ProsperityFX Review

ProsperityFX opened its doors to retail traders in 2020, offering forex and CFD brokerage services from its location in the Marshall Islands. The uniqueness of ProsperityFX's offering is that it has an in-house proprietary trading project which encourages users to undertake a 2-step evaluation and qualify to trade the firm's capital.

I. Background and Company Overview of ProsperityFX

ProsperityFX offers currencies, indices, commodities, metals, FX pairs, cryptos and stocks CFDs as its preferred traded assets via the MT4 platform. Plans are underway to launch the MT5 and Tradelocker platforms, giving traders an enhanced choice of platforms to use.

Some of the features that continue to attract traders to ProsperityFX are:

• ProsperityFX offers a funded account program which enables traders to participate in trading evaluations to win funded accounts with large capital.
• Integration with Tradingview will enable users of the broker's proprietary Tradelocker platform to trade off the charts.
• Passive investment with PAMM accounts is available for those who cannot actively trade for various reasons.

II. Trading Platforms and Tools

The only trading platform available on the ProsperityFX portal is the MT4 platform. Available in three versions, the ProsperityFX MT4 platform comes with 28 indicators and expert advisors, a free resource library, graphical objects and access to the MQL Marketplace where clients can purchase scripts, indicators and expert advisors. Windows and Mac users can access the desktop client, while iOS and Android device users can use the mobile versions. The webtrader is accessible to all users.

ProsperityFX intends to launch the Tradelocker software, which is its own proprietary platform. Testing is currently in the Beta stage and the platform is expected to provide access to trade a larger number of assets, beyond what is available on the MT4.

The following tools are available on ProsperityFX to enhance the trading experience of the firm's clients:

• A trading schedule which features the trading hours for each asset class is available. This helps you focus your trading hours on just the right time to be at your trading station, without having to stay on your screen all day long.
• Connect to the MQL Marketplace with your MT4 account and get access to various tools, indicators and expert advisors to boost your trading journey.
• Need more capital? The funded account program presents a series of 2-step challenges which you can undertake to get a chance of getting a funded account of up to $200K.

III. Account Types and Spreads

Five account types are provided by the ProsperityFX team to its clients.

• Standard
• Pro
• VAR
• Mini
• Islamic

The Standard account comes with a minimum spread of 0.8 pips, and for a $50 minimum deposit, the account holder gets to trade more than 200 instruments, all at a commission charge of $7 per standard lot on each trade turn.

The Pro account comes with the lowest spread, with traders incurring a spread of 0.4 pips on the most liquid FX pair. The minimum deposit requirement on this account is $500 and commissions are charged at the rate of $8 per standard lot on each round turn of the trade.

The VAR account has the highest spreads of all, and the EUR/USD pair carries the lowest spread of 1.2 pips. The minimum deposit requirement is $250, and gives the trader access to trade more than 200 financial instruments at no commission.

The Mini account comes with spreads as low as 1.0 pips. For a $25 minimum deposit, traders have access to 29 assets for trading, with commissions charged at $1 per standard lot per round turn of trades.

The Islamic account is the swap-free account on ProsperityFX. It comes with a minimum deposit requirement of $50 and spreads that start from 0.8 pips. It features more than 200 FX pairs and CFD assets, and trades attract a commission of $7 per lot per round turn.

IV. Contract Specifications

Here are the contract specifications on ProsperityFX.

• The minimum order size on all accounts is 0.01 lots.
• The maximum leverage is set to 1:500.
• All trades are commission-free, except trades on stocks CFDs.

V. Security and Regulation

The ProsperityFX brand is owned and operated by Prosperity Tech Ltd, a company registered in the Marshall Islands. There is no official government regulation on these islands, save for the registration of companies doing brokerage business. For this, the company is registered with company number 118344.

Residents of the US, Canada and other countries where sale of CFD products to retail customers is restricted, are not permitted to operate trading accounts with ProsperityFX.

VI. Customer Support and Education

You can contact the customer service desk of ProsperityFX using the following channels:

• Telegram: t.me/joinchat/AAAAAEVGQ1vzg3UPfib5JA
• Instagram: instagram.com/prosperity4x/
• Online contact form
• Live chat
• Email: support@prosperity4x.com
• Call back function

Conclusion

The standout product on ProsperityFX is its funded trader program. If you are not interested in opening a regular account, you can open a challenge account to participate in the funded trader program to qualify for funding of up to $200K.