Is Porter Finance a Scam

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Porter Finance Review

Overview

Porter Finance is the web’s fastest growing binary options trading platform, offering an unmatched 1500% rate of returns on maximum returns on digital options.

Details

Broker Porter Finance
Website URL www.porterfinance.com
Founded 2020
Headquarters 20-22 Wenlock Road, England N1 7GU
Support Number +44-2035192532
Free Demo Account
US Traders Allowed
Overall Score 8.6/10

Full Review

Porter Finance is one of fairly new binary options brokers that offer up to 83% revenue to its clients from the ordinary, and to 1500% with special options. The company started its activity in 2020, and proudly presents you with excellent trading conditions and fully guarantees the safety of your funds. The headquarters is located in the London office, and their international customer support center is ready to advise investors, all over the world. This broker provides excellent trade training and a standard, but very convenient online platform, this, combined with professional managers, consultants, will make everything possible for you to receive a positive trading experience.

Continuing on our Porter Finance review, it should be noted that the company is constantly expanding list of features and trading tools to increase your productivity and maximize profits, so be prepared to keep the pace. Trading on Porter Finance platform, you will have the opportunity to enjoy a wide range of assets including currency pairs, stocks, indices and commodities, among which is available only in assets that broker. In total, you can find at the company’s website more than 400 assets.

Without a doubt, binary options have been created in order to facilitate the investment process for the average consumer in the financial market. Porter Finance binary options due to its professional trading tools, have implemented and successfully reached this goal. Illustrative price charts, good scaling for comfortable monitoring of market fluctuations, reliable indicators, and reports on the ratio of successful / unsuccessful transactions – all this will make your trading easy and comfortable.

Features

If you decide to start your shopping journey with Porter Finance binary options broker, you will need to go through a quick registration and place a minimum deposit of $ 200. You can trade with minimum bet of $ 5 that will allow you to invest just 1% of your balance, just as much as professional traders do advise. In addition to all, you will have the opportunity to get Porter Finance’s bonus of up to 85% of your deposit, which will greatly increase the start-up capital.

Security deposits and personal details are protected by advanced protection SSL protocols. All information provided by the broker is being securely encrypted and in any case does not fall into the hands of third parties. Fulfilling the requirements of the laws on the prevention of money laundering, the company requires clients to present personal data such as name, surname, date of birth, place of residence and a copy of the passport.

Porter Finance minimum deposit

Porter Finance offers 4 types of accounts allowing the traders to choose the ratio of the initial deposit and the services that they need. The accounts are divided into Basic, Standard, Silver and Gold.

Basic account opens Porter Finance a minimum deposit of $ 500 and allows you to get Porter Finance a bonus of 25%, a weekly summary of the market and the e-book for beginners. After registration, you will also get access to advanced courses for novice investors, which was developed by professional traders.

The minimum deposit is $ 1000 and offers the following for the standard account Porter Finance: 40% Porter Finance bonus deposit, membership in the Academy, which will allow further progress in the study of options trading, 1 free trading strategy and daily market reviews, which will help with the analysis, based on the news.

Silver account requires Porter Finance a minimum deposit of $ 2500 and includes 60% Porter Finance a bonus of 5 webinars that will guide experienced and successful traders, 3 risk-free transaction, 3 lessons from a professional manager, advanced system management account and risk, as well as accelerated withdrawal.

Gold account is the most advanced, since in addition to all the above bonuses, he would find something to surprise you. Porter Finance a minimum deposit of $ 5000 and will give you a 85% Porter Finance a bonus of 10 webinars and 6 risk-free transactions. Plus, at your disposal will have a personal manager for help you can contact at any time. This is a great offer for the money, you can almost double your equity just by making a deposit, and so to the same risk-free deals will help you to make a strong start without fear of losing money.

