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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.
Pengarang of ACM Forex: Reinaly | Tarikh 2020-06-30
I have been with ACM Forex for almost a year and my trading experience was average. Although small, I am still able to profit. However, issues regarding the withdrawal of clients' funds emerged. There were complaints here and there. At the same time, the customer service has become poor. Until one day, the company just disappeared and took all of our money.
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Pengarang of ACM Forex: Ranny | Tarikh 2020-06-26
My trading experience at ACM Forex only lasted for four months. The broker suddenly disappeared and there was no more way to access our funds. It definitely was devastation because we were left hanging. Also, ACM Forex appeared reliable so it was very surprising that they did something like this.
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Pengarang of ACM Forex: Gurelle | Tarikh 2020-06-15
Thankfully, ACM Froex is now out of the industry. I traded with this fraud broker and deposited a total of $2500. The problem started when I tried to withdraw my fund and demanded for the release. At this time, they have suspended my account and when they gave me back my access, nothing was left of my balance and they said that it was because of a trade that was left open and the charges they made because of my violation. Naturally, there was nothing for me to withdraw because they took my fund.
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Pengarang of ACM Forex: Tony | Tarikh 2020-06-08
My total deposit at ACM broker is $1600. This is a huge amount for a regular trader like me. I invested this much because I believed that this broker is reliable and I am confident with my trading skills. However, no matter how great you are with trading, no matter how high your profit rate is, this would all be in vain if your broker never had an intention to return your money. Unfortunately, I ended up with a fraud broker and everything I worked for was gone.
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Pengarang of ACM Forex: Carole | Tarikh 2020-06-02
I traded at ACM Forex for about almost a year. Their trading platform was already not perfect from the beginning but I still continued trading because there are times when the tool's condition is good. My trading experience at this broker is not the best. I lose a lot and profit by a little amount. I only stayed because I did not want to go through the hassle of finding another broker again. But opening an account at this broker was a mistake. Even if I had wanted to leave back then, I probably wouldn't be able to do so because the broker won't release my money. Why? Because this is a fraud.
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Pengarang of ACM Forex: Scelo | Tarikh 2020-05-25
Who would have thought that a broker like ACM Forex with impressive publicity and claimed reputation would turn out to be a fraud? I traded with this broker for more than a year and all along I thought that I was really making money. I thought that I finally had something worthy to invest in. But then when I tried to withdraw my profit, the broker did not allow it. I made a few more attempts and the broker always rejected it. Not long after, my account was terminated as well.
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Pengarang of ACM Forex: Seghier | Tarikh 2020-05-18
ACM Forex was the second broker to fail me. My previous broker turned out to be a fraud and now, I once again dealt with a swindler. I swear that I did my research and this broker really did appear reputable. As a matter of fact, there were more positive reviews than negative ones. That is why I was very confident about choosing it. I also had a great experience is the first six months of my trading experience at this broker. Everything was going well. The platform was quite stable and the customer support can be easily reached. But then everything just suddenly changed. The support team was no longer responsive. A few more days later and I was already having difficulties in logging in to my account. Until the company has completely disappeared.
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Pengarang of ACM Forex: Vibha | Tarikh 2020-05-11
My account manager was one of the people that I have trusted the most. I believed in him and in his promise to help me throughout my trading experience. On the first few months, he did what he promised but then after a while, I could no longer contact him. I also started to lose my funds and when I wanted to withdraw my remaining balance before I lose everything, my account was suspended. I never had access to it ever since.
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Pengarang of ACM Forex: Edcel | Tarikh 2020-05-04
I only realized that there was something wrong about this broker when I already made a withdrawal request. The first two disapproval was understandable, but to reject the request over and over again without providing a valid reason was already suspicious. After a few more attempts, my account was suspended. After a week, I got back the access but my balance was already zero.
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Pengarang of ACM Forex: Astrid | Tarikh 2020-04-27
I felt so betrayed when ACM Forex abandoned their clients. I have been with them for more than a year and I did not suspect them of being a fraud because I had a great experience. My account manager did stop me once from withdrawing my profit but her reason was valid and it made sense. Little did I know that it was because they never wanted to release any money to us. In total, I have deposited $1200 and all of it was gone just like that.
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