ACM Gold, having won best African broker award 2012 and recently being known as Africa’s biggest and best broker, is of late put into negative limelight by ex-partners.
This coverage is brought on by baseless comments lacking proof. The many practices highlighted in the article that were done ‘supposedly’ by ACM Gold Ghana have no supporting evidences leading many to question the authenticity of the so-called study. Furthermore, it will be deeply appreciated if the link of the main study which was apparently published in Ghana business review is stated, as a reference, by the author.
In reality, many of the false issues that were highlighted which included manipulation of trades and accusing ACM Gold’s backend operation were just mere reasons to put ACM Gold under fire for the mishandlings by its ex-partners – which led ACM Gold to break partnerships with the actual culprits.
Trying to look on the other side of coin, it was discovered – with proofs – that the IB who was handling ACM Gold’s business in Ghana and for whom ACM Gold had created a website
www.acmgold.com/ghana in pure goodwill, was the one who successfully conspired to attain all of the deposits of ACM Gold Ghana’s clients. This was in fact possible as the IB was one of the signatories of ACM Gold Ghana’s depository accounts, and falsely removed other signatories of this account including the Director Ms. Hina Kassam and withdrew cash instead of paying clients. After this, ACM Gold had no choice but to minimalize its operations in Ghana. ACM Gold Ghana tried very hard to get in touch with the bank operations there and tried to sort out matters with the IB, but to no avail as both the stated parties did not communicate back.
Moreover, the other ‘proofs’ highlighted by the author which include;
1. A bank statement showing the IB presenting $2500 to ACM Gold is unsubstantiated as previously the author himself has stated that a sum of $1 million has been swindled from clients. Moreover, ACM Gold has stated that the IB being the signatory has managed to attain all the deposits and refusing to give access to ACM Gold– so the point of showing this statement is known perhaps only to the author.
2. Another one of the ‘evidences’ attached by the author showing a list of clients from the ACM Gold CRM (given to IB as a gesture of goodwill) are stated by author as being deceived by ACM Gold. Not only can this action of the author lead to ACM Gold suing the IB for infringement of the rights bestowed to him, it is also unethical as the IB was given the access of CRM in good faith. In addition to this, merely showing the list of clients has no meaning in its own.
3. The Letter of the client – what does it prove apart from the fact that Ghana clients are disturbed by the whole episode? It is clearly NOT showing that ACM Gold is responsible for the mess – the following communication between this client and ACM Gold is missing wherein ACM Gold has clearly stated that the IB, being the signatory of the deposit account, has managed to attain all funds blaming it all on ACM Gold.
4. The website of ACM Gold Ghana – there is no need to attach the pdf as it is available on the net as
www.acmgold.com/ghana. What does this prove apart from the fact that ACM Gold has clients trading in Ghana for whom there is a website as well? As mentioned before, the website was initially created as a goodwill gesture for the IB but even later when the partnership curtailed, the website continues to stay for its existing happy clients. The website does not state anywhere that it is physically present, but is created just for its exclusive Ghana clients.
Some other facts about the IB in focus
- There are instances in which the IB has proven his ethical standing. There are numerous occasions on which the IB has used ACM Gold’s marketing funds for his personal work
- ACM Gold has launched a case against the IB and that is precisely why he is trying to get negative publicity for ACM Gold. The IB is clearly trying to create a scenario where he is sabotaging ACM Gold’s repute to save himself from persecution.
- Many of the matters featured include subjects like exploitation of customers and employees but are redundant to begin with. Speaking about employees, ACM Gold Ghana never hired any employees on their payroll there as they were working through an ‘Introducing Agent’ who was responsible for his own business, and this can be proven by ACM Gold Ghana unlike the baseless claims of the article in focus. Hence, any claims that this article reflects back on the IB himself. Coming towards clients, ACM Gold Ghana was never directly in touch with them as they were working through the IB but even so they remain ACM Gold Ghana’s clients still re-depositing is an active part of a Forex broker’s strategy. However, it has been stated in the most demeaning way as clients are never ‘forced’ to deposit, as there is no way of ensuring that.
- The point of stating ACM Gold’s website credentials is irrelevant and redundant to the highest degree when all the relevant sites are available of
ACM Gold Road Map roadmap. The person is clearly trying to defame Mr. Pardesi by involving his name.
ACM Gold, which has created a niche for itself by becoming the fastest growing broker in the African region, has absolutely no reason to intentionally ruin its image and lose clients in that very particular area. ACM Gold, which also has regulations in South Africa, Financial Services Board (ACM Gold Forex Trading Pty and ACM Gold are two separate entities) and Mauritius, Financial Services Commission, is a fully regulated broker with thousands of clients and IBs around the globe. Being a professional Forex broker that it is, it does not unscrupulously interfere with pricing and trading. ACM Gold has no conflict of interest with its clients and wants its traders to be successful and trade profitably. Any comments/statements of slippage/requotes/price intervention are treated with extreme seriousness at ACM Gold and it is urged to not involve ACM Gold in false publicity without due proof.
Furthermore, ACM Gold will not provide any comments on this on a public forum; any individual wanting proof or having queries can directly reach to us on
support@acmgold.com. It is concluded that all proofs stated here, are pointless and show nothing substantial against the ACM Gold, however if this matter jumps out of proportion, ACM Gold will go to further international courts apart from the current ongoing case against the IB.
