Fxalchemy Review: Beware of this Shady Broker!
In the foreign exchange market, there is a lot that could go wrong, especially when dealing with scam brokers. For a smooth trading experience, always trade with reliable, honest, and trustworthy crypto brokers. While losses are a part of trading, losing a trade is better than getting scammed. With a legitimate broker, you can see all your trades and how the profit or loss occurred, ensuring that trades are free from any form of manipulation.
One of the most common dirty tricks of these scam brokers is to offer deals that are too good to be true. For instance, the shady broker may promise a bonus just for opening an account. However, many of these brokers require a very high minimum deposit before you can start trading. This way, even if they give away some bonus, they will still remain with a chunk of your money.
About fxalchemy-innovationmarket.online
The broker has been online since June 2023. However, the domain is set to expire in June 2024. This is concerning because it means, clients who had deposited money with the broker may lose it if they have not withdrawn it already. Shady brokers typically don’t stay in the market for long. They operate for about a year before opening another shady business once their schemes are discovered.
On the website, the broker claims to be under a company called Fxalchemy LTD, based in the United Kingdom (UK). However, they have not specified which trading instruments they deal with, making it difficult to determine whether to trade with them. This lack of transparency shows the broker’s lack of commitment to its role as a brokerage company.
Founders and Team
The broker has not revealed its founders or its current executives. Legal protection is one reason why a fraudulent broker might decide not to disclose this information. This is because it can impede authorities' ability to find and prosecute them. Furthermore, disclosing their identities might harm their reputations. This discourages potential victims from trusting the broker if they have a fraudulent track record.
Contact Details
The broker has provided a physical address and an email, which may indicate transparency, but does not necessarily make the broker legitimate. The vague location details make it difficult to locate the company. The email is also unreliable, as they may not reply promptly, and a phone number for emergencies or inquiries is absent.
Fxalchemy Regulation Status
As a UK-based company, Fxalchemy should be under the oversight of the Financial Conduct Authority. Disturbingly, however, the broker claims that that they are not required to be regulated by the FCA.
This is because the broker is only for educational purposes. This is however a big lie because the broker deals with forex trading. Thus they should be regulated. This is just a scheme to avoid the hustle of getting a license.
More importantly, the FCA has issued a warning regarding Fxalchemy, noting that they are offering financial services without a license. Therefore, the claim that they don’t need registration is false since even the FCA has acknowledged them.
Fxalchemy Trading Conditions
The broker has omitted vital details about leverage, spread, commission charges, and minimum deposit. This data is critical when choosing a broker. They have only indicated Bitcoin as the deposit and withdrawal method. This favors them greatly because Bitcoin transactions are untraceable and irreversible.
Final Verdict
Don’t let FxAlchemy deceive you into depositing money with them. Run from them when you have the opportunity. Their goal is to scam traders by pretending that they don’t offer trading services.
The fact that the FCA has flagged them shows they are financial service providers, and their mission is sinister. Avoid them and instead look for honest and trustworthy crypto brokers to invest your money with.