| I am very upset with this broker. They should be sued for false advertising. They state on their website "No Slippage", and "Guaranteed Fills". The No Slippage part for me at least was true. However, the Guaranteed Fills part is a sick joke. In the month of September, they filled me about 3 out of 15 times on news trades. Needless to say I was upset by them not staying true to their WYSIWYG (What You See Is What You Get) policy, so I wrote a note about my recent trading experience on this site on September 5th. On Sept. 14th I received an email from my ACM account executive letting me know the ACM Compliance Department has read my post on the Forex Bastards website, and that I need to rectify the false and unfounded posting. Once I fix this false posting, then they would reactivate my trading account. I could not believe my eyes. ACM wanted me to LIE to you, the readers of Forex Bastards!!! Of course, on Monday, I sent them my request to close the account. Regarding this broker, I must say that even though they no longer consistently filled me once they saw that I was making alot of money, I do not think they are the type of broker that will change your entry and exits. I know that alot of US based brokers do this. ACM has never done this to me. I would say that this broker is probably a good one to use for a few months, and then once they no longer live up to their "Guaranteed Fills" promise, you can close your account. It seems that they like beginners who lose alot of money. I will never do business with this broker again, and will warn everyone to stay away from them. They are bad news. |
Thursday, June 12, 2008
ACM FOREX SCAM CASE
ACM FOREX SCAM CASE
This company in terms of what they advertise is a SCAM to the power of 3! Let me explain: here is what you can CLEARLY READ on the section "account types" on their site;
"Guaranteed fills: What you click is what you get (WYCIWYG) in ALL market conditions. Applies to ALL order types!"
Please not that the word "ALL" is stressed.
Moreover...
"ACM takes the onerous concept of re-quoting out of the equation. Our system is only ESP (executable streaming price) capable which means that customers click only once to trade"
Well, guess what, 100% wrong. I simply could not imagine that this company could DELIBERATELY lie to its clients.
For brokers that don't raise the spread during news I would certainly accept a requote or a no fill, that is no problem, but...
ACM raises its spread for small reports as US pending home sales up to 40 pips on GU but then the worst part is that even such poor condition they don’t fill you! You will get the message "technical issue please call dealing desk" once you call they are rude and don't give a sh*t about your complaint.
Why are they misleading all their potential clients I don't understand? New clients will all figure what I am writing here. (yes do open an account and try to enter in volatile market conditions, you will understand what I am talking about)
"Guaranteed fills: What you click is what you get (WYCIWYG) in ALL market conditions. Applies to ALL order types!"
Please not that the word "ALL" is stressed.
Moreover...
"ACM takes the onerous concept of re-quoting out of the equation. Our system is only ESP (executable streaming price) capable which means that customers click only once to trade"
Well, guess what, 100% wrong. I simply could not imagine that this company could DELIBERATELY lie to its clients.
For brokers that don't raise the spread during news I would certainly accept a requote or a no fill, that is no problem, but...
ACM raises its spread for small reports as US pending home sales up to 40 pips on GU but then the worst part is that even such poor condition they don’t fill you! You will get the message "technical issue please call dealing desk" once you call they are rude and don't give a sh*t about your complaint.
Why are they misleading all their potential clients I don't understand? New clients will all figure what I am writing here. (yes do open an account and try to enter in volatile market conditions, you will understand what I am talking about)
ACM FOREX SCAM CASE
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 attorney 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.
ACM FOREX SCAM CASE
What a bunch of bandits! Thieves! After a few succesfull trades they manipulate the platform so you will be automatically 1,2,2 or 4 pips in the drain. Trade the demo and is heaven, real account loose most of your money. Warning! FIND ANOTHER BROKER! |
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