Forex Broker

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: Jeremi | Date 2021-06-15
ACM Forex has a team of incredible customer support representatives. The only reason I opened an account at this broker is their representative. I was contacted and persuaded to open an account with them. For some reason, I just believed everything that they said because the rep sounded very professional. As a consequence, I invested $1000 on a fraud.
Author of ACM Forex: Tubtim | Date 2021-06-10
After a year of trading and trusting the broker, I was dumbfounded to know that the broker already ran away hence the lack of response from my messages. I felt so betrayed and I am so mad because I worked hard for the money I invested and these horrible people would just take it away from me.
Author of ACM Forex: Grett | Date 2021-06-04
The only reason I opened an account at ACM Forex is their lucrative trading condition. Their offers were favorable to traders especially beginners so I grabbed this chance. Never thought it would lead me to huge losses and devastation. I still feel so mad about what this broker did to us.
Author of ACM Forex: Simoni | Date 2021-05-17
ACM Forex should have just been forbidden to operate right away when they were being investigated. Weren't all the complaints of their clients enough proof of their fraudulence? Because the company was permitted to operate as usual, they managed to attract more clients despite the bad reputation.
Author of ACM Forex: Laxman | Date 2021-05-14
Oh, thankfully I did not continue with my plan to open an account at ACM Forex. I did not know that this broker had this hidden agenda. But back then, I had a financial emergency so my investment plan was postponed. Then after a few months, I found out that the broker was a fraud. I guess that emergency was also a blessing in disguise.
Author of ACM Forex: Delia | Date 2021-05-03
Thank goodness I found out about the complaints against ACM Forex before I opened an account and invested in them. I believed everything that their representative said and I was just waiting for my payday so that I can start depositing money. If I hadn't made one final research to know more about the broker, I would not bump into all the negative feedback that this broker got. I was saved from dealing with a fraud.
Author of ACM Forex: Rafaer | Date 2021-04-29
ACM had a great image when I opened an account with them. Many investors have been opening an account with them and I followed through. After a month of trading activities, I lost access to my account and the company no longer responded.
Author of ACM Forex: Eden | Date 2021-04-19
It is only proper that ACM Forex has shut down. This broker was reaping money off the profits of their clients and they refused to process any withdrawal transactions. I traded with them and I tried to withdraw my funds a few times. On the last attempt, my account was closed down and I just lost access to my money.
Author of ACM Forex: Lincallo | Date 2021-04-15
I had a terrible experience at ACM Forex. It has happened years ago already but I just want to share my experience. This broker appeared to be a trustworthy company. They have a great team of representatives who made it easier to trust them. They guided me throughout my trading activities and even provided some tips. But when I tried to withdraw my funds, that was when everything turned upside down. They rejected the request and from then, I started losing funds despite not doing any trades. Until I just completely lost everything.
Author of ACM Forex: Waleed | Date 2021-04-09
My account manager was very nice. When I opened an account at ACM Forex, he helped me with all my trading activities. Through his help, I was able to earn desirably. I never thought that I was being played all along. It was just a strategy to make me drop my guard and deposit as much as I can when they ask me to. In total, I invested $5000 on this broker. And I lost all of that.
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