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Customer Support

At present, the site only supports English-speaking clients. Looking into the “Contacts” section you will find the telephone numbers in the UK, Canada, USA, Australia, New Zealand and South Africa, available 24/7. In addition, contact with consultants is possible via online chat and e-mail. On the right part of the site you will be able to see the news broadcast, which shows the latest and most up to date information of the markets and the broker, such as the introduction of new features or promotional offers. Do not forget that at any time you can call or send an e-mail to your personal manager.

Porter Finance is it a scam ?

Summing up at the end of our review on Porter Finance, as promised, we will learn whether you can work with this broker, or it is just plain scam firm. The main difficulty in studying in a search engine query -Porter Finance scam- is the fact that the broker is fairly new on the market and there are not so many reviews. While the company has not received a license from CySEC, it has the ability to serve clients from the US and Canada. From negative side, as usual there are some complaints that arise as insufficient perusal of the agreement between the broker and the trader. We again remind you that the bonuses and the risk-free transactions impose some restrictions when you withdraw funds. If you are not ready for them, then you always have the right to refuse all the bonuses and promotional offers. Returning to the theme whether the Porter Finance scam or not, we concluded that the broker can be trusted, as they try to earn a good reputation in the North American market, before receiving a license from CySEC.

If we find complaints about Porter Finance, we will post it on social media. Follow us to be well informed:

Deposit and withdrawal

Broker offers a variety of deposit and withdrawal options. Payment methods at Porter Finance are safe as they use SSL encryption to protect all transactions. Payment methods include bank wire transfer and all major credit cards.
The minimum deposit amount is $200 and it can be done in currencies such as the USD, Pound Sterling, AUD, CAD or EUR. However, if you choose to deposit via bank transfer, the minimum deposit you have to make it $ 500, along with a fee of $ 30. The minimum amount required to be concluded with a credit card $ 30. To make a bank transfer, you must have at least $100 in your account. The first withdrawal of each month is free, but if you want to make additional withdrawals, you must pay a fee of $ 30.

Conclusion

After completion of our detailed research and test Porter Finance exemption policy, our group came to the conclusion that Porter Finance has a comprehensive and easy to follow withdrawal process, great customer service, and vast educational base with excellent yet simple trading platform. It is a new company, and surely, it should take some more time to find out more on this broker, but overall, it is a great company with a strong potential. We recommend traders of all levels to look at this broker closely.

a Complete Guide for Binary Options Trading

UPDATE (12.01.2020):

We have found out that Porter Finance is closed.

We recommend choosing one of our top binary option brokers instead:

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Try also Binary Option Robot if you are looking for automated binary trading.

Old Review:

Porter Finance is one of the latest additions to the list of binary options trading platforms, having commenced operations and offering retail binary options brokerage services to the retail investing public in 2020. In an industry where thousands of brokers have cropped up from all corners of the globe in the past three years, one question that lots of market enthusiasts have been asking is whether Porter Finance is a scam or not.

Before we go on to answer that question, we must first define what a scam is as far as binary options brokers are concerned. Binary options brokers that have a scam operation going on will have certain markers that point to the unwholesomeness of their entire operations.

  • They do not fulfil withdrawal requests. There are brokers that are notorious for acting as black holes where money goes in and never comes out.
  • They skew trading conditions repeatedly so as to swing the outcomes of trades against the traders, especially when such brokers are acting as the counterparties.
  • They manipulate prices, especially with the short term trades (e.g. 60 seconds trade) so that these trades go against traders.
  • Not only do they not fulfil withdrawal requests, they cook up all manner of reasons to justify their not paying you your money.
  • In extreme cases, they invoke ambiguous terms and conditions of usage to outrightly seize the trading accounts of hapless traders and the monies in them.
  • Scam brokers sometimes engage people to carry out aggressive media campaigns to rebut claims of users who have been burned by their scams. These campaigns are also carried into online forums.

The big question is: has Porter Finance done any of these things? The answer is a categorical NO and therefore Porter Finance is no scam. Porter Finance has not been accused of stealing traders’ monies, manipulating prices or seizing traders’ accounts. Let us now look at the processes setup by Porter Finance to make traders get the best possible deals.

