Is ProsperityFX Scam or Legit Broker?

No, ProsperityFX cannot be considered a trustworthy broker because it lacks a top-tier license. ProsperityFX is managed by EnviLLC, which is an international broker for CFDs trading securities registered by the MWALI International Services Authority in Comoros (T2023238), and with the Financial Services Authority in Saint Vincent and the Grenadines.

  • Although brokers based in St. Vincent and the Grenadines or MWALI International Services Authority in Comoros often offer appealing trading conditions, they commonly lack robust regulatory scrutiny and investor protection. Consequently, brokers in this jurisdiction have a track record of involvement in financial fraud or fraudulent activities. For enhanced protection and stringent standards, it is advisable to seek brokers regulated by top-tier authorities such as ASIC, CySEC, and FCA, which typically provide the highest levels of supervision and guidelines.

About ProsperityFX
🏢 Registered inSt. Vincent and the Grenadines
🗺️ Type of LicenseOffshore
🛡️ Is ProsperityFX safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is ProsperityFX?

ProsperityFX positions itself as an ECN/STP broker that offers its services to both professional and beginner traders. The broker caters to over 50 thousand active traders,  providing a selection of over 200 trading assets. The broker offers high leverage up to 1:500. It also gives access to Expert Advisors,  as well as such strategies as scalping and hedging.

However, upon closer examination, noteworthy concerns about ProsperityFX have surfaced that every trader should be aware of before deciding to invest with the broker:

  • Insufficient Regulation: To conduct safe and profitable trades it is essential to choose a tightly regulated broker with licenses from top-tier authorities. We found that ProsperityFX is managed by EnviLLC, an international broker for CFDs trading securities. ENVI LLC holds a license from the MWALI International Services Authority in Comoros, bearing license number T2023238. Additionally, EnviLLC is registered in Saint Vincent and the Grenadines. Both of the entities are offshore and do not provide stringent regulations. This is the reason brokers operating in these jurisdictions have a track record of being implicated in financial fraud or scams.
  • Customer Reviews: ProsperityFX has gained many unfavorable reviews due to a number of reasons, including the broker’s lack of transparency, challenges related to withdrawal processes, and unsatisfactory customer support. 
  • Withdrawal Issues: While clients often highlight the favorable conditions provided by ProsperityFX, there are also reviews expressing concerns about the broker’s inadequate withdrawal process. When contemplating involvement with this broker, it is crucial to assess potential drawbacks that could impact the trading process and its outcomes.

Overall ProsperityFX Ranking

After conducting thorough research, we have identified notable concerns regarding ProsperityFX’s reliability and its adherence to regulatory standards. Consequently, we are unable to assign a favorable rating to ProsperityFX.

  • ProsperityFX Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe?NoYesYes
AdvantagesNoneTrading ConditionsTrading Environment

ProsperityFX Alternative Brokers

Based on the safety concerns we revealed regarding ProsperityFX, we strongly recommend exploring alternative options that prioritize strict regulations and offer improved trading conditions. Here is a list of reputable brokers providing reliable choices and a secure trading environment for your consideration:

  • AvaTrade – Good Instruments and CopyTrading
  • Pepperstone – Low Spreads and Competitive Trading Conditions
  • XM – Wide Range of Trading Opportunities

Deposits and Withdrawals

ProsperityFX enables traders to process funding through Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE) and USDT (ERC20). The minimum deposit with the broker is $10. 

  • The deposits generally take between 1-3 hours, depending on the Blockchain traffic.
  • ProsperityFX does not impose limits on the number of withdrawal requests, and the website does not provide information about a minimum withdrawal amount.
  • The processing time for withdrawal applications to banking systems at ProsperityFX ranges from 1 to 3 days. On the other hand, cryptocurrency withdrawals typically take 1 to 3 hours.
  • However, numerous complaints regarding the broker’s withdrawal process should not be disregarded. An insufficient withdrawal process can lead to the loss of investments and profits.  

Account types

ProsperityFX offers several account types with different trading conditions and features: Standard, Pro, VAR, Mini, and Islamic.

  • The VAR account operates as an STP account, featuring no fixed commission per lot. However, the highest spread is 1.2 pips
  • For Standard and Islamic accounts the fixed commission is $7, whereas for Pro accounts it is $8. 

ProsperityFX  Review Conclusion

Considering the gathered information about ProsperityFX, there are significant reservations regarding the broker’s reliability and integrity. Therefore, overall, ProsperityFX is not recommended for trading and raises suspicions. The offshore registration adds to the concerns about the broker’s credibility, increasing the potential for association with financial fraud. It is advised to exercise caution in engaging with such a broker.

It is advisable to steer clear of brokers with questionable registrations and, instead, prioritize those with established track records. Focus on brokers recognized for consistently providing exceptional trading conditions and dependable services over time. Traders should prioritize brokers holding licenses such as FCAASIC, or CySEC, as these licenses offer elevated levels of security.

  • Overall ranking and experience for ProsperityFX is Negative

No news available.

Leave a Reply

Your email address will not be published. Required fields are marked *