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Editor Rating
- 4/5 – Very Good
- Porter Finance review
- Website: PorterFinance.com
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Review Summary:
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Porter Finance is a relative newcomer in the binary trading world. Its website was launched in 2014. The company’s headquarters is in London, England.
Table of contents
Top Features of Porter Finance
There are a lot of things that I like about Porter Finance. I’ve chosen just a few to discuss in this section. If you need more detailed information, visit the company’s website.
SpotOption Platform
The SpotOption trading platform has an intuitive user interface that makes it easy for you to get started. Even if you have never placed a binary trade before, this platform will make it as simple as possible.
As you gain experience, you will want to explore other features in the platform. One of the great things about SpotOption is that it grows with your experience. The better you get, the more tools you will want to explore.
Several Types of Accounts
One of the things I like a lot about Porter Finance is that it lets its traders choose between four different accounts. Each account gives you a different level of services. The more money you deposit in your account, the more you get in return.
I currently have a Silver account, but I am hoping to move up to a Gold account in the near future.
I’ll go over the requirements and benefits to help you decide what type of account fits your needs best.
Basic Account
You can open a Basic account by depositing just $500 in your account.
At this level, you will get a bonus up to 25% of your deposit.
You also get weekly market updates and an eBook that will help you understand some basic strategies used by successful traders.
Standard Account
The Standard account is where I started. You will need to deposit $1000 in your account to qualify for it. The benefits, however, are significantly better than those offered by the Basic account.
When you start a Standard account, you get:
- A bonus up to 40% of your deposit
- Daily as well as weekly market reviews
- Membership to the Porter Finance Academy
- One trading strategy
The Academy membership is what makes this option so much better than the Basic account, but I’ll have more to say about that shortly.
Silver Account
You will need to deposit $2500 to start a Silver account, but you can earn a bonus up to 60% of your deposit.
In addition, your Silver account gives you:
- Five webinars
- Three risk-free trades
- Three one-on-one training sessions
- A money management system
- Your own dedicated broker
- Faster withdrawals
I found that the one-on-one lessons were really important for me. After getting training from a trading professional, I had a better grasp of strategies that could help me make more money from binary trading. Yes, it costs more money to open this kind of account, but the extra training and the bigger bonus makes it a worthy investment.
Gold Account
You will need to deposit $5000 or more to qualify for a Gold account. In addition to the benefits offered at the Silver level, you get:
- A bonus up to 85% of your deposit
- 10 webinars
- Six risk free trades
I imagine that the extra webinars are pretty useful. That 85% bonus is also pretty attractive.
Educational Resources
Since Porter Finance wants to attract beginning and advanced binary options traders, it offers a wide range of educational resources. Even if you do not know anything about binary trading, Porter Finance has resources that will help you get started quickly.
Just because you have been trading for a long time, however, doesn’t mean that Porter Finance isn’t right for you. It also has in-depth courses that will hone your techniques so you stand to make more money.
In my experience, education is the key to making money from binary options trading. A lot of factors go into placing a smart investments. If you don’t have a good understanding of how markets move, then you are not going to know what strategies to use.
It’s that simple.
Unfortunately, it seems that some traders treat binary trading like little more than throwing dice. They place bids and let chance decide whether they make money.
That is not a smart way to approach this type of trading. You need to know as much as possible to make sure you have an advantage.
The benefit of using Porter Finance is that you get access to all kinds of educational materials, including:
- An introduction to binary that will get you started with the basics
- In-depth courses that cover subjects like financial management, trading psychology, and market analysis
- Advanced courses in subjects like basic technical analysis and advanced technical analysis
- A binary ebook that teaches you how to use the platform and common trading strategies
Without these or similar tools, you will not make money from binary trading. Devote some time to learning new skills. That’s the only way to start profiting. Porter Finance gives you the tools that you need to finally improve your approach so you can make a lot more than you lose.
Porter Finance Prices
You don’t have to pay Porter Finance for its services. Nor does the company take a portion of your earnings. Instead, Porter Finance makes money by collecting money from unsuccessful trades. If place a trade that doesn’t come out in your favor, then Porter Finance keeps that money.
There are some online brokers out there that will charge you commission on your winnings. They do this on top of taking money from unsuccessful investments.
I would never sign up with one of those brokers. Those companies already stand to make plenty of money. They’re just being greedy when they take money from your winnings and your losses.
Criticism of Porter Finance
I don’t have many criticisms of Porter Finance. The one thing that I don’t like is that traders with low-level accounts have to wait a couple days to get the money they withdraw.
This isn’t a huge problem. If you want faster withdrawals, you can just upgrade to a better account option. Maybe Porter Finance puts that restriction on the Basic account to encourage more people to do just that.
Regardless of why Porter Finance does this, it seems a little unfair to me. If Porter Finance can expedite my withdrawals, then why can’t they do it for people who have invested less money?
This is a pretty common practice in the binary universe. So, although it bothers me a bit, it’s not like there are better options. It’s something the industry has decided to do. To my knowledge, there aren’t many brokers bucking that trend.
If you want to make money trading online, this is just something you’ll have to get used to.
Porter Finance Customer Support
Porter Finance uses Live Chat for most of its customer support services. You can start having a conversation with a rep just by going to the website and clicking the Live Chat button. This tends to be the best way to get questions answered quickly.
If you have a bigger problem, then you may want to send an email to support@porterfinance.com. Someone will get back to you within 24 hours.
Some people prefer using the telephone. Porter Finance has eight numbers for locations around the world. Use the number for your region to avoid long distance charges and speak to someone who understands your dialect.
FAQ About Porter Finance
Q: Does Porter Finance accept traders from the United States?
A: Porter Finance uses the SpotOption platform. Unfortunately, the SpotOption platform left the U.S. market. That makes it nearly impossible for people in the U.S. to use Porter Finance.
Pros of Using Porter Finance |
Cons of Using Porter Finance |
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I’ve been trading online for several years. During that time, I have tried five online brokers. So far, Porter Finance is my favorite. I like the amount of educational materials it gives me. I like that the deposit options are fairly low compared to what a lot of companies require. I like that I can choose the type of account that fits my level of wealth and interest.
Having said all this, I think it is important to also note that people look for different things from their brokers and trading platforms. Just because I love Porter Finance, doesn’t mean that it is the perfect fit for you.
If you share my interest in educational materials, then I think you will really like Porter Finance. Some people may not care about that as much.
Before you sign up for your own account, take some time to visit the site. That’s the best way to decide whether Porter Finance is the right option for you.
