PROSPERITY Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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Something abnormal happened. When I deposited my funds, I got an email starting only a part of my funds was in the account but the agents cleared that up for me in a matter of seconds. I also couldn’t see my investment on the app which was also worrisome but again the agents cleared that up in no time.
In this comprehensive review of Prosperity, we delve into the various aspects of this forex broker, which has garnered mixed feedback from users and experts alike. While some traders appreciate its trading conditions and platform capabilities, significant concerns about its regulatory status and customer support have emerged.
Note: Its important to recognize that Prosperity operates under multiple entities across different regions, which may lead to varying experiences for traders depending on their location. This review aims to present a balanced perspective based on the available information.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4.0 |
| Tools and Resources | 3.5 |
| Customer Service and Support | 2.0 |
| Trading Experience | 4.5 |
| Trustworthiness | 1.5 |
| User Experience | 3.0 |
We evaluate brokers based on a combination of user feedback, expert analysis, and factual data.
Founded in 2020, Prosperity operates as an ECN/STP broker, primarily targeting professional traders. The broker offers the widely popular MetaTrader 4 (MT4) platform, allowing for algorithmic trading and various analytical tools. Traders can access a range of assets, including forex, cryptocurrencies, commodities, and indices. However, Prosperity lacks regulation from reputable financial authorities, raising concerns about its credibility and safety.
Regulatory Regions:
Prosperity is registered in Saint Vincent and the Grenadines, a jurisdiction known for its lax regulatory environment. The absence of stringent oversight raises red flags for potential investors. According to sources, the broker does not fall under any major regulatory body, which is a significant drawback for safety-conscious traders (Trader's Union).
Deposit/Withdrawal Currencies/Cryptocurrencies:
Prosperity allows deposits and withdrawals in various currencies, including USD, GBP, and EUR, as well as cryptocurrencies like Bitcoin and Ethereum. The minimum deposit requirement starts at just $10, making it accessible for novice traders. However, the broker does not support electronic wallets for deposits, which could limit options for some users (Medium).
Minimum Deposit:
The minimum deposit varies by account type, with standard accounts starting at $50 and mini accounts at $25. This low barrier to entry may attract new traders, but the lack of training materials could hinder their development (Scoop Worlds).
Bonuses/Promotions:
Currently, Prosperity does not offer any welcome bonuses or promotional incentives, which is somewhat common among unregulated brokers. This absence of bonuses may indicate a focus on straightforward trading conditions rather than attracting clients through promotional offers (55 Brokers).
Trading Asset Classes:
Traders can access a diverse range of assets, including over 200 trading instruments, such as forex pairs, cryptocurrencies, commodities, and indices. This variety allows for portfolio diversification, but the lack of educational resources may leave novice traders at a disadvantage (WikiFX).
Costs (Spreads, Fees, Commissions):
Prosperity's spreads start at around 0.4 pips for major currency pairs, but commissions can add up, with fixed charges on nearly all account types. For instance, the standard account incurs a commission of $7 per lot, which may not be favorable for high-frequency traders (Trader's Union).
Leverage:
The broker offers leverage of up to 1:500, which can amplify both potential profits and losses. This high leverage may attract experienced traders but poses significant risks for those less familiar with market dynamics (55 Brokers).
Allowed Trading Platforms:
Prosperity exclusively uses the MT4 platform, which is well-regarded for its functionality and user-friendly interface. However, the lack of additional platforms such as MT5 may limit options for traders seeking more advanced features (Scoop Worlds).
Restricted Regions:
Prosperity does not accept clients from several countries, including the United States and various others, which may limit its accessibility for potential traders (Medium).
Available Customer Support Languages:
Customer support is available primarily in English, but the service has received poor ratings from users. Complaints include slow response times and inadequate solutions to issues, which could deter potential clients from engaging with the broker (Trader's Union).
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4.0 |
| Tools and Resources | 3.5 |
| Customer Service and Support | 2.0 |
| Trading Experience | 4.5 |
| Trustworthiness | 1.5 |
| User Experience | 3.0 |
Account Conditions (4.0):
The account types offered are diverse, but the high commissions and lack of training materials are significant drawbacks that may deter novice traders.
Tools and Resources (3.5):
While the MT4 platform is robust, the absence of comprehensive educational resources limits the potential for trader development.
Customer Service and Support (2.0):
User reviews indicate a troubling trend of inadequate customer support, with many users expressing frustration over slow response times and unresolved issues.
Trading Experience (4.5):
The trading conditions, including low spreads and high leverage, are appealing for seasoned traders, though the lack of regulation raises concerns about the overall safety of trading with Prosperity.
Trustworthiness (1.5):
The absence of regulatory oversight is a major red flag, and numerous user complaints about withdrawal issues further diminish trust in the broker.
User Experience (3.0):
Overall user experience is mixed, with some traders appreciating the platform's capabilities while others express significant dissatisfaction with customer service and withdrawal processes.
In conclusion, while Prosperity offers certain attractive features such as low minimum deposits and a variety of trading instruments, the lack of regulation and poor customer service ratings present serious concerns. Traders considering this broker should proceed with caution and weigh their options carefully against more reputable alternatives.
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