General Information & Regulation
Prospero, a trading name of Prospero Markets LLC, is allegedly a forex and CFD broker founded in 2012 and registered in Saint Vincent and the Grenadines with registered Number: 533LLC2020. The broker claims to provide its clients with various tradable financial instruments with leverage up to 400:1 and floating spreads from 0.1 pips on the MT4 trading platform, as well as a choice of two different live account types and 24-hour client support service. Here is the home page of this brokers official site:
As for regulation, it has been verified that Prospero does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.13/10. Please be aware of the risk.
Market Instruments
Prospero advertises that it gives investors access to forex, precious metals, commodities, indices and share CFDs.
Account Types
Apart from demo accounts, Prospero claims to offer two types of live trading accounts - Standard and VIP, with minimum initial deposit requirements of $500 and $20,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
The leverage provided by Prospero is capped at 400:1. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commission
Prospero claims that the spread and commission differ depending on account types. For instance, clients on the Standard account can experience spreads from 0.5 pips with no commission charged, while the VIP account members can enjoy tighter spreads from 0.1 pips but have to pay a commission from $3.5 each side.
Trading Platform Available
Platforms available for trading at Prospero are MT4 for Windows, iPhone, Android and max OS, as well as WebTrader. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
Prospero says to offer fund payments including EFT, BPay and credit/debit cards like Visa and MasterCard. The minimum initial deposit requirement is said to be $500. There isnt any fee charged for EFT and BPay deposits. By contrast, for credit/debit card deposits, 3% surcharge for Visa and 3.5% for MasterCard on AUD deposits, while 5% surcharge on non-AUD deposits. As for the processing time of deposit processing time, EFT and BPay deposits require 2 business days to be processed, while credit/debit card deposits take up to 1-2 hours.
Customer Support
Prospero‘s customer support can be reached by email: support@prosperoglobal.com or send messages online to get in touch. You can also follow this broker on social networks such as Twitter, Facebook, Instagram, LinkedIn and WeChat. Company address: 1 Apollo Court, Blackburn VIC 3130. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most brokers offer.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
