In the ProsperityFX Review, you’ll learn why this broker isn’t as great as presented on the website. On the contrary, ProsperityFX is engaged in fraudulent activity.
It operates from a shady offshore domain without a valid license. Therefore, if you invest money in this brokerage, you could easily lose all your funds.
The ProsperityFX broker is run by the company of the same name from Saint Vincent and the Grenadines (SVG). This offshore domain is an immediate red flag when it comes to trading.
SVG’s regulator, i. e. the Financial Services Authority (FSA), oversees only the banking sector, and not Forex trading. Therefore, the ProsperityFX regulation is terrible.
The broker could disappear in the morning with all your profits and you wouldn’t be entitled to compensation. To prevent that from happening, find a reliable onshore broker, preferably licensed by a Tier 1 regulator such as the FCA, FINMA, BaFin, ASIC, etc.
Entities operating under the jurisdiction of the European Securities and Markets Authority (ESMA) provide excellent security and trading conditions. Clients get negative balance protection, compensation up to 20,000 EUR, leverage restriction (1:30), and segregated funds.
Also, the broker has to possess a minimum operating capital of 730,000 EUR, significantly more than dubious offshore entities.
ProsperityFX is an offshore provider from Saint Vincent and the Grenadines. Thus, it doesn’t have an FX trading license. The broker has been scamming mainly traders from the US, UK, Canada, Australia, and Nigeria.
The ProsperityFX reputation certainly isn’t based on strict regulation. Rather, the broker’s website didn’t offer much insight into its business.
ProsperityFX only mentioned that it operates from SVG, without including a physical address. Make sure your broker has registered an office in your country.
As mentioned, the broker is unlicensed to provide trading services. If you have more evidence, help us urge other regulators to react to this online fraud.
Since ProsperityFX is an offshore entity, it’s bound to look for clients in well-regulated domains. After doing some digging, we found out that the broker was active in the following countries:
If you look at the data from similarweb.com, you’ll notice that the number of visits to the website hit a downward trajectory in the last three months, from 80k to 60k. However, over 50% of visits came from US residents, which is alarming.
Traders had some negative things to say about ProsperityFX. TradersUnion is full of complaints against the broker. Withdrawal issues and account blocking, the reviews read. Here’s one trader’s bad experience:
I submitted an application for withdrawal to the financial service of ProsperityFX, but only a week later the application was approved. The money was taken from the account. But they never showed up on my card. I called the bank – they say that no money has been received…
Financial swindlers like ProsperityFX usually buy Google ads, create fraudulent FB & Instagram content, post fake LinkedIn ads, or hire agents to run marketing campaigns.
Or, they invite victims to private WhatsApp & Telegram chats to present their offers. Nowadays, finding potential victims has never been easier due to multiple dating apps such as Tinder or Bumble. Then there’s the old-fashioned phone call and email method.
ProsperityFX offers one of the best platforms in the world – MetaTrader 4. It’s available for both desktop and mobile phones.
MT4 is a renowned software full of unique features such as algorithmic trading, advanced technical analysis and expert advisory. With access to 28+ indicators and EAs, the cutting-edge platform will suit any trader’s needs.
Yes. ProsperityFX included a mobile version of MT4 for both Android and iOS. It can be downloaded from the broker’s website.
MT4’s customizable interface made mobile trading easier and a great tool for trading on the go. Just be careful due to ProsperityFX’s unregulated status.
Here’s a short overview of the ProsperityFX trading assets with examples:
Each superior account type bears wider spreads but lower commissions. For example, the Standard account’s spreads start at around 0.8 pips but the commission is 7 $ per lot.
The VAR account offers spreads from 1.2 pips with no commissions charged. That’s not bad at all but be careful.
When it comes to different account types, ProsperityFX offers five of them:
The main difference between these is the cost of trading, i. e. spreads + commissions. ProsperityFX included a “recommended min. deposit” for each type.
The leverage cap at ProsperityFX is 1:500, which is extremely high and risky. The UK’s FCA and ESMA imposed a restriction of 1:30 for retail clients. In the US, that limit is 1:50.
Yes. We found a demo account option on the website. ProsperityFX allows you to select how much virtual money you want.
You can also choose the maximum leverage. All the trading is done on MT4 since it’s the only available platform. A demo account is awesome, just be careful when investing real money.
ProsperityFX included a PAMM option. PAMM stands for Percentage Allocation Money Management, which essentially means one capital pool, multiple traders/managers.
Basically, an investor provides the money, which the manager uses for trading. All the realized profits are split between the investor and the manager(s), usually in favor of the former.
This right here is quite shady. It reminds us of a Ponzi scheme where the one on top profits from the efforts of those below.
The ProsperityFX affiliate program has a structure presented on the website. One person refers friends and gets a commission for each referral. If you want our 2 cents, this is just a means to drag more unsuspecting people into the fraudulent scheme.
The minimum deposit is just 10 $, which means this is a long-term sophisticated scam, probably reliant on the aforementioned Ponzi scheme. As for the funding methods, ProsperityFX only deals with Bitcoin, with no fees.
That’s a clear indicator that we’re dealing with a fraudster. Crypto transactions are hard to trace. Also, scammers prefer them since they can remain anonymous. Many clients have had problems with the ProsperityFX withdrawal process.
In this case, it doesn’t matter if ProsperityFX violated any terms and conditions. The broker operates unregulated and can run amok.
That’s why it’s important to report this scammer to the authorities and have its operation shut down. If you’ve been scammed, use your negative experience to bring ProsperityFX to justice.
As for your lost money, Global Fraud Protection has your back. Our team of experts is skilled in using advanced crypto-tracing solutions such as CipherTrace.
If this broker steals your money, contact us for help. The easiest and fastest way is Online Chat. Book your free consultation today and get your money back!
No. ProsperityFX is an unregulated offshore broker. Do not invest! If you already have, call us as soon as possible.
Yes. ProsperityFX offers a free demo account. However, we wouldn’t recommend you trade with this broker.
Yes. ProsperityFX included a mobile version of MT4 for both Android and iOS.
No. The broker did not include a welcome or deposit bonus.
No. ProsperityFX is an unregulated offshore broker. Do not invest! If you already have, call us as soon as possible.
Yes. ProsperityFX offers a free demo account. However, we wouldn’t recommend you trade with this broker.
Yes. ProsperityFX included a mobile version of MT4 for both Android and iOS.
No. The broker did not include a welcome or deposit bonus.
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