Last year, the Spanish watchdog CNMV warned against the offshore broker Alchemy Markets, part of the Alchemy Group, including the Vanuatu-based FXPIG and the FCA-regulated Alchemy Prime. This global broker scheme uses the same brand and trading style across domains and websites, potentially or intentionally misleading customers. We have done a new review and assigned an “Orange Compliance” rating to the Alchemy Group. Here is our updated review.
Key Data
| Trading names | Alchemy Markets Alchemy Prime FXPIG |
| Activity | Multi-asset broker |
| Domains | https://alchemymarkets.com www.alchemyprime.uk https://fxpig.com |
| Legal entities | Alchemy Global Limited (Seychelles) Alchemy Prime Limited (UK) Alchemy Markets Limited (UK) Alchemy Prime Holdings Limited (UK) Sync Capital Limited (UK) Prime Intermarket Group Asia Pacific LTD (Vanuatu) Alchemy Markets DMCC (UAE) Prime Intermarket Group Eurasia LTD (Georgia) |
| Related individuals | Patrick Graham Cann, UK Nicky Gope Kundnani, US Gope Shyamdas Kundnani, India |
| Jurisdictions | United Kingdom Seychelles, Vanuatu UAE |
| Authorization | UK FCA for Alchemy Prime Limited with Ref No 612233 FSA Seychelles for Alchemy Global Limited VFSC for Prime Intermarket Group (FXPIG) |
| Leverage | up to 1:500 |
| Payment options | Bank wire, credit and debit card, e-wallets, crypto |
| Payment processors | Franx B.V., Blackthorn Finance, Unlimint, Neteller, Skrill, UnionPay |
| Warning | CNMV against Alchemy Markets |
| Compliance rating | Orange |
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 uses the brand Alchemy Markets and the domain https://alchemymarkets.com. The logos used are based on the word “Alchemy.” They deploy the same main graphic elements but add additions (see picture left).
The offshore mutation website is sloppily done. For example, documents like the Client Agreement, KYC Policy, or Privacy Policy are missing. You only get the error message 404. Other links of the offshore broker website Alchemy Markets refer to the Client Agreement of the FCA-regulated entity.
In addition, Alchemy Group operates the offshore broker FXPIG through Vanuatu registered and VFSC-licensed Prime Intermarket Group Asia Pacific Ltd using the FCA-regulated Alchemy Prime Ltd as a payment agent. All firms are under unified management, says the FXPIG website.
Gope Shyamdas Kundnani controls Alchemy Group, an Indian citizen born in 1957, according to UK Companies House records through Alchemy Prime Holdings Limited.
Compliance Check
In our review on March 13, 2023, we were able to register as an EEA resident with the offshore broker schemes Alchemy Markets and FXPIG. The two schemes do not have the authorization to offer their financial products in the EEA jurisdictions.
In our payment simulation, 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 via bank wire to the schemes’ multi-currency accounts at the UK-based Blackthorn Finance.
On the other hand, no pre-KYC deposit is possible at the VFSC-regulated offshore broker FXPIG.
Both offshore brokers, Alchemy Markets and FXPIG offer retail clients a maximum leverage of 1:500. However, a maximum of 1:30 is allowed in the EEA regions, which is a regulatory violation.
We are placing Alchemy Group on the Orange Compliance List due to regulatory issues at Alchemy Markets.
Share Information
If you have any information about Alchemy Group, please share it with us through our whistleblower system, Whistle42.
