Porter Finance Review – Good or Bad US Broker

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Contents

Porter Finance Review

Review

Porter Finance, founded in 2020, is a binary options broker domiciled in London, UK. Porter Finance may be the new kid on the block but with its dynamic platform and choice of over 100 different assets, it is poised to become a leader in the industry. Porter Finance is also one of the few binary option brokers that accept U.S. clients.

Accounts

Porter Finance offers its clients a choice of four different accounts. The minimum deposit for opening the Beginner account is $200 and there is a bonus of up to 30% on the first deposit. The Standard account requires $750 to start and a bonus of up to 40% is available.

$1000 is needed to open an Executive account which comes with a 75% bonus, 5 risk-free trades, 3 trading strategies and money management training.

A VIP account is available for big investors who would like to deposit $100,000 or more.

Anyone opening an account receives a free ebook, Academy membership and at least one trading strategy.

The minimum trade amount at Porter Finance is $25 per trade. The maximum trade amount is $2500.

Features

The Porter Finance site is easy to navigate and highly intuitive with everything clearly marked out on the top bar. Selecting an asset is done from a drop down box, making navigation simple. Drop boxes are also used for choosing the expiration time, and the amount to be traded can just be typed in. Assets include indices, stocks, commodities, and currency pairs. Many of the underlying assets that they offer are not offered elsewhere, such as the Tel Aviv 25 index.

The Glossary of terms is an added feature that not all binary option brokers offer their traders. The list is all-inclusive and informative.

I was somewhat surprised to see that the website is only offered in English.

Bonuses

Deposit bonuses are mentioned in the different account descriptions but I could not find any additional information on other bonuses or promotions. Perhaps in the future they will offer them.

Education

When it comes to educating traders, Porter Finance is way ahead of the game. At their Education Academy, they cater to traders of all levels. Their ongoing mission is to keep investors up-to-date on all the latest trends and developments in the binary trading world and they use cutting-edge technology in their online video tutorials and live webinar streaming.

The online tutorials range from basic information about binary option trading to more advanced subjects such as Support and Resistance, Aggressive Trading 10/30 rule, Market Analysis, Trading Psychology and other intriguing topics.

Their regular live webinar sessions are led by expert financial analysts and provide key market insights and valuable advice on how to perfect one’s trading strategy.

The Porter Finance eBook is a manual for binary option traders where leading financial experts have shared their market experience on key trading strategies and tactical tricks to maximize a trader’s payout potential. Beginners in particular will benefit from the eBook’s extensive glossary of trading terms and step-by-step guide on how to trade binary options.

There is mention of a market review section but that has not been posted to the site at the time of writing this Porter Finance review.

An Economic calendar is available which is both comprehensive and clearly presented.

Deposits/Withdrawals

Money transactions at Porter Finance can be made using a MasterCard, Visa, American Express or Discover as well as wire transfers directly from a bank, or an online wallet, such as Skrill or CashU.

Customer Support

Customer support is available 24/7 via email, phone and chat. When I spoke with Chat while doing this review, I found them to be very service oriented pleasant to deal with.

Conclusion

Porter Finance seems to cover all the necessary features needed to trade with ease. The only thing missing at the moment is the fact that they are not yet regulated. However, they are still relatively new and there is a good chance that this will be happening in the near future.

Features

There are many outstanding features at Porter Finance but it is their strong support team that stands out from the rest. What they offer is the same as that of other brokers but the difference is how they are presented, how easy they are to use, and how much help you can get when you need it.

All this means that Porter Finance values its customers and is interested in seeing them succeed. They strongly believe that a good business cannot keep going if it doesn’t provide value to its customers.

