Porter Finance Review
If you are looking for an exciting binary options broker who complies with regulations but accepts USA traders, you will want to check out Porter Finance. Porter Finance is operated by a company called Running Forest Partners, LTD, and is based in London. While they are not regulated, they stand out by expressing a clear understanding of the CFTC regulations which confuse and alarm so many brokers. On their terms and conditions page, Porter Finance makes this statement:
USA citizens are restricted on this trading platform from trading currencies and commodities due to U.S. regulation by the CFTC.
Other brokers who want to observe CFTC laws lock out USA traders entirely. Why? Paranoia, probably. Porter Finance actually understands the laws, and allows USA traders to trade in stocks and indices. International traders can trade in stocks, indices, currencies, and commodities. It is so great to see a broker that gets how it is supposed to work!
Deposits and Withdrawals on Porter Finance
On Porter Finance, you can make a deposit using credit or debit card, wire transfer, SOFORT, CashU, Skrill, or Neteller, and you may trade in US Dollar, Euro, British Pound, Australian Dollar, or Canadian Dollar. The minimum deposit is typical, $200. What impresses me are the withdrawal terms. On many sites there is a $100 minimum to withdraw your money. On Porter Finance the minimum is only $30, which helps to keep your money easily accessible. Wire transfers carry a fee of $30 (standard). Your first monthly withdrawal is free. Subsequent withdrawals cost $30. Irritatingly, there is a maximum threshold: “The maximum withdrawal amount to a credit card cannot exceed the amount invested.” Still, these terms are more flexible and reasonable than most.
Account Tiers and Resources
When you sign up on Porter Finance, you will need to select one of the following account tiers:
- Beginner: $250 starting investment, bonus up to 30%.
- Standard: $500 starting investment, bonus up to 40%.
- Gold: $1,000 starting investment, bonus up to 75%.
- Platinum: $5,000 starting investment, bonus up to 100%.
- VIP: $10,000 and up. Ask your account manager.
Each tier includes trading tools and learning resources. At the Beginner level you get a free eBook, a platform walkthrough, and weekly market reviews. Resources increase the more you deposit. At the top level you get 6 trading strategies, money management trading, a trading eBook, VIP Academy Membership (trading videos), and 10 risk-free trades. There is no demo account on Porter Finance (which is a major drawback), but the risk-free trades are great! It is also nice to see a broker that offers risk-free trades and bonus money. That is a rarity. Most sites ask you to choose one or the other (I recommend you always choose the risk-free trades, as they offer you the greater value). These are exciting features, and demonstrate Porter Finance’s commitment to helping traders to learn and succeed.
Trading on Porter Finance
Porter Finance uses the SpotOption platform, which is likely familiar to you if you have traded on other binary options sites. The platform is easy to use and easy to learn. It takes only a few clicks to execute a trade on your home computer. You can find the links to download the relevant apps down near the bottom of the page, just above the navigational menu.
Types of trades include High/Low, Pairs, Long Term, 60 Seconds, One Touch, and Ladder. This is quite an abundant selection. Many sites only include about half this many options. High/Low trades are your basic binary options, with 60 Second trades being the quick version of them. Long Term trades have longer expiry times. One Touch is another basic trade type. Pairs allows you to profit on the relative performance of stocks, and Ladder is an exciting type of incremental trade where you can earn huge payouts. There is something for every trader here.
There is also social trading, so you can follow along with what other traders are doing and share your trades as well. There are 59 assets, which is not a lot, but probably still more than you need. Having a variety of ways to trade those assets is more important. You can control your investment using double up, rollover or early close. With a minimum trade size of $10 and a maximum trade size of $2,500, Porter Finance offers flexibility for traders with big and small accounts.
Customer Service and Conclusion
You can reach customer service at Porter Finance via email, web form, paper mail, live chat, or telephone. When I reached out to customer service on a weekday during normal trading hours, no one was there, which was a bit concerning to me. The company seems to have a pretty solid reputation, though, so this is a minor concern. Still, I suggest that you actually get in touch with someone before opening your account. Testing customer service with some questions is always wise before you send anyone your money.
Porter Finance has its flaws. There is no demo account, and it would be helpful if they would allow traders to withdraw for free more than once a month. Still, the withdrawal thresholds are low, and the fees are not too bad. The lack of a demo account is at least partially made up for with the offer of risk-free trades at the higher account levels. The learning resources on the site are plentiful, and there are lots of ways to trade.
Most exciting though is the fact that Porter Finance stands out where regulatory matters are concerned. While they are not regulated themselves, they clearly respect regulations in different countries, and demonstrate a clearer understanding of them than many brokers that actually are regulated. This indicates to me that they are probably very trustworthy. That coupled with their excellent features makes them a great broker to consider whether you are located in the USA or anywhere else around the world.