Up
Rating
Forex Broker
0
Brokers
0
Reviews

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."

The opinion of the review`s author is private and not obligated to reflect the position of the resource. If you have any remarks and suggestions on new articles please contact us via this form.
Author of ACM Forex: Lanzed | Date 2021-01-11
I did not know that ACM Forex already lost their license when I opened an account with them. I never imagined that I will end up opening an account with a fraud. I was really clueless because this broker did not look suspicious at all. They were regulated and their website really looked professional.
0
0
Author of ACM Forex: Emerson | Date 2021-01-06
My experience with ACM Forex was regrettable. I never imagined that I will become a victim of fraud. This broker did not seem to have ill intentions at all. In fact, their customer support team was so responsive that it gave a false sense of security. I had a good start trading with them which was ruined when I tried to withdraw my profits.
0
0
Author of ACM Forex: Ranjan | Date 2020-12-29
ACM Forex manipulated not just the charts but also the fees. This broker really did everything to make their clients think that we are earning and to make us want to deposit more funds. As for me, I did not deposit more because I already put in all that I have. I bet everything that I had on this broker and I ended up losing everything.
0
0
Author of ACM Forex: Betchay | Date 2020-12-24
Fortunately, I did not continue with my plan to open an account with ACM Forex. One of their representatives contacted me and he was really convincing. I became so interested in Forex trading and was so intrigued by their offers. But of course, I cannot make a decision so hastily so I did my research and I bumped into a lot of user complaints. Because of this, I decided to not push through anymore. Then later on, I found out that the broker is a fraud.
0
0
Author of ACM Forex: Csoka | Date 2020-12-14
I traded with ACM Forex for a while and the prices in the platform always seemed odd. The price changes were extreme and far from the real market price. I have asked them about it already and they simply said that the prices will not really be exactly the same with the real market. I understand that, but their difference is just too big. In the end, the truth came out. Sadly, I never got my money back anymore.
0
0
Author of ACM Forex: Iggy | Date 2020-12-03
I still can't believe that I lost more than a thousand dollars on a fraud broker. Everything about this broker seemed true and even the trading platform that they provided worked really well. I thought that I was finally doing something but this broker ruined it. I lost my money and my capability to trust any online financial companies.
1
0
Author of ACM Forex: Fiorz | Date 2020-12-09
Now that I look back on my experience, all I can do is just let out a deep sigh. It is truly difficult to recover from this fraudulence especially when we have invested a huge amount of money. And it is deeply frustrating that we can't do anything about it. I am still hoping for the arrest of the people behind this company even though it might be a little far from reality now.
0
0
Author of ACM Forex: Jermana | Date 2020-11-16
My experience at ACM Forex was the worst I had in any broker. I had some brokers before which I only left because of the faulty platforms or the high fees. Unfortunately, because I wanted to receive better services, I ended up with a fraud. ACM Forex appeared trustworthy and when I tried their demo trading, the platform worked really well. When I had a real account, I saw that the fees are also low. Basically, I thought that it was so much better than my previous brokers. However, when I already wanted to withdraw my money, the broker did not release it. Instead, they terminated my account and I was never able to reach them again.
0
0
Author of ACM Forex: Inkay | Date 2020-11-12
I started with a demo account at ACM Forex. My experience then was amazing. The platform worked smoothly and the customer support was responsive even when I am not yet a real client. Because of that, I decided to switch to a real account. The first three months was great but then it started going downhill when I refused to deposit more fund. I kindly explained my reason but they were very persistent. Since I really did not want to deposit, all of my trading activities were ruined. I was never able to win any trade again and I lost everything.
0
0
Author of ACM Forex: Minkey | Date 2020-11-03
Even before I realized that ACM Forex was a fraud, I already had a terrible experience. The experience was great only on the first week. Profits would come nonstop and it made me really happy. But after that, everything has gone wrong already. When there are news announcements, the spreads would go up ridiculously. Sometimes, spreads are even higher than the price change. When I tried to close my account and take my remaining balance, the broker did not give it. They simply closed my account and that was it.
0
0
Author of ACM Forex: Dardan | Date 2020-10-30
I had a demo account with ACM Forex. I had a pleasant experience and was even close to opening an account. When I showed my interest on starting a real account, the representative was very enthusiastic. But whenever I try to ask about other technicalities such as the tools they provide and the deposit and withdrawal process, they can't even answer clearly. Since I am not getting enough answers, I held back from switching to live account. Then the representative that I am speaking with became impatient. She kept asking me when I will be depositing money. Thankfully, I made the right choice and did not continue with trading with them.
0
0
Show more

Add comment
Text:
Brokers Reviews

RECOMMENDED FOREX BROKER
FOREX BROKER №1 IN EUROPE
30% bonus for EACH deposit
Leverage 1:1000

Forex charts and quotes





Special offers
Start trading with
no risks and investments
With new Start-Up Bonus of $1000
Get bonus
55%
from InstaForex
on every deposit
Earn up to
$50000
for inviting friends to get StartUp Bonus from InstaForex
No investments required!