The fact is that most of what people classify as scam broker operations are not scam at all. Many failed traders use the word “scam” to cover up their own failings and to transfer the responsibility of their failure in trading to the broker(s) they have used. Of course, there are legitimate cases where traders have been scammed by their brokers, but there are cases where so-called scams have been cases of traders showing inexperience at managing trades, managing risk or not following the terms and conditions regarding their bonuses or withdrawal conditions.
Porter Finance has not been found in any of these categories and has put in place certain measures which set it apart from the real scam brokers in the marketplace.

  • Responsive Customer Service

Porter Finance has a lot of things going for it to prove its genuine status as a binary options brokerage. They have a 24/7 customer support system through which traders can get assistance. The response rate is very quick and this allows traders to get their complaints or inquiries sorted out with dispatch. A major source of complaints about brokers where they get labelled as scam are dissatisfied clients who probably did not get speedy responses to the most basic of issues. Such traders usually have no option than to go to the public domain to vent their frustrations. With the world now a global village, such outbursts could damage a broker’s reputation irreparably even when such a broker is to all intents and purposes, genuine.

  • Quick Fulfilment of Withdrawal Requests

With binary options, it is all about the money. Therefore, any requests made by traders to withdraw profits have to be settled promptly, and Porter Finance has continued to push the boundaries in this regard. First, Porter Finance has ensured that traders have various means by which they can withdraw any profits made. This allows traders to choose how soon they can withdraw funds and consequently, how quickly such funds can reach them.

Why would a scam broker offer traders a comprehensive trading education resource on its website? That’s right, they would never do that. Porter Finance has a comprehensive trading education resource section on its website. Porter Finance has therefore gone out of its way to ensure that beginner traders do not make mistakes when they are trying out their first steps in the trading process. Porter Finance has gone to these lengths to ensure that their traders trade responsibly and are up to the challenge, and eventually do not make the mistakes that some failed traders try to push on to brokers in online forums.

  • Virtual Trading

Most brokers in the binary options market do not provide their traders with demo accounts. Some of the older ones are guilty of this as well. But Porter Finance has gone ahead to make traders that register to trade on their platform get to understand the platform thoroughly. This can only be done with a demo account. Many brokers function as counterparties in trades and make money when traders lose. What could be the motivation of a binary options broker to deny its traders the opportunity to understand the trade process by not providing a demo account? You can probably guess what the answer to this question is. But Porter Finance has nothing to hide and no ulterior motives, so traders on their platform have access to a demo account.

In addition, Porter Finance provides its traders with tools to enable them trade more effectively. Some of these tools include the economic calendar, which is an invaluable tool for traders who trade the news.

Are There Any Pending Complaints About Porter Finance?

To the best of our knowledge, Porter Finance does not have any outstanding complaints about its services, products or mode of operations. Any issues that have arisen have always been addressed. The team at Porter Finance know that robust customer engagement is one sure way of ensuring that any complaints are quickly taken care of. This is why Porter Finance has a customer care support desk which is available 24/7. That way, traders have a voice and a channel to direct all queries or complaints. Customer support for traders is available via Skype, Live Chat, e-mail or phone. This in itself is a step-up from the industry standard where brokers are generally reachable just via phone or email or worse still, by a mere contact form. The phone support is second to none, offering dedicated phone numbers for various regions of the world such as Canada, New Zealand, Australia, UK and South Africa.

Is Porter Finance Regulated?

Porter Finance is taking steps to further secure its status as one of the top binary options brokers that are not scam by initiating a process of securing licensing and regulation. This is to make traders have full confidence in the non-scam status of Porter Finance.

How Well and Fast Does Porter Finance Honour Withdrawal Requests?

There have been lots of cases of even regulated brokers having issues fulfilling the withdrawal requests of their traders. Therefore, how well and how fast a broker handles issues pertaining to withdrawal of funds from the binary options account goes a long way to confirming or dispelling the perception of a broker as a scam broker.

