM Forex: Manda | Date 2018-11-29
I badly want to forget all the memories I had trading at ACM Forex but it has been so traumatic that I've become afraid to try any investment already. I am just a small trader, and I consider myself a beginner. I admit, my fault was my naivety but that doesn't excuse this broker from all the deceit they made not only to me but to thousand other people. I deposited a total of 1300 dollars to them and I never received a single cent back. All I got were their false promises and claims. I hope whoever is behind this would be jailed forever.
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Author of ACM Forex: Laizen | Date 2018-11-22
I was contacted by ACM Forex and was convinced to open an account. I didn't know how they got my contact details but at that time I was looking for a forex broker so I thought maybe I just unknowingly subscribed to them. Anyway, I started trading at this broker with $250. There were some losses but mostly were winning trades. When my balance has reached $700, I guess that was after half a year, I decided to withdraw some of my fund. And that's when my trading experience at ACM has ended. Because when I requested for a withdrawal, my account was suddenly blocked and I cannot contact them anymore. They didn't say anything to me at all. They just blocked me.
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Author of ACM Forex: Milesfx | Date 2018-11-14
I traded at ACM Forex for more than a year. I realized how patient I was because looking back, I remember that their platform is actually not the best. It always crashes especially when I have winning trades. I reported it to them but they just brushed it away saying that it could be a problem in my internet. I am not really confident about my internet connection so I thought they could be right. My total deposit was $1500 and it was all wiped off. I only realized recently that the problem is not with me but with them, now that I opened an account at a new broker and I didn't encounter any problem in the platform.
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Author of ACM Forex: Marley | Date 2018-11-07
I was a trader at ACM Forex who robbed me off my $1500. I was convinced by their representative to open an account with them. I was really looking for a good broker at that time and hearing the benefits I can get from them made me decide to choose them. My initial deposit was $500 and I was profiting but only a small amount. Then my manager contacted me and advised me to deposit more to earn bigger profits. He was contacting me through email and phone. And whenever we talk through the phone, his voice is very firm and intimidating that I follow whatever he tells me. I added $1000 to my account and continued trading. I traded for a few months until one day I couldn't access my account. I thought they might be having a problem in the system so I contacted them but I never received any response. I hope the people behind this broker get arrested already so they won't be able to continue their fraudulent schemes anymore.
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Author of ACM Forex: Sambofx | Date 2018-10-30
The case of the client who lost millions might still be a mystery but there are small traders like me who were also reaped off our money. My initial deposit was $300. I was profiting for months and I was advised by one of their representatives to withdraw only little amount and leave more in my account to keep profiting. As naive as I am, I listened and withdrew only 50 to 100 dollars. But after every withdrawal, they tell me to replenish my account with more than what I withdrew. Again, I was naive and I listened. But I'm realizing now, what's the point of withdrawing if I'd just deposit it again? What I just know at that time was that I would profit more if I deposit more. Later on, I stopped withdrawing and I just let my money grow. I was also regularly depositing. In total, I deposited more than $2000. That's already a big amount for me. Truly an investment. But then one day, I received a memo saying that my account was suspicious and it was suspended. I asked what the problem was but they said they can't disclose it. So I waited for an update but I never received any. I asked and asked but they didn't reply. Then I heard other similar complaints from other traders. And that's when I realized that I was robbed off my money.
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Author of ACM Forex: Makki | Date 2018-10-25
ACM Forex is suitable for all ambitious traders until you try to withdraw bigger funds from your account. Let me share my terrible experience with this broker. I first tried their demo account then switched to a live one with a deposit of $500. There was no difference in the trading experience. Trading using a live account is just as smooth as when using a demo account. There are no crashes or lags in the platform but the execution takes 5 seconds. But still, I didn't get any requotes. So after two months, I earned more than one hundred dollars and I requested a withdrawal of $100. It was processed and sent to me after 4 days. After a month, I decided to deposit more and let my investment grow in my account. So I added $1000. I continued trading and doubled my account after almost two years. I tried to withdraw $700 but it was continuously denied because they detected something suspicious in my account. I let them investigate and followed up regularly until they told me that they need to block my account due to a fraudulent act. Now I don't have access to my account, my money is taken away, and I don't know what to do anymore. I can't reach them through any platforms as well.
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Author of ACM Forex: Leon | Date 2018-10-18
I was one of their victims. It is true that they fool and attract people mainly through their fake high-quality customer support service. They act very accommodating, approachable, responsive, and patient. They answer to any kind of questions and provide reading materials that I can consult whenever I'm confused about forex. They even sent a notice when I had consecutive losses and offered help and advice. At that time I was very thankful for choosing an excellent broker. But then when I have already garnered a good amount of profit and decided to withdraw, their customer support has suddenly changed. On my first request, they responded that it is being processed. But then when a few days has passed and I followed-up, they did not answer anymore. On the fourth time I followed up, my account was closed the next day and I am blocked from their contact. I was not able to take my profit anymore. Not even my deposit.
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