ProsperityFX Review

Category: Reviews | Author: Trading Brokers | Date: September 21, 2023

If you are a forex trader, you know how important it is to choose a broker that suits your needs and preferences. You want a broker that can offer you competitive trading conditions, such as low spreads, fast execution, and a wide range of instruments. You also want a broker that is regulated, secure, and transparent. One of the brokers that claims to meet these criteria is ProsperityFX, a new broker that was founded in 2020 and operates as an ECN/STP broker with level 2 pricing. This means that you can trade with the real market prices and liquidity from multiple providers. But how good is ProsperityFX as a broker? What are its pros and cons? In this article, we will review ProsperityFX based on the following criteria: regulation, platforms and tools, education, markets, accounts, and funding. So, if you are curious about ProsperityFX and want to learn more about it, keep reading.

Pros & Cons

  • ProsperityFX offers a low minimum deposit of $10, making it accessible to traders starting out
  • ProsperityFX offers high liquidity, which means that traders can execute trades quickly and efficiently
  • ProsperityFX guarantees no spread widening during flat or fundamental price surges
  • ProsperityFX is not regulated by any reputable authority, which poses a high risk for traders who work with this broker
  • The broker offers a limited amount of education for its traders and has a customer support section that is not very visible or accessible
  • ProsperityFX charges fixed commissions on almost all types of accounts for each lot held, which may not be suitable for all traders
  • ProsperityFX does not allow depositing funds using electronic wallets
  • Does not offer any risk management tools or features and does not offer any additional services or products for its traders.

Summary

ProsperityFX Review

ProsperityFX Review

ProsperityFX is a forex broker that was founded in 2020 and is based in Saint Vincent and the Grenadines. The broker claims to offer the lowest spreads in the industry, as well as access to a wide range of trading instruments, including cryptocurrencies. ProsperityFX operates as an ECN/STP broker with level 2 pricing, which means that traders can benefit from the real market prices and liquidity from multiple providers. The broker also provides traders with the MetaTrader 4 platform, which is one of the most popular and reliable trading platforms in the world.

ProsperityFX is not a regulated broker, which raises some serious concerns about its credibility and safety. The broker does not provide any information about its license or regulation on its website, nor does it disclose any details about its security measures or client protection policies. The broker offers over 200 trading assets, including over 55 currency pairs, 30 crypto CFDs, and CFDs on commodities, indices, and stocks.

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AvaTrade is an award-winning and multi-regulated broker offering a great selection of trading instruments including Forex, Cryptos, Stocks and Commodities. You can trade on all of your devices via user-friendly platforms with excellent trading conditions and no commission fees.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Regulation

ProsperityFX is not a regulated broker, which means that it does not have any license or authorization from any reputable regulatory body or jurisdiction. The broker operates under Prosperity Tech Ltd, a company registered in the Republic of the Marshall Islands with company number 14566495, which is a known offshore broker zone that does not have any strict regulation or supervision for financial services. The broker also has a main place of business in Cyprus, but it does not have any registration or license from the Cyprus Securities and Exchange Commission (CySEC), which is the main regulator for forex brokers in Cyprus.

The lack of regulation for ProsperityFX poses a high risk for traders who choose to work with this broker. There are no guarantees that the broker follows fair and transparent trading practices, or that it keeps the clients’ funds in segregated accounts. There are also no guarantees that the broker has adequate capitalization, liquidity, or risk management policies. Traders who trade with an unregulated broker have no legal recourse or protection in case of any issues or disputes with the broker. Therefore, we advise traders to be very cautious when dealing with ProsperityFX and to look for more reliable and regulated brokers in the industry. Please see a list of regulated brokers for some alternative options.

Platforms & Tools

ProsperityFX provides traders with the MetaTrader 4 platform, which is one of the most popular and reliable trading platforms in the world. The platform supports algorithmic trading, advanced technical analysis, and expert advisors. Traders can customize the platform to suit their trading style and preferences, as well as access a library of free resources, scripts, indicators, and more.

