Last Updated on August 5, 2024 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, 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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Table of Contents
ProsperUs Highlights
- 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.
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.
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 a minimum fee structure for all exchanges except for the US and Singapore 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 not as competitive as the likes of Rakuten Trade and Interactive Brokers (IBKR).
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.
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.
Taking a position is also simple and straightforward.
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 which 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.
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.
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.
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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 to 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 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 on the London Stock Exchange instead of the ones listed in the US due to tax reasons.
- Investors/traders who 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
Here’s a reward exclusive to No Money Lah readers – you will not find this anywhere else!
From today till 30/9/2024, key in my exclusive promo code ‘MONEY20’ while you register, and get FREE cash credits up to SGD100 when you open a ProsperUs account:
Tier Initial funding within 30 days of account set up Trades Executed Cash Credits
1 Minimum SGD500 – SGD2,999 Minimum 3 trades executed SGD10
2 Minimum SGD3,000 – SGD14,999 Minimum 3 trades executed SGD20 (Deposit SGD3000 or more), OR
SGD20 + SGD30 (Deposit SGD3000 or more + Min. trades fulfilled)
3 SGD15,000 or more
Minimum 3 trades executed SGD20 (Deposit SGD3000 or more), OR
SGD20 + SGD100 (Deposit SGD15,000 or more + Min. trades fulfilled)
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:
- IC/National ID
- Tax Identification Number (TIN), if you have one.
- 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.
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)
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.
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.
Step 6: Agree to T&C and upload documents (IC & proof of residencies such as Utility or telco bill)
Step 7: Create your user login details
Upon successful registration, you’ll be notified to 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’.
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).
How to Fund & Withdraw Funds from ProsperUs
Funding and withdrawal 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!
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.
Worst thing is the double exchange costs more than 6% :p
hmm out of curiosity, how did you get the 6%?
Regards,
Yi Xuan
CIMB Malaysia rates here
https://www.cimb.com.my/en/personal/help-support/rates-charges/forex-rates.html
3.1335-3.0070 = 0.1265
(0.1265/3.1335)x100 = 4.037%
CIMB Singapore rates here
https://www.cimb.com.sg/en/personal/help-support/rates-charges/rates/foreign-exchange-rates.html
1.3799-1.3423 = 0.0376
(0.0376/1.3799)x100 = 2.724%
Total Conversion Charge = 4.037+2.724 = 6.761%
How long did the approval process take?
After your registration, ProsperUs should be notifying you about your account opening status within 1 to 2 business days.
Yi Xuan
They have imposed minnimums already 😛
Is the promo code ‘MONEY20’ still valid as its expired date is 30Apr as stated in the text above ? Today is 12May.
Is there any latest promo code?
Hi Chong!
Sorry for the late update – the existing promo code still works till end of June 2022. The reason I have yet to update is because ProsperUs has not officially updated their T&C for our collab.
That said feel free to continue using the promo code – it’ll still work!
Regards,
Yi Xuan
Apparently if i buy any sg stock from cimb msia, my broker also told me there is double charges. One is MY and the other is by SG side.
So i was wondering if using this prosperus can actually save me the double costing?
Hi Billy,
I am sure there will be no double charges in this regard. The fees will be solely from the comms from ProsperUs + exchange fee from SGX.
Hope this is helpful!
Regards,
Yi Xuan
Hi Yi Xuan, thanks for the great post on SREIT ETF investing and ProsperUs. I would like to enquire on the dividend distribution process. The cash dividend will be credited into the cash account of ProsperUs (which will be allowed to be withdrawn) or it will be automatically reinvested in to REIT by ProsperUs?
Hi Claire!
It will be paid to your cash acc in ProsperUs 🙂
Regards,
Yi Xuan
How to know whether still within the first 500 new client to entitle for the Grab Food Gift Card or Touch ‘n’ Go Credits?
Hi HM,
I think they are pretty flexible on the cap but if you can always write in to them to confirm your eligibility once you fulfilled the terms 🙂
Regards,
Yi Xuan
Hi, what is the difference between ProsperUs and IBKR? If I just want to invest in S-Reit, better to go with ProsperUs? Did you do any review comparing the two, pls? Thanks
Hi Nicole!
If you just want to invest in S-REIT, I’d recommend going with ProsperUs as their fee is the cheapest for singapore market. But if you plan to invest in other markets outside of SG, IBKR is a better choice.
Feel free to also check out my IBKR review here:
https://nomoneylah.com/2023/01/07/interactive-brokers-review/
Regards,
Yi Xuan