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
| Trading names | Alchemy Markets Alchemy Prime FXPIG |
| Domains | https://alchemymarkets.com www.alchemyprime.uk https://fxpig.com |
| Legal entities | Alchemy Global Limited (Seychelles) Alchemy Prime Limited (UK) Alchemy Prime Holdings Limited (UK) Prime Intermarket Group Asia Pacific LTD (Vanuatu) Alchemy Markets DMCC (UAE) |
| 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 (pending) VFSC for Prime Intermarket Group (FXPIG) |
| Payment options | Bank wire, credit and debit card, e-wallets, crypto |
| Payment processors | Franx B.V., Blackthorn Finance, Unlimint, Neteller, Skrill |
| Warning | CNMV against Alchemy Markets |
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, documents like the 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 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.
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 Amsterdam-based Franx and Blackthorn Finance in the UK.
Share Information
If you have any information about Alchemy Group, please share it with us through our whistleblower system, Whistle42.
