Porter Finance Review
A new binary options broker has recently launched in the industry and has caught many traders attention. Porter Finance is a broker that recently established itself in 2015 and is owned by Oracle Stone Ltd., with offices located at 20-22 Wenlock Road, England N1 7GU. We have had a number of subscribers request a review to validate if this binary broker is a scam or if it is legit. After our investigation, we are glad to report you a few facts you should consider before opening an account.
Currently, we are not able to deem Porter Finance as a safe binary options broker.
Porter Finance Trading Platform
Porter Finance utilizes the Panda trading platform and has over 100 assets for traders to trade with. This platform is not the most sought after platform brokers choose, but we have seen a few brokers use this platform. New traders may be intimated when they initially begin trading on this platform, as it can be confusing to navigate. This is more optimal for skilled traders, as they have more experience on their back and can find the necessary tools. Additionally, if you don’t know English, you’ll need to use Google to translate the platform for you. Porter Finance does not provide its trading platform in other languages.
The Porter Finance trading platform uses the new tactic referred to as “social trading”. This means that a user can copy more a trader’s success strategy in order to improve their own performance. This tool has been implemented in other broker platforms, but we notice that many customers are unsatisfied with such a feature. When a trader goes to copy another’s strategy, there are times when the platform misinterprets the data, which results in a loss.
Although this trading platform states to be highly advanced, it doesn’t offer trading signals. Many newbies opt for signal indicators to reduce the learning curve rather than spending hours studying market charts and graphs. These trading signals better assist novices in executing profitable trades. Many brokers nowadays provide customers trading signals to help them in their strategy when trading binary options. However, not all binary options brokers offer sufficient trading signals though. You should look for trusted brokers that offer trading signals that are at least 80% accurate.
Porter Finance Scam
Since Porter Finance was established recently in 2015, we cannot validate if it’s a scam or not. There are positive reviews, but these are paid affiliates promoting the broker to online traders. This is not an uncommon practice, but you should research real customer reviews to get the truth. We did find a few genuine complaints regarding the “social trading” feature being inaccurate. Traders who copied other traders’ strategies did not achieve the desired profits they thought. Furthermore, a few complaints regarding the withdrawal process were noted due to the constant changing bonus terms. New traders felt that they were taken advantage regarding bonuses, as they did not understand the terms explained by the account advisors.
Our team cannot guarantee that Porter Finance is a scam, but we do advise to opt for more transparent binary option brokers that have a clean reputation.
Is Porter Finance a Legit Broker?
One of the main things to look at when choosing a broker is to see if they are licensed or regulated. When a binary options broker holds a license and is regulated by a financial authority, they must follow strict laws of the industry. Also, just in case a trader has a complaint against a regulated binary options broker, they are able to report their complaints to the financial authority. When the broker does not have a license any complaint you may have can only be solved by the broker; not a higher authority. Additionally, your funds are placed in safe accounts and cannot be tampered with if the broker has a legit license.
After our review of Porter Finance, we found this broker to be non-regulated nor licensed. For this reason, we advise you to be cautious if you decide to open an account. If you are looking for a safer and legit broker, we have a few on our list to recommend fellow traders.
Porter Finance Bonuses
This broker offers four different account levels for their customers. Depending on the account you choose will define the bonus terms. Some of the perks include recent Market statistics, webinars, risk-free trades and more. Here are the various bonuses you can expect when opening an account:
- Beginner Account– min. deposit required $250, 30% bonus
- Standard Account– min. deposit required $750, up to 40% bonus
- Executive Account– min. deposit required $1,000, up to 75% bonus
- VIP Account– min. deposit required $100,000 and your account manager will provide bonus details and entitled benefits.
Although Porter Finance offers attractive bonuses, we find that customers are complaining due to the terms and conditions constantly changing. Unfortunately, traders are not notified that the bonus terms change, thus many experience difficulty in achieving the needed trading volume to withdraw earnings.
Unfortunately, such circumstances are expected when a binary options broker is not regulated. There are many trader complaints that go unheard, thus lose their investment due to inconsistent bonus terms.
Scam-Rank concludes that Porter Finance is still too new to the industry to trust and is an unregulated broker operating in the binary options industry. Our team wants to make sure you’re in the safe zone and your investment is treated appropriately.
Porter Finance is not a highly reputable broker yet, thus we could not provide you enough quality reviews to ensure legitimate practices. Their 81% payouts are typical, but since they are not regulated, we don’t advise you to trust that you’ll receive your earnings.
- Minimum Deposit $200
- Mobile Trading App
- Not Regulated Nor Licensed
- Just Launched in 2015
- Platform ONLY In English