ProsperityFX Review 2023 with Rankings By Dumb Little Man
There are numerous reviews available regarding multiple brokers on the internet, however, some reviews are also biased and favor brokers due to conflict of interest. However, here at the Dumb Little Man review, the information given is just not an expert opinion but involves a thorough process of critical analysis based on standardized criteria. Therefore, each broker is assessed through these criteria before they are rated for their services.
Other than including the evaluation criteria in the review, we have also looked into the customer reviews as the existing client of a firm can present an honest picture of the performance of any broker. Hence readers can expect a comprehensive inspection of the broker's services in this review.
Based on the above-mention points of the evaluation criteria, Prosperity Fx is a convenient platform for professional trading, however, young traders may suffer with this broker. Moreover, the reliability of the broker is also questionable as it is not regulated by any financial institution. Similarly, the affordability of the broker is also not confirmed as the pricing structure is not transparent on the broker's platform. All in all, ProsperityFx struggles to get good reviews in our evaluation process.
Table of Contents
- ProsperityFX Review
- What is ProsperityFX?
- Safety and Security of ProsperityFX?
- Sign Up Bonus of ProsperityFX
- Minimum Deposit of ProsperityFX
- Account Types
- ProsperityFX Customer Reviews
- ProsperityFX Spreads, Fees, and Commissions
- Deposit and Withdrawal
- How To Open a ProsperityFX Account – Step-by-Step Guide
- ProsperityFX Affiliate Program
- ProsperityFX Customer Support
- Advantages and Disadvantages of ProsperityFX Customer Support
- ProsperityFX vs Other Brokers
- Conclusion: ProsperityFX
- ProsperityFX Review FAQs
A broker is an integral component of financial trading, as any individual who wants to trade needs a broker who is an exchange member. Therefore, traders have to choose a broker who would serve as an intermediary between themselves and the financial market. The need for brokers is ever-increasing, so more brokers are turning up to provide brokerage services. In this league, ProsperityFx is also a broker offering customers basic trading services worldwide.
Basically, ProsperityFx can be described as a broker which offers trading services to professional traders and investors. The platform of ProsperityFx is ideal for ECN/STP trading accounts due to its fast order executions. Moreover, traders with long-term strategies and algorithm trading can benefit from this broker more than novice or inexperienced traders. As the platform is intended for experienced traders there are also no sources for training inexperienced individuals.
This ProsperityFx review will answer all the questions traders may have regarding the platform. Moreover, the review focuses on various aspects of account features, as well as a comparative analysis of ProsperityFx with other competitive brokers. Similarly, customer reviews are also included in this comprehensive review of ProsperityFx to give an unbiased view of the firm.
What is ProsperityFX?
ProsperityFx is a new brokerage platform that became accessible to customers this year in 2023. Other than offering forex and commodity trading there are also opportunities to do crypto trading on this platform. There are more than 200 trading instruments available at the ProsperityFx broker along with the advanced MT4 trading platform with options for multiple account types.
Other than the usual brokerage services with four different account types for customized trading, the Prosperity Fx platform also offers funded accounts of up to 200k. Traders who wish to acquire funded accounts would have to go through the evaluation challenge phase to earn real trading funds. Moreover, there is also an option of having a swap fee Islamic account for Muslim clients.
Another benefit of Prosperity Fx is that there are no trading restrictions on this platform, therefore traders are allowed for scalping, and hedging of funds, and even Expert advisors are allowed. These features make trading easier and less complicated for traders. However, novice or inexperienced traders would struggle with this broker as there are no resources for training or education of new traders.
For those who are concerned with the security of data and funds with the broker, it should be noted that the broker is not regulated by any financial commission which makes the firm ambiguous in terms of protection. However, ProsperityFx claims to provide a security account through its two-step verification process. Moreover, the official website also indicated that the ProsperityFx broker is trying to get hold of a license with a reputable financial commission, which can be trusted as the platform is only a few months old.
Safety and Security of ProsperityFX?
The safety of funds at ProsperityFx is not assured as the broker is not regulated and does hold an official license with any financial institution yet. However, the broker claims to have a private security system including a two-step verification process that enables users to have a secured trading account. Moreover, it is also mentioned on the broker’s website that each transaction is encrypted from end to end for the user’s safety and protection.
