Is Porter Finance a Scam?
- UPDATE (12.01.2017):
- Old Review:
- Does Porter Finance get Complaints?
- Have you tried automated trading yet?
- How does Porter Finance’s demo account work?
- Is the Porter Finance Site Regulated?
- Porter Finance’s Withdrawal Methods
- Porter Finance is definitely not a scam
- References and Further Reading:
- John Miller
- Related content:
We have found out that Porter Finance has shut down their operations.
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Many years ago because of the newness of binary options trading and the way the trading differed from broker to broker, many people were skeptical of trading binary options. Some even went as far as to say binary options were just gambling with financial assets or they were even a scam. To be honest there was some evidence that some of the brokers did take advantage of their customers with some very high fees. So it’s understandable somewhat that the practice of trading binary options had a less than great beginning, but all that has changed thanks to reputable sites like Porter Finance.
It is good that over the years the reputation of trading binary options has improved tenfold. Now there are such things as regulatory agencies that have come about and many of the trading practices are a lot more uniform across the different brokerage sites. Porter Finance is definitely a binary options broker that likes to keep a clean reputation.
The broker is relatively new as they first started to allow people to trade on their site back in 2014 but it is a site that has quickly grown and made great strides to prove itself as a reliable binary options broker. Traders from all over the globe say they are very satisfied with their features and the services they provide their investors. It is very organized and structured site that gives its traders a fair chance at making a profit and does it in a very transparent way; that is the very opposite of a site that tries to scam someone.
How does a website prove to its customers that it is a legitimate trading platform? By doing such things as providing 24/7 customer service to assist their traders and do it with a response rate that is fast and effective. Customer service can be contacted by phone, internet chat and Skype to quickly get a problem resolved. They also offer a large variety of ways to do banking on their site; traders can make deposits and withdrawals using such methods as MasterCard, Visa, Skrill, bank wire transfers, Cartebleue and Visa Electron.
From the beginning traders from everywhere in the world (except in Turkey where it is prohibited) have been enjoying the benefits of trading on Porter Finance and it has been attracting a wide variety of traders from all backgrounds of financial market trading. If the site was trying to scam people then there is no way that they would be able to grow their customer base the way they have. With their excellent and responsive customer service and their transparent banking practices traders know they are not trying to scam them because scam sites often practice quite the opposite of those two features.
Deposits and withdrawals on Porter Finance are always done with approval from the customer only and done in a secure fashion that requires a lot of user information to be verified in the process. Sites that try to scam people have very covert banking transaction policies and usually charge very high fees for those services. Scam sites rip their customers off by chipping away at the funds in the traders account and by not giving those that make investments on them a fair chance to win.
Every trader should do such things as checking to see if a broker has a regulatory license before signing up with them or do a thorough internet search for reviews before they sign up to trade on any brokerage site. Regulatory agencies are charged with keeping a watchful eye on individual brokerage sites and also revoking their certification if any broker that falls under them has been found to be undertaking scam like practices.
Organizations like FCA in England, FSPR in New Zealand, MIFID in European Union and CySEC in Cyprus have been earning a reputation for ensuring the sites that fall under them are fair and transparent in their trading and operations. These regulatory agencies tend to have online brokers under them that concentrate their business in specific regions of the world, whereas other sites can be traded on anywhere in the world.
So joining a site that is regulated by an agency is highly recommended when someone is looking to trade binary options online or joining a site that is always favorably reviewed online. This will ensure any trader that they will have a fair chance of winning on their investments because the site they are trading on conforms to a strict set of compliance regulations. Choosing an unregulated binary options trading provider could be a big mistake unless they are always reviewed in a positive light.
Does Porter Finance get Complaints?
There is no business in the world that does not get complaints from time to time especially when it comes to situations where a person has put their money at risk trading financial markets. But with that being said, if a person does an internet search on Porter Finance they will find very few complaints and those that they do find will be very minor in nature. Having a responsible and well trained customer service team that is available 24/7 goes a long way toward building a good reputation and minimizing complaints about Porter Finance. They respond quickly to problems and concerns and they can even be reached by phone from such countries as the New Zealand, South Africa, Canada and the UK.
The website also has a very good FAQ section and a tab that customers can easily click on if they need to send the company a query. With measures put in place by Porter Finance to handle a wide variety of potential topics they can answer questions thoroughly and in a way that stops most complaints from ever happening in the first place. All the complaints and concerns that their customer service team gets are handled by phone, Skype or internet chat in real time by real people. There are no prerecorded messages or extended wait times for which frustration can continue to build before a traders concerns or questions are answered.
