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Alchemy Markets Review – Reason to Stay Away From This Broker
Table of Content
Alchemy Markets review is an atypical review, just like this broker’s trading platform is. The company is owned by Alchemy Group, consisting of several entities with several regulations.
This article will explain this business’ operations thoroughly, based on which you can decide whether you want to trust them with handling your money or not.
| Leverage | 1:500 |
| Regulation | Regulated/ Offshore |
| Headquarters | United Kingdom, Vanuatu |
| Minimum Deposit | $1000 |
| Review Rating | 3/5 |
| Broker Type | Forex, stocks, indices, cryptocurrency CFDs, precious metals, and ETFs. |
| Platforms | MetaTrader 4, MetaTrader 5, and FIX API |
| Spread | 0.1 |
Are Your Funds Safe With Alchemy Markets Broker?
Broker Alchemy Markets is owned by a group of companies, those being:
- Alchemy Prime Limited
- Alchemy Global Limited
- Prime Intermarket Group Asia Pacific Ltd
- Alchemy Markets DMCC
When it comes to Alchemy Markets’ regulation, it depends on the particular entity.
Alchemy Prime Limited operates under the FCA control, with the domain alchemyprime.uk, active since 2014.
Alchemy Global Limited is an entity established in Seychelles, without any valid regulations, running the domain alchemymarkets.com.
Further, Prime Intermarket Group Asia Pacific Ltd is established in Vanuatu, under the domain fxpig.com, under a VFSC license.
Finally, we found mention of Alchemy Markets DMCC under the number 95681, but the UAE register showed no results.
Long story short, Alchemy Markets Forex brokerage provides its services to EEA zone residents using their offshore domain alchemymarkets.com under no supervision. This violates ESMA rules and goes against the good business practices a company should follow under the FCA regulation.
Due to these shady activities, Alchemy Markets and its parent company Alchemy Global Ltd got blacklisted by the Spanish CNVM since they are not authorized to provide financial services in Spain. This warning was later republished by the Dutch Authority for the Financial Markets (AFM).
Financial regulation is key to maintaining orderly markets. Every country has at least one independent regulator that oversees financial markets to ensure that customers of investment services are protected.
No regulation is perfect, but it provides at least basic protection to consumers. In the investment world, regulation often ensures that clients’ funds are segregated from the money of the company, that there is transparent pricing of traded assets, that the company is not in a conflict of interests, etc.
What Trading Platforms Are Available?
Alchemy Markets customers can choose between industry standards, MT4 and MT5, and Fix API 4.4. A variety of trading platforms, nonetheless.
The company offers access to both MT4 and its successor, MT5. MetaTrader 4 is the most popular online trading platform used by Forex traders. It was released in 2005, giving millions of users easy access to the financial markets.
Although MT4 was specifically built for Forex trading, the platform can also be used to trade other assets such as stocks, indices, and commodities via CFDs.
Both beginners and experienced traders appreciate MT4 because it is multi-functional, user-friendly, and allows users to customize the interface to their needs. It also offers advanced trading tools that allow traders to implement their favorite strategies.
MetaTrader 5 is a multi-asset trading platform that enables you to trade stocks, forex, and futures. It offers advanced tools for price analysis, algorithmic, and copy trading. Launched in 2010, five years after the launch of MetaTrader 4, MT5 is considered more improved and diverse with better charting, exclusive indicators, and its widespread ability to trade over 500+ markets.
In addition to traditional trading platforms, Alchemy Markets offers its clients Fix API. That way, clients can connect their platform directly to Alchemy Markets liquidity providers and trade against them, excluding the intermediary.
The Alchemy Markets minimum deposit for this kind of service is $25,000.
What Account Types Offered at Alchemy Markets?
Customers can choose from one of the three Alchemy Markets account types:
- Classic – $1,000
- Premier – $5,000
- VIP – $50,000
Also, demo accounts are available. Of course, trading with virtual funds can never be the same.
Trading Instruments Overview
Customers can invest in the following markets:
- Currency pairs – EUR/USD, GBP/AUD, CAD/JPY
- Indices – Dow Jones, NASDAQ, FTSE100
- Cryptocurrencies – BTC, ETH, XRP
- Stocks – Amazon, Apple, Google
- ETFs – EEM, DIA, ISF
- Commodities – gold, natural gas, palladium.
As you can tell, all of the major markets are available.
Deposit and Withdrawal Method
There are a variety of ways to fund a trading account. You can make deposits via any of our bank transfers, credit cards, cryptocurrencies, or established e-wallets like Skrill, and Neteller.
The first thing you notice about this broker is the rather high minimum deposit. Nowadays, you can open an account for as little as $5. Comparing that price to $1000 seems much more attractive.
The process of withdrawing funds is straightforward, and it starts with sending a request from your client portal. There are several withdrawal methods available. However, the methods available depend on the deposit method that you used initially to fund your account. If your trading account is leveraged, you will need to pay any margin costs.
How Do I Receive a Refund if Alchemy Markets Have Defrauded Me?
First of all, you shouldn’t be ashamed if you got scammed by this fraudster. You are not the first and certainly not the last person that ended up as a cyber victim.
If you deposit money with credit/debit cards you can use a chargeback. The request needs to be submitted within up to 540 days.
If you choose wire transfer as your payment method you can use a recall. It’s reversing funds to a bank account. Once the payment is accepted, the transfer cannot be reversed, which is why it’s important to act quickly.
Crypto transactions are hard to track, but there are tools following the transaction by the ID and connecting it to a certain wallet within the exchange. Once tracked, a customer can submit a legal letter to the exchange requesting a refund.
Alchemy Markets Summary
- The broker is owned by a group of companies – Alchemy Prime Limited, Alchemy Global Limited, Prime Intermarket Group Asia Pacific Ltd, and Alchemy Markets DMCC.
- Due to these shady activities, Alchemy Markets and its parent company Alchemy Global Ltd got blacklisted by the Spanish CNVM. This warning was later published on the Dutch Authority for the Financial Markets website (AFM).
- Alchemy Markets offers MT4 and MT5, and Fix API 4.4. trading platforms.
- The minimum deposit is $1000.
FAQs About Alchemy Markets Broker
Is Alchemy Markets a Scam Broker and Why?
Alchemy Markets got blacklisted by Spanish regulator CNMV. This warning was also published on the Dutch Authority for the Financial Markets website. They can’t be trusted.
What Is the Minimum Deposit for Alchemy Markets Broker?
The minimum deposit at Alchemy Markets is a whopping amount of $1000. That is absurd since legit companies open micro accounts for as little as $5.
Is My Money Safe with Alchemy Markets?
Your money can’t be safe with a broker that got blacklisted by one of the most well-known regulatory bodies. Regulators protect customers, and that’s why it’s important to listen to their warnings.