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.
Pengarang of ACM Forex: Uyirfo | Tarikh 2019-09-16
I deposited more than $5000 on my account at ACM Forex. For more than two years, I never cashed out any of my funds because they said that keeping the funds in the account contributes to the profitability. However, I had an emergency where I needed money so I decided to request for a withdrawal. It was rejected multiple times until the broker closed my account. I never had access to it ever again and the broker never contacted me again.
Pengarang of ACM Forex: Wayne | Tarikh 2019-09-05
4XP should have never existed in the first place to save all the victims from being scammed. I wonder how anyone could stand deceiving other people to serve their own interests. Do they not have a heart at all? My friend was one of their clients and she worked really hard to make profitable trades and saved up from her salary to fund her account. But all she got was deception and theft. She was never able to make a single withdrawal thus all of the effort and time she spent on trading with this broker were put to waste.
Pengarang of ACM Forex: Gerem | Tarikh 2019-09-05
One can only wish that he never did any business with a fraudulent broker. If only I could turn back time, I would no longer involve myself to the Forex market. What I experienced at ACM Forex was traumatizing. For a regular employee like me with average wage, I simply hoped to have an extra source of income by venturing towards Forex trading. But since I had a horrible experience, I don't think this industry is suited for me. I probably am not meant for this. I lost more than $5000 and I will never get that back. To the people behind this company, you should be punished.
Pengarang of ACM Forex: Wesem | Tarikh 2019-08-27
The memory that ACM Forex left to me was horrible. Investing at this broker is by far my biggest failure in life. I invested a huge amount of money (plus the time and effort) on the wrong company. This incident is honestly traumatizing. I have completely lost interest on any kind of investment. I am even having a hard time building my trust again with my bank because they have been the middleman between me and the broker.I simply hope that frauds like this broker just stop what they are doing and that no more people fall victim to this.
Pengarang of ACM Forex: Derbi | Tarikh 2019-08-19
I wish I was able to withdraw my money from ACM broker before they disappeared. I should have listened to the complaints of other traders right from the start. I ignored them because I was trading fine and I was able to withdraw $200 long before. I never thought the broker I trusted would do something like this. I feel betrayed and frustrated.
Pengarang of ACM Forex: Acenti | Tarikh 2019-09-10
I'd say they allowed small withdrawals to not completely lose the trust of their traders. But if you go beyond a thousand dollars, then you will never hear from them again. I had more than $10,000 on my account and it all disappeared together with the disappearance of the broker. I was devastated but I knew that I still can't do anything. If you see, a lot of clients have already reported the issue but nothing still happened. So I just accepted my defeat and tried to move on. But I will make sure to bring this lesson to me. I'll make sure I won't fall victim to another fraudulence.
Pengarang of ACM Forex: Iverson | Tarikh 2019-08-07
The last time I had access to my trading account was in October 2017. Months prior to that, I had already been struggling with my withdrawal request. They kept declining my requests with no clear reason. At the same time, during those months, the platform had also been problematic. It had a lot of technical issues so the trades I made were all losing trades. In the end, I lost my access and never got my money.
Pengarang of ACM Forex: Falgon | Tarikh 2019-07-31
Back in the time when I was looking for a potential broker, I already saw some negative feedback on ACM Forex. But I ignored them because there were negative feedback on every broker I looked up. So I thought that it could be just some false accusations. I was blinded by the promises of low trading costs, stable platform, and many other quality service. To be fair, trading at this broker was smooth-sailing. It was true that the fees were low and the platform is great. However, they won't release funds. I requested for a withdrawal of only $500 but it was denied repeatedly. Now they are gone and so are my funds.
Pengarang of ACM Forex: Ugene | Tarikh 2019-08-16
Same experience here. They made us all feel comfortable and safe in their facade of having a great trading environment. Trading was very convenient and it was too good to be true (which happens to be a reality). If only I could turn back the time, I would not ignore the bad reviews anymore and would opt for a more trusted broker.
Pengarang of ACM Forex: Jenaha | Tarikh 2019-07-23
I need to know what happened to my funds! I thought that the mess I made in my trading activities was solely my fault. I though I was just incompetent and lacking with skills that is why I couldn't do it right. The representatives even dared to give me tips on handling losses. But as it turns out, they actually manipulated our platforms without us noticing it. Now they left their clients behind taking away our funds. If this isn't an act of fraud, then I don't know what is.
Pengarang of ACM Forex: Jaehil | Tarikh 2019-07-17
We really do make bad decisions at least once in our lives, don't we? Trading at ACM Forex is the decision that I will regret the most. This company took over $5000 from me including the supposed profits that I earned. I am trying to look at the brighter side and look at this downfall as a learning experience. Now, I will be more careful so as to not meet a fraud company again.
Pengarang of ACM Forex: Tedang | Tarikh 2019-06-18
I already know that there is no more hope in retrieving our funds but it is just so infuriating that I still can't have the courage to enter financial investment again because of the fear of being scammed once again. I know that there are many reputable brokers out there but ACM Forex once had a good image as well. Yet look how it ended up. Right now, I am just thinking about starting up a business and let my money grow there because I still can't entrust my money to any other investment firms.
Pengarang of ACM Forex: Jandi | Tarikh 2019-07-01
I understand how you feel. It really is traumatizing. We are not this frustrated because we are materialistic but because the money that we invested on this broker is not just picked up on the road. We worked hard to earn it and we simply wanted to have more financial security by investing on Forex market. I hope ACM Forex would be duly punished.
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