Prospero Markets Review 2023

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Prospero Markets is a regulated broker with tight spreads and reliable trading tools.

Pros

• Demo account
• MT4 integration
• Regulatory oversight

Cons

• No copy trading

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Instruments	CFDs, Forex, Metals, Energies, Stocks, Indices, VIX
Demo Account	Yes
Min. Deposit	A$500
Payment Methods	BPAY Credit Card Debit Card PayPal POLi Skrill Swift UnionPay
Min. Trade	0.01 Lots
Regulated By	ASIC, SVGFSA
MetaTrader 4	Yes
MetaTrader 5	No
cTrader	No
OmniTrader	No
AlgoTrader	No
TradingView	No
Trading Central	No
Autochartist	No
eSignal	No
STP Account	No
ECN Account	Yes
DMA Account	Yes
MAM Account	No
PAMM Account	No
LAMM Account	No
Demat Account	No
Mobile Apps	Android
Margin Trading	Yes
Volatility Index	Yes
Spot Trading	Yes
Perpetual Swaps	No
ELWs	No
REITs	No
AI / Machine Learning	No
Robo Advisor	No
P2P Trading	No
Negative Balance Protection	Yes
VPS Hosting	No
Tournaments	No
Demo Competitions	No
Managed Accounts	No
Market Maker	No
Auto Trading	EAs
Social Trading	No
Copy Trading	No
Trade Signals	MetaTrader
Islamic Account	No
Account Currencies	USD AUD
Inactivity Fee	A$10
Guaranteed Stop Loss	No
Stock Exchanges	Australian Securities Exchange CAC 40 Index France DAX GER 40 Index Dow Jones FTSE UK Index Hang Seng Japan Exchange Group Nasdaq S&P 500
Commodities	Cocoa Copper Corn Cotton Gold Natural Gas Oil Palladium Platinum Silver Soybeans Wheat
CFD Trading	Go long or short with fast order executions and tight spreads.
CFD FTSE Spread	From 1.27
CFD GBPUSD Spread	From 0.5
CFD Oil Spread	From 2.5
CFD Stocks Spread	NA
CFD Leverage	1:30 (Australia), 1:400 (Global)
Forex Trading	Trade currencies on the MT4 platform and app.
Forex GBPUSD Spread	From 0.5
Forex EURUSD Spread	From 0.1
Forex EURGBP Spread	From 0.5
Forex Assets	38

Risk Warning – Your capital is at risk

Prospero Markets LLC is a popular broker that offers a variety of financial instruments. The firm provides a secure and user-friendly platform for individual investors and institutions to trade in forex, commodities, stocks, and indices. This review of Prospero Markets will share insights into the background of the company, as well as fees, leverage, sign-up details, plus platform and app ratings.

Key Takeaways

• Prospero Markets is a trustworthy brand regulated by the ASIC
• The MT4 platform and app are available to account holders
• Trading on the volatility index (VIX) is offered
• The $500 minimum deposit is relatively high

Company History & Overview

Founded in 2012, Prospero Markets is a financial services firm with headquarters in Melbourne, Australia, and offices in Sydney. The brokerage is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL) licence.

The brand provides traders in Australia with over 300 assets on the MT4 platform and app. Prospero Markets is also a reliable broker for traders worldwide via their two websites (ProsperoMarkets.com and ProsperoGlobal.net), though access is prohibited in Japan, North Korea, and the United States.

Trading Platform

Prospero Markets uses MetaTrader 4. Traders can download MT4 on their desktop devices or use the web trader.

MT4 is the world’s most popular retail investing platform for forex trading. It is renowned for its Expert Advisor (EA) building service, which allows traders to make their own trading robots and indicators. MT4 also offers:

• One-click trading
• Market, stop, and limit orders
• Charts across 9 time frames (M1, M5, M15, M30, H1, H4, D, W1, Mn)
• 24 analytical objects such as Fibonacci and 30+ pre-downloaded indicators including Bollinger bands

Getting Started

When you download/open the platform, there are three windows:

• The widget on the left is the ‘Market Watch’ window which allows traders to track popular assets
• The widget along the bottom is the ‘Terminal’ which can be used for various functions including keeping track of open trades
• The widget on the right can be used to view charts of your chosen asset

Placing An Order

To place an order with MT4, press the ‘New Order’ option in the toolbar at the top of the screen. A window will then pop up. Input the asset symbol, the trading volume (in lots), any stop loss or take order adjustments, any comments, and decide whether you will buy or sell. You will also need to decide between ‘Pending Order’ or ‘Market Execution’.

Markets & Instruments

Prospero Markets provides access to a good selection of instruments, including forex, precious metals, energies, stock indices, and equity CFDs. There is also access to the VIX (Chicago Board Options Exchange’s CBOE Volatility Index), which provides additional trading opportunities.

On the downside, there are only stock trading opportunities on companies from the US and Australia. Also, cryptocurrency is not offered.

