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Last Updated on July 1, 2022 by Chin Yi Xuan

As an investor, the more markets and instruments that we have access to, the easier it is for us to participate in various market opportunities.

To do so, we need a broker that offers different markets, and, ideally, a brand that we all recognize.

Is there such a broker?

In this week’s post, let’s look ProsperUs by CGS-CIMB, a broker with one of the most complete offerings for investors!

Before this, here are some related posts that you may want to read:

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ProsperUs by CGS-CIMB Highlights

  • ProsperUs is a brokerage service offered by CGS-CIMB (a joint venture of CIMB), a brand that many of us are familiar with.
  • ProsperUs offers access to a huge list of markets, from the US, HK, China, Singapore, Australia, Canada, Germany, Europe, UK, Japan & Malaysia.
  • In addition, ProsperUs users also gain access to a huge variety of products/instruments (stocks, bonds, ETFs, mutual funds, CFD, FX, futures, and options) at a competitive fee.

ProsperUS by CGS-CIMB


How is ProsperUs regulated + Safety of Funds

Being an offering from an established brand, ProsperUs is a well-regulated broker.

ProsperUs is regulated by the Monetary Authority of Singapore (MAS), with a Capital Markets Services License to operate a legal brokerage business.

This ensures ProsperUs is operating under the best practices and guidelines set by the Singaporean authorities.

In addition, ProsperUs takes the security of funds seriously. All users’ funds and assets (eg. Shares) are held in a trust account that is separate from ProsperUs’ business assets.

In other words, ProsperUs will not have access to your funds and assets, ensuring clear transparency to avoid fraud. This also ensures that if something happens to ProsperUs (eg. Bankruptcy), your funds & assets will not be affected.


Access to a huge selection of Products & Markets

You name it, you get it.

With one ProsperUs account, you get instant access to different markets and asset classes over a huge selection of countries.

As a start, with a ProsperUs account, you’ll get access to major markets, including:

  • North America: US, Canada
  • Asia: Malaysia, Singapore, Hong Kong, China, Japan, Australia
  • Europe & UK

Furthermore, ProsperUs offers a huge selection of instruments to invest or trade with, namely:

  • Stocks
  • Bonds
  • Exchange-Traded Funds (ETFs)
  • Mutual Funds
  • Contract For Difference (CFD)
  • Forex (FX)
  • Futures
  • Options

With this huge line of offerings, ProsperUs can certainly satisfy the needs of most investors and traders.

One ProsperUS account to access the global markets.
One ProsperUS account to access the global markets.

ProsperUs fees & commission

As for commissions/fees, ProsperUs offers 3 different fee tiers, namely:

  • Rookie: SGD19,999 and below
  • All-Star: SGD 20,000 – 50,000
  • Hall of Fame: SGD50,001 and above

Below, I’ll list the commissions charged for equities (stocks and ETFs) in all the markets offered by ProsperUs:

[Update January 2022] From 2022 onwards, ProsperUs has updated their pricing with minimum fee structure for all exchanges except for the US and Singapore stock market. 

ProsperUS commission for the Canada & US stock market.
ProsperUs commission for the Canada & US stock market.

 

ProsperUS commission for the Asian stock market.
ProsperUs commission for the Asian stock market.

 

ProsperUS commission for the UK & Europe stock market.
ProsperUs commission for the UK & Europe stock market.

In terms of fees, I think ProsperUs’ commissions are highly competitive for investors looking to invest in the Singapore stock market.

As for the US market, I think the USD 5 flat commission is decent. Compared to what most local brokers are charging for the US market, ProsperUs’ fee is an absolute steal. 

In addition, ProsperUs also provide access to instruments such as Bonds, Mutual Funds, Futures, Options, CFDs, and Forex (FX). To check out ProsperUs’ full pricing list, click HERE.


Features (Boost and Build)

An interesting feature of ProsperUs is there are 2 different interfaces that you can choose from depending on whether you are investing or trading.

ProsperUS - Build & Boost

For investing, there is Build where everything is designed for the essentials of longer-term investing.

Through Build, you can easily search and filter for trade ideas not just in stocks, but also in ETFs, bonds, and mutual funds.

Build from ProsperUS: Easily filter for stocks according to your criteria
Build by ProsperUs: Easily filter for investments according to your criteria

 

Build by ProsperUS: Explore investment ideas easily.
Build by ProsperUs: Explore investment ideas easily.

