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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.
Autor de  ACM Forex: Ajita | Fecha de   2020-09-14
I invested $500 on ACM Forex. My account manager used to be very accommodating and she was the one initiating to provide me with learning materials. However, this only lasted for about two months. After that, she became hard to contact. She would only contact me when she is trying to encourage me to deposit more fund. But when I ask questions, she wouldn't answer anymore. I let it slide because I can still earn even without her. But the problem is when I tried to withdraw my profit, the company did not let me anymore and my account was suspended.
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Autor de  ACM Forex: Bint | Fecha de   2020-08-31
Well, I guess I needed to experience being deceived by a broker first so that I would be able to learn my lesson. I used to be very impulsive in my decisions and I am careless. I started an account at ACM Forex without looking at their background. I did not check what the other users have to say. All I cared about was that they have a working trading platform. So here goes, after a few months, I realized that something was off about this broker. I also started to hear about other clients' complaints. I tried withdrawing my profit but only ended up with a closed account and no money released.
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Autor de  ACM Forex: Najel | Fecha de   2020-08-25
ACM Forex is gone now but we don't know if the owners have started another company to continue their fraudulent scheme. I trusted this broker and I genuinely believed that I finally got the opportunity to invest on something. My account manager was very pleasing to talk with and she made me believe that I was really taken care of. But in the end, it was all just an act and what they truly wanted is just to embezzle their clients' capital.
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Autor de  ACM Forex: Almira | Fecha de   2020-09-07
That is my same concern and I am honestly scared that I might bump into them again. I am very hesitant to open an account because I am afraid that the new company I would be dealing with would turn out to be the same owners as ACM Forex. I think the only way to avoid this is to open an account on companies that has been in business for long years. The only problem is that they usually ask for high capital which I may not be able to afford.
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Autor de  ACM Forex: Alifia | Fecha de   2020-08-18
There are many fraud brokers that amazingly appear reputable. Before, I was also naive when it comes to this and I ended up trading with ACM Forex which turned out to be a fraud. I was deeply discouraged during that time but because of my desire to invest in the Forex market, I was able to get back up. This time, I have learned my lesson and became more careful.
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Autor de  ACM Forex: Crysant | Fecha de   2020-08-10
A few years ago, I had an account at ACM Forex which later on was also terminated. I deposited $500 at this broker and made my trades normally. Then after a few weeks, a representative contacted me to encourage me to deposit more funds. I refused multiple times and the representative started being aggressive. In the end, the broker terminated my account without giving back my remaining balance.
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Autor de  ACM Forex: Bianka | Fecha de   2020-08-04
ACM Forex started to be a topic in the forum that I am a member of. Other clients have been complaining about the broker and asking other users if they are having the same problem. Surprisingly, many responded and most of them were complaining about their withdrawals. I didn't know back then that there was a problem because I haven't tried withdrawing anything. When I did try to take my profit, the broker did not allow it. They made a lot of reasons for not releasing my fund. In the end, I was blocked from using my own account.
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Autor de  ACM Forex: Varun | Fecha de   2020-07-27
Naturally, I am not expecting that my money would still be returned after ACM Forex ran away. But I want to share my experience so it can serve as a warning to other traders. ACM Forex was one of the brokers that appeared reputable. When I visited their site, there was nothing suspicious and their promos are even attractive hence I opened an account. My trading activities went well for almost a year but this pleasant experience suddenly changed after my first withdrawal request. They denied this request and after that, my platform has become shaky. I was not able to make a decent trading activity after that.
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Autor de  ACM Forex: Nicson | Fecha de   2020-07-20
For now, I won't be venturing the Forex industry again. My experience at ACM Forex was too devastating for me to have the courage to trade again. I trusted this broker so much because for a while, this broker was reliable. I was well taken care of by my account manager and she provided me with materials that could help me. I made three deposits in total and when I decided to withdraw my fund, it was not permitted. They gave me various reasons. Then eventually my account manager was unresponsive as well as the customer support.
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Autor de  ACM Forex: Ganel | Fecha de   2020-07-16
Currently, I am working with an outstanding broker. It took me a long while before getting back the courage to start trading again. ACM Forex gave me a traumatizing experience and damaged my overall capacity to trust. I lost a huge amount at ACM and I don't even know if this broker has been punished accordingly. But at least now, I am with a broker I could fully trust and thankfully, I am doing well now.
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Autor de  ACM Forex: Cellion | Fecha de   2020-07-06
The amount that ACM Forex is small relative to the other clients' losses but this amount was not small for me. This was a huge part of my savings and I regret it so much that I only lost it to a fraud broker. I deposited $400 on this company and at first, the trading activities seemed. I was able to win a lot of trades. But it did not last long as the platform started acting out. It does not execute orders and it closes trades on wrong positions. Well, what else could we expect from a fraud right?
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