Alkimiya Markets Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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Spreads on this platform are quite competitive, and it also provides mt5 trading platform… I’ve traded with its demo accounts, and it did surprise me. I even made some profits…. have decided to open a real account…
Alkimiya Markets has garnered attention in the forex trading community, but its reputation is mixed. While it offers various trading instruments and competitive rebate programs, user ratings indicate significant concerns regarding trustworthiness and customer service. This review aims to provide a comprehensive overview of Alkimiya Markets, highlighting both its strengths and weaknesses.
Note: It is crucial to recognize that Alkimiya Markets operates under different entities across regions, which may affect the user experience and regulatory compliance. This review considers various sources to ensure fairness and accuracy.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup | 5 |
| Trustworthiness | 2 |
| User Experience | 3 |
How We Rate Brokers: Our ratings are based on a combination of user feedback, expert analysis, and factual data regarding the brokers offerings.
Founded in 2021, Alkimiya Markets is a forex broker registered in Saint Vincent and the Grenadines. The broker provides access to the MetaTrader 5 (MT5) trading platform, which is available for both desktop and mobile devices. Traders can access a variety of assets, including over 20 forex currency pairs, indices, metals, energies, and stocks. However, Alkimiya Markets lacks robust regulatory oversight, which raises concerns about its credibility.
Alkimiya Markets operates in an unregulated environment, which is a significant drawback. According to sources, the broker is registered with the Financial Services Authority (FSA) in Saint Vincent and the Grenadines but does not have a valid regulatory license. This lack of oversight can pose risks for traders, as they may not have the same protections as those trading with regulated brokers.
The broker accepts various payment methods for deposits and withdrawals, including bank wire transfers and credit cards. However, the minimum deposit requirement to open a live account is set at $100, which is relatively low compared to many competitors. Nonetheless, the lack of transparency regarding withdrawal fees and processing times can be a concern for potential clients.
The minimum deposit required to open an account with Alkimiya Markets is $100. This amount makes it accessible for new traders, but the absence of clarity regarding additional fees can be off-putting.
Alkimiya Markets promotes a rebate program that claims to offer cash back for trades, which can lower the overall trading costs. However, the effectiveness and reliability of this program are not well-documented in user reviews, leading to skepticism among traders.
Alkimiya Markets provides access to a diverse range of asset classes, including forex, CFDs, metals, and commodities. This variety can appeal to traders looking for different market opportunities. However, the lack of cryptocurrency trading options may limit its appeal to a broader audience.
The broker's spreads start from 2 pips for standard accounts, with no additional commissions. For ECN accounts, spreads can be as low as 0 pips, but a commission of $3 per million is charged. While the pricing seems competitive, the overall cost structure lacks clarity, especially regarding hidden fees.
Alkimiya Markets offers high leverage of up to 400:1, which can attract traders looking for larger positions. However, high leverage also increases risk, and traders should exercise caution when utilizing such options.
Alkimiya Markets primarily uses the MT5 platform, which is known for its advanced trading features and analytical tools. However, the broker does not offer the widely popular MT4 platform, which may deter some traders who prefer it.
The broker does not provide clear information on restricted regions, which can create uncertainty for potential clients. Traders should be aware of local regulations and restrictions before opening an account.
Customer support is available in English, but user reviews indicate that the quality of service is lacking. Many users have reported difficulties in reaching support representatives and receiving timely assistance.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup | 5 |
| Trustworthiness | 2 |
| User Experience | 3 |
Alkimiya Markets offers a minimum deposit of $100, which is appealing for new traders. However, the lack of a clear fee structure raises concerns about hidden costs. User reviews suggest that the account conditions might not be as favorable as they appear, with some traders expressing dissatisfaction with the overall service.
While the MT5 platform provides advanced tools and resources, the lack of educational materials or market analysis can be a drawback for novice traders. Users have noted that the broker does not offer sufficient resources for skill development.
Customer service has received poor ratings, with multiple users reporting long response times and inadequate support. This is a critical area where Alkimiya Markets needs improvement, as effective customer service is essential for trader satisfaction.
The trading experience on the MT5 platform is generally positive, with users appreciating the platform's features. However, the absence of MT4 may limit its appeal to a broader audience.
The trustworthiness of Alkimiya Markets is a significant concern. With a low score in this area, traders should carefully consider the risks involved in trading with an unregulated broker. Many reviews highlight the lack of investor protection and regulatory oversight.
Overall user experience has been rated low, primarily due to customer service issues and concerns about transparency. Traders have reported frustration with the lack of clarity regarding fees and account conditions.
In conclusion, while Alkimiya Markets offers some attractive features, such as low minimum deposits and a rebate program, the overall user experience and trustworthiness are significant concerns. Traders should proceed with caution and conduct thorough research before engaging with this broker.
