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: Varun | Date 2020-07-27
Naturally, I am not expecting that my money would still be returned after ACM Forex ran away. But I want to share my experience so it can serve as a warning to other traders. ACM Forex was one of the brokers that appeared reputable. When I visited their site, there was nothing suspicious and their promos are even attractive hence I opened an account. My trading activities went well for almost a year but this pleasant experience suddenly changed after my first withdrawal request. They denied this request and after that, my platform has become shaky. I was not able to make a decent trading activity after that.
0
0
Author of ACM Forex: Nicson | Date 2020-07-20
For now, I won't be venturing the Forex industry again. My experience at ACM Forex was too devastating for me to have the courage to trade again. I trusted this broker so much because for a while, this broker was reliable. I was well taken care of by my account manager and she provided me with materials that could help me. I made three deposits in total and when I decided to withdraw my fund, it was not permitted. They gave me various reasons. Then eventually my account manager was unresponsive as well as the customer support.
0
0
Author of ACM Forex: Ganel | Date 2020-07-16
Currently, I am working with an outstanding broker. It took me a long while before getting back the courage to start trading again. ACM Forex gave me a traumatizing experience and damaged my overall capacity to trust. I lost a huge amount at ACM and I don't even know if this broker has been punished accordingly. But at least now, I am with a broker I could fully trust and thankfully, I am doing well now.
0
0
Author of ACM Forex: Cellion | Date 2020-07-06
The amount that ACM Forex is small relative to the other clients' losses but this amount was not small for me. This was a huge part of my savings and I regret it so much that I only lost it to a fraud broker. I deposited $400 on this company and at first, the trading activities seemed. I was able to win a lot of trades. But it did not last long as the platform started acting out. It does not execute orders and it closes trades on wrong positions. Well, what else could we expect from a fraud right?
0
0
Author of ACM Forex: Reinaly | Date 2020-06-30
I have been with ACM Forex for almost a year and my trading experience was average. Although small, I am still able to profit. However, issues regarding the withdrawal of clients' funds emerged. There were complaints here and there. At the same time, the customer service has become poor. Until one day, the company just disappeared and took all of our money.
0
0
Author of ACM Forex: Ranny | Date 2020-06-26
My trading experience at ACM Forex only lasted for four months. The broker suddenly disappeared and there was no more way to access our funds. It definitely was devastation because we were left hanging. Also, ACM Forex appeared reliable so it was very surprising that they did something like this.
0
0
Author of ACM Forex: Gurelle | Date 2020-06-15
Thankfully, ACM Froex is now out of the industry. I traded with this fraud broker and deposited a total of $2500. The problem started when I tried to withdraw my fund and demanded for the release. At this time, they have suspended my account and when they gave me back my access, nothing was left of my balance and they said that it was because of a trade that was left open and the charges they made because of my violation. Naturally, there was nothing for me to withdraw because they took my fund.
0
0
Author of ACM Forex: Tony | Date 2020-06-08
My total deposit at ACM broker is $1600. This is a huge amount for a regular trader like me. I invested this much because I believed that this broker is reliable and I am confident with my trading skills. However, no matter how great you are with trading, no matter how high your profit rate is, this would all be in vain if your broker never had an intention to return your money. Unfortunately, I ended up with a fraud broker and everything I worked for was gone.
0
0
Author of ACM Forex: Carole | Date 2020-06-02
I traded at ACM Forex for about almost a year. Their trading platform was already not perfect from the beginning but I still continued trading because there are times when the tool's condition is good. My trading experience at this broker is not the best. I lose a lot and profit by a little amount. I only stayed because I did not want to go through the hassle of finding another broker again. But opening an account at this broker was a mistake. Even if I had wanted to leave back then, I probably wouldn't be able to do so because the broker won't release my money. Why? Because this is a fraud.
0
0
Author of ACM Forex: Scelo | Date 2020-05-25
Who would have thought that a broker like ACM Forex with impressive publicity and claimed reputation would turn out to be a fraud? I traded with this broker for more than a year and all along I thought that I was really making money. I thought that I finally had something worthy to invest in. But then when I tried to withdraw my profit, the broker did not allow it. I made a few more attempts and the broker always rejected it. Not long after, my account was terminated as well.
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!