ProsperityFX review

prosperityfx

ProsperityFX review Examining the Legitimacy of ProsperityFX as a Broker

The question of whether ProsperityFX is a scam or a legitimate broker is a critical consideration for potential investors. 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

Prosperityfx what do they offer

Understanding ProsperityFX:

ProsperityFX positions itself as an ECN/STP broker catering to both 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:

  1. 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.
  2. Customer Reviews: Unfavorable reviews about ProsperityFX highlight issues with transparency, challenges in withdrawal processes, and dissatisfaction with customer support.
  3. 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. The overall ranking of ProsperityFX is 3 out of 10, based on testing and comparison with 500 other brokers.

Comparison with Other Brokers:

RankingProsperityFXeToroPepperstone
Is Broker Safe?NoYesYes
AdvantagesNoneTrading ConditionsTrading 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, including Standard, Pro, VAR, Mini, and Islamic. The VAR account operates as an STP account, featuring no fixed commission per lot but with 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 raises suspicions. 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

2.8
Trading conditions 4.6
Trading experience 3.4
Customer Support 3.9
trustworthy 1.2
Trading Tools 1.6
Regulation 1.9
Prosperity FX Broker to avoid

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 raises suspicions. 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.

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