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Porter Finance is a binary options broker that has been around for some years now. In operation since the year 2014, it is owned by Running Forest Partners, and is based in London. The founders of this broker are pioneers in the field. It has made quite a reputation for reliability, integrity and fast payouts.
Update: Many traders are complaining about this broker. We don’t recommend it anymore
Most of the traders who have spoken out about this site have nothing but good to say about it. This review delves deeper into the broker to see if it is really worth creating an account on and trading with.
Special Features, Bonuses and Account Types
There are five types of accounts that are available for creation with Porter Finance. Each one is in a separate tier to the last, and the type of account that is opened depends on how much you deposit initially. A free demo account is also available to traders. This isn’t something you typically see at a binary options broker. It can be very useful for people who need some help with getting used to strategies and working on their trading game before venturing out into the real world. The five types of accounts are:
The beginner account, which asks for $500 to be deposited. A 30% welcome bonus is granted to traders along with a free trading ebook as well as a welcome guide by a manager. Traders are also able to access weekly market reviews compiled by expert traders. The Standard account on the other hand asks for at least $1000 to be deposited. A 40% welcome bonus is available to traders who open this account. Both daily and weekly market analytics can be accessed as well as tours by the manager. Access is also granted for a masterclass in trading strategies.
The Gold account is the next tier of account types at Porter Finance. This one requires $5000 or more to be deposited. A 75% bonus is available to traders along with classes at the trading academy, which gives you a VIP membership. Money management training is also given, along with reviews of the market and 5 risk free trades.
For a $10000 deposit, the platinum account is opened. This one provides a 100% bonus as a welcome and all the perks of the other accounts. In addition to this, traders get lessons for six advanced trading strategies and 10 risk free trades.
The final account type is the VIP account. This requires a deposit of $100,000 to be opened. All the perks are shrouded in secrecy and can only be revealed by an account manager. All the bonuses from the other tiers of accounts are guaranteed, along with other exclusive benefits.
Security, Licensing and Reliability
The broker isn’t currently licensed by any bodies or regulatory authorities, but they have stated that this licensing is on the way. An application has been submitted to the relevant entity. Until then, traders can rest assured that their data is being protected. Upon checking out their security features, we discovered that there is 128bit SSL encryption applied to the entire site, including all transaction pages. All your information is encrypted with the best protocols that technology has to offer.
Trading Platform Review
While the Porter Finance trading platform used to be built by SpotOption, those days are over. SpotOption is still one of the best trading platforms out there, of course. However, Porter Finance appears to have decided that the Panda TS platform is more suitable for its policies. The decision doesn’t seem to be a wrong one, as the platform is absolutely stunning. It is easy to learn, simple to use, and doesn’t require any download at all. In addition to this, the entire platform is available as a very responsive mobile application as well for traders who are always on the move.
This Panda platform has over 200 assets for traders to play with, and there is no steep learning curve for beginners. Anyone can trade, especially after using the demo to practice. There are six types of trading tools available to traders including normal binary options, pairs, long term options, second, ladder and one touch trades.
Payouts and Withdrawals
Porter Finance uses all major credit and debit cards as well as checks, Skrill, Neteller and bank wire transfers to deposit and withdraw money. Transactions are quick and secure.
Overall, this is a broker that has been a pleasure to review. There aren’t many like it, and we recommend this one wholeheartedly to all traders out there.