Porter Finance doesn’t only want to be known as a site that only has good customer service they also want to have a reputation for educating their traders. A huge step in that direction is there free demo account. It is a tool that will help those that trade on the site learn the Porter Finance platform before they actually start placing trades for money. This can be a huge advantage to novice traders especially.
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How does Porter Finance’s demo account work?
The demo account works by closely mimicking how the actual trading platform works except it uses dummy money. It lets those that use it get a feel for how the actual trading on the site will work without having to risk a dime of their own money. Once the investor gets comfortable trading on the demo and is making winning trades consistently, they will then be able to start trading with real money and with a lot more confidence. It will help any investor learn how to eliminate normal trading mistakes without having to take a financial loss as a result of it
The learning tools don’t just start with the demo account either. Porter Finance has an assortment of learning tools for their customers to choose from to enhance their binary options trading skills. There are several different reference materials on different aspects of binary options trading that a user can read and there is also the handy eBook that Porter Finance supplies those that sign up and trade with them. The eBook has a lot of useful A to Z information on binary options trading and will be very helpful for both novice and veteran traders alike.
The site also does several financial reviews on different assets that they make available to their traders; this type of detailed information is what often makes the difference between placing winning and losing trades. They also provide up to date financial news and update their investors as to the current market trends too. All of this helps to educate their traders in a way that not many sites do. Porter Finance customers always have a keen sense as to the way that the financial markets are currently acting. This goes a long way toward eliminating big losses and helping those that trade on the site experience more consistent winning decisions.
Is the Porter Finance Site Regulated?
Porter finance has been helping people trade online since 2104. They chose not to be a regulated site because they wanted to make themselves available to users all over the world. That gives both Porter Finance and those that trade with them some big advantages that regulated sites don’t have. It also allows them entry into the US binary options market and provides traders there the opportunity to place binary options trades with one of the premier online brokers in the business. Only the residents of Turkey are not allowed to trade with this outstanding binary options broker.
Regulated sites have limits on the assets that can be traded and also on the types of binary options that can be traded on. Porter Finance likes their customers to have more choices because it makes binary options trading more fun and interesting; not to mention that the more choices a trader has the more likely they will find a type of asset or binary option that they can consistently make winning trades with. Regulation not only takes some of the fun out of binary options trading, it can take some of the profit out of it too.
Regulatory agencies tend to put too many limits on the sites that fall under them and it makes their trading platforms a little too sterile in many people’s opinions. That is one of the major reasons why Porter Finance chose not to be regulated. People should not be afraid to trade with brokers like Porter Finance that are fair, reputable and overwhelmingly reviewed with only positive comments.
Porter Finance’s Withdrawal Methods
Many customers are totally satisfied with Porter Finance’s banking practices too. Withdrawal procedures are often a slow and tedious process with many web brokers but that is hardly the case with Porter Finance. They pride themselves on being able to provide those that invest with them withdrawals that often only take two days at the most. Porter Finance also has many methods that can be used to do a withdrawal just like they do when a customer is making a deposit. Not to mention that deposits and withdrawals are always done in a safe and secure manner.
Porter Finance is definitely not a scam
There have been a lot of things listed here about porter finance that many of the most reputable binary trading sites do not have. It is a testament to the commitment of those that design and run the Porter Finance online brokerage site have. Best of all they have managed to build a reputable and fair binary options trading site without taking the fun and excitement out of trading them.
All this talk about the regulatory agencies being stifling is not meant to discredit them; they were badly needed at the time and place they came into the binary options industry. They went a long way to help binary options trading become respectable and trustworthy; it is just that they took a little something away from the trading as they did what they felt they had to do. Many people started trading binary options for the fact they were so different and pleasurable than other forms of market trading.
Porter Finance realizes they may have to work a little harder than regulated sites to earn investors trust but just like they have never been afraid to do things different, they will always make sure they do them in a way that is safe, trustworthy and fair.
References and Further Reading:
1. Centralized electronic currency trading exchange (D Myr – 2004)
2. Method and system for facilitating foreign currency exchange transactions over a network (W Loh, K Yap – 2001)
3. Volatility and the carry trade (V Bhansali – 2007)
4. The emergence of the euro as an international currency (R Portes, H Rey – 1998)
5. Currency competition and foreign exchange markets: the dollar, the yen and the euro (P Hartmann – 1998)
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