Porter Finance understands that timely handling of withdrawal requests is of primary importance to traders. After all, it is all about the money and the talk is in the money. Porter Finance has taken steps to speed up withdrawals for their clients by using the following measures:

  • Ensuring that traders have various withdrawal options and not just the good old bank wire transfer process which creates delays. Traders want to be able to fund accounts on Monday, trade on Tuesday to Thursday and withdraw their money on Friday so they can have good outings over the weekend. How does a broker satisfy this yearning of 21st century traders by sticking to outdated methods of transaction? Porter Finance has realized this and has put up several methods by which traders can conduct withdrawal transactions on their accounts. Therefore, Neteller and use of VISA, MasterCard, Maestro and VISA Electron cards have become the mainstay withdrawal transactions on Porter Finance. Using these methods, traders can perform same-day deposits and withdrawals. Neteller provides an added advantage of being a third-party processing company which can allow traders to use other means of transaction to deposit and withdraw funds, using Neteller as an interface. This is very useful for traders who do not want to have their personal card details exposed in the transaction process.
  • Traders are guided on the process of performing withdrawals through a series of educational materials that cover this topic. Traders are taught the rules and regulations of financial transactions on binary options platforms so that they do not run foul of international money laundering laws.

The process of funds withdrawal from the Porter Finance platform is fast and simple. But the rules must be obeyed. When rules are not obeyed, there is no way Porter Finance can bend them just to please one or two clients. For instance, you cannot expect to withdraw a million dollars using credit cards. There are limits that have been set by the card companies themselves and under the terms of issuance, Porter Finance is expected to set withdrawal limits on cards to reflect the limits set by the credit card processing companies. Traders using credit cards cannot withdraw less than $30. Traders using the bank wire route cannot withdraw less $100 and Neteller also comes with a minimum withdrawal of $30.

In addition to setting limits to what can be withdrawn using each method, there are also internal controls which have been put in place to prevent money laundering. For instance, if a trader deposits $500 with a credit card and makes $1,000 over time, the $1,000 profit cannot be withdrawn using the same credit card. Only $500 can be withdrawn, and the rest must be sent to the trader using a bank wire. These are the rules. But you see a situation where some traders want to pull out money from their accounts far in excess of allowed limits, and when the brokers refuse, they are labelled as “scam” brokers.

Brokers will not break standard international rules on money transfers. The onus therefore lies on traders to thoroughly read the terms and conditions under which they can transact on a binary options platform such as Porter Finance. Limits are also imposed in-house to provide for better administration of the transaction processes. Certain charges to withdrawals also apply to cover administrative costs. Porter Finance has actually structured the process is such a way that the first withdrawals made in a month are completely free. Subsequent withdrawals within a month attract minor charges.

Conclusion

So is Porter Finance a scam, given all that has been discussed here? Porter Finance is definitely no scam. Traders are advised to ensure that they pass through a comprehensive learning process to understand how the brokerage process works as well as how binary options trading works. This way, some of the errors that are trader-based can be identified and reduced to the barest minimum. A lot of blames passed to brokers are not because brokers are scam brokers; some of these are simple errors made by traders. Porter Finance is no scam broker because it passed the tests that scam brokers usually fail. Traders can confidently use Porter Finance for their trading business.

7 Binary Options

UPDATE (10.01.2020):

We have found out that Porter Finance has shut down their operations.

We recommend choosing one of our top binary option brokers instead:

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All brokers >>
Min. Invest Min. Deposit Max. Returns

Try also Binary Option Robot if you are looking for automated binary trading.

Old Review:

Many years ago because of the newness of binary options trading and the way the trading differed from broker to broker, many people were skeptical of trading binary options. Some even went as far as to say binary options were just gambling with financial assets or they were even a scam. To be honest there was some evidence that some of the brokers did take advantage of their customers with some very high fees. So it’s understandable somewhat that the practice of trading binary options had a less than great beginning, but all that has changed thanks to reputable sites like Porter Finance.