General Information

Company Information

  • Broker’s Name : Porter Finance
  • Headquarter : United Kingdom
  • Regulation : None

Account Information

  • Type of Broker : Binary Options
  • U.S. Clients Allowed :
  • Minimum Deposit : $200
  • Maximum Leverage : N/A
  • Account 1 : Standard
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Institutional Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Windows
  • Mobile
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :
  • Customer Support

    • English
  • Support Hours : 24/7
  • E-mail Support :
  • SMS Support :
  • Chat :
  • Pros and Cons

    • High Tech Website
    • Choice of Accounts
    • Responsive Customer Support
    • No Regulation
    • English Only

    Platforms

    SpotOption

    Porter Finance uses the SpotOption platform, one of the most popular binary option platforms in the market today. The platform offers built in option indicators and offers some unique features that give keep binary options trading fast-paced and dynamic. Some of the additional features of a SpotOption platform are not offered at Porter Finance but there are certainly enough for traders of all levels to dig their teeth into.

    The various binary option choices are listed on the landing page and each one is accompanied by a colorful graph that shows live activity and ongoing price movements.

    The 60 seconds option is superfast and full of action. Traders can open multiple positions, and view the results in less than 60 seconds.

    With the One Touch binary, the price has to reach the goal rate only once during the following week and traders can earn the return percentage of his/her investment. This is a bit more challenging, as direction is not enough – it actually has to hit the target. However, the high payouts can make it well worth the while, going up to 83%.

    Roll-Over and Double Up are two profit maximizing features that allow traders to create larger positions. Roll Over allows the trader to delay expiry time and Double Up allows them to recreate the same position, with the new market conditions.

    Using the Pairs option, a trader can trade on one asset vs. another, for example, Gold vs. Silver.

    With the Ladder option, traders can receive multiple strike prices with different dynamic payouts for each position, allowing for relatively high payouts for short term trades.

    There is also a long-term option for traders who are in for the long term.

    User Reviews

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    *Amount will be credited to account in case of successful investme nt

    Online brokers are companies that offer the service of trading on a platform with different assets, depending on their area of expertise. Best forex and binary brokers offer trading on multiple devices, demo accounts, reasonable minimum deposit, and user-friendly terms and conditions. We have done all in our power to create objective reviews in order to make sure traders get the relevant information about the best binary options, CFD and forex brokers.

    Traders can read about special features these online brokers offer, their trading platform, bonuses, deposits, withdrawals and more! All the relevant info we compiled in our broker review pages is presented in a way that is easy to understand. We have listed some features and conditions that can make or break the trading experience with forex brokers.

    Forex and Binary Options Brokers Minimum Deposit

    Minimum deposit is the minimum amount you have to deposit with a binary, forex, crypto or CFD broker in order to use their trading service. This is the one you use to place trades. If you read our broker review carefully, you will find out how minimum deposits vary, not only depending on the broker brand but also depending on the broker type. For example, most binary options brokers require a minimum deposit in the amount of $250, and only a few have lower minimum deposit limits. On the other hand, forex, CFDs and cryptocurrency trading brokers offer trading for as little as $1 or $10 minimum deposit.

    Spreads with Forex and CFDs Broker

    Spread is the difference between ask and bid price. For example, in forex trading, the EURUSD pair may be valued at 1.1234. However, if you wish to buy EURUSD contract, you have to pay the ask price that can be somewhat higher – for example, 1.1236. The seller gets for example 1.1232. The difference between the ask and bid price, 0.0004 is called a spread – 4 pips in this case. Even though it seems quite insignificant, try to do the same math with large numbers and you will quickly notice how your perception of the importance of spread might change. Learn more about spreads and forex/CFD trading.

    Spreads vs. Commissions When Trading Forex

    You will notice some forex brokers do not have spreads for EURUSD (its 0 pips), or they are much lower in general. These brokers are so called ECN brokers which route orders directly to the liquidity market. They will not charge spreads, but they do charge commissions for each trade placed and closed. The commission can range from few USD to even $22 in some cases. For small traders spreads will mostly be more interesting since they do not like paying commissions that are a huge proportion of their trading margin. However, commissions are fixed costs for large traders and they prefer them to spreads. Brokers that have ECN execution are FXTM or IronFX which offers bot kinds of accounts.

    CFDs Trading Platforms

    Forex, binary options, CFD and cryptocurrency brokers are companies that are offering customers to trade based on underlying assets, but the trading takes place at a special software platform integrated on the website or downloaded on a computer. Some brokers prefer to develop their own trading platforms, also called proprietary platforms, while others simply outsource the platform development to reliable software companies. Here, we will list some of the most popular online CFDs trading platforms.

