Alchemy Prime Ltd Scam Exposed

Alchemy Prime
alchemy prime ltd

Spanish CNMV issued a warning against the offshore broker Alchemy Markets, part of the Alchemy Group, which also comprises the UK Financial Conduct Authority (FCA) licensed Alchemy Prime. The same brand and trading style are used across various domains and websites, potentially or purposefully misleading customers, as is often the case with these worldwide broker schemes. Alchemy Markets’ offshore transformation includes bringing in customers from the UK and Europe against all applicable regulations. This is our preliminary analysis.

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Short Narrative of Alchemy Prime Ltd

While the offshore division of the Alchemy Group uses the name, the UK FCA-regulated investment firm Alchemy Prime maintains the website The logos are based on the term “Alchemy,” with distinct embellishments added to the same primary visual elements (see picture left).

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The offshore mutation website is sloppily done. Examples of missing documentation include the client agreement, privacy policy, and KYC policy. The link goes nowhere; all you get is the error message 404.

Furthermore, Alchemy Group uses the FCA-regulated Alchemy Prime Ltd as a payment agent to run the offshore broker FXPIG through the Vanuatu registered and VFSC licensed Prime Intermarket Group Asia Pacifice Ltd. The FXPIG website states that every company is managed by a single entity.

Gope Shyamdas Kundnani, an Indian national born in 1957, is the owner of Alchemy Group, according to documents obtained through Alchemy Prime Holdings Limited from UK Companies House.

Payment Simulation

We have not detected any limitations on the amount for the pre-KYC first-time deposit in our payment simulation on July 4, 2022. We would have been able to transfer $50,000 to the offshore broker program, which makes use of multi-currency accounts at Blackthorn Finance in the UK and France, located in Amsterdam.

Alchemy Markets (As claimed)

For each and every one of our clients, Alchemy Markets provides Institutional Access to the Global Financial Markets. Trade your preferred instruments with a variety of free tools and round-the-clock customer assistance, including stocks, forex, indices, cryptocurrencies, and CFDs.

With more than ten years of industry experience, Alchemy Markets offers some of the greatest trading conditions available, including institutional liquidity, spreads, and execution along with zero commission costs and round-the-clock customer service. We offer the most widely used trading platforms, including MT4, MT5, and FIX API, in addition to free resources and research to help our customers along the way.

Do you manage money or are you an IB? Use CopyTrading or PAMM software to trade on behalf of your clients. Charge personalised management and performance fees, keep tabs on your customers with our real-time CRM, and much more with Alchemy markets.

Alchemy Markets offers services related to forex trading. A vast array of assets, including currencies, indices, cryptocurrencies, and commodities, are available to traders across several marketplaces. In contrast, Alchemy Markets offers a free demo account that you can use to explore and become acquainted with their platform. The UK is home to its main office. 

Trading Cryptocurrencies

Since cryptocurrencies have such high levels of volatility, trading them is a lucrative and potentially very profitable area of investing. With more than 60 distinct Crypto CFDs, Alchemy Markets has a fantastic offer for any trader looking to take advantage of the competitive conditions and enter into this rapidly expanding sector. 10:1 leverage, 100% STP execution, and costs as low as 0.35% Round Turn are available for cryptocurrency trading. After creating an account with this online broker, cryptocurrency traders can use the MT4 platform for trading.

Wind-Up- A Six-Step Guide to Verifying the Legitimacy of Your Broker

  • Even though investing has become risk-free, inexpensive, and effective for regular investors, there are still certain cases of brokerage fraud committed to defraud gullible or avaricious investors.
  • There are numerous methods for determining the legitimacy of your broker. Do your homework in advance at all times.
  • Avert cold calls, investigate the firm’s and the broker’s or planner’s record for any disciplinary issues, and look for funny stuff on your statements.
  • If in doubt, there are a few different ways to report anything and ask for compensation.
  • The most reliable source for finding out about a broker’s status is FINRA.

You may safeguard yourself against doing business with a dishonest broker or other financial professional by following these six steps:

1. Avoid Making Cold Contacts 

Any broker or investment advisor who reaches you out of the blue from a company you have never done business with should be avoided. The correspondence may be sent by letter, email, or phone. Invitations to financial seminars that provide complimentary lunches or other goodies in an attempt to win you over shouldn’t fool you into lowering your guard and making rash investments.

The SEC further advises being extremely wary of callers that employ high-pressure sales techniques, advertise once-in-a-lifetime prospects, or decline to provide written information about an investment. 

2. Engage in Discussion

You should feel at ease with the individuals offering you guidance, goods, and services, whether you’re searching for a financial counsellor or a broker. Inquire extensively about the company’s offerings and its track record serving customers with comparable demands to your own. 

3. Conduct some research

When investigating a financial expert, it’s advisable to start with a straightforward web search using the broker’s and firm’s names. This could include recent announcements, media coverage of purported misconduct or disciplinary measures, client discussions on internet discussion boards, background data, and other specifics. A search engine query for “Lee Dana Weiss,” for example, yields hundreds of thousands of results, one of which is a link to the press release regarding the SEC’s lawsuit against him and his company. 

4. Confirm your SIPC membership

Additionally, you ought to confirm whether a brokerage company belongs to the Securities Investor Protection Corporation (SIPC), a nonprofit organisation that offers investors protection for up to $500,000 (including $250,000 in cash) in the event that a company fails, much like the Federal Deposit Insurance Corporation (FDIC) does for bank customers. Always make cheques payable to the SIPC member firm rather than a specific broker when investing.

5. Frequently Review Your Statements

Setting your investments to run on autopilot is the worst thing you can do. Whether you receive your statements in print or online, carefully reviewing them might help you catch errors or even malfeasance early on. Inquire if there are unexpected changes in your portfolio or if the returns on your investments aren’t what you anticipated. Reject complex guarantees that you don’t fully comprehend. Ask to talk with a higher-ranking official if you are unable to acquire clear answers. Never worry that people will think less of you or that you’re a bother. 

6. If in doubt, take money out and file a complaint.

Take your money out of the investment advisor if you think there has been misconduct. Next, submit complaints to the same state, federal, and private authorities whose websites you visited when you checked out the financial professional to start with

The Final Word

Even though the Great Recession is resolved, brokers and investment advisors are still breaking the law. Thus, before entrusting a financial expert with your money, conduct in-depth study and keep a careful eye on your accounts. It is possible for investments to perform below expectations for valid reasons. However, if you start to feel uneasy about your returns or have other problems that the advisor doesn’t address promptly and effectively, don’t be afraid to withdraw your money.

Alchemy Prime Ltd Scam Exposed
Alchemy Prime Ltd Scam Exposed

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