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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.
作者 of ACM Forex: Lydia | 日期 of  2021-07-21
My friend and I opened an account at ACM Forex with the idea of earning a lot. We were looking forward to positive trading results and the overall experience. But then after depositing the money, our account were suspended. And the company did not contact us at all.
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作者 of ACM Forex: Mandy | 日期 of  2021-07-16
I tried calling the customer support team of ACM Forex when the money I withdrew did not go through my bank account. I did not receive anything so I tried to ask the company if there has been a problem. But then they did not answer to me. I tried the live chat, email, and even call but nobody answered. A few days later, it was revealed that the broker was a fraud.
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作者 of ACM Forex: Umut | 日期 of  2021-07-06
When I had an account at ACM Forex, their services were not really that good as well. They have wide spreads and their platform always malfunctioned. The only reason I stayed is because I could not take my remaining balance back. I tried withdrawing it multiple times but the broker always rejected it. In the end, the broker just disappeared together will our money.
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作者 of ACM Forex: Scarlet | 日期 of  2021-06-28
After several months of having an account at ACM Forex, the company suddenly disappeared. I couldn't access their website and their contact details couldn't be reached. I waited and hoped that they will come back, but they never did. Then I found out that multiple complaints have been made towards the broker and they never released clients' funds.
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作者 of ACM Forex: Mehdi | 日期 of  2021-06-23
Around six weeks after opening an account at ACM Forex, the company just disappeared. Suddenly, I couldn't get to the website anymore and the broker won't answer to emails. Then news report started to emerge and as it turned out, the broker has been deceiving their clients and have finally run away with all our money.
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作者 of ACM Forex: Jeremi | 日期 of  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.
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作者 of ACM Forex: Tubtim | 日期 of  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.
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作者 of ACM Forex: Grett | 日期 of  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.
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作者 of ACM Forex: Simoni | 日期 of  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.
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作者 of ACM Forex: Laxman | 日期 of  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.
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