Prospero Markets Review: Broker Closure, ASIC Licence and Client Refunds

Is Prospero Markets still a broker you can use?

Prospero Markets Pty Ltd is in court liquidation and its Australian financial services licence has been cancelled. It should therefore not be shortlisted as an active Australian CFD broker on the strength of its former licence or historical account conditions. For former clients, the useful question is different: which legal entity received their money, whether their claim has been approved and what the liquidators still require before a distribution can be made.

The Australian company previously provided over-the-counter derivatives, including margin foreign exchange CFDs. Its former AFSL number was 423034. The Prospero Markets profile on BrokersView brings together its historical business information and client feedback. A legacy trading-platform listing or an old minimum deposit is not evidence that the company has resumed accepting business.

Regulatory status: cancellation, not a temporary trading restriction

ASIC's dedicated case page records a Federal Court winding-up order and the appointment of liquidators on 10 April 2024. The licence cancellation took effect on 25 September 2024, following an earlier suspension. These are distinct events: suspension restricted the licence; liquidation placed the company's affairs under liquidators; cancellation ended the licence. None supplies a basis for treating a new payment request as a normal deposit into a currently licensed Australian brokerage.

ASIC identified failures concerning audited financial statements, auditor appointment and reporting obligations, including concerns about client-money reporting. Its investigation followed police action in which former officers and responsible managers were charged with money-laundering offences. Charges against individuals must not be presented as convictions, and the broker's regulatory position can be explained without inventing a criminal finding against every person or related business.

The exact entity matters. A company using a similar brand overseas is not automatically the Australian licensee, nor does a former Australian licence protect an account contracted elsewhere. Compare the legal name on the agreement, account statement and payment recipient before deciding which claim process applies.

Client refunds: what the reported distribution actually establishes

ASIC's September 2025 account of the liquidation said that client-money claims had been adjudicated and sufficient funds were expected to be available to repay approved client-money claims in full. It reported a July 2025 distribution of AU$18.1 million to approved claimants who had supplied valid bank details. That is meaningful evidence of money being returned; it is not a finding that every former client has already been paid.

Three separate conditions must be kept apart: recognition of a claim, the amount admitted and completion of payment. A full-return expectation for an approved claim is not a universal guarantee for every balance shown in an old trading terminal. Nor is a client-money distribution compensation for all trading losses. A claimant still waiting needs their own admission and payment status, rather than a broker-wide success percentage.

ASIC's case page also described a further distribution anticipated for November 2025. An anticipated date in a dated update is not proof that the later payment happened. It cannot support a current withdrawal timetable or a promise that an individual will receive funds within a specified number of days.

How former clients can clarify their claim

ASIC identifies Andrew Cummins, Jonathon Keenan and Peter Krejci of BRI Ferrier as the appointed liquidators. Its public contact information gives prosperomarkets@brifnsw.com.au and +61 2 8044 0530, with 1300 291 012 for Australian callers. Verify the contact independently against ASIC's Prospero Markets case page before sending account or identity documents.

A useful enquiry identifies the contracting entity and account, asks whether the claim is admitted and whether bank details or supporting documents remain outstanding. Keep the account statements, deposit records, withdrawal correspondence and any claim reference together. Use the liquidators' verified instructions for the actual submission; a social-media contact offering to release a balance does not acquire authority from knowing the brand name.

An overseas account requires particular care. ASIC describes court proceedings that considered, among other issues, claims involving a related overseas entity. That does not establish automatic eligibility for every overseas customer. The appropriate starting point is the actual contract and the liquidators' treatment of that specific claim.

Fees, platforms and account benefits: historical features are not current offers

For an operating broker, account selection normally turns on spreads, commissions, financing, platforms and funding methods. For this Australian company, the liquidation and cancelled licence come first. Historical spreads or an old MT4 connection do not provide an executable price, an available account or a working payment channel today. A new cost ranking based on those figures would answer the wrong question.

There is also a material limitation to older protection descriptions. ASIC's cancellation announcement originally imposed continuing AFCA membership, indemnity arrangements and client-money reporting requirements. Its 12 March 2025 amendment removed those specifications. The original wording should not be used to promise continuing AFCA access or insurance cover until March 2026. A former client needs the applicable dispute or liquidation route for their circumstances, not an assurance copied from the superseded paragraph.

User complaints: evidence of an experience, not an individual refund outcome

BrokersView complaint1169, filed on 22 February 2024 with an amount of $15,000, alleges that a withdrawal requested in December had still not progressed by February. The public reply asks the complainant for trading and transaction evidence and says the platform will try to contact the broker. Its status is Replied. The visible exchange does not establish a completed refund, or prove that the same money remains unpaid today.

The Prospero Markets feedback and complaint records are useful for understanding the disruption clients reported. They should be read alongside the formal liquidation process. A complaint badge, an old account balance and a liquidator's admitted claim are different pieces of evidence, with different purposes.

Verdict and frequently asked questions

Prospero Markets Pty Ltd is not an appropriate active-broker choice on the evidence of its liquidation and cancelled Australian licence. The positive development for affected clients is the documented distribution of client money, but eligibility and payment remain individual matters. The priority is establishing the correct entity and claim status, rather than comparing historical trading features.

Is Prospero Markets still ASIC licensed? The Australian company's former AFSL423034 was cancelled effective 25 September 2024. A historical licence number is not a current authorisation.

Can I request an ordinary withdrawal? For an account within the Australian liquidation, follow the verified liquidator process and obtain your own claim and payment status. An old card or bank-transfer withdrawal estimate does not describe the liquidation process.

Does the AU$18.1 million distribution mean everyone was refunded? No. ASIC described payments to approved claimants with valid bank details. It did not state that all clients, all overseas accounts or every disputed amount had been repaid.