ProsperityFX: A Fake Broker Shrouded in Unreliability and Incredibility

There is a general perception that achievements among forex broker companies indicate legitimacy and expertise. However, within this complex landscape, firms like ProsperityFX use deceptive practices to hide who they are. A disturbing truth lies beneath the outward success. There is reason to distrust ProsperityFX's honesty and reliability because its actions don't match its self-proclaimed professional reputation.

ProsperityFX: A Closer Look

ProsperityFX offers trading in Forex, Indices, Commodities, and Cryptocurrencies, claiming to provide multiple account types and leverage fast, secure payment methods. According to the broker, clients benefit from 24/7 live support and access to advanced trading platforms, ensuring a seamless and supportive trading experience. Despite these claims, caution is advised due to regulatory concerns.

ProsperityFX: Regulatory Status

ProsperityFX operates without proper regulation. The lack of regulatory oversight raises concerns about the safety of traders' investments.

BrokersView's previous investigation shows that the broker claims to be under Prosperity Tech Ltd., registered in the Marshall Islands. While there was a record matching this company in the register of the Marshall Islands Registry (IRI), it's crucial to understand that this registration with the privately held IRI does not grant authorization to offer financial and investment services, as the registry service provider has no authority to issue forex licenses or regulate entities involved in such activities. 

However, ProsperityFX’s regulatory claims have changed. The broker now claims to be operated by EnviLLC, a broker of international CFDs trading securities authorized by the MWALI International Services Authority (MISA) with license number T2023238 as an international brokerage and clearing house and registered in Saint Vincent and the Grenadines under registered number 706 – 2020.

Although records matching its statements can be found, the EnviLLC website registered on MISA is not ProsperityFX's website, but https://envifx.com/, so it is likely that ProsperityFX is misusing regulatory information of this authorized entity. In addition, the SVG FSA does not regulate forex activities and does not issue such licenses.

Clientele Feedback

Client reviews on ProsperityFX are uneven, with some users complaining about commissions, poor customer support, and mysterious account closures.

Withdrawal Issues: Traders have reported difficulties withdrawing funds, suggesting a lack of transparency and unethical practices.

Trading Problems: Users have faced trading issues such as order delays, slippage, and platform failures, impacting their trading experiences.

Frequent Platform Disruptions: ProsperityFX's platform disruptions have hindered trading opportunities, and user concerns have not been adequately addressed.

Lack of Regulation: The absence of regulation and the availability of high-leverage options raise questions about the company's risk management and transparency.

Dubious Information: ProsperityFX's website lacks essential information, including a publicly available legal address, raising suspicions of attempts to conceal crucial details.

Inclusion in CFTC's RED List

The U.S. Commodity Futures Trading Commission (CFTC) added ProsperityFX to its RED List for soliciting and/or accepting funds from U.S. customers without registering with the regulator. This highlights ProsperityFX’s involvement in unauthorized operations.

Bottom Line

ProsperityFX's offshore operations and regulatory status are shrouded in unreliability. Numerous user complaints and ProsperityFX's addition to the CFTC's RED List create a bleak image. While dealing with this broker, you must proceed cautiously to prevent hazards and protect your interests. BrokersView's contribution to illuminating these situations is vital since it directs investors towards more reliable and open brokerages.