Usually, brokerage platforms that are regulated under any financial commission are considered to be a safer option than a non-regulated broker. The reason for this is that financial authorities ensure the safer transaction of funds and also keep an eye on the broker’s trading processes. However, it should be considered that Prosperity Fx is a relatively new platform and aims to be regulated in the future.
Sign Up Bonus of ProsperityFX
It is observed that brokers offer various rewards, promotions, and bonuses for new and existing customers to allure them into entering and maintaining their accounts on the platform. This can be both a benefit or a trap for any trader as opening an account just to earn these rewards can lead to long-term losses.
There are also many other firms that rely on their services and performance for getting customers. ProsperityFx is also among such brokers as even after being a new platform there are no bonuses or rewards available for customers who sign up with the broker.
Minimum Deposit of ProsperityFX
The minimum deposit of ProsperityFx is not fixed as it varies according to the account types. For the standard account type, the minimum deposit is $50, whereas for the PRO account the requirement of an initial deposit is $500. Moreover, for the VAR account, the initial deposit is $250 and lastly, for the mini account, the recommended minimum deposit is $25.
In addition to this, there is also an option of opening an Islamic account and the initial deposit requirement for this account is $50. After viewing these requirements we can see that there is a range of minimum deposits from a low $25 to $500. However, we cannot consider ProsperityFx a very affordable broker as even the lowest is high compared to many other brokerage platforms.
ProsperityFx offers multiple account types for a wide range of customers. Starting from the standard account to mini accounts for low-budget traders there are various options available on this platform. The spreads and commission rates also differ from one account to another so that traders can choose the account which would suit their trading needs.
#1. Standard Account
The standard account is a basic account aimed at the majority of traders. The minimum deposit requirement in this account type is $50 and traders get tight spreads starting from 0.8 pips. Moreover, through this account traders can trade in more than 200 currency pairs including cryptocurrencies. Other than this, the commission rate of the broker in a standard account is a fixed $7 per lot.
The standard account is for day traders and low-risk trading where the minimum deposit is lower compared to other account types with tight spreads to earn maximum profits. However, the commission of the broker is not very low and other trading costs are also not clearly mentioned by the broker.
#2. PRO Account
The pro account is aimed at professional traders who are looking for the narrowest spreads and fastest market executions. Therefore, the spreads in the pro account start from 0.4 pips, however, this tight spread comes with a cost of $8 commission per lot and a minimum deposit of $500. The traders also have 200 plus currency pairs to choose from in this account.
This account type is best for experienced and seasoned traders and investors who have long-term trading strategies. Traders who are consistent and efficient enough to earn significant profits can benefit from this account type.
#3. VAR Account
The VAR account is for those traders who are willing to compromise on the spreads but do not want to pay a high commission to the broker. Therefore, this account type has a zero commission policy however the traders would get spreads starting from 1. 2 pips. Similarly, the minimum deposit requirement of this account is also lower than the PRO account of $ 250.
The range of currency pairs in this account type is also the same as other accounts which is more than 200. This account type is ideal for traders who are familiar with trading strategies even with wide spreads and can benefit from zero commissions.
#4. Mini Account
Mini accounts are specifically aimed at new traders who want to test the waters in trading. The mini account has the lowest minimum deposit of $25 compared to all the other account types. Moreover, the commission rate on this account type is also $ 1 per lot. In this way, a mini account is an affordable option for inexperienced traders.
The spreads start at 1.0 pips on the mini account so the profit margin would be lower than the VAR and PRO accounts however, the low commission rate and initial deposit compensate to an extent. One drawback of this account type is that there are only 29 currency pair options available for trading in this account type.
#5. Islamic Account
At ProsperityFx forex trading can also be done through an Islamic trading account. Generally, Muslim traders prefer swap-free trading which is in accordance with their Islamic beliefs. Therefore, this brokerage firm offers swap-free trading accounts to customers.
The Islamic account has the same specifications as the standard account with a $50 minimum deposit, 0.8 spreads, and a $7 commission rate with 200 plus currency pairs. The only difference is that this account type is swap free and no additional charges are taken for this facility from the customers.
ProsperityFX Customer Reviews
The reviews given by customers regarding the performance of ProsperityFx are mixed. Some customers praised the customer services and prompt responses and even appreciated the fast withdrawal procedures. However, others criticized the platform on the same account blaming the customer services to be unresponsive and delaying the withdrawal of funds. In such a scenario, it is difficult to make a conclusive statement regarding customer reviews.
