Choosing a broker these days can be a tough task especially for newbies because they all claim to be the best but in reality, there is a huge difference among these companies when it comes platform features and service quality. So when I stumbled upon an ad from Porter Finance, I wasn’t easily convinced until I was able to evaluate them personally. I was surprised to learn that they have offices and support teams across different countries including the UK, Australia, New Zealand and South Africa.
The demo feature runs basically the same as the live trading account so it’s definitely a good place to practice and get used to the platform which was very fast and convenient to use. In my view, I find that their features are quite complementary to each other. The huge number of assets for instance can be traded using various option types and the minimum investment can be set to an acceptable amount thus lowering down the risks. The free trading signals that they provide were actually very useful and even helped me on opening and closing positions at the right time. In general, I was very impressed with Porter Finance for providing a first-rate trading environment and an excellent service. Scroll down to read my full review.
Demo Account: A week to practice
They offer demo accounts but in order to use it you have to sign-up and make a minimum deposit of $200. This is valid for 1 week and comes with an opening balance of $50,000. Alternatively they offer a promotion code which can give you access to a 24-hour demo.
Bonuses: Maximum of 200%
You can get as much as 200% of welcome bonuses from this broker. This rate is competitively higher and adds more funds that can be used for opening more trades. Aside from this bonus, you will also be provided with a free academy membership, trading strategies, a money management system and risk-free trades.
Platform: Optimized trading interface
Since they are using the Panda Trading Systems platform, there weren’t any lags and the reaction time was very fast. Charting tools have also been integrated on the interface so important data and facts can be pulled up immediately.
Mobile Trading: Via web browsers for now
Currently, they are in the process of developing their mobile apps for touchscreen devices but as an alternative, you can still access the website via a mobile browser and still trade while you’re on the go.
Tradable Assets: Plenty of choices
You can choose from around 140 assets and this is considered to be huge in comparison to most brokers that are only capable of providing around 70 or less. You can find a wide selection of indices, stocks, commodities and currencies.
Minimum Trade: Open a Call or Put option for $10
Employing fund management strategies is a lot more effective with this broke since the allowed minimum trade is just $10. You can control the amount that you wish to invest at a more precise value.
Payout Rate: Impressive yields
A standard Call/Put option can give you a maximum potential payout of 83% and most of the assets have rates that are very close to this percentage.
This standard option type is available and is labelled as Binary at the platform.
Other than 60 seconds, this short term expiry also has 30, 90, 120, 180 and 300-second options.
This new and interesting option type is also available.
Other special instruments include Long Term, One Touch and Ladder options.
Deposit and Withdrawal
Minimum Deposit: Reasonable prerequisite
The required initial deposit is $200 in order for you to do live trading. Such amount is already reasonable since you have more than a hundred assets that you can trade using different instruments.
Deposit Methods: Major payment options accepted
Depositing money into your account is possible via convenient banking methods like major credit/debit cards (Visa, MasterCard, Maestro, and Visa Electro), wire transfer and Neteller.
Withdrawal Methods: Secured and safe
Withdrawing funds won’t require too much effort since you only need to choose your desired currency and amount which will be deposited back via a secured banking method.
Withdrawal Processing Time: Less than a week
Refunds are completely processed and will appear back on your account within 5 business days. I was able to prove that this is true when I made an actual withdrawal from my account. It took less than a week to get the funds back on my credit card.
Channels: 3 ways to get in touch
Conversations with their customer service department can be done over the phone, via electronic mail or thru the live chat.
Availability: No offline periods
Any time is a good time to contact the support team because they are open 24/7.
Supported Languages: English only
Currently, their website is only available in English although the agent that I talked to said that they will be supporting more languages in the future.
Average User Rating: 9.8
This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.
Platform Design: Very user-friendly
Navigating through the controls and the pages is plain easy since everything is clear and legible. Even newbies won’t have any problems using it.
Support: Personalized support
What sets them apart from their competitors is that they provide personalized support for their clients. They don’t use any robotic spiels and go straight to the point to solve issues and provide answers immediately.
Reputation: Useful trading signals and customized trading strategies for VIPs
A lot of traders prefer trading with Porter Finance because of their free signals which are proven to be very useful for seizing good trading opportunities. They have also been known for providing tailored trading strategies for their VIP clients so the potential to generate good yields is high.
Editor’s Rating: 83
Porter Finance enhances the online trading experience of their clients by providing not just a user-friendly platform but value-added features that can give them more trading opportunities that translate into higher and more profitable returns. With its top-notch service and favorable trading conditions, Porter Finance is no doubt the prime choice for trading binary options.
As of December 1, 2016 we have received information that Porter Finance doesn’t accept new clients. For this reason we highly recommend that you trade with one of our highly rated brokers like 24option.