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#165995 by amposah Fri May 17, 2013 2:28 am
i register with acmgold Ghana 19-04-2012 and fund my account using swift transfer to their Nigeria account with 2600$.

see the screenshot of my payment

after trading for over eight months and increase the profit of my account i got an email from acmgold that they are no more operating in Ghana and they also disable my account and seize my funds.

i contacted their representative here in Ghana , the guy told me he is no more working with acmgold and has refund all the money of their customers who pay through local bank here in Ghana.

i finally contacted acmgold for a refund of my money they keep referring me to their local representative, the guy told me he has not receive any money from acmgold and also suggest i should ask for a proof of the payment uptil now acmgold have not send me any proof.

i have send several emails to them with no response, we are forming association to come to Nigeria and report them to efcc and other security agencies in Nigeria since they have office in Nigeria

they said they are no more in Ghana but they still have a link in their website for Ghana is a scam, they came to scam us in Ghana

#166009 by TerranceBoyce Fri May 17, 2013 7:11 am
Welcome to Scamwarners amposah and regret to hear you may have lost money.

Having performed FOREX deals for a major UK bank before I retired all I can say is that it is a mistake to engage in FOREX gambling, which is what you're doing, and especially with an entity that isn't registered and regulated in one of the major world markets, ideally the one in the country where you live, depending on their standard and reputation.

These entities are competing with banks who deal in billions daily and no one can operate on finer margins than those on which they operate, as they provide a service to their banking customers from which they make their money. If these entities could make fortunes from FOREX gambling they wouldn't need clients, who are an expense and annoyance. By simple logic they will make their money from you and they simply can't do it by offering finer spreads. Unless they charge you a fee, they must take their profit from your spread, which makes their rates less competitive than those on the open market, which raises the second question as to where they get their rates. Most likely they're getting second hand rates, or maybe third hand, and from what exchange ?

If you're getting third hand rates from an unidentified offshore market, as an investment, it is more obscure than the lottery.

I know nothing about this company, but I do know that FOREX as an investment is a mistake.

CAR ADVERTS - If a car seller mentions escrow - he's scamming you Never ever for any reason pay anything until you have seen and inspected the vehicle
#166133 by TerranceBoyce Sat May 18, 2013 9:40 am
Again, speaking generally without referring to any specific entity, a problem with them is that you aren't making a purchase of anything tangible you can take possession of. You make a payment and receive a book entry in return. In essence, you have made a deposit, but whether the entity is deemed to be acting as a bank or licensed deposit taker depends on the regulatory jurisdiction. In the UK, not so long ago, firms receiving payments through the year to pay for Christmas hampers fell under such legislation, though you wouldn't naturally realise that they are effectively holding client deposits in the same way a bank does, but they aren't regulated in the same way banks are. This is where the risk lies.

Regulation in the UK is strict and, though not perfect, it does protect the clients of those who provide deposit taking services because, if you lose your deposit, then the promise of potential riches from FOREX speculation is meaningless. The risk to you is that in being lured by promises of profits you may lose sight that the security of your initial investment has to be your fundamental concern.

As you base your trust completely on figures you see on a computer screen then the substance, reputation and regulation of the entity is everything, before you even consider whether or not they can deliver on their promises. The fact that they may claim to be regulated on a distant offshore palm fringed island is a concern, not a reassurance. Often they aren't even corporate entities and, if they don't exist in your country and aren't regulated there, your recourse against them is limited if not entirely absent.

Unfortunately the promise of FOREX riches, regulation in distant lax jurisdictions and obscure company formation tends to be a feature of these entities and requires you to be very cautious and do your research before you deal with them. Sensibly, if they are recommending you gamble on FOREX then research will merely confirm the other features I mention.

CAR ADVERTS - If a car seller mentions escrow - he's scamming you Never ever for any reason pay anything until you have seen and inspected the vehicle

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