However, the benefit of the doubt can be given to the positive reviews as there were more positive reviews than negative ones. Moreover, the customers who complained regarding the delay of funds withdrawal were only complaining after 2 or 3 days of the withdrawal request which is the standard processing time for funds withdrawal given by the broker. So in a way, we can say that the customer reviews were more in favor of the broker than against it.
ProsperityFX Spreads, Fees, and Commissions
The spreads at ProsperityFx are varied according to the account types. The tightest spreads start from 0.4 pips which is available on the PRO accounts. Standard, VAR, mini, and Islamic accounts have spreads starting from 0.8, 1.2, 1.0, and 0.8 respectively. Overall, we can say that Prosperity Fx provides tight spreads for its customers.
The commissions are fixed per lot for each account type. For the Standard account, the commission rate is $7 per lot. Besides this, for PRO, VAR, mini, and Islamic accounts the commission charged by the broker is $8,$10, $1, and $7 respectively.
The fee structure of ProsperityFx is not very transparent on the official website of the platform. Therefore, accurate fees and other additional charges can only be known after registering with the platform. However, the broker claims to charge a double overnight holding fee.
Deposit and Withdrawal
Being new in the market, ProsperityFx has limited withdrawal and deposit payment methods on its platform. The deposit payment method includes digital currencies including Bitcoin, Dogecoin (DOGE), USDT (ERC20), Ripple (XRP), Ethereum (ETH), Litecoin (LTC), USDT (BEP-20) USD Coin (BEP-20). Another deposit method that customers can use is the credit/ debit card option via third parties.
The Withdrawal method available at ProsperityFx is via Cryptocurrency only. This includes Dogecoin, USDT, Ripple, Ethereum, Litecoin, USDT, and USD Coin. Other than these digital currency pairs there is no other method available to redeem cashback from this platform.
There are no additional charges or commissions on these deposit and withdrawal methods from the broker. However, third-party charges may apply. The duration for credit/debit deposit of payment can be from 2 to 5 days whereas transactions from digital currency can take 1 to 2 hours for processing payments.
How To Open a ProsperityFX Account – Step-by-Step Guide
The process of opening an account on ProsperityFx is as easy as it is on any other platform. The first step is to open the homepage of the brokerage company’s official website. From here there are two options, those who are confident about investing with the broker can start their trading journey by opening a live account whereas others can also use trial and error to learn from their experiences by opening a free demo account.
To open a live account users have to click on the “sign up” on the top right corner of the landing page. In contrast, users who want to open a demo account will have to click on the trade drop-down menu and click on the “demo account”.
In both cases, the second step is the registration form. Here users will be asked to fill in some basic information such as their First name, Last name, Email address, and password, and click on the check box of agreeing to the terms and conditions of the brokerage platform. In the demo account, additional information that is asked is the selected leverage and the selected balance.
The demo account would be created immediately after the second step and users can start trading with the virtual money with the same trading features as the live trading account. However, for the live account, another form will be sent to the email address with extended information such as citizenship, preferred account type, and other personal information.
After filling out the registration form, users will have to pay the initial deposit amount after which they will get access to their personal trading account. The users will then be asked to change their password by using the two-step verification process to keep their accounts safe from any potential threats. Password verification is the last step after which traders can start trading through their accounts.
ProsperityFX Affiliate Program
The affiliate program of ProsperityFx is quite rewarding as traders can earn more commission at different levels of the affiliate program. Traders will have to create their IB link through which they can send referrals to other traders. With each trader who joins the Prosperity Fx platform commissions are given to the IB affiliate partner for trades per lot.
The affiliate program at ProsperityFx is free of cost and traders can increase their referral network and can earn more and more profits. With five levels, traders can increase their number of referrals and can also become the master affiliate, one who would make a network of all the other affiliates and generate a significant passive income through them.
ProsperityFX Customer Support
The popularity and performance of a broker depend greatly on the customer support service of the firm. Unresponsive customer service can ruin the credibility and reliability of a broker. On the ProsperityFx platform, the customer support team is available 24 hours a day seven days a week as the cryptocurrency market is open even on weekends.
The contact methods of customer support are limited to a live chat box on the webpage along with a feedback form and a messenger on telegram and Instagram. There are toll-free numbers for phone calls or even an official email address available for the customers to contact support. However, it is mentioned in various customer reviews that the customer service of prosperityFx is prompt and responsive.
