Spanish CNMV issued a warning against the offshore broker Alchemy Markets, part of the Alchemy Group, which also includes the UK Financial Conduct Authority (FCA) regulated Alchemy Prime. As is frequently the case with these global broker schemes, the same brand and trading style is used across different domains and websites, potentially or intentionally misleading customers. The offshore mutation of Alchemy Markets is acquiring clients from Europe and the UK in violation of applicable regulatory requirements. Here is our initial review.

Key Data

Short Narrative

The UK FCA regulated investment firm Alchemy Prime operates the website with the domain https://alchemyprime.uk whereas the offshore mutation of the Alchemy Group use the domain https://alchemymarkets.com. The logos used are based on the word “Alchemy”, use the same main graphic elements and then have different additions (see picture left).

The offshore mutation website is sloppily done. For example, the documents like Client Agreement, KYC Policy or Privacy Policy are missing. You only get the error message 404, so the link leads to nowhere.

In addition, Alchemy Group operates the offshore broker FXPIG through the Vanuatu registered and VFSC licensed Prime Intermarket Group Asia Pacifice Ltd using the FCA-regulated Alchemy Prime Ltd as payment agent. All firms are under unified management, says the FXPIG website.

Alchemy Group is controlled by Gope Shyamdas Kundnani, an Indian citizen born in 1957, according to UK Companies House records through Alchemy Prime Holdings Limited.

Payment Simulation
In our payment simulation on 4 July 2022, we have not identified any restrictions on the amount for the pre-KYC first-time deposit. We would have been able to send $50,000 to the offshore broker scheme, which uses multi-currency accounts at the Amserdam-based Franx and Blackthorn Finance in the UK.