2009-04-05: There was a police raid against AC Markets. We have an article in our forums about this issue, along with a response from ACM.
The FPA recommends using a reasonably high level of caution dealing with this company until more facts come out.
May 2009 Update: AC Markets appears to have created over a dozen fake FPA forum accounts used to make fake postings by "satisfied customers". The FPA considers such an action to be extremely unethical and recommends extreme caution dealing with any company that would do such a thing.
November 2010 UPDATE:After ACM was denied a license by FINMA, it was sold to SwissQuote.ch
We are waiting to see if SwissQuote can fix some of ACM's other issues or not.
December 2010 UPDATE: It looks like ACM came out the winner against MexBank and may not be responsible for any losses incurred by MexBank customers. This doesn't free ACM from their irresposible actions in the FPA's forums.
We do not have any experience with this broker. If you used them, please submit your review below.
Sam WEalthy, Canada
Rating:
Date of Post:
2011-05-23
Review:
i opened an account with ACM for 7 months so far , and they are ok with me , the customer service are good , but wts important is the execution and so far they are fair with me, i like them ,
Anonomos, NYC
Rating:
Date of Post:
2011-03-11
Review:
I Worked at ACM, you should know and understand they are taking your money, if they raided the geneva office went down the first hall on the left past the first conferance room , there was a "trading desk" with black plastic up on the windows inside you'd find the scumiest activities possible.. the things I saw and heard there are unbeleavable. my very soul was disturbbed to work there after finding out what was actually going on! the salesman (brokers) are lieing scumbags, I know I was one of them!!!! Stay away! NFA sham on you for letting them exsist in this country also! to close and open under a new name, to close once more and reopen with a new name...terrible lamarcas sham on you
olivier , china
Rating:
Date of Post:
2011-01-18
Review:
Dear Ilya Paniotov :
I would like to tell you I meet the biggest scam and frauds from ACM
Could you contact me :olivierchen007@gmail.com
I will do my best to support you and go together to tribunal court
I have already mail to www.mcswisslaw.com
Thank you to reply by mail !
John Karopczyc, Long Island, NY
Rating:
Date of Post:
2010-12-10
Review:
I've been trading ACM for a while now and have been following this case just to make sure everything was ok with my investment. I found this which basically clears ACM and confirms the point that there was no wrong-doing on their side. The Swiss judges that raided their office completely geeked it.
Full info here: http://www.courthousenews.com/2010/12/02/28Million.pdf
page 2, para 3: "Moreover, Defendants reported to their customers that in November 2008, that they incurred huge losses, approximating 99% of most customer account balances. In numerous reports to customers, Defendants attributed these losses to alleged wrongdoing by Advanced Currency Markets ("ACM"), a Swiss forex dealer with which MXBK traded its pooled forex accounts over the internet. However, Defendants last traded with ACM in February 2008, and, from March 2008 through October 2008, they lost more than $18 million trading with other forex dealers. Defendants also lost approximately $493,000 trading forex in November 2008 and approximately $1 million trading forex from December 2008 through April 2009."
I've traded with other brokers (FXCM and Dukascopy) - they're all ok but I like the customer support ACM offers and their platform the best. Trading conditions are the same as any established broker.
ILYA PANIOTOV, New York
Rating:
No Rating
Date of Post:
2010-10-03
Review:
If you still considering to be a client of ACM, think again.
ACM still undergoing in criminal investigation and a trial in a CRIMINAL COURT in Geneva.
If you have in your contract with ACM - they can close your open positions at any time and close your account at any time, and why this paragraph exists in a trading agreement ???? - just ask them to remove that paragraph from your contract and see what they say.
This paragraph give them power to "Cash In on your money" at any time they want or when they need extra cash for they business.
Take your money and RUN from ACM, they are FINISHED,
JUSTICE WILL PREWAIL in CRIMINAL COURT.
2010-10-01 00:00 No rating FINMA not granted a banking license to ACM
2009-05-22 12:00 1 Star New Criminal cases has been filed against ACM.
ACM - this accounts was manipulated by ACM dealers
If you are owner of listed account, you may consider to contact to Swiss Police to investigate activity on your account, or Monfrini Crettol & Associes Monfrini Crettol & Partners - Attorneys at law in Geneva, Switzerland
2008-01-19 1 star ACM - THEFT BY DESIGN. ACM the business of currency broker is unregulated in Switzerland.
They are regulated by the Swiss Federal Department of Finance => only for money laundering procedure.
FOREX trading is UNREGULATED in SWITZERLAND.
