Broker Review Contents
Alchemy Markets Review
Alchemy Markets is a provider of forex trading services. Traders can access a wide range of products in a variety of markets, including currencies, indices, cryptocurrencies and commodities.
Pros
- Segregates client funds
- Regulated by Financial Conduct Authority
- Min. deposit from $100
Cons
- Not regulated by ASIC
A minimum deposit of $100 is required for a live account. Alchemy Markets, on the other hand, provides a free demo account that you may utilize to experiment and familiarize yourself with their platform.
Regulated by the UK Financial Conduct Authority (FCA), registration No 612233. All Alchemy Markets client funds are held in a segregated bank account and they work with tier-1 banks. Their head office is located in the UK.
Before we get into the specifics of Alchemy Markets’s spreads, fees, platforms, and trading tools, you might want to open their website in a new tab by clicking the button below to get the most up-to-date information directly from the company.
Disclosure: If you sign up with a broker through one of our links, we may receive a commission.
What are Alchemy Markets’s spreads & fees?
Alchemy Markets, like most brokers, charges a fee based on the spread, or the difference between the bid and ask price of an instrument.
The commissions and minimum spreads shown here are taken from Alchemy Markets’s website.
| Forex | Alchemy Markets | City Index | XTB |
| EUR/USD(Average: 0.7 pips) | 0.2 pips | 0.7 pips | 0.1 pips |
| GBP/USD(Average: 1.1 pips) | 0.2 pips | 1.7 pips | 0.1 pips |
| USD/JPY(Average: 1.1 pips) | 0.2 pips | 0.6 pips | 0.1 pips |
| AUD/USD(Average: 0.8 pips) | 0.2 pips | 0.6 pips | 0.2 pips |
| USD/CHF(Average: 2.3 pips) | 0.2 pips | 2.3 pips | 0.2 pips |
| USD/CAD(Average: 2.9 pips) | 0.2 pips | 0.5 pips | 0.3 pips |
| NZD/USD(Average: 3.6 pips) | 0.2 pips | 2.8 pips | 0.3 pips |
| EUR/GBP(Average: 2.4 pips) | 0.2 pips | 0.5 pips | 0.1 pips |
The spreads are variable and are displayed for information purposes.
As you can see, Alchemy Markets’s minimum EUR/USD spread is 0.2 pips, which is low when compared to the average EUR/USD spread of 0.70 pips.
The table below compares the costs of trading one lot of EUR/USD with Alchemy Markets vs. similar brokers.
How much does Alchemy Markets charge to trade 1 lot of EUR/USD?
You would likely spend $3 if you bought one standard lot of EUR/USD (100k units) with Alchemy Markets at an exchange rate of 1.1719 and then sold it the next day at the same rate.Here’s a quick rundown of the fees and how they compare to IG and XTB.
| Alchemy Markets | IG | XTB | |
| Spread from: | $ 2.00 | $ 6.00 | $ 2.00 |
| Commission: | $8.00 | $0.00 | $0.00 |
| Total cost of a 100k trade: | $ 10.00 | $ 6.00 | $ 2.00 |
| $4 less | $8 less | ||
| VISIT Alchemy Markets | VISIT IG | VISIT XTB |
Fees and quotes are displayed for information purposes and could change.
What can you trade with Alchemy Markets?
Over 200 different instruments, including over 80 currency pairs, are available to trade at Alchemy Markets. Below, we’ve summarized all of Alchemy Markets’s several types of instruments, as well as the instruments given by IG and XTB for comparison.
| FX / Currencies | Alchemy Markets | IG | XTB |
| # of forex pairs offered | 80+ | 90 | 48 |
| Major forex pairs | Yes | Yes | Yes |
| Minor forex pairs | Yes | Yes | Yes |
| Exotic forex pairs | Yes | Yes | Yes |
| Cryptocurrencies* | Yes | Yes | Yes |
| Commodity CFDs | Alchemy Markets | IG | XTB |
| # of commodities offered | 10 | 34 | 21 |
| Metals | Yes | Yes | Yes |
| Energies | Yes | Yes | Yes |
| Agricultural | No | Yes | Yes |
| Index & Stock CFDs | Alchemy Markets | IG | XTB |
| # of stocks offered | 20+ | 8000 | 1606 |
| UK shares | Yes | Yes | Yes |
| US shares | Yes | Yes | Yes |
| German shares | No | Yes | Yes |
| Japanese shares | No | Yes | Yes |
| SEE Alchemy Markets’S INSTRUMENTS | SEE IG’S INSTRUMENTS | SEE XTB’S INSTRUMENTS |
What’s the Alchemy Markets trading experience like?
1) Platforms and apps
The popular MT4 forex trading software is available from Alchemy Markets. See our MT4 broker comparison for a list of the best MT4 brokers. Traders can trade on their preferred device thanks to a combination of downloadable programs for Mac and Windows.
They offer Android and iOS mobile apps, making it easy to keep track of and execute deals while on the go.
SEE Alchemy Markets’S PLATFORMS
Still not sure?
Open a demo account and learn how to trade.
2) Executing Trades
You can trade as little as 0.01 Lot with Alchemy Markets. Depending on the account you open, this may differ. Maximum trade size depends on the account type. You can expect tighter spreads and more transparency over the amount you pay to execute your trades because Alchemy Markets offers STP execution.
Alchemy Markets, as a market maker, may have lower entrance criteria than an ECN broker, which benefits from the bigger number of trades and often has higher capital and minimum trading requirements.
Alchemy Markets is one of the few brokers who claim to have no requotes, which means you won’t have to worry about slippage (your trades being ordered at a different price to what you executed them at).
Market makers usually offer a lower minimum deposit, fewer minimum trade requirements, and zero commission trading.
Margin requirements vary by trader, account, and instrument, as they do with most brokers. On their website, you may see the most recent margin and leverage details.
We have included a list of some of the most common funding options that Alchemy Markets provides to its traders.
Trading Features:
- Allows scalping
- Allows hedging
- Offers STP
Accounts offered:
- Myfxbook autotrade
- Demo account
- Classic account
- Premier account
- VIP account
Funding methods:
- Credit cards
- Bank Transfer
- Neteller
- Skrill
3) Client support
Alchemy Markets offers support in languages like English.
4) What you’ll need to open an account with Alchemy Markets
Because Alchemy Markets is regulated by the Financial Conduct Authority, every new client must pass a few simple compliance tests to confirm that you are aware of the risks associated with trading and that you are permitted to trade. You’ll probably be asked for the following information when you register an account:
- a color copy of your passport, driver’s license, or other government-issued identification
- a three-month utility bill, bank or credit card statement that shows your current address
You’ll also need to answer a few questions regarding your trading experience, so set aside at least 10 minutes to finish the account opening procedure.
You may be able to explore their platform right away, but you will not be allowed to make any transactions until you pass verification, which depending on the circumstances could take from a few hours up to a few days.
To begin the onboarding process with Alchemy Markets, you can go to their website.
79% of retail investor accounts lose money when trading CFDs with this provider.