Popular instruments:

• 38 forex pairs including AUD/CAD, EUR/GBP, USD/JPY, and AUD/USD
• 11 stock indices including UK100, USTEC, HK50, and DE30
• 13 commodities and metals including silver, gold, natural gas, copper, crude oil, corn, and wheat
• 58 futures including VIX01-VIX12, WTI01-WTI12 and UKO01-UKO12
• 95 US share CFDs including Apple Inc, Coca-Cola Company, Tesla Inc, and Pfizer
• 114 ASX share CFDs including Computershare Limited, Auckland International Airport Limited, Seek Limited, and Woolworths Group

Prospero Markets Fees

Prospero Markets offers competitive fees, particularly with its VIP trading accounts.

Standard Account

For standard accounts, floating tight spreads from 0.9 pips apply. There is no commission when trading forex, metals, indices, oil, and futures CFDs. For US share CFDs, traders must pay a commission of A$0.35 per share, and for Australian share CFDs, the commission is 0.07% per side.

VIP Account

With the VIP accounts, spreads start from 0.0 pips and competitive commissions apply on most assets:

• Forex: 3 AUD or 2 USD per standard lot per side
• Metals: 3 AUD or 2 USD per standard lot per side
• Oil: 3 AUD or 2 USD per standard lot per side
• US share CFDs: A$0.35 per share
• AU share CFDs: A$0.35 per share

There are no commissions for index or futures trading on VIP accounts.

Swaps

Swap fees apply with both account types but are not fixed and depend on the asset and the size of the position. For example, swap fees for holding overnight forex positions are based on the tomorrow-to-next-day rate, with a fixed markup in the market for the specific currency pair.

Note, you can view swap fees on the MT4 platform.

Leverage

The highest leverage Prospero Markets offers to Aussie retail traders is 1:30, in line with ASIC regulations.

For global traders, the maximum rate is 1:400 (on most forex pairs and gold spot trading). Leverage on precious metals ranges from 1:50 to 1:100. For oil it’s 1:100, for copper it’s 1:50, and for all other commodities it’s 1:20. Stocks have a maximum leverage of 1:100.

Payment Methods

While using Prospero Markets, our experts found various payment methods available:

• Electronic Fund Transfer: This includes PayPal, Skrill and POLi. Deposits are free of charge but traders will need to provide proof of the transaction (via receipt or screenshot) to accounts@prosperomarkets.com. It can take up to two business days for the payment to be made.
• BPAY: Deposits via BPAY also require proof of payment sent to the same email address. Payments are free and can take up to two business days. The biller and reference numbers required to complete the transaction can be found in the customer portal under My Prospero > Payments.
• Credit or Debit card: This is free of charge and can take up to two hours to complete.

Note, traders signed up with the global entity can only use UnionPay, Tether, and Swift.

How To Make A Deposit

Traders will need to navigate the client portal, then ‘Wallet’, and select the option to add funds. You can then choose one of the deposit methods listed above, as well as the amount.

You will be taken to the appropriate web page, where you can enter the required payment details, such as card information or bank reference numbers. Once this is done, click ‘Next’ to complete the payment.

Withdrawals

Withdrawal requests can be made via the same payment channels. However, requests can take up to five business days which is longer than many alternatives.

Fortunately, withdrawals are free of charge except for PayPal which has a 3% fee.

Mobile App

The broker does not offer a proprietary mobile trading app. However, the MetaTrader application provides all the features and functions of the desktop terminal, with smaller screen compatibility for smartphone and tablet devices. This also includes full account control, access to all order types, historical trade information, three chart types, and interactive symbols.

The MT4 mobile app can be downloaded to Android devices only.

Account Types

There are two live account options at Prospero Markets; Standard and VIP.

Standard Account

• Forex: Minimum spreads are 0.9 pips and the maximum leverage is 1:30
• Metal: Spreads are floating and maximum leverage is 1:20
• Oil: Minimum spread for Brent Crude Oil is 2.3 pips and for WTI Oil it’s 2.4 pips. The maximum leverage is 1:10
• Index and futures: Spreads are floating and the maximum leverage is 1:20
• Share CFDs: Spreads are floating and the maximum leverage is 1:5

Standard accounts also come with a 1-1 account manager, daily and weekly market analysis, and a minimum deposit of 500 AUD. It is worth pointing out that this is a fairly high minimum deposit which may put off some beginners.

VIP Account

• Forex: Minimum spreads are 0.0 pips and the maximum leverage is 1:30
• Metal: Spreads start at 1.4 pips for Gold and 1 pip for Silver. The maximum leverage is 1:20
• Oil: Minimum spread for Brent Crude Oil is 0.8 pips and for WTI Oil it’s 0.9 pips. The maximum leverage is 1:10
• Index and futures: Spreads are floating and the maximum leverage is 1:20
• Share CFDs: Spreads are floating and the maximum leverage is 1:5

VIP accounts come with the same services, however, with VIP profiles the account managers are more involved. Traders also get VIP weekly recaps of the market and dedicated seminars.

