There are quite a lot of binary options brokers these days, which just as they begin to impress you with a range of superb features let you down in other areas. Perhaps not to such an extent to be put off entirely, but certainly perturbed…or a little disappointed. Some provide excellent platforms, though let things down with weak customer service. Some offer great resources for newcomers, but often no demo account or affordable entry-level signup options.
With Porter Finance, almost everything seems to be in place to suggest that what we’re looking at is the potential market-leader in the making. But just as mentioned above, there are one or two issues here and there that put a bit of a dampener on the whole thing. One of which, we have to admit, is a bit of a biggie!
Pedigree and Performance
Given the fact that Porter Finance is still going every bit as strong today as it was when it hit the ground running in 2014, it immediately scores points. Holding on to a solid reputation for any time at all in this industry isn’t easy – a three-year success story therefore painting a positive picture. Not only this, but Porter Finance has also managed to scoop up several awards along the way, which only adds to the sense that you are working with reliable and reputable professionals. Shy of the usual complaints from disgruntled traders, it’s comparatively rare to come across heavy-hitting accusations about the way Porter Finance does business in general. All of which inspires confidence and suggests we might be onto a winner.
Accounts and Bonuses
At the time of our review, Porter Finance was offering four different account types to cater to traders at all levels. Entry-level traders could sign up from a minimum of $250, while higher-level account types with added perks went as high as $5,000. Given the fact that rivals such as IQ Option accept signups with minimum deposits as low as $10, we find $250 to be a little on the excessive side. There is a demo account available for those looking to get a feel for what’s on offer, but as is the case with most it comes with the usual caveat. That being, you cannot access the demo account unless you first sign up and deposit the minimum $250. Again, this is something we don’t like to see.
In accordance with the account type you choose, Porter Finance will reward you with a welcome bonus which can be 25%, 40%, 60% or even 85% of the initial account deposit. Which appears to be an even more generous offer when considering the fact that there is no limit set on how much you can deposit and therefore how much you can receive as a bonus. Be warned however – this is one bonus offer you might be better staying away from. The reason being that with 30X fulfilment requirements applicable to all bonus funds, accept a bonus of just $500 and you’ll need to trade to the tune of $15,000 before getting your hands on a single penny of it, or any winnings.
Trading and Returns
While some may argue that the maximum 83% return advertised by Porter Finance simply isn’t enough, it’s worth remembering that those who promise 90% or even 95% rarely deliver on their word. As far as we’re concerned, we’d much rather see this kind of honesty than false promises been pledged. It’s not the highest, but it is at least achievable. Something else we really liked about Porter Finance is the way in which it is possible to trade with a minimum of just $5.00 on the line at any one time. In addition, the maximum trade amount allowed is $2,500. As such, traders at both ends of the spectrum should be more than satisfied with these limitations.
The asset library itself is as generous as it is high in quality, featuring a hand-selected collection of matched currency pairs, commodities, indices and choice stocks. If it’s in any way popular or relevant, you’ll find it here. In terms of trading options available, Porter Finance caters to the vast majority of tastes with standard call/put options, one-touch options, long-term options, 60-second options, pair options and more. A wide range of expiry times are available, from as long as 30 days to as little as 30 seconds. We also very much like the ‘Double Up’ and ‘Rollover’ features available at Porter Finance, which give the trader additional options in the event that the current rate looks to be going either very much in their favour or quite to the contrary.
Education, Mobile and Banking
Porter Finance takes the education and development of traders very seriously and provides access to a full Education Centre upon signing up. The archive of resources available covers the needs of newcomers, intermediates and experts alike – every learning aid we came across was of excellent quality. The same can also be said for the Porter Finance mobile application, which brings every important element of the desktop experience to iOS and Android devices alike.
Accounts can be maintained in one of five currencies – USD, EUR, GBP, AUD, CAD – and while an extensive range of payment types are accepted, there is still no allowance for PayPal. One transaction is permitted free of charge every month and the minimum credit card withdrawal is set at a low $30.00. More often than not, payments are processed within two working days, which is the industry-wide standard.
Last but not least, while we found the customer support team at Porter Finance to be extremely knowledgeable and helpful, actually getting hold of them in the first place wasn’t always easy. While the company states that customer service representatives are available from 06:00 to 23:00 GMT, we found that at various times during the day the live chat facility simply said “Our agents are not available right now. Please leave a message and we’ll get back to you.” Which they did, but only after a significant delay.
Pulling together all the plus points, it’s hard not to be impressed with the total package delivered by Porter Finance. Along with providing an incredibly enjoyable and user-friendly platform, being able to trade from as little as $5.00 is absolutely great and so too is the range of tools, features and educational resources available. The mobile application is solid, the quality of customer support provision is impressive and there are various account types available to suit traders at all levels.
That being said, we really don’t like to see binary options brokers asking for deposits before committing access to demo accounts – nor do we agree with bonus terms and conditions that are as excessive as these. And of course, not being able to get in touch with the customer service team also presents a bit of a problem.
We’ve left one very important point to the end of this review, as it’s the kind of thing that needs to be considered in context. While the vast majority of what’s on offer at Porter Finance is both impressive and reassuring, there’s one rather large spanner in the works that could do with being removed immediately. That being, Porter Finance is an entirely unregulated broker. Of course, lack of regulation does not inherently mean that the broker in question is unreliable and cannot/should not be trusted. Nevertheless, the vast majority of authorities recommend working exclusively with regulated brokers – you’ll therefore have to make your own mind up about Porter Finance.