Taking a position is also simple and straightforward.

Taking a position on Build
Taking a position on Build

As someone using ProsperUs to invest for the long-term, I think Build is really simple and straightforward to use. There is a very minimal learning curve and I believe most people would be able to find what they are looking for easily.

As for trading, there is Boost where it provides a slicker interface designed for quick trading actions and activities.

Through Boost, you get a more sophisticated interface for charting and execution compared to Build.

That said, since I do not take short-term trades on ProsperUs, I’ll have to reserve my opinion in a more detailed walkthrough and guide for Boost in the future.

Boost by ProsperUS
The Boost interface is designed for quick trading action and execution.

Customer Support

ProsperUs’ customer support is decent too.

If you have any questions, you can always submit an inquiry via email form when you are logged in (Help > Contact Us) or via [email protected].

From personal experience, all my inquiries got answered within 1 working day.

ProsperUS has decent customer support
Get help for your inquiries under ‘Help’ > ‘Contact Us’

What I like about ProsperUs

As a whole, coming from an established and familiar brand (CGS-CIMB), I think investors and traders will appreciate the flexibility and huge access that ProsperUs has to offer.

  • One account to access all the markets:

Firstly, ProsperUs offers access to the global market and a huge variety of instruments.

From stocks, bonds, and ETFs, to derivatives like CFD, Futures, FX, and options, you can literally explore different market opportunities with just one single account – no hassle!

  • Decent commission structure:

If you are troubled by the expensive fees from local brokers to invest in the foreign market, ProsperUs will be a much more affordable choice, especially to invest in the US and Singapore stock market.

  • User-friendly:

Even with all the offerings, ProsperUs’ platform is especially easy to navigate around. The learning curve is minimal and beginners will be able to find what they need easily.


What can be improved

  • Live chat for Customer Inquiries

While the existing customer support channel is decent, but it’d be even better if ProsperUs has more options for customers to reach out to them.

Personally, I think it’d be great if there is a live chat feature available to resolve customers’ inquiries.


Who should open a ProsperUs account?  

Given the access to a huge variety of markets and instruments, ProsperUS is most likely going satisfy the needs of most investors. To be more specific, ProsperUs is suitable for:

  • Investors looking to invest in different markets and instruments with the convenience of one single account.
  • Investors that want their broker to be from a recognizable brand (CGS-CIMB) and regulated by proper authorities (MAS).
  • Investors looking to invest in certain markets that are not offered by many other brokers.  As an example, ETF investors (like myself) looking to invest in S&P500 ETF (eg. CSPX, VUAA) listed in the London Stock Exchange instead of the ones listed in the US due to tax reasons.
  • Investors/traders that are looking to explore instruments aside from the usual stocks and ETFs. ProsperUs also offer instruments like unit trust, CFD, FX, options, and futures for more sophisticated investing or trading needs.

Exclusive ProsperUs Referral Code – MONEY20

ProsperUS referral code

Here’s a reward exclusive to No Money Lah readers – you will not find this anywhere else!

From today till 30/9/2022, key in my exclusive promo code ‘MONEY20’ while you register, and get a FREE SGD50 cash top-up & up to RM300 e-wallet credits when you open a ProsperUs account:

RewardsHow to qualify
#1 One-time top up of SGD20 into your ProsperUS accountInitial funding of SGD500 within 30 days of your account opening. To qualify, you should not withdraw the SGD500 for at least 30 calendar days.
#2 A further top up of SGD30 into your ProsperUS accountExecute at least 3 trades by 31/10/2022
#3 Up to RM300 in Grab or T&G e-wallet credits RM120: Initial funding of SGD1000 within 30 days of your account opening + 3 trades by 31/10/2022.

RM180: Initial funding of SGD3000 within 30 days of your account opening + 3 trades by 31/10/2022.

RM300: Initial funding of SGD10,000 within 30 days of your account opening + 3 trades by 31/10/2022.

To qualify, you should not withdraw the initial funding for at least 30 calendar days.
Note: A deposit in other currencies of equivalent value will also qualify you for the rewards. eg. Initial funding of ~RM1600 or ~USD400 is equivalent to SGD500.

p.s. Please check for the latest exchange rate accordingly.


