Reasonable broker for beginners, but back-office is slow

Name: Reasonable broker for beginners, but back-office is slow
Item: Alchemy
Rating: 3
Author: Neha Kapoor

Neha from Pune. Standard account, using for 5 months. Deposited via UPI and it was credited quickly. I trade small lots on EURUSD and USDJPY. The app/platform is easy enough and I didn’t face major technical issues. My problem is mainly with back-office speed—withdrawal and verification responses are slow. One withdrawal took about 3 working days and I had to send a reminder email. Support is friendly, but the resolution speed is average. Overall it’s okay if you’re patient.

Experience: 5 months
Country: India
Account type: Standard
Deposit experience: 4/5
Withdrawal experience: 3/5
Support rating: 3/5

More reviews of Alchemy

Ananya GuptaUnverified

6 months

Thik-thak, but follow-up karna padta hai

Gurugram se hoon, Alchemy Standard account pe 6 months se trade kar rahi hoon. Deposit UPI (PhonePe) se easy ho gaya, usually instant. Main USD/JPY, EUR/USD aur gold trade karti hoon. Trading side: app/terminal stable hai, par volatility me spreads widen ho jate. Gold pe ek do baar slippage notice hua. Withdrawal side: Kotak bank me ek withdrawal 3 working days me aa gaya. Next time 4-5 working days lage aur support ko reminder dena pada. Support rude nahi hai, bas proactive nahi hai. Overall mixed experience—3 stars.

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Aarav MehtaUnverified

8 months

Decent for trading, back-office needs to be faster

Been using Alchemy from Mumbai for about 8 months on a Standard account. Deposits via UPI (PhonePe) went through quickly most times (within 10-15 minutes). I trade mainly EUR/USD and GBP/JPY, sometimes US30 on smaller size. Execution is fine in normal sessions, but during big UK/US news the spreads widen more than I expected and I got slipped on GBP/JPY once. Withdrawals are the mixed part: my first withdrawal to bank (HDFC) was credited in 2 working days, second one took 4 working days and I had to follow up twice on chat. Support is polite but responses are generic and they don’t proactively update. Overall 3 stars: usable platform and deposits are easy, but withdrawals/support communication should be more consistent.

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Fatima Al MarriUnverified

5 months

Dubai se use kiya, trading ok but withdrawal timeline fixed nahi

Main Fatima, Dubai. Alchemy Standard account use kar rahi hoon around 5 months. Deposit maine debit card se kiya tha (AED card) and instantly reflect ho gaya. Main mostly EUR/USD aur XAU/USD trade karti hoon. Normal time pe spreads theek, but NY open ke time kabhi spread jump karta hai. Execution overall ok. Withdrawal me issue nahi tha but time unpredictable: ek baar 24 hours me aa gaya, dusri baar 3 working days lage (bank transfer). Support ne bola “processing with finance team”. Replies milte hain but exact ETA nahi dete. Overall mixed: trading side fine, operations side average.

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Arjun MehtaVerified Review

8 months

Okay execution on majors, but withdrawals feel inconsistent

I’m Arjun from Mumbai. Been using Alchemy for around 8 months on a Standard account. Deposited via UPI (PhonePe) first time, money reflected in ~10 minutes. Trading mostly EURUSD, GBPUSD and XAUUSD on London session. Good part: spreads on EURUSD are usually decent in normal hours and I didn’t face any platform crash. Slippage is manageable on majors. Not so good: on news (CPI/FOMC) I saw spread widen a lot on XAUUSD and one stop got filled a bit worse than expected. Withdrawals are not predictable—one small withdrawal came same day, another took 3 working days with no clear update until I followed up on chat. Support is average; they reply but you have to push for updates. Overall not bad, but needs more transparency on withdrawal timelines and spread behavior during volatility.

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Reasonable broker for beginners, but back-office is slow