WikiFX Review on Alchemy Markets

About Alchemy Markets

Alchemy Markets is a regulated broker with more than five years of experience. It is registered in the UK. It is a regional broker. According to its website, Alchemy Markets offers a variety of market instruments, including forex, indices, commodities, stock CFDs, ETF CFDs, and crypto CFDs. WikiFX has given this broker a low score of 1.52/10.

Regulatory Status

This broker is regulated by Seychelles FSA regulation. The FSA regulation with license number: SD136 is an offshore regulation.

Account Types

Alchemy Markets does offer users a demo account. Apart from demo accounts, this broker offers three types of live trading accounts, they are Classic, Premier and VIP accounts. The minimum initial deposit amount is extremely high-$1,000 for the Classic account while the other two account types have much higher minimum initial capital requirements of $5,000 and $50,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.

Leverage

The leverage offered by this broker is capped at 30:1.

Spreads

Alchemy Markets says to offer spreads as low as 0.2 pips.

Trading Platform

Platforms available for trading at Alchemy Markets are MT4 for desktop, iPhone/iPad, Android and MT5 for desktop, iPhone/iPad, Android and Web. In any case, we recommend using MT4 or MT5 for your trading platform.

Deposit & Withdrawal

From the logos shown at the foot of the home page on Alchemy Markets official website, we found that this broker seems to accept numerous means of deposit and withdrawal choices, consisting of Visa, MasterCard, JCB Bank, Bank Wire, Skrill and Neteller. The minimum initial deposit requirement is said to be as high as $1,000, while there is no mention of what the minimum withdrawal amount is.

Customer Support

Alchemy Markets customer support can be reached by telephone: +44 (0)2070978794, email: support@alchemymarkets.com, live chat or send messages online to get in touch. You can also follow this broker on social networks such as Twitter, Facebook, Instagram, WhatsApp and LinkedIn. Company address: Unit 8, 74 Back Church Lane, London E1 1LX.

On-site Inspection

The survey team went to London, England to visit the forex dealer Alchemy Markets as planned. The survey address is 133 HoundsdiTch London EC3A 7BX United Kingdom. The team did not find the dealers office on the publicly displayed address, and the dealer simply registered the company at this address without real business place. Investors are advised to chose the dealer carefully.

Conclusion

Alchemy Markets offers a variety of market instruments and account types, supported by the advanced MT4/MT5 trading platform. However, Traders should exercise caution and conduct thorough research before engaging with this broker. The potential risks associated with trading with an unregulated broker may outweigh the benefits offered by this platform.