Click HERE to view the full T&C of this referral reward. Personally, I think this is a great deal if you are planning to open an account to start investing globally!

Open a ProsperUs Account Today!


Eligibility + How to open a ProsperUs account

Anyone aged 18 years old and above can open a ProsperUs account. 

That said, a quick note if you are between 18 to 20 years old:

For this age group, you’ll be classified under ProsperUs’ Young Investors Segment. Essentially, after you complete the steps below, you are also required to fill in a short additional form that’ll be sent to you via email & be given a walkthrough on the risks involved by the ProsperUs team.

So, here are the documents/details you’ll need to sign up for a ProsperUs account:

  1. IC/National ID
  2. Tax Identification Number (TIN), if you have one.
  3. Utility or telco bill as proof of residency

Step 1: Sign up for a ProsperUs account

Click the button below to sign up for your ProsperUs account. Similarly, you can install the ProsperUs app in Google Playstore or App Store. 

Open a ProsperUs Account Today!

Step 2: Select your country of residence & citizenship. This is where you can key in promo code ‘MONEY20’ for exclusive rewards.

ProsperUS Account Opening
Insert referral code MONEY20 for exclusive account-opening rewards!

Step 3: Key in your personal & employment details.

For the currency to invest in, select SGD for the ease of funding later. (p.s. You can always open a USD currency account later by writing an email request to ProsperUs)

ProsperUS Account Opening

Step 4: Key in your tax details.

Tax Identification Number (TIN) is your LHDN tax number. Let’s say you are still studying and do not have a TIN, select ‘YES’ as well, and key in your IC number/National ID instead.

ProsperUS Account Opening
ProsperUS Account Opening

Step 5: Investment Product Experience

Fill in your education background, investment objective, and risk appetite. Based on this information, you’ll be given a list of products that you’ll get exposure to.

Generally, instruments like futures, FX, and options are more complex and require you to have a certain educational background or investing experience.

ProsperUS Account Opening
ProsperUS Account Opening

Step 6: Agree to T&C and upload documents (IC & proof of residency such as Utility or telco bill)

ProsperUS Account Opening

Step 7: Create your user login details

Upon successful registration, you’ll be notified to create your login username & password.

ProsperUS account activated
Create your login username & password

Step 8: Fill in W-8BEN Form to access the US stock market

*W-8Ben form: Filling in the W-8 Form is a requirement by the US Inland Revenue Service for account holders to declare that the beneficiary owner of the amount received from US sources is not of US origin. For investors who want to trade the US markets, they will need to complete this form.

Log in to your newly created ProsperUs account. You’ll be prompted to fill in the W-8BEN form. Alternatively, you can submit the form by going to ‘My Account’ >  ‘W-8BEN Certification’ > ‘Submit Now’. 

ProsperUS submit W-8BEN form

While submitting the W-8BEN form, you are required to provide your Tax Identification Number (TIN). If you are a student and do not have a TIN number, tick ‘the account holder is not legally required to obtain a TIN’ section and give a reason why you do not have a TIN number (eg. You are a student).

ProsperUS: W-8Ben submission


How to Fund & Withdraw Funds from ProsperUs

Funding and withdrawing from your ProsperUs account can be done either via our local bank account or via a Singapore bank account (recommended).

Check out my step-by-step guide on how to fund your ProsperUs account, and how to withdraw funds from ProsperUs.

READ: The complete funding & withdrawal guide for ProsperUs


No Money Lah’s Verdict

So, are you looking for flexibility to access different markets from a broker backed by an established brand? If yes, definitely give ProsperUs by CGS-CIMB a try!

Regardless of your investment needs, I am almost certain that you’ll find a market or instruments that suit your preferences via ProsperUs.

Keen to give ProsperUs a try? Consider using my exclusive referral code ‘MONEY20’ when you register for your account! Doing so, you’ll get a free SGD50 top up and up to RM300 in e-Wallet credits!

Open a ProsperUS Account Today!

 


Disclaimers:

Past return is not indicative of future performance.

This post may contain affiliate links/codes that afford No Money Lah a small amount of referral (and help support the blog) should you sign up through my referral code.

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Chin Yi Xuan

Hi there! I am Yi Xuan. I am a writer, personal finance & REIT enthusiast, and a developing trader with the goal to become a full-time funded trader. Every week, I write about my personal learnings & discovery about life, money, and the market.

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