On January 16 2008 they posted new changes for margin requirements http://www.ac-markets.com/online-forex/spread-rates.aspx
This will create massive margin calls on existing accounts.
On past weekend they change margin over weekend without any notifications from 1% to 2%. Then they send me new requirements for open positions, and they bump margin requirements to 5% on the same account balance,because they want to force me to close my open positions.
I'm trading with them for 2.5 years, large account. Today they give me notice off closing my account, because SWISS atterney start to get involved. This changes indicate that they have not enough CASH to cover your positions with inter banks, and they need clients money.
If you have the same problem or other problems with ACM, please contact me.
Swiss law firm collecting information on ACM www.mcswisslaw.com to take them to court for SCAM & FRAUD activity.
As an ACM representative, please find the company's official statement below:
ACM, Advanced Currency Markets, is still undergoing the process to become a Swiss bank.
Recent press articles surrounding ACM's status have evoked events that took place several months ago. Following FINMA's preliminary review as of December 2009, ACM was found not to satisfy all the requirements for Swiss bank status due in part to impediments arising from ACM's cross-continental and cross-jurisdictional, global presence.
Since that time, the firm has effectively adhered to all banking regulation required by FINMA and its activities continue without restriction.
ACM has and continues to work closely with the regulator and has taken all necessary measures to resolve outstanding issues. An independent 2010 audit confirmed that the firm fully complies and fulfills all necessary requirements - be they structural, organization or financial - for its banking license.
ACM is confident in the positive resolution of this case and optimistic about the company's future.
In the interim, the largest retail Forex broker in Europe continues normal business operations and trading.
ACM recently launched a new Web-based trading system as well as added several new features to its revamped homepage.
www.ac-markets.com
Luke Rhinhart , zurich
Rating:
Date of Post:
2010-09-29
Review:
ACM have been refused the banking licence and could soon have to pull the shutters. The company publicly admitted to this today. They are appealing the decision (what else would one expect) and if the appeal is refused they have decided to plea to the Supreme Court of Switzerland. ACM's management seems, nevertheless, fairly confident that they will prevail. However, I feel that a broker that not only reaps trouble for itself but has a tendency of reaping money off the profits of its client should close down. Let the courts decide.
Diego, Argentina
Rating:
No Rating
Date of Post:
2010-08-10
Review:
I have a real account with ACM and yesterday i took a position in eur/usd with a TP and SL and when I open back my platform I find out that there was a slippage of 25 pips of course against me, I call them and they said to me that this is the way the platform works and that they will not reverse the problem.
Im studying if i can place a demand on them.
MARK, WASHINGTON
Rating:
Date of Post:
2010-05-31
Review:
I have had nothing but a very positive experience with this company. No gliches so far and quick positive results on every problem I needed help with.
Risk Warning. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all
investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in
foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you
should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign
exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Disclaimer All information posted on this website is of our opinion and the opinion of our visitors, and may not
reflect the truth. Please use your own good judgment and seek advice from a qualified consultant, before believing
and accepting any information posted on this website. We also reserve the right to remove, edit, move or close
any post for any reason.
Advertisements Warning Advertisement links are displayed throughout the site. Some pages in the site may contain affiliate
links for products. These advertisements and/or links do not reflect the opinion, endorsement, or concurrence of this website or affiliated
parties. The FPA's reviews are never influenced by advertising. Some ads might contain potentially misleading and/or unbalanced claims and
information that may fail to disclose risks and other important considerations involved in speculative trading.
Spammers be Warned If you spam the FPA's forums or reviews, we reserve the right to edit your post in any way we please
to make fun of you. By spamming us, you agree to any edits we make and to take no legal or other actions against the FPA or its
associates for anything we do to or with your spam.
Disclaimer and Risk Warning. Please read.
Risk Warning. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Disclaimer All information posted on this website is of our opinion and the opinion of our visitors, and may not reflect the truth. Please use your own good judgment and seek advice from a qualified consultant, before believing and accepting any information posted on this website. We also reserve the right to remove, edit, move or close any post for any reason.
Advertisements Warning Advertisement links are displayed throughout the site. Some pages in the site may contain affiliate links for products. These advertisements and/or links do not reflect the opinion, endorsement, or concurrence of this website or affiliated parties. The FPA's reviews are never influenced by advertising. Some ads might contain potentially misleading and/or unbalanced claims and information that may fail to disclose risks and other important considerations involved in speculative trading.
Spammers be Warned If you spam the FPA's forums or reviews, we reserve the right to edit your post in any way we please to make fun of you. By spamming us, you agree to any edits we make and to take no legal or other actions against the FPA or its associates for anything we do to or with your spam.