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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."

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: Corb | Date 2019-04-17
I invested a total of $2000 with ACM Forex. I honestly did not have a good start. The market was always moving against me and I have been losing quite a lot. I was new to trading and I thought that these losses were just results of my incapabilities. But as it turns out, the broker actually manipulates the platform. While trading, the customer support staff even pretended to console me and provided tips. I had no idea that no matter what I did, I was bound to lose. It is still very frustrating but I already accepted that I will never get back any of my fund.
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Author of ACM Forex: Corb | Date 2019-04-17
I invested a total of $2000 with ACM Forex. I honestly did not have a good start. The market was always moving against me and I have been losing quite a lot. I was new to trading and I thought that these losses were just results of my incapabilities. But as it turns out, the broker actually manipulates the platform. While trading, the customer support staff even pretended to console me and provided tips. I had no idea that no matter what I did, I was bound to lose. It is still very frustrating but I already accepted that I will never get back any of my fund.
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Author of ACM Forex: Corb | Date 2019-04-17
I invested a total of $2000 with ACM Forex. I honestly did not have a good start. The market was always moving against me and I have been losing quite a lot. I was new to trading and I thought that these losses were just results of my incapabilities. But as it turns out, the broker actually manipulates the platform. While trading, the customer support staff even pretended to console me and provided tips. I had no idea that no matter what I did, I was bound to lose. It is still very frustrating but I already accepted that I will never get back any of my fund.
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Author of ACM Forex: Jak | Date 2019-04-15
Bad guys. but regulation in different countries is even worse. Somewhere deprived of the license, but somewhere I continue to work for many years. This is strange. Need a single commission.
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Author of ACM Forex: Khaled | Date 2019-04-11
Those people are just heartless. My dad has been a victim and he is devastated until now. He kept apologizing to us for being a fool and losing a huge amount of money. My mom and my siblings have already accepted the truth and would already want to leave the past behind. But whenever we see our dad suffering because he is so disappointed in himself, it just breaks our heart. He was choosing between starting a business and investing in trading and he chose the latter. That is because he was successfully convinced by those fraudster that he will receive secured returns at the end of every month. He deposited a total of $5000 and lost them all.
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Author of ACM Forex: Pina | Date 2019-04-02
ACM Forex really went all out in deceiving their clients. They faked their credentials to make themselves look reputable and trustworthy. They lied about their affiliations and even the staff's citizenship. And I must say, they really made the effort to train their representatives so that they will sound believable. To be honest, they are actually knowledgeable on the forex market and they were able to answer all my questions. That is also why I fell into their trap. They just sounded so legit and I thought I could have a bright future if I invest with them. But in the end, I was scammed and I lost $2000 in a snap.
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Author of ACM Forex: Rawan | Date 2019-03-27
Trading at ACM Forex was the biggest mistake of my life. I invested not only my money but time and effort as well. That's why it's extremely heartbreaking to realize that I have been scammed. I started off at this broker with $1000 capital. I diligently traded for months and earned roughly $250. I requested for the withdrawal of $100 but it was denied. I badly needed that money so I sent a request again. It was on processing status so I waited. A week has passed and there was still no update. I asked and was told to wait some more, so I did. But a month has already passed and I still got nothing. At that time, negative feedback from other traders started to surface. Then weeks later, my account was inaccessible. They vanished together with my money.
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Author of ACM Forex: Muzahir | Date 2019-03-13
I was a client of ACM Forex and I also became a victim of their fraudulence. Their customer representatives were consistent in contacting me, checking how I'm doing and if I need assistance in any way. I appreciated that a lot and it motivated me to do better on my trades and invest more. My initial deposit was $500 but I added another $1000. My trading went well for around 8 months. But then when I sent my first withdrawal request, it was denied. And when I asked help from the support team, they did not answer to me anymore. They even blocked me.
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Author of ACM Forex: Khalman | Date 2019-03-05
ACM Forex claimed that they are affiliated with Citi Bank. In our country, this bank is popular and really trusted so ACM Forex hooked my attention and interest. They promised that returns will be guaranteed in their platform as long as I follow their guidance. As a newbie, this is very enticing. I gave it a try and deposited $500. I traded and earned and was told that I should add more deposit in my account to earn more. Since I couldn't afford to invest more than $500, I refused their suggestion. To my surprise, they got mad at me! They told me that I would regret this decision. Then a week after that, my account was terminated. And by the way, it was a lie that they are affiliated with Citi Bank.
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Author of ACM Forex: Elpanny | Date 2019-02-21
Every employee of ACM Forex is just heartless. If they have the resources and capability to develop a brokerage firm, then why don't they just simply operate as a clean one? Why is there a need to deceive thousands of people and steal our hard-earned money? Many have trusted them and they could have profited from all the transactions of their clients. But no, they want everything. This will be a lesson that I'll bring wherever I am. Losing $10,000 in just a snap is heartbreaking. Because of this incident, I've become extremely cautious of everything and everyone around me.
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Author of ACM Forex: Radia | Date 2019-03-18
Same question I have here. But I guess people just really become greedy of money that they end up doing things like this. I also know someone who almost became a victim of this broker. He was very interested to invest here and even told me about what the representatives promised him. He even tried to convince me to start an account as well. But I've always been wary of too good too be true promises like guaranteed returns (which was promised to him) so I repeatedly told him to think about it over again. Fortunately, he listened to me. And just a few months later, we heard about this news.
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