Prosperity FX is a weird forex and crypto broker that offers high leverage. Their platform looks futuristic and they support most kinds of payment methods. They do have a practical FAQ section and as a whole, their website doesn’t show any kind of sketchy traits at first glance. Most newbies would never suspect a thing because of the way the platform is designed and they might end up losing a lot if they aren’t cautious.
As an unregulated broker, they do have immense control over their trading conditions and policies and they can legally tweak any parameter that favors them without issuing any notice to the clients. In case any flash crash occurs in the market, then the chances of clients losing their entire capital is huge and even if the traders were on the correct side of the trend, they won’t be able to withdraw their profits.
Read the following information to know more about this platform and then make an informed decision.
To determine the legitimacy of any investment firm or brokerage, the process is quite easy and straightforward. All we have to do is take a close look at their paperwork and certificates. The reliable ones always make an effort to be flawless in terms of legality and any firm that disagrees with that aspect is most likely to be some kind of a hustle that hasn’t reached the saturation point yet.
More than 80% of the brokers we have seen over the years including the offshore ones showcase their parent firm details on their platform. When we were investigating this platform, we didn’t come across any details of the organization that is running this brokerage and that is a huge red flag. Given their characteristics, we strongly believe that their liquidity providers wouldn’t be that great, and as a result, the clients might end up suffering the most.
Things like delayed entries and executions are common with unregulated brokers and it will certainly mess up your trades sooner or later. The support team of the brokerages might peddle a technical glitch narrative, but in reality, the main fault in the delay will be the bad liquidity providers. At the end of the day, this platform is just another offshore entity that doesn’t care about end consumers and their only goal is to make the maximum amount of revenue in the shortest time frame possible.
Customer Support
Regardless of the kind of sector a firm might be indulged in, there are a few common, fundamental things one needs to master before it can call itself an industry leader and one of that aspects is customer support. The general public always has a liking for brokers who do something extra and practical to address the needs of their clients. After all, who in the world does not like special attention, right?
If any person signs up with the platform, then for the most part he or she has to figure out things on their own. Technically speaking, this brokerage does have a support team, but unlike other platforms, the only way to reach them is through email and hope for a fast reply. There isn’t a single contact detail present on their website and even in the process of registering their website, all of the details are masked.
This kind of strange and eccentric behavior isn’t a positive sign and it should provide you with a sneak peek of their real agendas. Ask yourself, how can you trust this firm with your money when they don’t even have the courtesy to provide the clients with a qualified and friendly support team?
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Account Types
Every trader has a unique take on the markets and depending upon their personal style, their trading needs will differ. The goals of a scalper are different from that of a swing trader and the strategy that works for positional traders will surely bore day traders. The point is, different types of traders need specific conditions that will allow them to maximize their gain.
Brokers cannot put all the traders into a single category and that is the reason behind creating different account types. This broker offers 5 accounts including Islamic friendly accounts. The entry barrier for every account type is very reasonable and the things they offer are pretty standard as well.
Unless you are a very aggressive scalper, you can choose any account type and you won’t notice that much of a difference. While some brokers charge a premium for VIP services, the pricing strategy and the commission structure of this broker is perfect and it is the only cherished thing about them.
Prosperity FX Trading Terms and Conditions
The number of trading instruments available on this platform is over 200. Leverage is capped at 1:500 for forex pairs and they also claim to offer cryptocurrency pairs. Spreads offered by them are certainly on the higher side though they claim to be an STP broker. Theoretically speaking, their STP model is preferred over market makers as it reduces the conflict of interest, but when it comes to unregulated brokers it is almost impossible to verify the claims.
We are not suggesting our audience not deposit with brokers who are market makers, but before you do so make sure that they are regulated as it will ensure fair treatment. Unregulated brokers such as the one we are discussing in this post are known to employ sketchy tactics to get the retail traders hooked on to their platform. So, remember not to say yes, if this brokerage offers any kind of account management or copy trading service.
