Binary options took the trading industry by storm nearly a decade back, but many traditional forex brokers and financial centers chose to stand on the sidelines until this new “fad” gained traction in the marketplace. In recent years, there has been a flurry of activity, as the old guard jumped into the fray. There have also been other new entries that witnessed early shortcomings and decided to distinguish themselves by focusing on a better business model. Porterfinance.com is one of these companies. They opened for business in 2014 with headquarters in London, the financial center for global foreign exchange. As yet, this broker is not regulated by the FCA, since the UK still classifies binary options as a responsibility of the local gambling commission. New statutes, however, are being drafted, and Porter Finance will benefit in due course.
At present, however, Porter Finance has established a clean reputation for transparency, customer service excellence, and compliance with business practices that would normally follow from standard regulatory oversight. The firm offers trading in the classic High/Low, Hyper, Long-Term, and One-Touch options in forex pairs, commodities, stocks, and indices. Payoff ratios tend toward the high end of the industry scale. We witnessed forex options paying 81% with a rebate attached for 5%. The firm also touts the occasional high-risk option that will pay 1500%, a showstopper for sure. The minimum deposit amount is USD 200, EUR 200, GBP 200, AUD 250 or CAD 250, but the lowest account package begins with a $1,000 investment. Unlike other brokers in this arena, Porter Finance has arranged for seven account categories, each with escalating bonus and member benefits.
The innovative team at Porter Finance also elected to go with the PandaTS trading platform, the competitive contender for replacing SpotOption as the industry leader. This easy-to-use system is fast and loaded with features, including Roll-Over, Double-Up, and Sell-Early options. The firm also has a proprietary answer for social trading, which is dubbed “Follow”. You are able to follow the experts, and then, with the click of your mouse, you may replicate that trader’s actions, as long as you want. Porter Finance also emphasizes the need for knowledge to be successful and follows through with over-the-top support materials, including advanced topic areas, and premier customer service. Porter Finance is owned by Oracle Stone Ltd, a UK registered company. U.S. citizens are presently restricted by CFTC regulations.
Features at Porter Finance
The distinguishing features listed by the Porter Finance website are as follows:
- Founded in 2014 and with HQ and operations in London;
- Minimum deposit is 200 USD, GBP, EUR or 250 of AUD or CAD;
- Seven account categories with escalating bonuses and benefits: Starter – From $1,000 to $4,999; Silver — From $5,000 up to $9,999; Gold – From $10,000 up to $24,999; Platinum – From $25,000 up to $49,999; Diamond – From $50,000 up to $99,999; Royal – From $100,000 and up; and Corporate – Call for details;
- Personal account manager and signals provided at higher account levels;
- Varied promotions, competitions, welcome bonuses, and Risk-Free trades, (standard “30X” trading volume commitments before withdrawals);
- U.S. customers restricted at this time;
- Classic High/Low, Hyper, Long-Term, and One-Touch options;
- Payoffs run up to 81%, with 5% rebate (unique 1500% options, too);
- Asset choices include Currency Pairs (33), Commodities (4), Indices (8), and Stocks (23);
- PandaTS trading platform – user friendly and innovative upgrades since 2007 – totally web-based with mobile apps, too;
- “Roll Over”, “Double Up” and “Sell Early” features;
- Social trading enabled, using the firm’s “Follow” feature;
- Education and Support Center includes e-books, videos, in-depth and advanced courses, and numerous webinars;
- Daily market reviews for all account levels;
- Customer support via live chat, email and phone from 06:00 GMT to 23:00 GMT.
The Porter Finance management team chose the PandaTS trading system as its web-based foundation for trading. The PandaTS set of protocols are know for their ease of use and intuitive screen formats. Social trading may be accessed by simply toggling the “Follow” feature, as can be the Roll-Over, Double-Up, and Sell-Early features, as well. Mobile trading is also supported, and the latest in 128-bit SSL encryption software protects your data from external compromise.
Deposits and Withdrawals
Porter Finance allows you to maintain your account in five different currencies – USD, EUR, GBP, AUD, and CAD. Deposits may be accomplished with banking wire transfers, major credit or debit cards, or through Neteller. The firm also supports other regional payment methods, but you need to contact Customer Service for these. KYC/AML documentation must be on file and current before withdrawal requests can be honored. You are permitted one free withdrawal each month.
Customer service is an active component in the Porter Finance package. Higher account levels receive one-on-one coaching via a dedicated account manager. The firm wants to pass along its knowledge to its customers to ensure the best environment for success. Reps may be accessed via live chat or email, and the broker has established seven direct local telephone lines across the globe to aid in the process of direct communication. Training and support materials include e-books, videos, in-depth and advanced courses, and numerous webinars.
Porter Finance – Conclusion
Porter Finance is one binary options broker that waited in order to get their business model in line with what traders really wanted in this competitive industry. Although they did not get started until 2014, they appear to have focused on the right elements to be successful. Opening their offices in London, instead of in some far off foreign tax haven, is always a comforting sign, and pro-active UK regulatory oversight of the binary options industry will occur shortly, especially after the Brexit referendum. Payoff ratios are on the high end, and the firm has established a good reputation in only a few years. You will be hard pressed to find any substantive complaints about this broker on the Internet, a testament to their excellence in customer support and top-of-the-line service offerings.Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.