Prosper is a forex broker established in 2024, primarily providing investors with trading services in financial derivatives including forex, commodities, stock indices, precious metals, and energy. Prosper does not support the MT4 or MT5 trading platforms. This broker offers various trading accounts with excessively high leverage, reaching up to 1:1000.
Background:
Prosper is a newly established broker, whose corporate entity has not been disclosed. The company's official website is operated by Prosper, with the registered office address at Suite 404, The Matalon, Coney Drive, Belize City, Belize. The official domain name of the broker was registered on March 22, 2024, indicating a very short period of existence, only a month till date.
Regulatory Information:
Prosper claims to be registered with the United States Financial Crimes Enforcement Network (FinCEN) and regulated by the U.S. MSB, with the regulatory license number 31000264421841. However, actual verification shows that the holder of the MSB license issued by U.S. FinCEN is X Charter Pty Ltd, not Prosper, indicating no connection between the two. Consequently, Prosper is not under the regulation of any regulatory authority. This false claim about regulatory information could put investors at risk. Investors should remain vigilant towards such brokers to avoid being deceived.
Trading Products:
Prosper offers a variety of financial derivative trading services, covering areas such as forex, commodities, stock indices, precious metals, and energy. The broker has launched various account types to provide flexible trading conditions for both beginners and experienced traders, offering leverage up to 1000:1. Prosper offers more than 50 low-spread currency pairs and CFDs on commodities, including precious metals, energy, and stock indices, with no order rejections and re-quotes. However, it's worth noting that forex margin trading carries significant risks, and investors should trade cautiously.
Trading Software:
Prosper offers its proprietary trading software ST5, compatible with PC, Mac, and various mobile devices. Investors can download the ST5 software for PCs or directly download the ST5 app on mobile phones and tablets. On the Prosper ST5 platform, investors can trade a variety of financial instruments covering forex, stock indices, commodities, stocks, precious metals, and energy. Additionally, investors can choose to use Prosper WebTrader to log in and trade directly in web browsers. This trading software supports both Apple and Android mobile devices. It's important to note that forex margin trading involves significant risks.
Account Types:
Prosper offers several types of trading accounts: Micro Account, Standard Account, Prosper Ultra Low Account, and Shares Account.
- Micro Account: This account type offers leverage up to 1:1000, with a minimum deposit of $5. Micro Accounts are suitable for those wishing to start with small investments and gradually familiarize themselves with trading.
- Standard Account: Standard accounts also offer up to 1:1000 leverage, with a minimum deposit of $5. This type of account is suitable for traders with some trading experience looking for standard trading conditions.
- Prosper Ultra Low Account: This account type also offers up to 1:1000 leverage, with a minimum deposit of $5. Ultra Low Accounts may provide lower spreads and more competitive trading conditions, suitable for traders looking for low-cost trading.
- Shares Account: This type of account does not offer leverage but requires commission payments, with a minimum deposit of $10,000. Shares Accounts are suitable for those focused on stock trading and willing to pay commissions.
Leverage Ratios:
Both Micro and Standard accounts offer leverage up to 1:1000, with a minimum deposit of $5, suitable for beginners and experienced traders, respectively. The Prosper Ultra Low Account may offer lower spreads and more favorable trading conditions. Meanwhile, the Shares Account does not offer leverage, requires commission payments, and has a minimum deposit of $10,000, suitable for those focused on stock trading.
The leverage ratios provided by this broker are excessively high, far exceeding the normal range provided by brokers, potentially bringing significant trading risks to investors.
Conclusion:
Prosper is a fraudulent broker that falsely advertises being regulated but is not governed by any regulatory authority. The broker has a very short history, primarily offering its services through proprietary trading software instead of popular platforms like MT4 or MT5. Its maximum leverage reaches up to 1:1000, far exceeding the normal range for brokers, posing great risks. Investors are advised to choose legitimate and regulated brokers to ensure the security of their assets.
Currently, Prosper has been flagged as "Suspected Fraud" on TraderKnows.