The minimum deposit for VIP accounts is 20,000 AUD. This makes it a better fit for advanced investors and active day traders.

Note, USD is the only base currency available at Prospero Global.

How To Register For A Real Account

To register for a live account at Prospero Markets, traders will need to provide their full name, phone number, and email address. You will then be prompted to provide KYC verification, such as a passport for ID, and a bank statement issued within the last 90 days as proof of address.

After this information is provided, your application status will be emailed to you within 24 hours, so you can make a deposit and start trading online.

Demo Account

Opening a demo account with Prospero markets is simple. Enter your full name, phone number, and email address. You will then be prompted to choose the details of your paper trading account. Following this, you will be given login details to an MT4 demo account.

Demo accounts are a great way for traders to get comfortable with the broker and platform before committing their own funds. Clients can then upgrade to a live trading account.

Note, the paper trading account will expire after 30 days.

Bonuses & Promos

In line with regulations introduced by the ASIC in March 2021, Prospero Markets does not offer promotions and financial incentives. This is due to bonuses sometimes encouraging traders to take on too much risk.

Alternatively, Prospero Markets offers a range of educational tools to promote safe and successful trading. These are outlined in more detail below.

Prospero Markets Regulation

Prospero Markets is regulated by the Australian Securities & Investments Commission (ASIC), with license number 423034. For international investors, Prospero Global is regulated by St Vincent & Grenadines Financial Services Authority (SVGFSA), with registration number 533LLC2020.

Importantly, the SVGFSA does not actively regulate trading brokers, meaning entry rules and operating conditions are relaxed. The result is fewer legal protections for retail traders. For example, the maximum leverage with the global entity is much higher at 1:400.

Nonetheless, both the Australian entity and the global broker segregate client funds and offer negative balance protection.

Additional Tools

The Prospero Markets website offers a variety of educational resources. This includes an economic calendar which you can filter based on the most important economic events. There are also live updates on financial news.

You can find seminars catered to different levels of trading experience, from introductory to advanced. Enrolling is free, you just need to input your name and email. Popular examples of classes include Introduction to Forex Trading: Investment Essentials, and Investment Priorities in Practice.

There are also links to financial blogs to broaden traders’ understanding of the financial markets. Good options for beginners are What is Forex? and Explore The Charm Of Trading.

Customer Support

Prospero Markets has a good customer support team with knowledgeable staff. Customer service is available 24 hours a day 5 days a week, via live chat and email. There is also a form that can be filled out on the website and sent directly to the customer service email. Prospero Markets is also on WeChat (prospero_markets_au or prospero_markets).

• Telephone – 1300 768 888
• Email – support@prosperomarkets.com
• Office Address – Suite 502, 1 Castlereagh St, Sydney, NSW 2000

Opening Hours

• Forex – Sunday between 21:00 and 21:15 GMT to Friday between 20:55 and 21:00 GMT
• Commodities, Indices and Futures – It depends on the location of the market. For example, for the F40 (France), trading hours are Monday – Friday 09:00 – 23:00 GMT, and for the HK50 it’s Monday – Friday 03:15 – 06:00, 07:00 – 10:30, and 11:15 – 21:00 GMT
• ASX Shares – Monday – Friday: 01:00 – 07:00
• US Shares – Monday – Friday: 16:30 – 23:00

Security & Safety

Prospero Markets is a safe broker-dealer brand with strict data privacy rules. For any disputes or complaints, customers can use the AFCA external dispute resolution scheme.

The MetaTrader 4 terminal is also secure. All personal information is transmitted between trading accounts and the platform interface with top-tier encryption and RSA digital signatures.

Prospero Markets Verdict

Prospero Markets is a reputable financial broker that offers access to popular markets on the MetaTrader 4 platform. Its global counterpart offers similar products and tools with higher leverage up to 1:400. Users also benefit from tight spreads and competitive commissions, especially with VIP trading accounts. On the downside, the $500 minimum deposit is higher than most competitors. There is also no copy trading.

Accepted Countries

Prospero Markets accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use Prospero Markets from United States, Japan, Korea.

Compare Prospero Markets

Compare Prospero Markets with similar brokers that accept traders from your location. Among available brokers these are the most similar to Prospero Markets:

1. InstaForex – InstaForex is a CFD broker providing access to forex, stocks, cryptocurrencies, commodities, energies, indices, and more. With competitive fees and a huge range of available assets, the brand offers safe and reliable trading.
   
2. Coinexx – Coinexx is an ECN broker with 1:500 leverage, 80+ instruments and a joining bonus.
   
3. IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
   
4. Kwakol Markets – Kwakol offers trading on the MT4 & MT5 platforms with high leverage & copy trading.
   

Prospero Markets Comparison Table

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FAQ

		Prospero Markets is a regulated broker with tight spreads and reliable trading tools.
Prospero Markets is a regulated broker with tight spreads and reliable trading tools.