Is Porter Finance a Scam?
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Porter Finance is one of the latest additions to the list of binary options trading platforms, having commenced operations and offering retail binary options brokerage services to the retail investing public in 2014. In an industry where thousands of brokers have cropped up from all corners of the globe in the past three years, one question that lots of market enthusiasts have been asking is whether Porter Finance is a scam or not.
Before we go on to answer that question, we must first define what a scam is as far as binary options brokers are concerned. Binary options brokers that have a scam operation going on will have certain markers that point to the unwholesomeness of their entire operations.
- They do not fulfil withdrawal requests. There are brokers that are notorious for acting as black holes where money goes in and never comes out.
- They skew trading conditions repeatedly so as to swing the outcomes of trades against the traders, especially when such brokers are acting as the counterparties.
- They manipulate prices, especially with the short term trades (e.g. 60 seconds trade) so that these trades go against traders.
- Not only do they not fulfil withdrawal requests, they cook up all manner of reasons to justify their not paying you your money.
- In extreme cases, they invoke ambiguous terms and conditions of usage to outrightly seize the trading accounts of hapless traders and the monies in them.
- Scam brokers sometimes engage people to carry out aggressive media campaigns to rebut claims of users who have been burned by their scams. These campaigns are also carried into online forums.
The big question is: has Porter Finance done any of these things? The answer is a categorical NO and therefore Porter Finance is no scam. Porter Finance has not been accused of stealing traders’ monies, manipulating prices or seizing traders’ accounts. Let us now look at the processes setup by Porter Finance to make traders get the best possible deals.
The fact is that most of what people classify as scam broker operations are not scam at all. Many failed traders use the word “scam” to cover up their own failings and to transfer the responsibility of their failure in trading to the broker(s) they have used. Of course, there are legitimate cases where traders have been scammed by their brokers, but there are cases where so-called scams have been cases of traders showing inexperience at managing trades, managing risk or not following the terms and conditions regarding their bonuses or withdrawal conditions.
Porter Finance has not been found in any of these categories and has put in place certain measures which set it apart from the real scam brokers in the marketplace.
- Responsive Customer Service
Porter Finance has a lot of things going for it to prove its genuine status as a binary options brokerage. They have a 24/7 customer support system through which traders can get assistance. The response rate is very quick and this allows traders to get their complaints or inquiries sorted out with dispatch. A major source of complaints about brokers where they get labelled as scam are dissatisfied clients who probably did not get speedy responses to the most basic of issues. Such traders usually have no option than to go to the public domain to vent their frustrations. With the world now a global village, such outbursts could damage a broker’s reputation irreparably even when such a broker is to all intents and purposes, genuine.
- Quick Fulfilment of Withdrawal Requests
With binary options, it is all about the money. Therefore, any requests made by traders to withdraw profits have to be settled promptly, and Porter Finance has continued to push the boundaries in this regard. First, Porter Finance has ensured that traders have various means by which they can withdraw any profits made. This allows traders to choose how soon they can withdraw funds and consequently, how quickly such funds can reach them.
Why would a scam broker offer traders a comprehensive trading education resource on its website? That’s right, they would never do that. Porter Finance has a comprehensive trading education resource section on its website. Porter Finance has therefore gone out of its way to ensure that beginner traders do not make mistakes when they are trying out their first steps in the trading process. Porter Finance has gone to these lengths to ensure that their traders trade responsibly and are up to the challenge, and eventually do not make the mistakes that some failed traders try to push on to brokers in online forums.
- Virtual Trading
Most brokers in the binary options market do not provide their traders with demo accounts. Some of the older ones are guilty of this as well. But Porter Finance has gone ahead to make traders that register to trade on their platform get to understand the platform thoroughly. This can only be done with a demo account. Many brokers function as counterparties in trades and make money when traders lose. What could be the motivation of a binary options broker to deny its traders the opportunity to understand the trade process by not providing a demo account? You can probably guess what the answer to this question is. But Porter Finance has nothing to hide and no ulterior motives, so traders on their platform have access to a demo account.
In addition, Porter Finance provides its traders with tools to enable them trade more effectively. Some of these tools include the economic calendar, which is an invaluable tool for traders who trade the news.
Are There Any Pending Complaints About Porter Finance?
