In July 2022, the Spanish CNMV warned against the offshore broker Alchemy Markets, part of the Alchemy Group, which also includes the Vanuatu-based FXPIG and the 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 broker Alchemy Markets is acquiring clients from Europe and the UK in violation of applicable regulatory requirements. Here is our updated 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, UnionPay |
| 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 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 apply 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. 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.
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.
Pre-KYC Deposits
In our payment simulation on 10 October 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 via bank wire to the schemes’ 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.
