The Binary options market has seen substantial growth over the past few years. This has also, in turn, led to the birth of many new brokers all using the same trading interface, making it all the more difficult for any one of them to stand out. The Panda trading interface used by Porter Finance is somewhat different from the usual binary options trading platforms, and we’ll delve deepr into that later.
|Porter Finance Summary|
|Normalized profit||Up to 81%|
|Trading assets||Stocks, Forex, Commodities, Indices, Pairs|
|Min. Account size||$ 200|
|Min. Trade size||$ 5|
|Banking methods||Neteller, Wire Transfer, Visa, Mastercard|
|Special features||Real forex trading, double up, reverse|
Porter Finance (http://Porter Finance.com), operated by Oracle Stone Ltd., is registered in London and has been in operation since early 2014.
Porter Finance has a reasonable trading asset collection which includes all the major currencies, stocks and indices. Currently they have around 65 assets, including:
- 20 Indices
- 3 Commodities: Silver, gold, copper
- 23 Forex currency pairs
- 19 NASDAQ and NYSE stocks
One of the better ways to know if a broker is any good is simply by digging up on them over the internet and looking for user reviews (other than this one of course). Since this is somewhat fluid and constantly changing, I always monitor the web looking out for user reviews and how the broker is behaving with other traders besides myself. Porter Finance currently has quite a good reputation, with a few complaints from customers which simply either aren’t familiar with the concept of binary options trading and made some mistakes, only to blame the broker later, or took a bonus without understanding the consequences (don’t take a bonus if you aren’t planning to trade long term as it limits your ability to withdraw your funds).
A majority of the review however are quite positive:
Before we go into reviewing the actual platform, I think I’ll dip into what a lot of traders truly care about when choosing a broker. You see, there are unfortunately a lot of bad seeds in the binary industry who provide really bad support and make it nearly impossible to withdraw your funds.
Unlike some other brokers where they try to make it harder for your to submit a withdrawal by forcing you to send them a FAX or email of a scanned written withdrawal for, Porter Finance have a fully automated online withdrawal process. Simply access the withdrawal section in your acccount management page and enter how much you wish to withdraw. If you’ve already submitted all your documentation to validate your account (something we recommend doing right at the start), the process from there is pretty easy and fast.
Opening an account at Porter Finance is unsurprisingly easy and only takes a few minutes. The minimum deposit is quite reasonable at $200. Anything less than that and you can’t really trade properly as you won’t have enough liquidity. Porter Finance also offer different account types according to the account size, with some impressive benefits to the more serious traders, and high depositors receive special features according to the deposit amount.
Bonuses are offered by many brokers as a means to help traders have more liquidity when trading. However, it is important to read the terms and conditions of the bonus before accepting. Many brokers try to hide these T&C and pull them out only when it’s in their interest.
Porter Finance is very upfront about their bonus policy and have it clearly stated in their T&C:
With this policy, it’s important to only accept a bonus if you have a long-term plan for trading. If you just plan on trading for a couple of weeks to make a quick buck, don’t accept any bonuses as it will limit your ability to withdraw your short-term profits.
So, customer support. Probably the most important aspect of a broker since it basically shows how much they care about their customers.
Porter Finance seems to have taken this to heart, since their customer support system seems to be working without a hitch.
They offer email support, along with local telephone support in a number of different countries, and of course live online chat which is very quick to answer and pretty effective.
User InterfaceAs I mentioned earlier, Porter Finance use the Panda trading system which has a very user-friendly web-based trading system. The graphic system is amazing and everything is instantly understandable. It almost jumps out at you and there’s no way for you to get confused with any aspect of the trading system. There is almost a feeling as if every single pixel on the screen has been meticulously thought out.
Main Trading Page
The main trading page looks a bit like the Tech Financial platform in that you don’t have any graphs cluttering the screen. The main screen just gives you one big list of all the currently tradeable assets, their current price, and how much time remains before the option expires. You can also easily open the list of expiry times to see what’s available. The good thing about this layout is that you can immediately see what payouts are available for which asset and choose what you want to trade accordingly. There’s no need to open tens of graphs just to see what payouts are given by each asset.
As soon as you click on one of the assets in the list, you get a drop down of that asset with the current graph, and of course the ability to enter a trade.
It’s worthwhile mentioning here that one of the biggest advantages of Porter Finance is that they let you enter small trades as low as $5 per trade for regular binary options. This is great for new traders who want to learn the ropes and practice a bit with real month. Demo account trading is all well and good, but it’s not real trading since you don’t really have anything at stake, therefore there is none of the emotional charge which is involved with real trading.
Trading at low amounts lets you get your feet wet without really taking too much of a risk.
The platform also lets you open as many graphs as you like so you can monitor them.
Like with most brokers, Porter Finance makes it easy to enter a trade. Just click on whether you think the asset is going to go up or down, how much you want to invest and, when you’re ready, click apply. The quote updates constantly while you’re in this screen and the order goes through instantly when you click apply, meaning that there is absolutely zero slippage.
As with all binary options brokers, Porter Finance also offers alternatives to the regular High/Low option
This is an interesting tool. As opposed to some other brokers, Porter Finance offers OneTouch throughout the week and not only during the weekend.
With this feature the asset needs to only to reach (or touch) the strike price once during before expiry in order for it to become ITM. The price level upon expiry does not matter so long as it reached the strike price at least once during the life of the option. The CToption illustrates the option very clearly and makes it very easy to understand how to enter a trade and what need to achieve in order to win.
Boundary is similar to the other features, only with this one you need to predict whether the asset will expire within or outside a certain range limit. This can be a bit tricky to predict, but if you think an asset is going to make a big move in the near future (earnings report anyone?) then this feature can be pretty handy.
This feature is becoming increasingly popular among traders today. This is where all the “speed” trading takes place.
Porter Finance offers a variety of speed trading options from 30 seconds, the now traditional 60 seconds, all the way up to 10 minutes.
The shorter the expiry rate however, the lower the expected payout.
Payouts and Commissions
Porter Finance offers various payouts on successful trades ranging from 65% to 81% on a number of factors, including time till expiry, asset type, and many more. They also offer up to 5% rebate however for unsuccessful trades, which means that the normalized payout is 70% – 86%. Porter Finance do not charge any commission for any trades.
Porter Finance also offers social, or copy trading. When you enter the social section, you can see all the traders that allow following. You can see their statistics and choose who you want to follow accordingly. It’s really simple, and you can also choose exactly how much you’re willing to invest into following that trader. You can of course also follow a number of different traders, mitigating any drawdowns from a single trader’s mistakes.
After trading for a while with Porter Finance, I can say that I have pretty much fallen in love with their interface. Everything works seamlessly and fast. It is obvious that a lot of effort has been put in to make the user experience as good as possible. I truely respect them for that. They are relatively new in the binary options niche, which is why they are not yet as well known as some other brokers. However, if they keep their level and standards as high as they are keeping them now, I do see them gaining traction and have high hopes.
Porter Finance can definitely wholeheartedly recommended!
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