Prospex

I was about to invest with Prospex but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Financial Markets Authority has actually issued a warning about this firm. Thank goodness I checked before sending any money.

Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. Prospex said it was market conditions. Same news, another broker filled me properly. They are not honest.

Customer support at Prospex seems to be run by people who have never used the platform. Every time I call with an issue, I end up explaining how their own system works before they can help me. It would be funny if my money was not involved.

I closed a profitable position at Prospex and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.

Prospex locked my account without warning and demanded documents I had already submitted. for a couple of months now later I still do not have access to my funds. Their compliance team does not respond to emails. I am considering legal action.

I invested $25,000 with Prospex after seeing their professional-looking website. At first, everything seemed fine - they showed me impressive returns on my dashboard. But when I tried to withdraw, they kept making excuses. First it was "processing time," then "verification needed," then "you need to pay a tax fee first." I never got my money back. I have since reported them to Financial Markets Authority.

The only good thing about Prospex is that they remind you why regulation matters. I found them when my bank disappointed me and I searched for alternatives. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.

I gave Prospex a fair chance. After since the beginning of the year of usage, I can say with confidence that there are far better options available. The interface is clunky, the fees are higher than competitors, and the customer support team seems overwhelmed or understaffed.

I signed up with Prospex through my accountant's suggestion and the first red flag was the aggressive account manager who would not stop calling. After depositing, the promised support vanished. Withdrawals are delayed with endless excuses. I have reported them to the regulator.

For anyone considering Prospex, please be aware that this company has been flagged by Financial Markets Authority. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.