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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.
Tác giả of ACM Forex: Monik | Ngày of  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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Tác giả of ACM Forex: Phyto | Ngày of  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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Tác giả of ACM Forex: Rokov | Ngày of  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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Tác giả of ACM Forex: Sneha | Ngày of  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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Tác giả of ACM Forex: Corb | Ngày of  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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Tác giả of ACM Forex: Corb | Ngày of  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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Tác giả of ACM Forex: Corb | Ngày of  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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Tác giả of ACM Forex: Jak | Ngày of  2019-04-15
Bad guys. but regulation in different countries is even worse. Somewhere deprived of the license, but somewhere I continue to work for many years. This is strange. Need a single commission.
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Tác giả of ACM Forex: Khaled | Ngày of  2019-04-11
Those people are just heartless. My dad has been a victim and he is devastated until now. He kept apologizing to us for being a fool and losing a huge amount of money. My mom and my siblings have already accepted the truth and would already want to leave the past behind. But whenever we see our dad suffering because he is so disappointed in himself, it just breaks our heart. He was choosing between starting a business and investing in trading and he chose the latter. That is because he was successfully convinced by those fraudster that he will receive secured returns at the end of every month. He deposited a total of $5000 and lost them all.
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Tác giả of ACM Forex: Pina | Ngày of  2019-04-02
ACM Forex really went all out in deceiving their clients. They faked their credentials to make themselves look reputable and trustworthy. They lied about their affiliations and even the staff's citizenship. And I must say, they really made the effort to train their representatives so that they will sound believable. To be honest, they are actually knowledgeable on the forex market and they were able to answer all my questions. That is also why I fell into their trap. They just sounded so legit and I thought I could have a bright future if I invest with them. But in the end, I was scammed and I lost $2000 in a snap.
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