Advantages and Disadvantages of ProsperityFX Customer Support
ProsperityFX vs Other Brokers
In order to understand the standard of services of any brokerage platform it is vital to compare it with other competitive firms rather than evaluating it in isolation. The overall performance and trading features offered by ProsperityFx can be truly examined when a comparative analysis is done with other top-rated brokers of the financial market. Therefore, we have compared the trading s services of ProsperityFx with three of the leading brokerage platforms.
#1. ProsperityFX vs Avatrade
AvaTrade is known as the best forex trading platform among financial experts and advisors. Similarly, it is considered to be a trustworthy and reliable broker as it has been able to make its name among millions of customers worldwide. The biggest credibility of AvaTrade lies in the fact that the firm is regulated by top-tier regulatory commissions.
Comparatively, ProsperityFx lacks in many ways from AvaTrade in terms of the number of trading instruments and payment methods offered by the broker. Along with this, the easy-to-use mobile trading app of AvaTrade makes it a better choice than ProsprityFx for traders. However, it should be noted that ProsperityFx is relatively a very young firm compared to AvaTrade which was founded in 2016.
#2. ProsperityFX vs RoboForex
RoboForex is also another name that is quite popular among traders as well as financial experts in the market. This broker is ideal for inexperienced and novice traders and for this reason Roboforex has managed to spreads its network to millions of customers across the world. Moreover, Roboforex has the best trading features such as the advanced trading platform of MT4 and MT5, copy trading, educational resources, trading tools such as charting and price indicators, and tight spreads with affordable trading costs.
In contrast, ProperityFx is far behind in providing all t these features to new traders. In fact, the firm is more suitable for professional traders due to its high commission and minimum deposit requirements and lack of educational resources. However, by providing affordable trading Roboforex has even managed to allure professional traders more than ProsperityFx.
#3. ProsperityFX vs FXChoice
FXChoice is not a big name in the financial market but when we compare it to ProsperityFx the trading conditions on FXchoice are far better than those ProsperityFx. First, FXchoice is a regulated firm with FSC and offers an advanced trading platform of MT4 as well as MT5. Moreover, FxChoice offers the tightest spreads starting from 0.0 pips. In addition to this, the minimum deposit of FXchoice is $10 with high leverage of 1:1000. All this makes Fxchoice a better option than ProsperityFx.
ProspertiyFx is a new brokerage platform that has emerged in the financial market. Even though more and more people are getting affiliated with this firm it still has to go a long way to reach the top spot among the best brokerage platforms. A quick look at the trading services provided by this firm tells us that it is clearly intended for professional and seasoned traders and investors who trade in the currency exchange market.
The focal point of ProsperityFx is to provide tight spreads with fast-speed market executions. Moreover, there are no training or educational r resources available on the platform which would indicate that the broker is supporting novice traders as well. Besides this, the trading cost including the commission rate and the minimum deposit amount is much higher than many other brokers this is also another “no entry” signal for new traders who are looking for affordable brokers in the market.
Along with this being new in the field, ProsperityFx is not yet regulated by any financial commitment which makes it very difficult for traders to trust any broker. Even though the firm claims to be regulated by financial authorities in the future and provides a two-step verification process for funds’ safety, traders cannot be but dubious of this broker.
On a positive note, the customer reviews of ProsperityFx are not so negative which is a bright sign for the broker and the customer service is also responsive which helps in maintaining trust between the broker and customers.
ProsperityFX Review FAQs
Is ProsperityFX a regulated broker?
No ProsperityFx is not a regulated broker however, the firm was founded in 2023 and is still in its early stage where it claims to be regulated by a commission soon.
What instruments can I trade on ProsperityFX?
There are more than 200 trading instruments available on the ProsperityFx platform including Forex, commodities, stocks, and even cryptocurrencies.
What is the minimum deposit for ProsperityFX?
The minimum deposit of ProsperityFx varies according to the account type. It ranges from a minimum of $ 25 for the mini account to $ 500 for PRO accounts.
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Author: Wilbert S
Wilbert is an avid researcher and is deeply passionate about finance and health. When he's not working, he writes research and review articles by doing a thorough analysis on the products based on personal experience, user reviews and feedbacks from forums, quora, reddit, trustpilot amongst others.