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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 dari ACM Forex: Waleed | Tanggal 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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Author dari ACM Forex: Jearrus | Tanggal 2021-04-01
In the forums, ACM Forex was frequently mentioned. The company was very appealing and they seemed to have great offers. I inquired and they answered promptly. In no time, I was already opening an account. I immediately made my trades and they had great results. Because of that, I thought that their claims were true. In total, I earned $146.23 and so I decided to withdraw $100. But then, when I did, my account was suddenly shut down and that was the last time I had access to it.
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Author dari ACM Forex: Aledryna | Tanggal 2021-03-15
After making a deposit to ACM Forex which amounted to $2000, I was contacted by an account manager and offered to guide me in my trading activities. Naturally, I agreed because who doesn't want any help, right? On the first month, I saw that the profit rate was really high. And so, when they asked me to add more funds for higher returns, I did not hesitate to follow. It was a cycle for a few months and I kept getting high returns so I was even more motivated. When I tried withdrawing my funds, my manager stopped me. It did not bother me at first but when I was firm that I wanted to withdraw some of the profits, he started getting mad and my account was suspended. That was the last time I had access to it.
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Author dari ACM Forex: Eduarda | Tanggal 2021-03-11
As much as I want to turn back time, there is just nothing that I can do anymore. My experience at ACM Forex will serve as a huge lesson for me. I am an impulsive person and I realized that this is something that I should work on. I decided recklessly and this was the consequence.
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Author dari ACM Forex: Maman | Tanggal 2021-03-23
This can only serve as a lesson for us. I was also very devastated when I realized that ACM Forex has been fooling me only. I made such a terrible decision of trusting them and I ended up losing the money that should have just stayed on my savings. As of now, I don't think that I will be trading again.
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Author dari ACM Forex: Esdera | Tanggal 2021-03-05
I was lured into investing at ACM Forex because of their website. It made them appear legitimate and it looked like it contained all the necessary information. My mistake was not going through the information to see if they are even correct or valid. As it turned out, most of the contents of their website were false information. And because I was not careful enough, I did not notice any of it.
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Author dari ACM Forex: Renniel | Tanggal 2021-02-22
ACM Forex made me feel safe by giving me quality customer care service. My account manager always checked on me and asked me if I need any assistance. He also gave me useful tips in order to make more profitable trades. I was earning really well and I thanked this broker for that. However, when I tried to withdraw already, the broker did not release my money. Instead, they terminated my account.
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Author dari ACM Forex: Prashat | Tanggal 2021-02-08
Never have I thought that I will end up with a fraud broker. When I opened an account at ACM Forex, this company looked reputable. They have great offers and even after opening an account, I saw that they have a good quality platform. I don't understand why they had to deceive their clients when they could just offer legitimate brokerage services. All I hope now is for its owners to be arrested.
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Author dari ACM Forex: Karam | Tanggal 2021-02-01
When an investigation on ACM Forex was occurring, I had high hopes that we could still get our money back. But for some reason, the broker managed to get away and I did not receive a single penny from them. I invested quite a huge amount on this broker so this was really a huge loss.
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Author dari ACM Forex: Afsana | Tanggal 2021-01-26
ACM Forex had amazing trading services. I must say that their platform ran smoothly during my trading experience, and it is a shame that this company is not legitimate. I thought I finally found a broker that has favorable trading conditions but instead, I only found a fraud broker that will never return my investments.
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Author dari ACM Forex: Lanzed | Tanggal 2021-01-11
I did not know that ACM Forex already lost their license when I opened an account with them. I never imagined that I will end up opening an account with a fraud. I was really clueless because this broker did not look suspicious at all. They were regulated and their website really looked professional.
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Author dari ACM Forex: Sauz | Tanggal 2021-01-21
I think this is how they tricked most of their clients. I did not know about the loss of license. All I know is that they were regulated. Unfortunately, it was only their way to attract clients and I was foolish enough to have fallen for this. But I guess we can't be blamed also because this company appeared reputable.
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