To the best of our knowledge, Porter Finance does not have any outstanding complaints about its services, products or mode of operations. Any issues that have arisen have always been addressed. The team at Porter Finance know that robust customer engagement is one sure way of ensuring that any complaints are quickly taken care of. This is why Porter Finance has a customer care support desk which is available 24/7. That way, traders have a voice and a channel to direct all queries or complaints. Customer support for traders is available via Skype, Live Chat, e-mail or phone. This in itself is a step-up from the industry standard where brokers are generally reachable just via phone or email or worse still, by a mere contact form. The phone support is second to none, offering dedicated phone numbers for various regions of the world such as Canada, New Zealand, Australia, UK and South Africa.
Is Porter Finance Regulated?
Porter Finance is taking steps to further secure its status as one of the top binary options brokers that are not scam by initiating a process of securing licensing and regulation. This is to make traders have full confidence in the non-scam status of Porter Finance.
How Well and Fast Does Porter Finance Honour Withdrawal Requests?
There have been lots of cases of even regulated brokers having issues fulfilling the withdrawal requests of their traders. Therefore, how well and how fast a broker handles issues pertaining to withdrawal of funds from the binary options account goes a long way to confirming or dispelling the perception of a broker as a scam broker.
Porter Finance understands that timely handling of withdrawal requests is of primary importance to traders. After all, it is all about the money and the talk is in the money. Porter Finance has taken steps to speed up withdrawals for their clients by using the following measures:
- Ensuring that traders have various withdrawal options and not just the good old bank wire transfer process which creates delays. Traders want to be able to fund accounts on Monday, trade on Tuesday to Thursday and withdraw their money on Friday so they can have good outings over the weekend. How does a broker satisfy this yearning of 21st century traders by sticking to outdated methods of transaction? Porter Finance has realized this and has put up several methods by which traders can conduct withdrawal transactions on their accounts. Therefore, Neteller and use of VISA, MasterCard, Maestro and VISA Electron cards have become the mainstay withdrawal transactions on Porter Finance. Using these methods, traders can perform same-day deposits and withdrawals. Neteller provides an added advantage of being a third-party processing company which can allow traders to use other means of transaction to deposit and withdraw funds, using Neteller as an interface. This is very useful for traders who do not want to have their personal card details exposed in the transaction process.
- Traders are guided on the process of performing withdrawals through a series of educational materials that cover this topic. Traders are taught the rules and regulations of financial transactions on binary options platforms so that they do not run foul of international money laundering laws.
The process of funds withdrawal from the Porter Finance platform is fast and simple. But the rules must be obeyed. When rules are not obeyed, there is no way Porter Finance can bend them just to please one or two clients. For instance, you cannot expect to withdraw a million dollars using credit cards. There are limits that have been set by the card companies themselves and under the terms of issuance, Porter Finance is expected to set withdrawal limits on cards to reflect the limits set by the credit card processing companies. Traders using credit cards cannot withdraw less than $30. Traders using the bank wire route cannot withdraw less $100 and Neteller also comes with a minimum withdrawal of $30.
In addition to setting limits to what can be withdrawn using each method, there are also internal controls which have been put in place to prevent money laundering. For instance, if a trader deposits $500 with a credit card and makes $1,000 over time, the $1,000 profit cannot be withdrawn using the same credit card. Only $500 can be withdrawn, and the rest must be sent to the trader using a bank wire. These are the rules. But you see a situation where some traders want to pull out money from their accounts far in excess of allowed limits, and when the brokers refuse, they are labelled as “scam” brokers.
Brokers will not break standard international rules on money transfers. The onus therefore lies on traders to thoroughly read the terms and conditions under which they can transact on a binary options platform such as Porter Finance. Limits are also imposed in-house to provide for better administration of the transaction processes. Certain charges to withdrawals also apply to cover administrative costs. Porter Finance has actually structured the process is such a way that the first withdrawals made in a month are completely free. Subsequent withdrawals within a month attract minor charges.
So is Porter Finance a scam, given all that has been discussed here? Porter Finance is definitely no scam. Traders are advised to ensure that they pass through a comprehensive learning process to understand how the brokerage process works as well as how binary options trading works. This way, some of the errors that are trader-based can be identified and reduced to the barest minimum. A lot of blames passed to brokers are not because brokers are scam brokers; some of these are simple errors made by traders. Porter Finance is no scam broker because it passed the tests that scam brokers usually fail. Traders can confidently use Porter Finance for their trading business.
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