Some reviews of ProsperityFX indicate that it is a shady broker. For example, they state that it does not have a license or list of its employees and has weird withdrawal policies. This is certainly not a good sign. Fortunately, it is not impossible to find out whether ProsperityFX is a scam.
ProsperityFX is a shady broker.
ProsperityFX offers a forex trading account for both bitcoin and conventional currencies. In addition, the company’s customer support team is available to help its clients via live chat and phone calls. The website does not provide an official phone number, however. Also, the company only offers support in English.
The ProsperityFX website presents a user-friendly trading interface. However, the company is not licensed by any government authority. As a result, its credibility is questioned. Furthermore, the website does not contain details about the company’s founder. This lack of information makes it difficult to determine the expertise of the broker’s traders.
This broker offers over 50 pairs of forex. It also provides CFDs on stocks, indices, and commodities. It also offers to trade in cryptocurrencies. However, it is essential to note that this broker is not regulated and is an offshore broker. It uses the MetaTrader4 platform, which traders widely use.
It does not have a license.
The first question that arises is whether ProsperityFX is licensed. The answer depends on the jurisdiction of the broker. Since ProsperityFX is based in Saint Vincent and the Grenadines, it lacks a valid license. It is essential to know the status of a broker’s license and any regulatory body that it is registered with. Unlicensed brokers can’t guarantee withdrawals and do not provide a refund policy. In addition, there is no information regarding the commissions they charge.
A critical feature of ProsperityFX is its affiliate bonus structure. This is different from other brokers. You can earn from $0.05 to $3 for every person you refer to them. You can also earn a bonus for recruiting new affiliates. While most brokers offer bonuses, some of them have malicious Bonus Policies that impose additional fees on your withdrawals. This is not the case with ProsperityFX.
It does not have a list of employees.
The company is not known to have a list of employees. According to the FAQ section of its website, the broker does not have a license from any regulator. It also does not list any offices. It mentions that it is based in Saint Vincent and the Grenadines but does not specify which countries are its main customers.
ProsperityFX uses either an ECN or an STP model to execute your trades. A VAR account does not charge a fixed commission per lot but does have a spread of 1.2 pips due to the broker’s markup. Therefore, this account is best for long-term trending strategies with a movement of at least 20-30 pips. The ECN model, on the other hand, sends trades directly to the Currenex or Integral system and has a fixed commission. Traders Union researchers compared the real spreads of ProsperityFX with those of competitors, using EUR/USD as a benchmark.
It has weird policies on withdrawals.
ProsperityFX is a forex broker that has some weird withdrawal policies. However, it does have some friendly deposit options, including a crypto trading account. The broker has leverage that rivals only crypto-native derivatives exchanges. While the broker has received positive user feedback, it is not yet regulated by a government agency. Its licensing agreement was published in May 2019, so we cannot yet be sure if the broker is legitimate or not.
As a customer, you must agree to this policy before withdrawing any money from your account. ProsperityFX uses a closed-loop withdrawal policy, meaning they have a particular withdrawal method for their clients. You can also use this policy to withdraw profits.
It is not regulated
ProsperityFX has a wide range of products and offers in the forex trading market. Its services include a forex trading account, live chat, and phone callback. In addition, it offers live chat support in the English language only. However, its website does not have an official phone number. Traders Union experts compared the real spreads of ProsperityFX with the average spreads of its competitors.
The fact that a regulatory authority does not regulate ProsperityFX is concerning. A regulated forex broker has legal documents registered with several government financial institutions. This helps to protect the financial interests of clients.