The MetaTrader 4 platform is available for desktop, web, and mobile devices. The desktop version can be downloaded from the ProsperityFX website or from the dashboard after signing up for a funded account. The web version can be accessed from any browser without downloading or installing anything. The mobile version can be downloaded from the App Store or Google Play for iOS and Android devices respectively.

MT4 Platform

MT4 Platform

The MetaTrader 4 platform allows traders to create a limitless number of demo accounts to practice their trading skills before starting live trading. After setting up a live trading account, traders can access charts, technical analysis, and operations on a real-time basis. They can also program strategies, signals, and indicators using the MetaQuotes Language 4 (MQL4).

Education

ProsperityFX offers a limited amount of education for its traders. The broker has an educational section on its website, where it provides some webinars, tutorials, and ebooks on various topics related to forex trading, such as market analysis, trading strategies, risk management, and more. However, the educational section is not very comprehensive or structured, and it does not cover all the aspects of forex trading that traders may need to learn or improve. The educational section also does not have any interactive features, such as quizzes, tests, or feedback. Therefore, the educational section is not sufficient to provide a complete and quality education for traders who want to trade with ProsperityFX.

ProsperityFX also offers a demo account for its traders, which is a positive feature of its education. A demo account is a great way for traders to practice their trading skills and strategies without risking any real money. A demo account also allows traders to familiarize themselves with the trading platform and its features, as well as test the trading conditions and services of the broker. However, ProsperityFX does not give its traders unlimited access to the demo account, which means that they have to register for a live account after a certain period of time. Hence, we can say that ProsperityFX is not a very good choice for traders who are looking for a broker that can offer them a quality and comprehensive education. Traders who want to trade with ProsperityFX will have to rely on their own knowledge and experience or look for other sources of education elsewhere.

Markets

ProsperityFX offers traders access to a wide range of trading instruments to choose from, which can suit different trading styles and preferences, including over 200 trading assets. The broker allows traders to trade with the following markets:

  • Forex: ProsperityFX offers over 55 currency pairs, including major, minor, and exotic pairs. The broker claims to offer the lowest spreads in the industry, starting from 0 pips for some pairs. The broker also offers STP execution with level 2 pricing, which means that traders can benefit from the real market prices and liquidity from multiple providers. The maximum leverage for forex trading is 1:500 for all accounts.
  • Crypto: ProsperityFX offers over 30 crypto CFDs, including Bitcoin, Ethereum, Litecoin, Ripple, and more. The broker allows traders to trade crypto CFDs with low spreads and high leverage, as well as hedge their positions and use expert advisors. The maximum leverage for crypto trading is 1:100 for all accounts.
  • Commodities: ProsperityFX offers CFDs on various commodities, such as gold, silver, oil, natural gas, and more. The broker allows traders to trade commodities with low spreads and high leverage, as well as diversify their portfolios and hedge their risks. The maximum leverage for commodities trading is 1:500 for all accounts.
  • Indices: ProsperityFX offers CFDs on various indices, such as the S&P 500, NASDAQ 100, FTSE 100, DAX 30, and more. The broker allows traders to trade indices with low spreads and high leverage, as well as access the global markets and follow the trends. The maximum leverage for indices trading is 1:500 for all accounts.
  • Stocks: ProsperityFX offers CFDs on various stocks, such as Apple, Amazon, Tesla, Facebook, and more. The broker allows traders to trade stocks with low spreads and high leverage, as well as speculate on the price movements of the leading companies in the world. The maximum leverage for stock trading is 1:20 for all accounts.

