Forex brokers are investment firms that provide software trading platforms where forex and CFD traders can speculate on the prices of financial markets’ assets. Finding the right broker that satisfies the needs of a trader is relative as each trader is unique with his specific requirements.
The search for a befitting broker is further complicated as there are hundreds of online brokers to choose from; each of them with its different services, platforms, regulation, assets index, fees, etc. Broker comparisons give traders insights into the services of related brokers and help them to make informed choices.
In this article, we will review and compare the trading services provided by ProsperityFX and LMFX. Both brokers are not regulated by any authority, they offer the MT4 platform and generally provide related services.
LMFX vs. ProsperityFX: Head-to-Head Comparison
More about ProsperityFX
ProsperityFX is an ECN broker that enables its clients to trade more than 200 forex and CFD instruments on the MT4 platform. The broker asserts that it is passionate about creating an exciting, rewarding, and secure forex trading experience. Its client support team is available 24/7.
Expert traders who can prove their proficiency can get funded accounts up to $200,000 and receive a profit share of up to 80%. The evaluation process comprises two stages; first, you will select a target account size ranging from $25,000 to $200,000 and pay a corresponding refundable fee ranging from $250 to $1,100. Trading can start and continue for the next 35 days.
The second stage is the verification stage in which the trader is given another 35 days to trade, if he meets the target, he receives a fully funded account. Expert traders can also register as PAMM managers to trade with a pool of funds contributed by investors while receiving commissions.
Key Features
- Pro traders can participate in the funded accounts program.
- More than 200 tradable assets can be traded on the platforms.
- Multiple account types to suit all types of traders.
- PAMM accounts are available for investors and money managers.
- 24/7 customer support desk.
Cons
- Limited payment options.
- No trading education for beginner traders
- No regulatory information on the broker’s website.
More about LMFX
LMFX is an online forex broker that offers ECN trading which is characterized by tight spreads, swift order executions, and low commissions on trades. The broker offers more than 100 trading instruments on its MT4 platforms. You can choose an account type that suits your trading style or budget, make a deposit, download the platform, and start trading.
LMFX supports multiple payment options, deposit bonuses, and high leverage. You can start trading with a deposit of $50 or its equivalent in other currencies. Traders can enjoy bonuses and trading tools like free VPS, trading calculators, and an economic calendar.
Key Features
- Traders can speculate on over 100 instruments.
- New traders can participate in the demo contests to win real money.
- A 100% deposit bonus is available to interested clients who qualify for it.
- Discounted VPS service is provided for all clients while qualified clients receive free VPS.
- Educational articles are provided for beginner traders.
Cons
- The broker did not provide any regulatory information.
- There is no updated market news or quality analysis by experts.
- Brokerage operations are not regulated by any authority.
ProsperityFX vs. LMFX: What are the key differences?
- ProsperityFX accounts can be funded using multiple crypto coins like BTC, ETH, USDT, DOGE, etc but LMFX only accepts BTC.
- ProsperityFX seeks to reward competent traders with funded accounts while the trading profits are shared between brokers and traders. LMFX promos are different.
- ProsperityFX offers more tradable assets which include crypto CFDs while LMFX does not offer cryptos.
- With ProsperityFX, investors can earn by registering a PAMM account while a competent manager trades on his behalf. LMFX does not have PAMM accounts.
- The client support desk is 24/7 with ProperityFX and 24/5 with LMFX.
- LMFX support team can be reached on phone, email and online web chat but ProsperityFX client support posted no phone numbers or email addresses.
- LMFX runs a demo trading contest in which the winners receive funded real trading accounts to start their trading journey. ProsperityFX has no demo contests.
- New clients of LMFX can opt for deposit bonuses to increase their trading capital. This bonus is not obtainable with ProsperityFX brokerage.
- LMFX has provided trading tools like an economic calendar and several calculators for its traders while ProsperityFX has none.
Company Information
ProsperityFX is the trading name operated by Prosperity Inc. LLC which is a company registered in St. Vincent and the Grenadines. The broker started its operations in 2020.
LMFX was registered in 2015 in the same country; St. Vincent and the Grenadines. The brokerage name is owned by “Global Trade Partners Ltd”.
Neither ProsperityFX nor LMFX provided details of their parent company, its board of directors, or its management team.
Account Types and Features
ProsperityFX offers different account types as follows:
Standard accounts require $50 to open this account. Spreads start from 0.8 pips and the commission is $7 per lot.
PRO accounts have spreads that start from 0.4 pips while the minimum deposit is $500. The commission is $8 per lot.
VAR accounts are for traders who prefer marked-up spreads instead of commissions. The minimum deposit is $250 while spreads start from 1.2 pips.
Mini accounts are for newbies who can only risk a little amount of money. The minimum deposit is $25 while the commission is $1 and spreads start from 1.0 pip.
Islamic accounts are swap-free accounts for the Muslim faithful who cannot pay or receive interest.
LMFX has zero accounts with raw spreads and commissions of $8 per lot but $100 is needed to open this account. Premium accounts require at least $50 to open and their spreads start from 1.0 pip. Fixed accounts offer fixed spreads from 1.8 pips. The maximum leverage of 1:1000 is only for premium accounts while 1:250 is the max leverage for zero accounts.