    • Proprietary – usually features custom-made trading interface and special tools not available elsewhere. Can be found with brokers of all kinds: forex, binary, CFDs, and even auto trading software. Brokers using proprietary platforms are IQoption and Plus500 (CFD Service. 80.6% lose money)
    • MetaTrader4 – an older version of one of the most popular forex trading platforms in the world. It requires download and installation on the trading device. Almost every forex and CFDs broker supports the so called MT4. See how to trade on MT4.
    • MetaTrader5 – the latest MT version, popular among forex traders of all kinds. Offers a free demo. Learn how to use MT5.
    • Webtrader – web version of MT platforms, but also other platforms like Sirix
    • SpotOption – once very popular binary trading platform is now offering exclusively other types of trading such as forex, CFD, and crypto

    Forex and CFDs Brokers – Leverage

    Leverage is a certain amount of money provided by the forex or CFDs broker that traders can use to increase their invested amount. For example, when using a leverage of 1:100, you actually multiply the volume of contracts for 100 times, which means more profit for you in case your trades are successful. This is also called margin trading, since all trader needs to do is ensure that it has enough margin (in this case, 1%) to cover the positions. Don’t mistake leverage for binary options bonuses. Leverage has terms that apply and in case your trades are not going as expected and your margin cannot cover potential losses, you’ll receive a margin call. This means you need to deposit more or close the positions. Read a simple explanation here.

    Leverage – Use borrowed capital to increase the return of your investment

    Underlying Assets Available for Trading with CFDs and Crypto Brokers

    One of the main characteristics of different types of brokers is the underlying assets portfolio. While some traders believe the more assets they have available the merrier, that is not necessarily the truth. It is, most of all, important that the broker supports the assets and types of trading you are interested in.

    Forex brokers offer currency pairs that are the basic of forex trading in general, they can also include forex – currency pairs, stocks, options, ETFs, commodities, indices and cryptocurrencies.

    Binary brokers usually offer a great variety of underlying assets, including commodities, currencies, indices, and stocks, but not as broad as with CFD brokers. CFDs contracts are usually based on stocks, commodities and bonds, but also other types of assets. Forex sometimes offer CFDs contracts and vice versa simply becuse its the same instrument, just different assets.

    Cryptocurrencies can be offered by crypto brokers, forex brokers, binary and CFDs brokers. If you want to buy and sell cryptocurrencies, not just bet on them, it is better (although more complicated and risky) to use a crypto exchange.

    Deposit and Withdrawal methods with Forex and Binary Options Brokers.

    Payment methods are transaction methods for depositing and withdrawing. The number of payment methods available with a single broker may vary not only on the broker but your geolocation as well, as some methods are highly localized. Still, bank wire and credit cards are supported by almost all brokers.

    Payment methods are:

    • Credit cards (Visa, Maestro, Amex) – sometimes have a fee for withdrawing attached
    • Bank wire – slower method, and a good choice for bigger transactions. Usually has a withdrawing fee attached to it.
    • E-wallets (Skrill, Paypal, Neteller etc.) – available with most brokers, usually have no fees attached. Fast and convenient.
    • Cryptocurrencies (bitcoin, ethereum, litecoin, dash) – supported only by a handful of brokers. Require the trader to own a crypto wallet.

    Traders’ Complaints and Negative Reviews of Forex Brokers

    It is important to keep in mind that when you browse the Internet you will find negative reviews about brokers from angry traders who lost their money. When trading binary options, CFDs or forex, there is a risk involved and bad reviews that stem from angry unsuccessful traders are not of any use to anyone. It is important to remain objective and correctly assess the level of service a broker offers.

    If your trade has gone sour – its most likely not broker’s fault. If you seen massive slippage or requotes that diminished your positions profitability, then there are reasons for the concern.

    Competitors or individuals who are annoyed that they lost their money may have written negative reviews even if they traded with the best binary options brokers. On our site, you will always find positive or neutral reviews since we do not list bad brokers. However, we point out if we have found anything negative to say about any of the binary options brokers. For the brokers we determined are not to be promoted, their reviews will be listed in the blacklist.