It is good that over the years the reputation of trading binary options has improved tenfold. Now there are such things as regulatory agencies that have come about and many of the trading practices are a lot more uniform across the different brokerage sites. Porter Finance is definitely a binary options broker that likes to keep a clean reputation.

The broker is relatively new as they first started to allow people to trade on their site back in 2020 but it is a site that has quickly grown and made great strides to prove itself as a reliable binary options broker. Traders from all over the globe say they are very satisfied with their features and the services they provide their investors. It is very organized and structured site that gives its traders a fair chance at making a profit and does it in a very transparent way; that is the very opposite of a site that tries to scam someone.

How does a website prove to its customers that it is a legitimate trading platform? By doing such things as providing 24/7 customer service to assist their traders and do it with a response rate that is fast and effective. Customer service can be contacted by phone, internet chat and Skype to quickly get a problem resolved. They also offer a large variety of ways to do banking on their site; traders can make deposits and withdrawals using such methods as MasterCard, Visa, Skrill, bank wire transfers, Cartebleue and Visa Electron.

From the beginning traders from everywhere in the world (except in Turkey where it is prohibited) have been enjoying the benefits of trading on Porter Finance and it has been attracting a wide variety of traders from all backgrounds of financial market trading. If the site was trying to scam people then there is no way that they would be able to grow their customer base the way they have. With their excellent and responsive customer service and their transparent banking practices traders know they are not trying to scam them because scam sites often practice quite the opposite of those two features.

Deposits and withdrawals on Porter Finance are always done with approval from the customer only and done in a secure fashion that requires a lot of user information to be verified in the process. Sites that try to scam people have very covert banking transaction policies and usually charge very high fees for those services. Scam sites rip their customers off by chipping away at the funds in the traders account and by not giving those that make investments on them a fair chance to win.

Every trader should do such things as checking to see if a broker has a regulatory license before signing up with them or do a thorough internet search for reviews before they sign up to trade on any brokerage site. Regulatory agencies are charged with keeping a watchful eye on individual brokerage sites and also revoking their certification if any broker that falls under them has been found to be undertaking scam like practices.

Organizations like FCA in England, FSPR in New Zealand, MIFID in European Union and CySEC in Cyprus have been earning a reputation for ensuring the sites that fall under them are fair and transparent in their trading and operations. These regulatory agencies tend to have online brokers under them that concentrate their business in specific regions of the world, whereas other sites can be traded on anywhere in the world.

So joining a site that is regulated by an agency is highly recommended when someone is looking to trade binary options online or joining a site that is always favorably reviewed online. This will ensure any trader that they will have a fair chance of winning on their investments because the site they are trading on conforms to a strict set of compliance regulations. Choosing an unregulated binary options trading provider could be a big mistake unless they are always reviewed in a positive light.

Does Porter Finance get Complaints?

There is no business in the world that does not get complaints from time to time especially when it comes to situations where a person has put their money at risk trading financial markets. But with that being said, if a person does an internet search on Porter Finance they will find very few complaints and those that they do find will be very minor in nature. Having a responsible and well trained customer service team that is available 24/7 goes a long way toward building a good reputation and minimizing complaints about Porter Finance. They respond quickly to problems and concerns and they can even be reached by phone from such countries as the New Zealand, South Africa, Canada and the UK.

The website also has a very good FAQ section and a tab that customers can easily click on if they need to send the company a query. With measures put in place by Porter Finance to handle a wide variety of potential topics they can answer questions thoroughly and in a way that stops most complaints from ever happening in the first place. All the complaints and concerns that their customer service team gets are handled by phone, Skype or internet chat in real time by real people. There are no prerecorded messages or extended wait times for which frustration can continue to build before a traders concerns or questions are answered.

Porter Finance doesn’t only want to be known as a site that only has good customer service they also want to have a reputation for educating their traders. A huge step in that direction is there free demo account. It is a tool that will help those that trade on the site learn the Porter Finance platform before they actually start placing trades for money. This can be a huge advantage to novice traders especially.