For each of the brokers, you can easily open risk-free demo accounts preloaded with virtual funds capped at $100,000.
Spreads and commissions
ProsperityFX charges commissions from $7-$8 per lot depending on the account type. VAR accounts are commission-free but the spread starts from 1.2 pips.
For LMFX, fixed spreads are from 1.8 pips while its commissions range from $1 to $7 depending on the type of account.
Trading Services Offered
Both ProsperityFX and LMFX configure their MT4 platforms for forex and CFD trading.
ProsperityFX gives its clients the opportunity to participate in a funded challenge where a trader can prove his competence in two stages to receive trading capital ranging from $25,000 to $200,000.
LMFX clients can participate in the ‘Learn and Earn’ contest. This is a monthly contest on demo accounts where 3 winners are rewarded with funded accounts for real trading.
Platforms and Features
Anyone who signs up for an account to trade with either ProsperityFX or LMFX will have no other choice than to trade on the MT4 trading platform. It is a powerful platform that is widely accepted by traders and brokers from all over the world. The MT4 comes as a downloadable Windows desktop application, web trader, android and iOS mobile apps.
On the MT4 platform, the price movements of all the tradable assets can be displayed on charts. The charting package comes with 9 timeframes, 30 inbuilt indicators, and 24 trading tools. Clients can choose multiple order types and use risk management tools like stop loss and take profit.
Market and Instruments
ProsperityFX enables its traders to open positions on more than 200 instruments in the following asset classes like forex, indices, energies, cryptos, metals, and share CFDs from US and EU exchanges.
For LMFX, clients can trade more than 100 tradable assets in forex, commodities, indices, metals, oils, and stocks CFDs.
Deposit and withdrawal
ProsperityFX traders can fund their accounts via direct crypto deposits in BTC, DOGE, LTC, ETH, XRP, USDT (ERC 20), USDT (BEP 20), USDT (TRC 20), and USD Coin (BEP-20). On the other hand, LMFX accepts BTC for deposits and withdrawals.
Both brokers have partnered with “Instacoins” to help traders that have no BTC to buy with debit/credit cards, Skrill, or bank transfers. All you have to do is to select “Bitcoin via Instacoins” and you will be directed to buy BTC through the Instacoins website. With cards or Skrill, the purchase is instant or may take a few minutes but bank transfers take 2-5 days before your account will be credited with the purchased Bitcoin.
eCards issued by PayRedeem can also be used to make deposits into LMFX accounts. You may purchase the eCards with BTC, debit/credit cards as well as bank transfers. Card and BTC payments are processed immediately while bank transfers take 2-5 days. PayRedeem withdrawals are completed by issuing payout eCards which start from $10.
LMFX clients can also fund their accounts using various options. Direct banks can be used for deposits and withdrawals. The minimum deposit is $250 but you have to wait 2-15 days before the process is completed. Debit and credit cards can also be used for payments of at least $50. Card deposits are instant and the minimum deposit is $10.
Online payment platforms like Skrill, Neteller, and FasaPay can be used for both deposits and withdrawals. At least $50 is required for deposit while the least withdrawal amount is $10. Online payments are usually processed within a few minutes to one hour.
Frequently Asked Questions (FAQs)
Is ProsperityFX better than LMFX?
No, it is not better than LMFX. Both brokers can best be classified as offshore unregulated brokers. Their services are basically the same and none is operating at a higher level in terms of broker ratings.
Is ProsperityFX a good broker?
ProsperityFX is still a very new broker that has been in operation for just 2 years. Industry experts rate a broker in terms of its regulation, trading tools, platforms, client funds security, customer care, etc. So, ProsperityFX is an upcoming broker and cannot be rated as good or reliable. Perhaps, after a few more years of operation, its services and regulatory status may change and the ratings will improve.
How do I deposit money into the ProsperityFX account?
You can deposit only cryptos such as BTC, DOGE, LTC, ETH, XRP, USDT (ERC 20), USDT (BEP 20), USDT (TRC 20), and USD Coin (BEP-20). Log into the personal area of the website and choose the appropriate crypto to make your deposit. If you do not have crypto, you can buy BTC via Instacoins.
Final Impression
ProsperityFX and LMFX are both online forex and CFD brokers that are unregulated and operate from SVG. The MT4 is the trading platform provided by both brokers. Both brokers provide similar services, but a trader might make a choice based on specific reasons.
For example; ProsperityFX favors investors more with its PAMM accounts. Traders who own popular altcoins can make direct deposits to their accounts without any need for conversions. Pro traders can make more money by becoming PAMM managers or winning funded accounts and earning 80% of profits.
If you are new to trading, LMFX might be a better choice because of its training articles, and demo accounts. You can as well participate in the monthly demo contests. Non-crypto users will also find LMFX more convenient as the broker directly processes credit/debit cards, online payments, and bank transfers. The broker also favors high-leverage traders and high-volume traders who need free VPS.
Trading forex and CFDs with unregulated brokers is very risky, so be careful if you choose to trade with ProsperityFX or LMFX.
