Fxalchemy review – 5 things you should know about fxalchemy-innovationmarket.online

Beware! Fxalchemy is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Fxalchemy  is a typical example of an online scam trying to capitalize on the hype around cryptocurrencies and the lack of knowledge about financial trading among the general public. This website poses as a forex and CFD broker and investment intermediary, but its sole purpose is to scam you out of your money. In this review, we will show you why you should stay away from the Fxalchemy and recommend more credible options for investing in financial instruments.

Fxalchemy Regulation and safety of funds

The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.

Fxalchemy claims that the website is operated by a company called Fxalchemy LTD, which is based in the United Kingdom.

Fxalchemy claims that it does not need regulation, but this claim is an absolute lie. Any financial services provider in this jurisdiction must have the appropriate authorisation from the Financial Conduct Authority (FCA).

But the regulator has issued an express warning that Fxalchemy is not a licensed company.

If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority (FCA). They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.

Fxalchemy Trading software

After signing up for an account, we get another obvious proof that Fxalchemy is a low-effort scam targeting people who don’t know what to expect from a real broker. The Fxalchemy trading platform is not real functioning software, but a poor imitation.

But even if Fxalchemy had a more convincing platform, that would not make this website credible. Fake brokers use rigged trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.

If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Fxalchemy Trading instruments

Fxalchemy advertises trading in forex, cryptocurrencies and stocks. As established, this website has neither the legal authorization nor the technological capacity for this to be true. Furthermore, the FCA prohibits licensed brokers in the country from offering crypto derivatives trading to retail customers.

Fxalchemy Spreads and cost of trading

The fake Fxalchemy trading platform does not allow the spread to be seen. The ж Terms and Conditions describe vague fees and commissions on profits that are not charged by legitimate brokers.

Fxalchemy Maximum leverage

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets. The same rules currently apply to Australia. In the US, the maximum limit is slightly higher at 1:50.

If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

Fxalchemy Deposit and withdrawal methods

Fxalchemy only allows the deposit of funds with cryptocurrencies. This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.

While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

Fxalchemy Minimum deposit

The leading brands in the industry offer beginner traders starter accounts with a very low minimum deposit. You have no good reason to take chances with shady brokers like Fxalchemy.

Fxalchemy Withdrawal requirements

Fxalchemy does not specify extraordinary conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.