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PorterFinance Review: Facts You Should Know About Porterfinance.com

PorterFinance Review

High risk and potential for considerable financial loss are associated with binary options. Due to its high-risk nature and potential for misuse by dishonest brokers, binary options trading has been subject to warnings and regulations from numerous nations and financial agencies.

The inability to withdraw money is one of the most frequent grievances made against binary options providers, including Porter Finance. Some traders claimed that withdrawal requests were being processed slowly or not at all.

After reading our PorterFinance review, consider checking GCB London for another broker you should avoid. 

Who Is PorterFinance? All About www porterfinance

The Greymountain Management group of binary businesses includes Porter Finance. Numerous FPA Traders Court judgments have been rendered against this organization. The FPA cautions all traders against making money deposits with any of the brokers who are a part of this group since it views them all as scams.

PorterFinance trades in binary options and is a subsidiary of a company called Running Forest Partners LTD. They lack many things including regulation and transparency and there are many withdrawal issues reported by traders. Today the broker ceased its operations, leaving many traders without their funds. 

PorterFinance Reliable Broker Must Have
Legal name Porter Finance Transparently displayed in the disclaimer or legal documents
Regulation Unregulated Within your legal jurisdiction – local regulator
Registered in United Kingdom Your country or the country whose license applies in your legal jurisdiction 
Established 2014 The older the domain – the higher the possibility the company is trustworthy
Website www.porterfinance.com Domain should be from local or international zones, no .xyz, etc.
Financial Authorities Warnings
  • ASIC
None
Contacts +44 2035192532

[email protected] 

Phone, email, social media, web form
If a withdrawal is possible No Yes
Fees
  • Hidden fees
Transparent fees – list of spread and commissions
If Active on Social Media No Often present on social media
Investor Protection None Compensation fund

Regulation Info

PorterFinance was not regulated by any financial authority before it closed down. Having that in mind, it’s vital to remember that unregulated brokers don’t offer any kind of investor protection like a compensation fund. Since the brokerage closed down, it left many traders in debt, without any possibility of a withdrawal.

The broker mostly aimed at clients located in the United States and Australia, however, doing so would require certain regulations like the SEC in the US or ASIC in Australia. ASIC even issued a warning, advising traders to avoid several brokers, including PorterFinance. 

PorterFinance Broker Profile

Porter Finance

Many of the PorterFinance complaints were focused on withdrawals, while some traders had issues accessing their accounts. After a while, it was certain that the broker was on the path of financial destruction so they locked traders out of their accounts and disappeared with their money.

In addition to being a binary option broker, trading in 33 currency pairs, 8 indices, 23 stocks, and 4 commodities was also available on the web-based Panda trading platform. The Porter Finance app was available for mobile phones but not for desktops. 

Trading Platform SpotOption, web-based Panda trading platform
Account Types Starter, Silver, Gold, Platinum, Diamond, Royal, Corporate
Financial Instruments On Offer
  • Binary Options (Range Options, One-touch Options, No-touch options)
  • Forex (EURUSD, EURGBP, USDNOK)
  • Indices (S&P 500 Index, Dow Jones Industrial Average, FTSE 100 Index)
  • Commodities (Crude Oil, Natural Gas, Corn)
  • Stocks (Apple, Amazon, Microsoft)
Maximum leverage N/A
Minimum Deposit $200 – $100,000
Commissions/Bonuses N/A
Mobile app Yes
Desktop app Yes
Autotrading No
Demo account No
Education or Extra tools None

Is PorterFinance Safe To Trade With?

All things considered, PorterFinance is not a safe option for traders. From lack of transparency and regulation to many complaints, today they have an infamous reputation for leaving traders without their funds. And the bad stuff doesn’t end there. Hidden fees, lack of a demo account, and the mere fact the broker ceased to exist are major red flags. 

Never go into trading blindly, without knowing the broker’s services, fees, regulatory status, and reviews. Avoid offshore and unregulated brokers like Dakkengroup, who are only after your investments. Recognizing them requires in-depth research and due diligence. Locating reliable brokers can be challenging, especially without any prior experience. If you reach out, you can book a free consultation and take the first step toward a safe trading journey. 

Who Are the Traders They Cater To?

There have been allegations of pushy sales techniques, including cold calls from brokers urging traders to make larger deposits or take on more dangerous trades. Unwanted bonus offers have also been a source of complaints for some traders. It might be difficult for traders to withdraw their money from binary options brokers because bonuses are sometimes linked to minimum trading volume restrictions.

The nations affected by the PorterFinance scam are the United States, Australia, Canada, and Austria. It’s needless to say to operate from these nations, PorterFinance would have to be regulated by the SEC in the US, ASIC in Australia, or IIROC in Canada, however, the broker didn’t have a valid license while it was operational. 

Deposits and Withdrawal Methods

Various payment methods including credit cards, bank wire, and many e-wallets like Neteller allowed traders to deposit their funds. If you used a bank wire, the minimum you would have to deposit is $500 and the wait time was 5 days. Credit card deposits were processed instantly.

Requesting PorterFinance withdrawal was possible without any fees if a card was used, however, for bank wire withdrawals, a processing fee of $30 was charged. It takes 2 days for PorterFinance to process withdrawal requests and another 5-7 days for the funds to show up in your account. 

Weighing the Pros and Cons

Pros Cons
  1. None! 
  1. Unregulated
  2. Lack of transparency
  3. Hidden fees
  4. Withdrawal issues
  5. No demo account
  6. Closed brokerage

PorterFinance at a Glance: A Quick Overview

Stay away from brokers like EuFxBank and PorterFinance. While they do seem reliable at first glance, pretending to be transparent, the real truth is much worse. They will push you into investing in something that won’t bring you any profits and even if it does, requesting a withdrawal from an unregulated broker will be almost impossible. 

Are you ready to trade safely with a reliable broker by your side? Then reach out to book a free consultation and by prioritizing your needs, we will locate a trustworthy broker who is tailored to your preferences. 

FAQ Section

What is PorterFinance?

PorterFinance is a brokerage company established in 2014, that ceased its operations due to bankruptcy.

Is PorterFinance A Trustworthy Broker?

PorterFinance is not a trustworthy choice for traders due to many reports about withdrawal issues.

What Are The PorterFinance Trading and Payouts?

Porter Finance makes use of the well-known SpotOption platform. You can trade 59 different assets on this platform, including indices, equities, and currencies. Typical payments hover around 75%, with up to 10% in out-of-pocket refunds.

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