Moving on to the automated modes of trading, they do support MT4 which means you can run any EA you want. However, before you go live, check for their VPS costs and other associated fees. Every now and then, there will be some promotions going on and the conditions for each event will vary. Though the end prize or the result might be enticing, always read over the terms and conditions or your money will be stuck on the platform for a long time.
After thoroughly investigating their entire interface, we cannot find any unique or exceptional thing they provide to the retail clients and as such, we recommend you to avoid interacting with them in any way.
Does it support MT4?
Yes, it does. Prosperity FX supports the MT4 platform and on their website, they have made it crystal clear that every kind of trading strategy is allowed by them. The margin requirements for hedged positions are unknown and the availability of VPS service is mysterious too. If you are planning to let the Expert Advisor do all the heavy lifting, then make sure that you have back-tested the performance and also don’t put in more funds than necessary.
In other words, start out small and scale only if it produces consistent results. Remember, technical glitches can still occur and in times of high volatility, most EAs never yield positive numbers. On the bright side, the MT4 platform is still one of the finest trading portals out there and the degree of flexibility it offers is unparalleled.
Users can meddle with charts and turn it into any format they want to and the number of third-party indicators it supports is immeasurable. Moreover, you can download the mobile version of the app and trade wherever you want.
Deposits and Withdrawals
As this broker offers a cent account which is otherwise known as a Mini account, the minimum capital required to open an account is $25. If you choose the standard account type, then the funding required ranges from $50 to $500. Payment methods supported by them are few and the lack of e-wallets specifically will be a deal breaker for many.
Clients can deposit via debit or credit card, wire transfer, and Bitcoin. Deposits made through Bitcoin will show up on the dashboard after 3 to 6 confirmations. If you are interested in crypto trading only, then it will be pocket friendly to take a look at other platforms such as Coinbase or Bitmex.
For withdrawals, the time required by them to process is around 24 hours, but it can also take up to 3 days. There might be transaction fees applicable and due to their policies, clients have no say in the matter. Simply put, they have too much control over the funds and they can twist any of their policies to suit their immediate requirements and benefits.
Prosperity FX Weird Policies
Every broker has certain policies that talk about things like transaction fees, inactivity fees, and so on. All the regulated brokers are required to showcase their policies beforehand in order to keep the clients informed. Unregulated brokers love any loopholes present in the system and they do their best to turn it into an opportunity to loot their own user base. Prosperity FX has weird policies on charges.
They can literally charge any amount they want in the name of account management fees, markups, idle account charges, and order cancellation charges. To put things into perspective, they can simply refuse to payout the withdrawal amount and can hide behind flimsy excuses like the ones mentioned above.
So, be extremely cautious, and regardless of the things they say, never trust them with your hard-earned money. We know that account management service might sound like the perfect passive income you need, but we can guarantee you that those so-called account managers are never consistent and the chances of you making money will be next to zero.
Is Prosperity FX a Scam?
In many ways, yes but until and unless we see solid user feedback, we are reluctant to call them a full-blown fraud. After reading all the above paragraphs, we are sure that you can easily see the number of red flags and concerning traits present on their platform and their business model. Along with that, the transparency element is also missing and they don’t seem to care about social media presence as well.
Keeping everything we have discussed in mind, we advise all our readers to avoid using this brokerage, but if you have already sent them money, then don’t worry about it. You can apply for a withdrawal as soon as possible and if they decline, then fill out the contact form on our website.
Thanks to many sophisticated forensic tools, tracing the flow of funds is easier than ever before and once we receive a few important details from you, we will show you the easiest path to follow to make the culprits pay. Note that the longer you delay, the more time these crooks get to disappear from the crime scene.
Verdict
Prosperity FX is an anonymous broker that offers high leverage and competitive margins. However, they showcase a lot of concerning traits and are unregulated as well. Clearly, the risk present while dealing with them is not worth the benefits and that’s exactly why you should stay away from them.
Do you have any updates on Prosperity4x.com? If yes, then enlighten us in the comment thread.
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This broke is trash. I was ina sell for Bitcoin and in profit but once 5 pm came around and they increased so the spread so much that my margin kicked me out and took a huge lost. Save ya time and money. This broker is rigged and only wants you to lose. Be smart.