Accounts

ProsperityFX has five types of live accounts and one type of demo account to choose from. The live accounts differ in terms of spreads, commissions, leverage, and available instruments. The demo account allows traders to practice their trading skills and strategies without risking any real money. It is designed for traders who want to test the trading platform and conditions of ProsperityFX before opening a live account. The demo account has the same features and functions as the live accounts, except that it does not involve any real money or risk. Hence, Here is a brief overview of each account type:

  • Standard: The Standard account is the most basic account type offered by ProsperityFX. It requires a minimum deposit of $50 and offers variable spreads starting from 1.2 pips. The account does not charge any commissions and allows a maximum leverage of 1:500. The account gives access to over 200 trading assets, including forex, crypto, commodities, indices, and stocks.
  • Pro: The Pro account is designed for more experienced traders who want to trade with lower spreads and higher commissions. It requires a minimum deposit of $100 and offers variable spreads starting from 0.6 pips. The account charges a commission of $4 per lot per side and allows a maximum leverage of 1:500. The account gives access to over 200 trading assets, including forex, crypto, commodities, indices, and stocks.
  • VAR: The VAR account is similar to the Pro account, but it offers fixed spreads instead of variable spreads. It requires a minimum deposit of $100 and offers fixed spreads starting from 0.9 pips. The account charges a commission of $4 per lot per side and allows a maximum leverage of 1:500. The account gives access to over 200 trading assets, including forex, crypto, commodities, indices, and stocks.
  • Mini: The Mini account is designed for beginners or traders who want to trade with smaller lot sizes. It requires a minimum deposit of $25 and offers variable spreads starting from 1.6 pips. The account does not charge any commissions and allows a maximum leverage of 1:500. The account gives access to over 55 currency pairs only.
  • Islamic: The Islamic account is designed for traders who follow the Islamic faith and want to trade without paying or receiving any interest or swap fees. It requires a minimum deposit of $50 and offers variable spreads starting from 1.2 pips. The account does not charge any commissions and allows a maximum leverage of 1:500. The account gives access to over 200 trading assets, including forex, crypto, commodities, indices, and stocks.

ProsperityFX allows traders to open multiple accounts under the same email address and switch between them easily from the dashboard. Traders can also apply for a funded account program, where they can get up to $200K in funding if they pass a two-step evaluation process and share 80% of the profits with the broker.

Funding

ProsperityFX allows traders to deposit and withdraw funds using various payment methods, such as Visa, Mastercard, Bitcoin, and bank transfer. The broker does not charge any fees for deposits or withdrawals, but some third-party fees may apply. The broker also claims to process withdrawals within 24 hours.

  • Credit/Debit Card: Visa and Mastercard are the most common and convenient payment methods that ProsperityFX accepts. They allow traders to fund their accounts instantly and securely using their credit or debit cards. The minimum deposit amount for Visa and Mastercard is $50, and the maximum deposit amount is $10,000 per transaction. The minimum withdrawal amount for Visa and Mastercard is $50, and the maximum withdrawal amount is $10,000 per transaction.
  • Bitcoin: Bitcoin is another payment method that ProsperityFX accepts. It allows traders to fund their accounts anonymously and quickly using their digital wallets. The minimum deposit amount for Bitcoin is $50, and the maximum deposit amount is unlimited. The minimum withdrawal amount for Bitcoin is $50, and the maximum withdrawal amount is unlimited.
  • Bank Transfer: This is the last payment method that ProsperityFX accepts. It allows traders to fund their accounts directly from their bank accounts. However, bank transfers may take longer and incur higher fees than other payment methods. The minimum deposit amount for bank transfer is $500, and the maximum deposit amount is unlimited. The minimum withdrawal amount for bank transfers is $500, and the maximum withdrawal amount is unlimited.

Conclusion

In conclusion, ProsperityFX is a forex broker that offers a wide range of trading instruments, platforms, and accounts. The broker claims to offer the lowest spreads in the industry, as well as STP execution with level 2 pricing. However, the broker is not regulated by any reputable authority, which raises serious concerns about its credibility and safety. The broker also offers a limited amount of education for its traders, and it has a customer support section that is not very visible or accessible from the homepage. However, it’s worth noting that while ProsperityFX offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading broker reviews.

ProsperityFX Logo

$10

ProsperityFX is a forex broker that offers over 200 trading assets, low spreads, STP execution, and level 2 pricing. The broker also offers a funded account program and an affiliate program. However, the broker is not regulated, has a limited amount of education.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


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