How does Porter Finance’s demo account work?

The demo account works by closely mimicking how the actual trading platform works except it uses dummy money. It lets those that use it get a feel for how the actual trading on the site will work without having to risk a dime of their own money. Once the investor gets comfortable trading on the demo and is making winning trades consistently, they will then be able to start trading with real money and with a lot more confidence. It will help any investor learn how to eliminate normal trading mistakes without having to take a financial loss as a result of it

The learning tools don’t just start with the demo account either. Porter Finance has an assortment of learning tools for their customers to choose from to enhance their binary options trading skills. There are several different reference materials on different aspects of binary options trading that a user can read and there is also the handy eBook that Porter Finance supplies those that sign up and trade with them. The eBook has a lot of useful A to Z information on binary options trading and will be very helpful for both novice and veteran traders alike.

The site also does several financial reviews on different assets that they make available to their traders; this type of detailed information is what often makes the difference between placing winning and losing trades. They also provide up to date financial news and update their investors as to the current market trends too. All of this helps to educate their traders in a way that not many sites do. Porter Finance customers always have a keen sense as to the way that the financial markets are currently acting. This goes a long way toward eliminating big losses and helping those that trade on the site experience more consistent winning decisions.

Is the Porter Finance Site Regulated?

Porter finance has been helping people trade online since 2104. They chose not to be a regulated site because they wanted to make themselves available to users all over the world. That gives both Porter Finance and those that trade with them some big advantages that regulated sites don’t have. It also allows them entry into the US binary options market and provides traders there the opportunity to place binary options trades with one of the premier online brokers in the business. Only the residents of Turkey are not allowed to trade with this outstanding binary options broker.

Regulated sites have limits on the assets that can be traded and also on the types of binary options that can be traded on. Porter Finance likes their customers to have more choices because it makes binary options trading more fun and interesting; not to mention that the more choices a trader has the more likely they will find a type of asset or binary option that they can consistently make winning trades with. Regulation not only takes some of the fun out of binary options trading, it can take some of the profit out of it too.

Regulatory agencies tend to put too many limits on the sites that fall under them and it makes their trading platforms a little too sterile in many people’s opinions. That is one of the major reasons why Porter Finance chose not to be regulated. People should not be afraid to trade with brokers like Porter Finance that are fair, reputable and overwhelmingly reviewed with only positive comments.

Porter Finance’s Withdrawal Methods

Many customers are totally satisfied with Porter Finance’s banking practices too. Withdrawal procedures are often a slow and tedious process with many web brokers but that is hardly the case with Porter Finance. They pride themselves on being able to provide those that invest with them withdrawals that often only take two days at the most. Porter Finance also has many methods that can be used to do a withdrawal just like they do when a customer is making a deposit. Not to mention that deposits and withdrawals are always done in a safe and secure manner.

Porter Finance is definitely not a scam

There have been a lot of things listed here about porter finance that many of the most reputable binary trading sites do not have. It is a testament to the commitment of those that design and run the Porter Finance online brokerage site have. Best of all they have managed to build a reputable and fair binary options trading site without taking the fun and excitement out of trading them.

All this talk about the regulatory agencies being stifling is not meant to discredit them; they were badly needed at the time and place they came into the binary options industry. They went a long way to help binary options trading become respectable and trustworthy; it is just that they took a little something away from the trading as they did what they felt they had to do. Many people started trading binary options for the fact they were so different and pleasurable than other forms of market trading.

Porter Finance realizes they may have to work a little harder than regulated sites to earn investors trust but just like they have never been afraid to do things different, they will always make sure they do them in a way that is safe, trustworthy and fair.

Best Binary Options Brokers 2020:
  • Binarium
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    Best Binary Options Broker 2020!
    Free Trading Education!
    Free Demo Account!
    Perfect for Beginners!

  • Binomo
    Binomo

    2 place in the ranking!

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