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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: 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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Author of ACM Forex: Tongbi | Date 2019-02-11
I traded at ACM Forex for two years. There was honestly no major issue during my first year. That is why I lasted for two years. The platform had a little lagging issue but not very bothersome. The customer support is also pretty good. However, negative reports about them started to emerge. Traders started to say that the broker was not giving them their withdrawals. I got worried, given that I never once tried to withdraw any of my fund. To relieve my worry, I contacted their support and asked about the issue. They claimed that it was a misunderstanding. But I wasn't convinced enough so I decided to just withdraw all of my funds. It was already on process so when I saw that my account zeroed, I thought that it was already transferred. But they simply wiped my account and didn't transfer it to me.
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Author of ACM Forex: Smerkiol | Date 2019-02-06
Life shouldn't be easy for fraudsters like ACM Forex. They deceived a lot of people and stole our hard-earned money. They should pay for what they did. They couldn't just disappear. What I'm afraid about is that they might create another brokerage firm and do the same things they did to us. They got my money through manipulation of my platform. I thought at first that I am just making wrong decisions but then I found out later on that their price movements were a lot different from the real market movement. I invested $5000 at this broker and I didn't even get anything.
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Author of ACM Forex: Shaira | Date 2019-02-28
I agree. They should be caught and pay for what they did to us. They shouldn't be allowed to deceive more people and steal more money. In my case, I only deposited $1000 but it's still a big amount for me. They promised fast execution and smooth trading. Yes, they provided a stable platform but it was manipulated. My positions did not close even when it hit the stop loss and take profit points. And the price moved aggressively when a position is opened. Just like the other traders, I lost all my capital because of that and my account was terminated.
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Author of ACM Forex: Ursina | Date 2019-01-28
ACM Forex manipulated my platform when I was still trading with them. At first I thought that it was just a problem in the server which can be easily fixed. But the abnormalities in the platform happened so frequently that I started to be skeptical about it. Firstly, the platform ignored the stop loss and take profit that I set. Secondly, I noticed that the price movement is always drastic. Especially when I open a position, the price will suddenly move to the opposite direction.So I checked with the other brokers and ACM Forex's chart is greatly different from the others. This was their way of taking their clients' money. I complained about it but they closed my account immediately.
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Author of ACM Forex: Filomar | Date 2019-01-23
My experience at ACM Forex was very unpleasant. I started my investment here in 2015 and I deposited roughly $3000. It was a good start, they were very approachable and accommodating to questions. In fact, I was even able to withdraw $100. I did that to test if they will actually pay me my withdrawals and since they did, they fully gained my trust. I continued trading and profiting. I didn't withdraw anything for a year because I just want my money to grow there. But I did add more deposits so my capital was around $5000. I was able to earn 80% profit after a year of trading. So I decided to take $1000. That is when the problem started. I struggled too much requesting for a withdrawal. I have been rejected but they didn't give me any particular reason. I never got any of my money except for the $100. I think that's their tactic to gain the trust of their clients.
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Author of ACM Forex: Esmir | Date 2019-01-14
ACM Forex was impressive only at the beginning. They show all the possible good quality of a Forex broker and they earn the trust of the traders. This is what they did to me and to many other traders they victimized. Then after convincing me to deposit to my account a few times, the responsive customer support is suddenly gone. I was able to put in at least $2000 and they stopped being friendly and approachable after that. Worse, when I requested for a withdrawal, I was denied and then blocked the following day with no reason.
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Author of ACM Forex: Blair | Date 2019-01-02
I had an account at ACM Forex back in 2016. The first few months were amazing especially since I was assisted by a very professional customer support team. I could even say that was the best support service I received -- very responsive, polite, and helpful. However, as time went by, they started bugging me and convincing me to add more deposits. I told them I didn't want to repeatedly but they were persistent. On the fourth try, when I still said no, they got mad and told me that it is my loss. As if they were threatening me that my trading wouldn't work well anymore. And my hunch was right. After that incident, my platform became unstable and I saw some trades that I didn't even open. I complained but they ignored me and eventually, everything in my account was gone.
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Author of ACM Forex: Rihaya | Date 2018-12-27
I thought that ACM Forex was an honest and reliable broker because they welcomed me with a very warm customer support. They can be easily reached anytime and they were very considerate and patient with all my queries. All was well before I requested for a withdrawal. On the first time I requested, it was rejected. Then after that, the platform started acting up resulting to so many losses. Before I lost everything, I requested for another withdrawal. This time, they didn't respond anymore. The kind customer support turned into an unresponsive support. And I never got my money back.
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