A Broker's Fake Publicity Blitz in the FPA's Forums

[patyomkin]

still doing it...

I used AC Markets after I got settled into FOREX trading. I had an eSignal price feed and could also watch their live prices streaming. The reason I closed my account with them is that I could determine that 100% of the time, they would bias the pricing depending upon whatever direction I was trading in. So, suppose there is a 2 PIP spread on a pair. The price stream is strongly correlated and in sync with the eSignal price stream. Then, I open a buy position. I have the same 2 PIP spread in the ACM price stream, but the whole price stream is decreased by an additional 3 PIPs, making an effective 5 PIP spread required when closing the position out. Of course, this was back in 2003, so maybe things have changed. Or, maybe they have remained the same. I thought that was highly unethical, but their support person didn't seem to understand what I was talking about. Oh well, thought I'd throw my 2 cents in. This experience is so old (from 6 years ago) that it isn't appropriate to post in the rating area for that provider any more. I didn't know about FPA back then.

I had an account. Complained to them about the pip shifting/ price shading. Many times. I even sent videos, showing 2 ACM accounts on the same screen, before the open position and after the open position. 2 pip shift, against you on the account with the open trade.
They said nothing wrong. They were still doing it 18 months ago. The only way to make money was, to not use stops and have enough money to not get a margin call. Otherwise it would be triggered.
I liked their interface. But it was just too much bullsh1t on their end, (outages at the worst times) and with their "what-you-click-is-what-you-get" i didn't get filled many times. So i've got tired.
I came out on top at the end though.

 

[charlyt]

MexBank never claimed to be a registered bank. MexGroup - Financial Services They are a private bank which specializes in forex trading. They have an office in Las Vegas that I know of. Perhaps elsewhere. They are fully legal wherever they establish themselves. Their communication skills with clients, both large and small, are without peer in any banking I've yet seen. We've small accounts with them and lost our funds due to ACM's finagling. MexBank has continued to act in a professional manner, following all the rules of the Swiss banking system.

No, You must know that by Mexican laws, is strictly forbidden to use the word "bank" if you are not registered as a bank, even in a different language or the sound of that by any means, also the use of the phrase "Financial Services" is strictly reserved for those that are registered as broker/dealers or banks in Mexican territory. Using this names are strictly prohibited by the Stocks and Securities Laws in Mexico (Ley del Mercado de Valores), they are also violating article 223 of the Credit Institutions Law (Ley de instituciones de credito) that punish severely for those companies that are into violation of this regulations.

Evidently, the banking commission in Mexico does not have a clue of what’s happening with this Mexbank. They probably need to get a complaint before they notice this.

Also I just want to be clear, I totally agreed that what ACM did was highly unethical (reminds me of Crown Forex guys) and that what Mexbank is arguing is probably right, but in the other hand, a company that denominates itself as bank and it is not, is not to be trusted at all, they say they have billions under management, then why they are in a building like that? Just think of this, they are on the office 34 of the 39th floor, they should have a whole floor!! If they are occupying the 34th office there, then how many offices does that floor has, WTC is not a respectable building in Mexico City, it holds only small companies, this is not the way of conducting businesses here.

this is my humble opinion

 

[omo9ja]

Instead of just labelling these guys as scams or scammers or whatever, can't we do something else? Maybe lead an assault on their offices or their homes or something. I know it sounds barbaric but when a man looses his life savings to these guys he could get suicidal dont you think? Just when you think you've seen it all, somebody somewhere gets creative with stealing, this is getting really out of place.

 

[blackwidowfx]

Forex Peace Army - That is what is all about - FOREX PEACE

Thank you for Forex Peace Army to provide this info.

ACM is in the same line with Crown Forex, question is when.

 

[ernest8fingers]

Now we're talking!

Instead of just labelling these guys as scams or scammers or whatever, can't we do something else? Maybe lead an assault on their offices or their homes or something. I know it sounds barbaric but when a man looses his life savings to these guys he could get suicidal dont you think? Just when you think you've seen it all, somebody somewhere gets creative with stealing, this is getting really out of place.

Mount up! Lets ride!

 

[SAMMYFX]

Quite Unfortunate.

It's quite unfortunate for a broker to be involved in this unethical act. My unbiased advice is for FPA to check thoroughly all the bogus 5 star rating in their data base. I also request that most low star postings be confirmed in the manner the Lieutenant uncovered this saga. Why? The answer is simple. A competitor could ruin a fellow competitor through fake publicity!

 

[AsstModerator]

All reviews are checked. There have been instances of fake negative reviews, but fake positive ones are more common.

People who hate a company frequently email or leave reviews saying that all the 5 star reviews are fake. People who love a company frequently email or leave reviews saying all the 1 star reviews are fake. I've had both complaints for the same company in the same week. Each person was completely convinced that all the reviews that disagreed with their point of view were fake. Both of them accused the FPA of being paid off by the other side to only post positive or negative reviews. Both were so busy throwing accusations that they didn't notice the company's rating was 3 stars and the number of good reviews equaled the number of bad reviews.

 

[blackwidowfx]

ACM is hands of Criminal investigation

FPA did they own investigation about fake publicity and must be totally independent from both sides of this big Forex trading story.

Now we just will be waiting for Criminal Court justice.

 

[pakorafx]

I trade with acm for a while, i've been content.

 

[frank.for]

ACM its very scam broker

Dear all

My account during the Saturday and Sunday was a difference in pips between bid and ask of even 60 pip.
With this difference of 60 pip between ask and bid , the margin go down to much and the plattform close me all position .
i have close now my account , because for my opinion this broker is a scam.

I advise everyone to not work with ACM, because their goal is just to take your money

frank.for