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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: 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.
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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.
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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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Pengarang of ACM Forex: Senko | Tarikh 2019-06-11
They claimed to be regulated when FINMA actually refused to give them license. I invested more than $2000 on my account and everything was put to waste. At first, the platform was malfunctioning, didn't execute orders properly which resulted to great losses. This went on for a while and when I complained, my account was suspended for two weeks. I have been asking them the reason they suspended my account but they did not give a clear answer. When I got my account back, the balance was already down to $200. They never answered to any of my inquiries after that.
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Pengarang of ACM Forex: Fralynn | Tarikh 2019-06-06
The support team of ACM Forex is exceptional. They have the most outstanding customer service I have ever received. But this great feature is all in vain because this broker is a fraud. Indeed, their top quality support service exists only to fool clients and attract newcomers. When they already got what they need from us (i.e. our deposit), they would unreasonably terminate our account and we won't be able to reach them anymore.
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Pengarang of ACM Forex: Junhem | Tarikh 2019-05-27
Two of my friends were former clients of this broker. They were able to exit the company even before the fraudulent scheme was rampant. Although they still were not able to get all of their funds-- only a small percentage of the total. From what I heard, they had a really hard time waiting for the release of the funds. It took months before it was given to them and it wasn't even in full amount. They still tried to take what's left but the issue blew up and the company completely stopped releasing any money. In a way, they were still less unfortunate for they were able to at least take back a percentage.
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Pengarang of ACM Forex: Monik | Tarikh 2019-05-15
I don't just hate them, I abhor them. What they did to me and my fellow traders is beyond forgivable. I don't think I have that kind of heart. I want to see them get punished. I want them to repent on their wrongdoings. But how will that ever be possible when even with articles like this, nothing could still be done? They were able to get away with it leaving huge damages to their clients. Will we ever find hope again?
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Pengarang of ACM Forex: Phyto | Tarikh 2019-05-08
My problem during my trading at ACM Forex is the platform and the withdrawal. The platform was really troublesome to begin with. It had frequent occurrences of lags and freezing which resulted to huge losses. But then the bigger problem is them not releasing my funds when I decided to close my account. They only replied to me once to tell me that they cannot process my request and never answered again after that. I also heard that many other clients had trouble with their withdrawals then media reports spread out. I knew by then that my withdrawal had no hope.
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Pengarang of ACM Forex: Rokov | Tarikh 2019-04-30
I was a trader at ACM Forex. But my stay with them didn't even last a year. I had a good start. The spread was low and there are no commission fees. I started with $1000 capital. I worked hard to study the market and let my investment grow. After a few months, I was able to earn 50% of my initial capital. I decided to withdraw $250 but they declined the request. It became hard to contact them until no one answered anymore. Then months later, the company closed down and I lost my money.
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Pengarang of ACM Forex: Sneha | Tarikh 2019-04-23
ACM Forex really did have a good trading environment. I think most of their previous clients would say the same. The platform was superb, allowing customization and with different trading tools and indicators. The spread is not the lowest but still competitive with its peers. The problem really is just that they ran away with all our funds. I could have forgiven a poor platform but not a fraudulent broker. I don't know if this was their original intention but be it or not, the bottom line is they stole their clients' funds. That's a criminal offense and they should be punished.
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Pengarang of ACM Forex: Corb | Tarikh 2019-04-17
I invested a total of $2000 with ACM Forex. I honestly did not have a good start. The market was always moving against me and I have been losing quite a lot. I was new to trading and I thought that these losses were just results of my incapabilities. But as it turns out, the broker actually manipulates the platform. While trading, the customer support staff even pretended to console me and provided tips. I had no idea that no matter what I did, I was bound to lose. It is still very frustrating but I already accepted that I will never get back any of my fund.
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Pengarang of ACM Forex: Azuli | Tarikh 2019-06-25
This is almost exactly what happened to me as well. They even gave me links on video tutorials to help me study more. They also told me that the errors in the platform is caused by my slow internet connection but when I test the speed, everything is fine. They insist that the problem is not on their end. There were even some trades that I don't really remember ever making. I think that is their doing as well. I stopped complaining to them already because they just pass the blame on me.
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