ProsperityFX review Examining the Legitimacy of ProsperityFX as a Broker
Table of Contents
Potential investors must consider whether ProsperityFX is a scam or a legitimate broker. The management of ProsperityFX falls under EnviLLC, an international broker for CFDs trading securities registered with the MWALI International Services Authority in Comoros (T2023238) and the Financial Services Authority in Saint Vincent and the Grenadines.
While brokers based in these jurisdictions often tout attractive trading conditions, there is a common concern about the lack of robust regulatory scrutiny and investor protection.
Brokers in St. Vincent and the Grenadines or under the MWALI International Services Authority in Comoros have historically been associated with financial fraud or fraudulent activities. To ensure a secure trading environment, it is recommended to opt for brokers regulated by top-tier authorities such as ASIC, CySEC, and FCA, known for their stringent regulations and high supervision standards.
Prosperityfx, what do they offer
Understanding ProsperityFX:
ProsperityFX is an ECN/STP broker catering to professional and beginner traders. With over 50 thousand active traders and a diverse selection of 200 trading assets, ProsperityFX offers high leverage up to 1:500 and provides access to Expert Advisors and strategies like scalping and hedging.
Upon closer examination, certain concerns about ProsperityFX come to light:
- Insufficient Regulation: EnviLLC manages ProsperityFX, holding a permit from the MWALI International Services Authority in Comoros and being registered in Saint Vincent and the Grenadines. Both entities operate offshore and lack stringent regulations, raising suspicions about their potential involvement in financial fraud or scams.
- Customer Reviews: Unfavorable reviews about ProsperityFX highlight transparency issues, withdrawal process challenges, and customer support dissatisfaction.
- Withdrawal Issues: Despite favourable trading conditions, reviews express concerns about ProsperityFX’s withdrawal process, underscoring the need to evaluate potential drawbacks that could impact the trading process and outcomes.
Overall Ranking of ProsperityFX:
After an in-depth research process, notable concerns regarding ProsperityFX’s reliability and adherence to regulatory standards emerge. Consequently, assigning a favourable rating to ProsperityFX becomes challenging. Based on testing and comparison with 500 other brokers, ProsperityFX’s overall ranking is 3 out of 10.
Comparison with Other Brokers:
| Ranking | ProsperityFX | eToro | Pepperstone |
|---|---|---|---|
| Is Broker Safe? | No | Yes | Yes |
| Advantages | None | Trading Conditions | Trading Environment |
Alternative Broker Recommendations:
Given the safety concerns highlighted about ProsperityFX, exploring alternative options with strict regulations and improved trading conditions is strongly recommended. Reputable brokers like AvaTrade, known for good instruments and copy trading, Pepperstone, with low spreads and competitive trading conditions, and XM, offering a wide range of trading opportunities, are worth considering.
Deposits and Withdrawals:
ProsperityFX supports funding through various cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), and USDT (ERC20). The minimum deposit with the broker is $10, and deposit times generally range from 1-3 hours, depending on blockchain traffic. While there is no limit on withdrawal requests, the website does not provide information about a minimum withdrawal amount. Withdrawal processing times range from 1 to 3 days for traditional banking and 1 to 3 hours for cryptocurrency withdrawals.
Account Types:
ProsperityFX offers several account types: Standard, Pro, VAR, Mini, and Islamic. The VAR account operates as an STP account, featuring no fixed commission per lot but a maximum spread of 1.2 pips. Fixed commission rates are $7 for Standard and Islamic accounts and $8 for Pro accounts.
Conclusion of our ProsperityFX review :
Considering the gathered information about ProsperityFX, there are significant reservations about the broker’s reliability and integrity. Therefore, overall, ProsperityFX is not recommended for trading, and suspicions are raised. The offshore registration adds to concerns about the broker’s credibility, increasing the potential for association with financial fraud. Traders are advised to exercise caution and prioritize brokers with established track records and recognized licenses like FCA, ASIC, or CySEC, which offer elevated levels of security. The overall ranking and experience for ProsperityFX are negative.
They have now changed their URL to https://prosperity4x.com/, which is never a good sign! Trade with caution
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Methodology for Forex Broker Reviews
Our forex broker reviews are conducted with a comprehensive, transparent methodology designed to give traders the information they need to make informed decisions. Here’s how we do it:
- Platform and Technology: We evaluate the trading platform for ease of use, reliability, and the availability of essential tools and features that support effective trading strategies.
- Asset Range: We assess the variety of trading instruments, including currency pairs, commodities, and indices, to ensure traders have ample opportunities.
- Fees and Spreads: We examine the broker’s fee structure, including spreads, commissions, and hidden charges, to gauge the cost-effectiveness of trading with them.
- Regulation and Security: We verify the broker’s regulatory compliance and the measures they take to protect client funds and personal information, underscoring their trustworthiness.
- Customer Support: We test the support team’s responsiveness, availability, and expertise to ensure traders can get assistance when needed.
- Educational Resources: We explore the availability and quality of educational materials and resources to support traders at all experience levels.
- User Reviews and Community Feedback: We consider feedback from the trading community and existing users to provide a well-rounded view of the broker’s performance and reputation.
This systematic approach ensures our reviews are thorough, unbiased, and reliable, helping traders navigate the complex world of forex trading confidently.
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About the Author
Justine Glover
Justine Glover is a seasoned financial analyst and forex trader with over a decade of experience in the financial markets. Holding a Master’s in Finance from the University of Chicago, Justine has worked with several leading brokerage firms, developing trading strategies and economic models. Her insights have been featured in major financial publications, including Forbes and Bloomberg. She is now living in Gstaad, Switzerland.
Disclaimer: Risks of Trading
In our review of Capitalix, we have examined several different characteristics, and it is easy to see why it has become one of the better trading platforms on the market. With low fees and trading costs, it’s also easy for beginners to get started.>
However, you should still consider the risks with this type of broker. When you use a trading platform where you trade CFDs, there is always a risk of losing money, but the risk will be higher if you start using leverage.
Therefore, limit your trading to smaller lots and don’t go in with more capital than you can afford to lose. It’s also important not to overdo it with leverage, even though it sometimes feels tempting. The risk is that you always lose more than necessary.
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