Porter Finance (PorterFinance.com) Review
Porter Finance is a London-based binary options broker founded in 2014. While they are not regulated, they have excellent features and are already establishing a sterling reputation. A wide variety of different trades, a wealth of learning materials, and a beautifully designed website all make them a broker to consider.
- Official Website: https://www.porterfinance.com/
- Headquarters: London, UK
- Phone number: +44-2035192532 (domestic numbers available around the globe)
- USA traders no longer accepted 9/14/15! (SpotOption platform leaves the US market and forces all of their operators to do the same)
- Trading platform: SpotOption
Is Porter Finance (Porterfinance.com) a Scam?
In a word, no! Even though they are not regulated, this broker demonstrates a strong understanding of regulatory laws, as well as a commitment to stay compliant. You may have noticed that most brokers fall into one of two categories: regulated without accepting USA traders, or not regulated and accepting USA traders.
Here is what Porter Finance says in their terms and conditions:
“USA citizens are restricted on this trading platform from trading currencies and commodities due to U.S. regulation by the CFTC.”
This is a clear and correct understanding of the CFTC guidelines for USA traders trading binary options! Most brokers flat out misinterpret this or behave as if they are completely unaware of it. USA traders can legally trade binary options, and Porter Finance is respecting USA laws while allowing USA traders access to their services. It is so great to see a broker that actually understands regulatory concerns. This is quite rare! So no, Porter Finance is definitely not a scam! Of course it is always wise to read what other traders have to say here.
Deposit Info – Porter Finance Minimum Deposit
- Get started with just $200.
- Deposit methods: Credit or debit card, wire transfer, NETELLER.
- Trade in USD, UR, GBP, AUD, or CAD.
What do you need to know about deposits and withdrawals? There are $30 fees for wire transfers, which is pretty much the industry standard, so this is to be expected. Your first withdrawal of the month is free, but after that, there are additional $30 fees (this is also not unusual, even if it is a bit annoying). The minimum withdrawal threshold for credit and debit card transactions is only $30, which is much lower and more reasonable than the typical $100. The only drawback? If you want to withdraw more money than you deposited through your credit or debit card or electronic payment system, you have to use a wire transfer and pay the fee.
While you are opening your account, you will see the account tiers listed along the right-hand side of the page. While $200 is the minimum deposit, you will want to deposit at least $250 in order to obtain a Beginner Account, which includes a 30% bonus, weekly market reviews, and a trading eBook. A Standard Account is available if you deposit $750 or more. This comes with a 40% bonus, the same benefits as the Beginner Account, plus daily market reviews, Academy Membership, and a trading strategy.
Depositing $1,000 will get you an Executive Account, with a 75% bonus. You again get all of the previous benefits, plus VIP Academy Membership, three trading strategies, money management training, and 5 risk-free trades. If you have $100,000 or more to deposit, you can open a VIP Account with special benefits. As you can see, there are a lot of advantages to opening an account on this site. This broker seems very much invested in the success of their clients.
Types of Binary Options Available
There are so many different types of options to trade on Porter Finance! You can trade High/Low options, including Long Term and 60 Second options. You can also try your hand at One Touch trading, Pairs trading (where you profit on the relative performance of one asset vs. another), or Ladder trading. Ladder trading allows you to earn profits as high as 1500%! This is an excellent amount of variety; there really is something for everyone here.
Trading and Training Features at Porter Finance:
- Trade on your Android or iOS mobile device. The links to the apps are right at the bottom of the porterfinance homepage.
- Double up, rollover, and buy-me-out are all available to help you control your trades.
- Trade as little as $10 or as much as $2,500.
- Social trading. Follow trades by others on the website.
- While there is sadly no demo account on this site, you can still use risk-free trades with a qualifying account.
- There are plenty of training resources available to traders!
What Products Can You Trade on Porter Finance?
BAE SYSTEMS (LONDON)
BP (BRITISH PETROLEUM)
COCA COLA (US)
HSBC HOLDINGS (LONDON)
REUTERS (US THOMSON REUTERS)
ROLLS ROYCE (LONDON)
TATA MOTORS (INDIA)
OIL (LIGHT SWEET CRUDE)
CAC 40 (FRANCE)
DUBAI FINANCIAL MARKET GENERAL INDEX (DUBAI)
FTSE 100 (UK)
HANG SENG (HONG KONG)
ISE 30 (ISTANBUL STOCK EXCHANGE, ISTANBUL, TURKEY)
KUWAIT GENERAL INDEX (KUWAIT):
MICEX 10 (MOSCOW INTERBANK EXCHANGE)
MSM 30 (OMAN)
NIKKEI 225 (JAPAN)
RTS (RUSSIAN TRADING SYSTEM, MOSCOW, RUSSIA)
S&P 500 (US)
SSE 180 (SHANGHAI STOCK EXCHANGE)
TADAWUL (SAUDI STOCK EXCHANGE)
TEL AVIV 25
Final Thoughts on Porter Finance
Porter Finance is one of the most exciting binary options brokers we have stumbled across in quite some time. Is this site perfect? With no demo account and a few withdrawal terms that are a bit restrictive, there is no way to say “yes” to that, but then again, we have never encountered a perfect broker before. Porter Finance is however as close to perfect as anything we have seen. The withdrawal terms are not ideal, but they are much better than most. There are plenty of training materials and programs available to traders at all account levels. You can participate in numerous different types of trades, so there are a lot of ways you can make money with Porter Finance. The website is thorough and provides comprehensive, easy-to-locate information on a wide array of topics. Reading through it, we had very few questions. If you do have questions, though, Porter Finance’s customer service team is standing by.
In short, this is an excellent broker to trade with, whether you are located in or outside the USA. It is refreshing to find a broker that understands CFTC laws and is striving to be compliant, and it makes their unregulated status far less of a concern than it would normally be. This broker is making the extra effort to offer top-shelf services to customers, and we highly recommend you check them out!
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