    We review the brokers on a regular basis to assure they live up to our high standards at all times. We recommend you only trade with brokers found on this site to avoid any unpleasant experiences and problems with cash-outs.

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    We are working hard to bring the best platforms to traders in each country through our network of 16 localized websites. So go ahead and choose your language in the top right corner. We have covered most of the European markets and New Zealand in order to become better at providing specialized content to customers from those countries.

    How to Master the Forex Broker Comparison?

    Let’s say you decided to trade CFDs. That is a popular choice among traders as it allows you great portfolio diversification. The next big step is selecting a broker.

    First and foremost, make sure to check out our forex list. There, you will find several brokers we believe offer the best trading conditions, and solid trading experience. But, never select the broker only based on web design and logo. Here are some tips on how to compare forex brokers before you start trading.

    Compare Binary Options Brokers by Checking Trading Conditions

    One of the best ways to do a proper broker comparison is to check the trading conditions: minimum deposit, spreads, leverage, maybe even bonuses, and not to forget – withdrawal conditions. Also, check out the account types available and do some math to see how many contracts you can buy for a minimum deposit and how will minimum trade requirements affect your trading liquidity.

    Compare CFD Brokers by Comparing Platforms

    Check out the reviews to find out what platforms are offered. Most forex brokers offer multiple trading platforms. If both brokers offer the same type of platform, look for a mobile trading app or a demo trading account. Not all brokers have the same level of service even if they have the same platform provider. Check their lists of underlying assets and find one that suits you better.

    Compare Forex Brokers Based on Their License

    Most brokers you will encounter in our reviews are regulated, brokers. That means that they have a license for operating their business provided by at least one regulatory body. It is always a wise decision to trade with a regulated broker, as traders get an additional safety net in case they find it troublesome to communicate with their broker. Also, regulated brokers have to oblige many rules and regulations in order to keep their license which means a higher level of customer protection for you.

    Regulation of Forex, Binary, CFDs and Cryptocurrency Brokers

    Regulatory framework may vary from country to country. While some countries rely on restrictions, others prefer to follow international trends in regulation of online brokers.
    Find out how brokers are regulated in your country!

    Regulation of Forex, Binary, CFDs and Cryptocurrency Brokers in the US

    The United States has a very clear and strict regulatory framework regarding forex, binary, CFDs and crypto brokers. The main regulatory body is the CFTC, that also provides the regulation for NADEX, one of the biggest forex and binary exchanges in the USA. If you prefer to trade cryptocurrencies on exchanges, bear in mind that their regulation is more complex and harder to navigate as it involves Securities and Exchange Commission, Commodity Futures Trading Commission, Internal Revenue Service and Department of Treasury.

    Regulation of Forex, Binary, CFDs and Cryptocurrency Brokers in Australia

    ASIC is the main regulatory body for forex, crypto, binary and CFD brokers in Australia. They have a high set of standards, so not many brokers have their license. Even though there are several documents regarding cryptocurrencies trading regulations, there is still no distinctive act. It can be presumed how ASIC will provide licenses for crypto trading as well. At the moment, cryptocurrency brokers in Australia have no special regulatory status.

    Regulation of Forex, Binary, CFDs and Crypto Brokers in South Africa

    All brokers in South Africa are regulated by the FSB, that also regulates the Johannesburg Stock Exchange.

    Regulation of Forex, Binary, CFDs and Crypto Brokers in the European Union Countries

    Forex, binary and CFDs brokers prefer CySEC regulation as it opens the doors to multiple markets (basically, all members of the EU). However, some countries prefer stricter and more localized approach. For example, In Belgium binary options trading is completely banned, while in France there is no advertising of such services allowed.

    Besides CySEC, in the European Union traders can also regulate with brokers regulated by BaFin (Germany), AMF (France), Finma (Switzerland), etc.

    Regulation of Forex, Binary, CFDs and Crypto Brokers in New Zealand

    FMA is the regulatory body for online brokers in New Zealand. They have high standards and a license that is somewhat difficult to acquire.

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