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 dari ACM Forex: Virag | Tanggal 2020-03-30
I had an account at ACM Forex a few years ago. I was able to trade with them for more than a year. My whole stay was normal. I did not notice anything unusual. I was trading well and earning at a decent rate. However, their customer support is already a bit unreliable during that time. They are slow in responding to concerns but I just let it pass as long as I am earning. It was only when I made my first withdrawal request that I realized I traded with the wrong broker. They rejected my request twice and on the third try, they terminated my account.
Author dari ACM Forex: Emer | Tanggal 2020-03-24
I started Forex trading with a different broker. I did not like my broker back then because their platform is terrible. That is why I looked for another broker and found ACM Forex. It seemed reliable and the services they offer are interesting. I have also seen many positive feedback about this broker so I didn't think they would turn out to be a fraud. I should have just stayed with my previous broker. At least, they were honest.
Author dari ACM Forex: Anni | Tanggal 2020-03-20
I traded at ACM Forex for less than a year. In terms of trading activities, there is not much of a problem in the trading platforms. My major problem with this broker was their unreasonably high trading spreads. The spread varies and could up to two digits which makes it almost impossible to earn anymore. Despite the complaints, this issue was not resolved hence I decided to close my account and withdraw my remaining balance. This is where the broker showed their true color. They did not allow me to take my fund but they closed my account. After that, I was never able to contact them again.
Author dari ACM Forex: Cobson | Tanggal 2020-03-12
The best part about ACM Forex is their quality customer support. They have a high response rate as how I see whenever I try to reach them. However, this is only one of their ways to make sure that their clients would stay. They appear to be reliable so that their clients would follow their advise. But then once you insist on withdrawing your profit, this is where they start to show their true color. They will always disapprove the requests and sooner or later would suspend the trader's account which would not be retrieved any longer.
Author dari ACM Forex: Ashowe | Tanggal 2020-03-02
The problem I encountered at ACM Forex was the release of the fund. I have been trading with them for more than a year already and never did I once attempt to withdraw my profit. However, when we had an emergency in my family, I needed to withdraw some. The broker did not make it easy for me. In fact, they never released my money. I waited for a month before they process my request. It was undergoing processing for almost a month then they rejected it. I tried again and the same thing happened. On my third attempt, my account was suspended.
Author dari ACM Forex: Ritva | Tanggal 2020-02-18
I am not hoping anymore that my fund will be returned to me. I've lost hope on that long ago. But I am still wanting to see the owners of ACM Forex be punished and get what they truly deserve. It is very unfair that despite how apparent it is that they are a fraud, no legal actions been done yet. Was it settled? Did the broker pay their way out of this case? I lost a thousand dollars and this amount is a huge amount for a regular trader like me.
Author dari ACM Forex: Angie | Tanggal 2020-02-13
I started an account at ACM Forex in 2016. My trading activities with them lasted for almost a year but the latter months have been terrible. Their platform became very shaky and I started to keep losing my trades. I lost more than a hundred dollars in just a month. I complained to the company but they passed the blame on me. They did not take responsibility and even told me to change my trading device. I was using a computer with high specs that time so they can't tell me that my device is the problem. I was never able to retrieve any of my fund because the company stopped answering to my messages.
Author dari ACM Forex: Ardy | Tanggal 2020-01-27
For the past two years, I did not engage in any financial investment because of the trauma that I got from ACM Forex' deception. This was my first broker and I really invested quite a huge sum of money on them because I trusted them. I was constantly reassured by my account manager that he will take good care of me and help me prosper in Forex trading. But I trusted the wrong broker and lost everything.
Author dari ACM Forex: Chester | Tanggal 2020-02-26
Same here. I got too afraid to try any investment again because I lost trust to anyone. I felt like every company would only try to take my money. My experience at ACM Forex left a scar and it took me a while before overcoming it. I lost more than $500 at this broker and they even tried to put the blame on me when I was complaining about the loss of my fund despite not doing any trading activities.
Author dari ACM Forex: Fourie | Tanggal 2020-01-22
My account manager just left me hanging. He promised me that he will guide me throughout my trading journey so I followed his suggestions of depositing more money. In total, I deposited $1200 and all of it was gone. One day, I just couldn't reach my account manager then after a few days I also lost access to my account. The support was unresponsive as well so I had no idea what happened to my account.
Author dari ACM Forex: Tudose | Tanggal 2020-01-14
ACM Forex was my second broker. I thought that this was a better broker than my last because they had impressive claims. And besides, when I talked with their representative, she sounded very confident. But as it turns out, it was a lot worse than my previous one. Never have I imagined that I will ever deal with a fraud broker. I deposited a total of $2700 to my account and it was all gone just like that. ACM just disappeared and my fund was gone with them.
Author dari ACM Forex: Malvin | Tanggal 2020-02-05
They have well-trained customer support representatives and I think this is their strategy to attract new clients. We usually trust people who talks with firmness because they appear trustworthy. This is also how I was fooled and now I am cautious even when talking with representatives. It is still most important that we check their legal attributes and check what other users are saying about them. I have now learned how to distinguish real reviews from those that are fabricated. Gladly, I am now trading with a good broker.
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